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Financial Crimes Act has been adopted in the UK

DATE: September 12, 2017 | AUTHOR: atlawyers

Entities suspected of holding proceeds of a crime shall clarify the origin of property, value of which does not correspond with their official income. The Act Introduced companies’ responsibility for failing to prevent the attempts of tax evasion, either in the UK or abroad, if relevant entities acted on behalf of a company. The term of investigation based on Suspicious Activity Report has been increased up to 217 days. During that time any transactions are prohibited.

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