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.