In 2020 HMRC demonstrated through the number of probes into individuals and firms its commitment to tackling tax evasion. These actions were reinforced by the chancellor Rishi Sunak in last year’s budget declaration that the government had raised £4.4bn through cracking down ‘avoidance and evasion’.
Against this backdrop, it is imperative that all PIMFA member firms, regardless of size, not rely on existing control frameworks, but develop CCO specific steps to prevent the facilitation of tax evasion from occurring. Failure to do so could lead to severe reputational damage, unlimited financial penalties against the firm and a public record of conviction against senior managers.
In this two-hour interactive refresher training ideal for compliance, legal, finance professionals, leading tax experts Hansuke guide you through the expectations of HMRC to ensure that you can evidence you and your firm have taken reasonable steps to prevent facilitation from occurring.
This online training course covers the following:
- Anti-bribery legislation and economic crime
- Tax crimes as a predicate offence to laundering (FATF)
- Other related measures including the tax enablers legislation and Proceeds of Crime Act 2002
Scope of CCO
- New strict liability offences: s45 UK taxes and s46 overseas taxes
- Relevant body, Associated Persons,
- Relevant prevention procedures and HMRC’s six guiding principles
- HMRC guidance and trade associations
- Penalties and deferred prosecution agreements
- Enforcement action and political drivers
Practical application of CCO to the Wealth and Asset Management sector
- What should directors and senior management do to be compliant (and avoid disqualification)?
- Adoption of HMRC methodology to conduct risk assessments
- Development of risk-based CCO controls frameworks to mitigate the criminal liability risk
- Common mistakes and blind spots
- Establishing an assurance programme to monitor the effectiveness of key controls
By the end of the session you will have:
- An appreciation of CCO and its application to the Wealth and Asset Management sector
- The practical tools on how to mobilise the development of RPP programme