Managing our tax evasion risks under the Criminal Finances Act 2017

Under the Criminal Finances Act 2017, two new criminal offences were introduced that enable corporates to be prosecuted where it’s associated persons criminally facilitate tax evasion. The offences cover the evasion of both UK and foreign tax.

Associated persons are employees, agents and others who perform services for or on behalf of BNP Paribas. The act also provides a defence for corporates that maintain reasonable preventative procedures to the facilitation of tax evasion.

BNP Paribas’ Stance on Tax Evasion:

 BNP Paribas in the UK has a zero tolerance approach to all forms of tax evasion, including its facilitation, whether under UK law or under the law of any foreign country. We are fully committed to complying with all applicable legislation and guidelines designed to prevent tax evasion and its facilitation in the jurisdictions in which we, our clients, our suppliers and our business partners operate. BNP Paribas in the UK are committed to acting professionally, honestly and with integrity in all our business dealings and relationships wherever we operate. We expect that business should be conducted in a manner such that the opportunity for facilitating tax evasion is prevented wherever possible.

How is BNP Paribas achieving this:

 BNP Paribas implements and enforces effective systems and controls to counter the facilitation of tax evasion. This includes maintaining prevention procedures aimed at ensuring our associated persons do not criminally facilitate tax evasion. In order to continually assess the risk of associated persons criminally facilitating tax evasion, and to ensure the adequacy and reasonableness of our prevention procedures, BNP Paribas conducts regular risk assessments across our business lines and functions.

Our expectations of our customers, suppliers and other business partners:

 Our customers, suppliers or any other business partner that we may deal with should take note of our zero tolerance approach on tax evasion. We intend only to deal with third parties who are tax compliant and under no circumstances will we knowingly facilitate tax evasion. As part of our preventative procedures BNP Paribas undertakes risk based due diligence on its third parties. We therefore expect assistance from our third parties with the completion of our due diligence

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