UK enacts new tax evasion offence to hold employers accountable

In light of a new offence of failure to prevent the facilitation of tax evasion, UK tax professionals said that financial institutions will need to review their procedures, while campaigners called on the next government to increase pressure on overseas territories in relation to tax transparency.

The Criminal Finances Act, passed on April 27, will give law enforcement agencies further powers to recover the proceeds of crime; tackle money laundering, tax evasion, and corruption; and combat the financing of terrorism …

An amendment proposed by the government and passed by the House of Lords before enactment requires the government to report to Parliament by July 2019 on the effectiveness of bilateral arrangements between the UK and both the crown dependencies and overseas territories on sharing of beneficial ownership information …

An amendment calling on the government to increase pressure on the territories to introduce public registers was not taken to a vote. Read more:

My news story for Tax Analysts, May 2 (paywall)