The Criminal Finances Act 2017, expected to take effect this September, is being touted as a powerful new tool in the investigation and prosecution of tax evasion and terrorist financing crime in the UK. In response to concerns raised by regulated firms, it also includes provisions that will make it easier for firms to share information on potential criminal activity, without violating privacy laws.
This article addresses some of the most common concerns regarding the new act such as: How does the new law tackle terrorism? What is the difference between “tax avoidance” and “tax evasion?” What are “reasonable prevention procedures?”