Press Release Tuesday 23 October 2001
John Roberts, Chairman Standards Committee, 020 7213 4853
Vivien Rees or Bianca Marsden, 020 7235 9381
The Proceeds of Crime Bill was presented to the House on Thursday October 18 largely unchanged from the version dropped before the election.
John Roberts, Chairman of the Chartered Institute of Taxation (CIOT) Standards Committee, said:
“Whilst we fully support the Government’s rapid moves to put in place tough anti-money laundering measures aimed at terrorist funding, our concerns remain that there should be a better definition in the Bill to distinguish serious crimes from petty offences and a de-minimis test of amount. The suggestions we have made would improve the quality of reports and prevent the system being swamped with trivia.
“It remains to be clarified how the Bill will affect tax advisers in the non- regulated sector, particularly in regard to their money laundering reporting obligations. However, the Bill makes clear that there will be a failure to disclose offence for those tax advisers who are operating in the regulated sector when they come by knowledge or information giving rise to suspicions of a criminal offence, including tax evasion.
“Overall we are pleased that the Bill is asking the professional bodies to give advice to members which if they follow means that they will not face the risk of prosecution.”
CIOT will be updating its guidance to members in due course in the light of analysis of the impact of the Bill. The updated guidance will also be available on the Institute’s website www.tax.org.uk.
NOTE TO EDITORS:
The Chartered Institute of Taxation (CIOT), the leading professional body in the United Kingdom concerned solely with taxation, was established in 1930 and received its Royal Charter in 1994. The CIOT’s primary purpose is to promote education in and the study of the administration and practice of taxation. Members of the CIOT have the practising title of “Chartered Tax Adviser”.
One of the CIOT’s key aims is to achieve a better, more efficient, tax system for all affected by it - taxpayers, advisers and the authorities. The CIOT will frame its comments and recommendations on tax issues solely in order to achieve its aims: it is entirely apolitical in its work.
Membership of the CIOT is open to individuals from all disciplines who are competent and qualified to advise on taxation matters. Entrance is through its associateship examination, from which members may advance to fellowship by thesis. An increasing number of members hold the CIOT qualification as their main professional qualification.
The CIOT deals with all aspects of direct and indirect taxation. It is the United Kingdom member of the Confédération Fiscale Européenne (CFE), the umbrella body for taxation advisers in Europe. The CFE represents a total of over 150,000 tax advisers throughout the European Union and its neighbouring countries. It plays a full part in the development and operation of tax legislation in the Union and supports the establishment and maintenance of the rights of tax advisers within the Union.
In 1989 the CIOT sponsored the formation of The Association of Taxation Technicians (ATT), which is the leading professional body for tax specialists engaged in assisting individuals and businesses comply with their tax obligations. The ATT, with which the Institute maintains a close relationship, provides the qualification “Taxation Technician”. Its examination also acts as a stepping stone towards membership of the Institute.
The CIOT and ATT are registered charities.
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