Simple advice on avoiding financial scams March 31, 2020 With the consequences of a scam often going well beyond pure financial losses, it is essential that every colleague in your business knows how to spot the signs. Businesses have always been highly attractive targets for fraudsters. Why? Money and data – both the company’s and that of their customers and supply chain partners. That [...]
Criminals exploit technology so why can’t law enforcement? March 31, 2020 According to Helena Wood at the Royal United Services Institute (RUSI), the UK has been “sleepwalking” through the growth of economic crime, to a point where it is a systemic national security risk. But there is technology to take the fight to criminals. Fraud accounts for one in three of all allegations of crime and [...]
Criminals arrested in crackdown on courier fraud March 31, 2020 A national police operation targeting criminals who commit courier fraud has resulted in over 40 arrests. Police coordinator for economic crime warns women over 80 are most likely to fall victim. Police forces across the country have been cracking down on criminals who commit courier fraud, with a combination of awareness raising and enforcement activity [...]
Fraudsters will “exploit any weakness” to commit financial crime March 31, 2020 Scammers will use every opportunity to commit insurance fraud, from taking advantage of the panic around COVID-19 to exploiting opportunities presented by digital technologies. In times of crisis, there’s usually an upturn in fraud and financial crime. That’s just a historical fact. It happened in the aftermath of the 2008 financial crash, and Chris Andrew [...]
Do you know the many forms of money laundering? March 31, 2020 In financial circles there is much discussion around money laundering, but the forms which money laundering can take are very rarely explained. So, what is money laundering? It’s the process of making illegally gained money, often known as dirty money, appear to be legal. Money laundering usually involves three steps; surreptitiously getting the illegitimate money [...]
Stress awareness month: How can we reduce stress? March 31, 2020 When was the last time you felt stressed? Probably recently. According to a 2018 YouGov study, in the previous year, 74% of people felt so stressed they have been overwhelmed or unable to cope. The latest estimates from the Labour Force Survey show that the total number of cases of work-related stress, depression or anxiety [...]
Digital tax will unlock business productivity March 30, 2020 Unlocking UK business productivity, making it easier to get tax right and providing the catalyst needed to get UK business to adopt digital technologies; the goals of Making Tax Digital (MTD) are lofty. These are extremely difficult times for all of us and HMRC is committed to helping in every way possible all those businesses [...]
Overcoming the challenges of global tax regimes March 30, 2020 The number of global tax regimes are still increasing. As they are being implemented and refined at a jurisdictional level, they are becoming increasingly fragmented. Tax professionals have the challenge of monitoring and operationalising these requirements. The end goal of most of these regimes is the reporting of a wide range of tax-related data to tax authorities. [...]
Put tax at the heart of digital transformation decisions March 30, 2020 Tax runs through the heart of every business process and so must be central to discussions around moving to a new enterprise resource planning (ERP) in the cloud. Q) What has been the impact on tax of digital transformation and companies moving to the cloud-based ERP systems? A) It’s providing the perfect opportunity to ensure [...]
Tax reforms for digital and multinational companies of 137 countries March 30, 2020 At the Organisation for Economic Co-operation and Development’s (OECD) headquarters in Paris, negotiations are underway between 137 countries, on major reforms to the way digital companies and other multinational companies (MNCs) are taxed. The negotiations have two elements. The first, ‘Pillar One’, reallocates where some profits can be taxed, from ‘producer’ countries to ‘consumer’ countries. [...]