The CCO legislation turned three years old at the end of September. In addition, the COVID-19 lockdown and resulting economic slowdown has led to an increased risk of fraud across many sectors of the world economy.
As in any downturn, those businesses that manage the risk of fraud best will see the least damage to their business, but this is doubly important for UK businesses this time as they now fall within the CCO. We are discussing what this means with the HMRC lead for CCO.
The CCO legislation, which applies to all businesses, regardless of size, is very wide in scope and applies to the failure to prevent the facilitation of UK and overseas tax evasion. Although a strict liability offence, which could lead to criminal prosecution and unlimited financial penalty, there is a defence of having reasonable and proportionate prevention procedures in place. It is important that organisations address the six principles of the defence outlined in HMRC's guidance. We are increasingly also seeing CCO have a commercial impact for business.
Sam Dean, HMRC Lead for Corporate Criminal Offence, will cover:
- Implementation of CCO in HMRC
- Emerging results and HMRC investigations
BDO team will cover:
- Reminder of the legislation
- Practical and proportionate steps to response to the CCO legislation (SMEs vs large businesses
- Case study
- Quick wins: tools and training
There will also be an opportunity for questions.