To improve the Suspicious Activity Reports regime by increasing public and private sector cooperation and targeting entities that carry out money laundering instead of individual transactions
To bring in a criminal offence for companies who fail to stop their staff facilitating tax evasion
To make it easier for law enforcement agencies and courts to recover criminal assets, such as illicit funds, especially in cases of grand corruption
Following the recent Anti-Corruption Summit in London, and as part of the G8’s transparency agenda, the government is taking action to tackle money laundering, corruption, tax evasion, and the financing of criminal activities, such as terrorism.
There has been widespread public anger over recent reports of tax evasion by wealthy individuals and corporations and this Bill could go some way to reassure the public that the government is cracking down on it.
Home Secretary, Amber Rudd, and the Home Office are responsible for this one.
Some British overseas territories have refused to sign up to the government’s initiatives. As a result, anti-corruption group Global Witness have argued that the biggest obstacle to transparency has not been resolved - more information on tax havens needs to be made available.
The Charted Institute of Taxation’s tax policy director has said it is problematic to hold a company responsible for individual staff members’ actions, including helping with tax evasion. He warned that the government “must be careful not to place unreasonable or unrealistic and expensive compliance burdens on business”.
How to get involved
Speak to your MP.
If I don’t act, will it go through?
As a Government Bill, it is very likely to go through.