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Baker & Partners invited members of Jersey’s financial services industry to discover the implications of the newly passed Criminal Finances Act 2017 at a Breakfast Briefing Event - Prevention Better Than a Cure? with Advocate Simon Thomas on 11th May 2017.
The briefing discussed several important areas and key changes that local finance businesses should acknowledge before the Criminal Finances Act 2017 comes into full force this autumn. Advocate Thomas focused on both legal and regulatory considerations associated with the legislation, outlining why the law has come about, what it means for financial institutions globally and what must be done to ensure full compliance under the Act. The briefing included an analysis of HMRC’s six Guiding Principles; prevention procedures that UK government expects to be in place in time for when the Act is implemented.
Advocate Thomas also examined the penalties that could impact businesses if they fail to prevent the facilitation of UK and foreign tax evasion, outlining the two new criminal offences that will introduce criminal liability for corporates or other bodies. He elaborated that individuals and “associated persons” could make an organisation liable under the new legislation.
Simon Thomas commented:
“While I would hope that most of Jersey’s financial services businesses will already have measures in place to mitigate non-compliance under the new Criminal Finances Act 2017, it’s nonetheless important to highlight these regulatory changes. This ensures local organisations are fully aware of the risks of non-compliance and can prepare for when the Act is implemented later this year. Further, Baker & Partners clients can now also benefit from our enhanced compliance and risk offering following the expansion of our regulatory team earlier this year. This brings together risk and compliance consultancy alongside our legal and regulatory services, under a more efficient and up-to-date offering. If local firms have any concerns regarding the Criminal Finances Act 2017, or any other regulatory changes that may impact organisations operating within our offshore jurisdiction in 2017, our experts are well-positioned to provide advice or full consultancy.”
