Internal Audit to Play a Leading Role in Tax Evasion Prevention

UK authorities now have the power to prosecute any individual or company that fails to prevent the facilitation of tax evasion either in the UK or abroad. The new offense was introduced by the Criminal Finance Act – passed into UK law on April 22, 2017 – which strengthened the existing powers of law enforcement with the introduction of unexplained wealth orders and interim freezing orders.

This article explains how internal audit can help secure the organization against liability and outlines Protiviti’s four-point plan to help businesses ensure compliance with the new rules.