HM Revenue & Customs (HMRC) has launched its first criminal investigations under a new money laundering offence, a freedom of information (FOI) request submitted by law firm Greenberg Traurig revealed.
The revenue is investigating a number of cases under the corporate criminal offence of failure to prevent the facilitation of UK tax evasion, which was introduced in the Criminal Finances Act 2017 in an attempt to crackdown on money laundering.
The act was introduced following the 2015 Panama Papers scandal, when the documents of law firm Mossack Fonseca were leaked, resulting in a number of probes into companies and individuals across the globe for suspected financial crimes.
Though the offence applies to all corporates, law firms, accountants and banks are particularly at risk. If a firm or organisation is found guilty, it can be punishable by unlimited fines and orders for confiscation of assets.
Furthermore, as it is a strict liability offence, organisations can be found guilty even if they claim the actions were of one rogue employee.
Latest News
-
Bank of England holds interest rates at 4.75%
-
IHT receipts increase by 11% year-on-year
-
Lendco renews £400m BTL warehouse line
-
Housing market beats expectations in 2024, Halifax finds
-
Homeowners ‘pessimistic’ over economy’s future, study finds
-
Annual price growth jumps to 3.4%, Land Registry data shows
The UK housing market in 2024
The performance of the UK housing market in 2024 has largely exceeded many people's expectations, although challenges remain for first-time buyers due to house prices increasing and a testing rental market for many. Regional disparities, such as the North-South divide, also continue to influence housing accessibility and affordability for many buyers in pockets of the country.
Intergenerational lending
MoneyAge News Editor, Michael Griffiths, hosts Family Building Society BDMs, Amar Mashru and Arif Kara, to discuss intergenerational lending and explore ways that buyers can use family income to help increase their borrowing capacity when applying for a mortgage
Helping landlords make their cash work harder
MoneyAge Editor, Adam Cadle, talks to Family Building Society BDMs, Arif Kara and Nathan Waller, about the resilient BTL market, the wide variety of landlords that Family Building Society caters for, and how niche products like an Offset mortgage can help improve cashflow.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories