UK:
Unexplained Wealth Orders And Failure To Prevent Tax Evasion: New 'Grip And Teeth' In The UK Government's Fight Against Economic Crime?
30 August 2018
Carey Olsen
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Given the potential for severe penalties, businesses have to be
astute to the challenges and effects of the CFA, particularly if
they are operating in the financial services and accountancy
sectors, are fiduciaries and trustees, and/or wealth managers.
In this article, Carey Olsen partner Marcus Pallot (Jersey) and
senior associate Julia Schaefer (Guernsey) look closely at two
sections of the CFA in particular: sections 45 and 46, heralding
the newly-focused corporate criminal offences of failure to prevent
facilitation of tax evasion, and section 1, introducing powers for
HMRC and other UK enforcement bodies to obtain an Unexplained
Wealth Order (UWO), and an associated interim freezing order (IFO)
in respect of property owned by certain individuals.
To download the article, which was first published by the Trusts & Estates Law and Tax Journal ,
please click here.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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