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Your firm is AT RISK if you don’t have reasonable prevention procedures in place

Legal Eye

5
Oct

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Last week was another really busy week for the Legal Eye, Risk & Compliance Specialists, as they assisted many firms with their Implementation and Communication Plans to ensure that they were ahead of the curve in getting in place their reasonable prevention procedures to ensure compliance with the Criminal Finances Act 2017.

The only defence to these offences is that of having reasonable prevention procedures in place.  HMRC have stated that they do not expect all reasonable prevention procedures to be in place by 30th September 2017, but that there are certain steps that they do expect to be in place on that date. They have stated that they expect “… rapid implementation, focusing on the major risks and priorities with a clear timeframe and implementation plan on entry into force” whilst recognising that reasonable prevention procedures will change and evolve so what may be appropriate on day one, may not be appropriate a few years down the line.

Whether it’s a suite of documents you need or the time and space required to complete the policies, plans and procedures – or both – Legal Eye can assist.

Included in their suite of documents are the following:

  1. Implementation & Communication Plan;
  2. Criminal Finances Act Policy 2017;
  3. Firmwide Risk Assessment;
  4. CFA 2017 Suspicious Activity Internal Reporting Form;
  5. CFA Suspicious Activity Report Register;
  6. Statement of Compliance with the CFA 2017 – for displaying on your website and internally;
  7. CFA 2017 clause for your Terms of Business;
  8. CFA 2017 clause for your Outsourcing Agreements;
  9. Updated Matter Risk Assessments – with additional questions that relate to the prevention of risk of facilitation of tax evasion offences;
  10. Updated Learning & Development Plans – which includes reference to training under the Criminal Finances Act 2017;
  11. Annual Risk Review with references the CFA 2017.

In addition and, in light of the CFA 2017, the following policies, registers, plans etc will need to reference the Criminal Finances Act and the reasonable prevention procedures that you have or are putting in place to mitigate the risk of a facilitation offence occurring:

  1. Whistleblowing Policy;
  2. Expert and Counsel Policy;
  1. Recommendation of Third Parties to Clients Policy;
  2. Outsourcing Policy;
  3. Compliance Plan;
  4. Risk Register;
  5. Induction Checklist.

If this is still sitting on your to do list, call 0203 0512049 or email ds@legal-eye.co.uk

This article was submitted to be published by Legal Eye as part of their advertising agreement with Today’s Wills and Probate. The views expressed in this article are those of the submitter and not those of Today’s Wills and Probate.

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