Business Crime and Regulatory solicitors

Financial crime refers to illegal activities involving the illicit generation, transfer, or use of money. These crimes can be committed by individuals or businesses and often involve complex schemes to conceal the illegal nature of the activities. It may also include omissions by businesses when there is a regulatory framework to adopt – such as failing to conduct proper Anti-Money Laundering (AML) checks, not having appropriate policies in place, or not having the correct regulatory permit for the activity the business is conducting. Often directors will share liability personally for such failings.  

Financial crimes encompass a broad range of activities, including: 

• Fraud
• Money Laundering
• Bribery and corruption
• Embezzlement
• Tax evasion
• Sanctions violations
• Insider trading
• Counterfeiting and forgery
• Cybercrime

Financial crimes are taken seriously due to their potential to cause significant harm to individuals, businesses, and the economy. Regulatory authorities and law enforcement agencies worldwide actively investigate and prosecute these crimes to maintain the integrity of financial systems and protect public trust.

If you have been accused of a financial crime, the consequences can be severe. In such a situation, it is crucial to seek legal advice as soon as possible.

Modern slavery is defined by Anti-Slavery International as when an individual is exploited by others for personal or commercial gain which results in a loss of their freedom, whether through trickery, coercion, or force. This exploitation includes, but is not limited to, forced labour, human trafficking, and debt bondage, and applies to any supply chain that a company owns or requires services from. 

The Modern Slavery Act 2015 exists to give UK law enforcement the necessary tools to combat modern slavery effectively. Furthermore, the Act strengthens support and protection measures for victims. 

Many UK businesses are required by law to publish a ‘slavery and human trafficking statement’, setting out the steps that they have taken to ensure slavery and human trafficking are not present in their business or anywhere in their supply chains. 

If your business requires support with a slavery and human trafficking statement, contact our Business Crime and Regulatory team.

Tax evasion means the illegal non-payment or underpayment of taxes, often by deliberately misrepresenting or concealing income. The Criminal Finances Act 2017 created the corporate offence where a business may be liable for “failing to prevent” tax evasion. We can offer your business the relevant advice on the implementation of polices and training to mitigate any such offence from being committed. For information about tax evasion, and how our expert solicitors can help you to navigate pressures from HMRC, visit our tax investigations page.

Bribery refers to offering, giving, receiving, or soliciting something of value as a means to influence the actions of an official or other person in a position of authority. This includes practices like kickbacks and pay-to-play schemes. As with tax evasion, a business can also be guilty when it fails to prevent an act of bribery from occurring.

Money laundering is the process of concealing the origins of money obtained through illegal activities, typically by means of transfers involving foreign banks or legitimate businesses. If your business is regulated for anti-money laundering purposes then the rules are very strict as to what policies, procedures and training you must have in place. Failing to adhere to these regulations may carry severe penalties.

Common triggers for HMRC compliance checks often arise when figures submitted on a return appear incorrect. For instance, if a small company suddenly makes a large VAT claim or if a business with a substantial turnover declares a very small amount of tax, these discrepancies are likely to raise red flags with HMRC.

HMRC investigations may also be triggered by a whistleblower or the sharing of information between law enforcement following a Suspicious Activity Report.