Description
Criminal Finance Act Awareness
Our Criminal Financial Act Awareness Course provides a comprehensive understanding of the Criminal Finances Act 2017. Learn about criminal financial offences, risk mitigation, and reporting.
Understand responsibilities to prevent tax evasion, follow policies, and report suspicions. Ensure compliance and safeguard your organization against financial crimes. The Criminal Financial Act Awareness Course is:
- Developed by professionals.
- Accredited by The CPD Accreditation Group.
- 100% online, learn at your own time and pace.
- Translated into over 100 different languages
- download instant certificate.
Equip your staff with comprehensive knowledge of the Criminal Finances Act 2017 through our online training course.
Learn about criminal financial offences, risk mitigation strategies, and effective communication, monitoring, and reporting.
Understand the responsibilities placed on companies to prevent tax evasion and comply with policies. Ensure compliance with the act and the importance of reporting suspected tax evasion.
Course Outline:
The aim of this Criminal Finance Act training course is to enhance your knowledge of The Criminal Finance Act 2017, including identifying signs of suspected tax evasion and understanding your responsibilities to report them to your company.
Join the elearning course to gain valuable insights and ensure compliance with the act.
The key points covered in this course are:
- Criminal Finance Act 2017
- Definition of an associated person
- Types of criminal finance offences
- Minimising the risk of breaching the act
- Communicate, monitor and report
1. Criminal Finance Act 2017:
Explore the key provisions and objectives of the Criminal Finance Act 2017, a legislation aimed at tackling corruption, money laundering, and tax evasion to safeguard the integrity of financial systems.
2. Definition of an associated person:
Understand the concept of an associated person within the context of the act, including employees, contractors, agents, and other individuals connected to an organization, and their potential role in facilitating financial crimes.
3. Types of criminal finance offences:
Learn about various types of criminal finance offences, such as tax evasion, money laundering, bribery, and fraud, to develop awareness of the range of illicit activities that the act seeks to address.
4. Minimising the risk of breaching the act:
Discover strategies and preventive measures that businesses can implement to mitigate the risk of unintentionally violating the Criminal Finance Act, including robust compliance policies, due diligence procedures, and employee training programs.
5. Communicate, monitor, and report:
Effective communication, vigilant monitoring, and prompt reporting aid in detecting and reporting suspicious activities. They ensure compliance with the act and help prevent financial crimes.
Course Outcome:
On completion of this Criminal Finance Act online training course, learners will:
- Gain a comprehensive understanding of the Criminal Finance Act 2017 and its key provisions
- Define an associated person and comprehend their role within the act
- Identify various types of criminal finance offences
- Acquire knowledge on minimizing the risk of breaching the act within a business setting
- Learn effective communication, monitoring, and reporting practices to prevent financial crimes
Frequently Asked Questions
The Criminal Finances Act 2017 is a law in the UK that stops people from doing illegal things with money, like not paying taxes or moving money in the wrong way. It makes companies responsible for following the law and helps to catch people involved in bad financial activities.
What is the Criminal Finances Act 2017?
The Criminal Finances Act 2017 is a law in the UK that stops people from doing illegal things with money, like not paying taxes or moving money in the wrong way. It makes companies responsible for following the law and helps to catch people involved in bad financial activities.
What is the key aim of Criminal Finances Act?
The Criminal Finances Act aims to prevent financial crimes and strengthen the legal framework. It imposes greater responsibilities on businesses and individuals. The act promotes detecting, preventing, and reporting illegal activities.
What are the three stages for liability under the Criminal Finances Act?
Under the Criminal Finances Act 2017, there are three stages for liability:
- The Offence: The first stage involves the commission of a criminal offence related to tax evasion, either in the UK or overseas. This can include actions such as facilitating or aiding tax evasion by others.
- The Failure to Prevent: The second stage focuses on the failure of a relevant body (such as a company) to prevent the facilitation of tax evasion. The relevant body can be held liable if an associated person (such as an employee or agent) commits the tax evasion offence while acting in their capacity for the organization.
- Adequate Procedures: The third stage introduces the concept of “adequate procedures.” A relevant body can establish a defense against liability. This can be done by demonstrating that it had implemented reasonable and effective measures to prevent the facilitation of tax evasion. These measures should be tailored to the specific risks faced by the organization and its industry.
By understanding these three stages, organizations can take proactive steps to prevent the facilitation of tax evasion and ensure compliance with the Criminal Finances Act. Implementing robust policies, procedures, and training programs can help mitigate the risk of liability and protect the organization’s reputation.
What are the 6 guiding principles of the Criminal Finances Act?
- Risk assessment: Businesses must assess the risks they face of being used to facilitate tax evasion.
- Proportionality of procedures: The prevention procedures put in place by a business must be proportionate to the risks it faces.
- Top-level commitment: The senior management of a business must be committed to preventing tax evasion facilitation.
- Due diligence: Businesses must carry out due diligence on their customers and other business partners to assess their risk of being involved in tax evasion.
- Communication and training: Businesses must communicate their prevention procedures to their staff and provide them with training on how to identify and report suspicious activity.
- Monitoring and review: Businesses must monitor and review their prevention procedures on a regular basis to ensure that they are effective.
