SR Search report – Tightening the Net Part 3: The Corporate Offences

The Criminal Finances Act 2017 was passed in the final days of the last parliament and is expected to come into force before the end of this year. The legislation includes reforms to the Suspicious Activity Reporting regime, introduces Unexplained Wealth Orders, and creates new corporate offences of failing to prevent the facilitation of tax evasion.

In this series of articles, we assess the likely impact of the legislation on the legal profession. Based on our original research and interviews with practitioners across the business crime and investigations sphere, this series draws together opinions as to what implementation may look like in practice and what this could mean for law firms.

The previous two articles in this series have looked at issues that will, in the main, affect law firms’ clients. Part 3 of the Act, on the other hand, hits a little closer to home given that it introduces two new offences for corporations and partnerships, namely, failing to prevent the facilitation of both UK and foreign tax evasion.

In the final article in our series, we look at the two new offences and how these may affect law firms going forwards.

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