Facilitating Tax Evasion facilities, company formation, and trust services recommend companies identify associated persons are particularly prevalent. For international financial and risk exposure channels, review contractual terms institutions with a UK footprint, the impact will be even of associated persons, and conduct a thorough risk more acute as the range of gateways through which assessment (from which early de-risking strategies it could be exposed to criminal sanction in the UK for can be developed and implemented). Implementing evasion of taxes by an associated person in any such measures will impact companies’ assessments, other territory are set to widen considerably. which will be essential in understanding exposure Whilst guidance on the new offence is unlikely to be available for some time, the Government’s response to the first consultation and the guidance produced in the Bribery Act context suggest that the scale of the issue and necessary adjustments to compliance procedures of large international financial institutions (whether UK-based or not), is such that steps need to be taken now in preparation. As a first step, we would and engaging senior management to appropriately resource the response. 1 Subject to the correction of what appear to be errors – omitting s.3(5) which is referred to in s.3(3) and including (if not contained in the missing s.3(5), a definition of person C – identified in s.3(3) but not defined). 2 https://www.gov.uk/government/uploads/system/uploads/ attachment_data/file/181762/bribery-act-2010-guidance.pdf If you have questions concerning the contents of this Alert, or would like more information about facilitating tax evasion, please speak to your regular contact at Weil, or to: Simon Taylor (London) Bio Page simon.taylor@weil.com +44 20 7903 1141 ©2015 Weil, Gotshal & Manges.

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