Tax Evasion

Tax evasion is classified as a predicate offence for money laundering in several jurisdictions, such as the UK and the EU

Firms are legally required to ensure their financial crime controls are adequately calibrated to detect red flags pertaining to tax evasion / facilitation of tax evasion risk (FoTE).

Plenitude can help your firm enhance the synergy between existing anti-money laundering and anti-bribery and corruption controls to help you meet your legal obligations to prevent the facilitation of tax evasion.

Failure to prevent tax evasion: implications for businesses

With the UK Criminal Finances Act 2017, firms can be held liable for the failure to prevent tax evasion facilitated by their ‘associated persons’, even if the offence took place without senior leadership knowledge. This means that firms should be mindful of their potential risk exposure through employees, agents, brokers and tax advisers.

In order to comply with legal obligations and meet regulatory expectations, firms have to demonstrate that:

Their preventative controls are proportionate to the inherent tax evasion risk their business is exposed to; and
They have adequate anti-tax evasion procedures in place, ideally embedded in their BAU financial crime controls.

How Plenitude can help

Plenitude can support you in ensuring that you are compliant with relevant tax evasion regulations. Our team of SMEs has broad multi-jurisdictional experience, crucial for helping you to navigate overlapping financial crime requirements. We can support you with:

Independent Assessment:

executing a proportionate assessment of your FoTE controls or programme to manage compliance in readiness for regulatory reviews or to take proactive action
Regulatory Reviews:

Supporting firms through S166 Reviews (firm-side) or conducting S166 Reviews on behalf of the FCC on the basis Plenitude is appointed to the Skilled Person Panel for Lot E: Financial Crime. Guiding firms through the remediation process linked to enforcement action or regulatory review
Risk Assessment:

design and conduct a comprehensive risk assessment to identify your FoTE risks
Financial Crime Framework:

Assess and enhance FoTE-related policies, standards and procedures
Programme Transformation:

Designing and implementing comprehensive FoTE programmes

Our Services

Our capabilities address the entire spectrum of financial crime risks and, as a full-service provider, we can meet all of our clients’ needs in order to deliver a truly integrated consulting service. We can assist with a wide range of needs, including independent assessments, policy and standards enhancement, risk assessments, specialist tech and data support, and remediation and transformation program design and execution. No matter what the requirement, we are here to help.

Discover more about our services and see why our integrity, passion and delivery excellence have been praised by so many clients.

Advisory & Transformation

Clients typically engage us when they have been subject to regulatory feedback, are expecting a visit from the regulator, or have concerns and want to take proactive action. Regardless of the situation, we can help.

S166 Skilled Person Services

Under the Financial Services and Markets Act 2000 (FSMA), the FCA’s Section 166 review is an independent review by a third party (a ‘skilled person’) about aspects of a regulated firm’s activities where the FCA has concerns or requires further analysis.

Fraud Practice

Global regulatory shifts are compelling financial organisations to prioritise fraud prevention more than ever, and rising fraud complexity highlights the critical role of operational teams as the first line of defence.

Digital Assets Practice

In slightly more than a decade, the digital assets industry has skyrocketed to a market cap of over 2 trillion USD, bringing innovations poised to revolutionise monetary systems, financial services and beyond.

Technology Advisory Services

Regulated firms face a constant battle against financial crime, and technology plays a crucial role in this fight. However, leveraging technology and keeping up with innovation comes with its own set of challenges.

Data Analytics Services

Data quality, siloed systems, and the ever-evolving tactics of criminals make effective data analysis a constant battle. Firms need to break down these silos to get a holistic view of customer activity and identify hidden patterns that might indicate a financial crime threat.

KYC Managed Service

The regulatory landscape continues to evolve placing increased regulatory pressure and demand on institutions to meet their KYC/CDD compliance obligations, often at significant cost.

RegTech Products

Our RegTech subscription products enable our clients to manage financial crime obligations, country and client risk more effectively while reducing internal risks, costs and resource demands.