Tax Evasion
Tax evasion remains a constant macroeconomic concern for governments and a driver of enforcement action.
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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:
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Their preventative controls are proportionate to the inherent tax evasion risk their business is exposed to; and
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They have adequate anti-tax evasion procedures in place, ideally embedded in their BAU financial crime controls.
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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:
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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
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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
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Risk Assessment:
design and conduct a comprehensive risk assessment to identify your FoTE risks
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Financial Crime Framework:
Assess and enhance FoTE-related policies, standards and procedures
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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.
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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.
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Our specialists
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Daniel Keay
Senior Executive
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Senior Executive
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Tom McKay
Head of Data Analytics
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Alex Brennan
Senior Manager
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Graeme Ford
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Senior Manager
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