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Practice note - Criminal Finances Act 2017

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New practice note on Criminal Finances Act 2017. 

This practice note provides guidance to solicitors on the corporate offence of failure to prevent the criminal facilitation of tax evasion introduced by the Criminal Finances Act 2017, with effect from 30 September 2017. This brings a risk of criminal liability to solicitors’ firms not just for their employees’ actions, but for the actions of others with whom they are associated. The guidance will be submitted for approval by the chancellor and may be updated as a result. It explains:

  • the new offence
  • the definition of an associated person
  • risk assessments 
  • communication, training, monitoring and reporting requirements

Who should read this practice note?

All solicitors and senior staff in law firms (sole practitioners, partnerships, LLPs and alternative business structures). It will also be relevant to in-house legal teams.

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