Digital Assets Report


Like this article?

Sign up to our free newsletter

Cordium launches solution to help firms comply with the Criminal Finances Act

Related Topics

Cordium, a provider of governance, risk and compliance services, has launched a solution to help firms adapt to the new requirements of the Criminal Finances Act, set go into effect in September 2017.

Introduced by HM Revenue and Customs, the new legislation is intended to prevent the facilitation of tax evasion in the UK and abroad.  All UK business entities are within the scope of the changes and must take appropriate steps to prevent criminal activity.
To assist firms with this process, Cordium has developed a solution aligned with the six guiding principles that constitute a reasonable prevention defence, as outlined by HMRC.
Matthew Crisp, Managing Director, Cordium, says: “Fund managers, wealth managers, and other financial service businesses are subject to a higher risk of facilitating tax evasion and we expect such businesses to be held to a higher standard when it comes to the changes required. The speed with which the new rules have materialised means that firms need to act immediately to ensure compliance. Our new solution will help clients adapt to the measures as quickly as possible in a manner that is practical from a business perspective.”

Like this article? Sign up to our free newsletter

Most Popular

Further Reading