§ Mr. FlightTo ask the Chancellor of the Exchequer if he has agreed, with the relevant professionals, guidance on the conduct by corporate clients which they should regard as evidence of overseas tax evasion in cases where they are obliged to report suspicion thereof to the NICS. [89921]
§ Ms HewittThe Joint Money Laundering Steering Group, a body of representatives from the financial services industry, chaired by the British Bankers Association, provides guidance to the financial sector on money laundering issues. They have recently consulted the Treasury and Home Office on new guidelines on the proceeds of tax-related crimes, including those committed overseas. Those guidelines have now been published, and are endorsed by the Treasury.
Under the Criminal Justice Act 1993, financial institutions should report to the National Criminal Intelligence Service all transactions which they suspect involve the proceeds of criminal conduct. This obligation is a central element of our defence against money laundering, and provides valuable intelligence in the fight against crime. The obligation applies equally to the proceeds of overseas offences (including overseas tax offences), where the conduct would have been criminal if it had occurred in the UK. "Evidence" is not required: the obligation applies where there is knowledge or suspicion that the relevant conduct has occurred or is occurring.