Included in this issue: HMRC: HMRC Releases Annual Report and Accounts for 2014-15 | HMRC Launches Several Consultations to Tackle Offshore Tax Evasion | BRIBERY AND CORRUPTION: U.S. Securities and Exchange Commission launches civil probe into FIFA | Toshiba chief executive resigns over accounting scandal | FIFA corruption scandal | HEALTH & SAFETY: Construction firms sentenced after worker death | GENERAL: Tom Hayes trial - Prosecution concludes its closing speech

HMRC

HMRC Releases Annual Report and Accounts for 2014-15

On 16 July 2015, HMRC released its Annual Report and Accounts for 2014/15. 

HMRC refers to the amount of revenue collected from individuals and businesses who they believe are cheating the system via fraud, avoidance and evasion as "compliance yield."  The Annual Report indicates that HMRC collected £26.6 billion from its compliance work for 2014-15.  The Annual Report also notes 1,289 prosecutions for tax offences occurred in 2014/15.  

HM Revenue & Customs, 16 July 2015

HMRC Launches Several Consultations to Tackle Offshore Tax Evasion

HMRC has launched several consultations regarding new initiatives to tackle offshore tax evasion.

The most significant of these is a proposal to introduce a corporate criminal offence of failure to prevent the facilitation of evasion, similar to the corporate offence under the Bribery Act 2010.

In addition, there are also consultations regarding strengthening the civil deterrents for offshore evaders, strengthening civil sanctions for enablers of offshore evasion and the introduction of a new criminal offence for offshore evaders.

The consultation period runs from 16 July to 8 October 2015.  

HM Revenue & Customs, 16 July 2015 

Bribery and Corruption

U.S. Securities and Exchange Commission launches civil probe into FIFA

The SEC is examining the behaviour of several publically-traded companies with links to FIFA or other soccer bodies for possible violations of U.S. federal bribery laws.  

Euronews, 18 July 2015

Toshiba chief executive resigns over accounting scandal

Toshiba's chief executive and president, Hisao Tanaka, has resigned after the company confirmed it had overstated its profits for the past six years.  

BBC, 21 July 2015 

Fifa corruption scandal

The first of the seven Fifa executives arrested in Switzerland as part of the Fifa corruption investigation has been extradited to the US.  

International Business Times, 16 July 2015

Health & Safety

Construction firms sentenced after worker death

National construction firm, Sir Robert McAlpine Ltd, and specialist construction company, London Fenestration Trades Ltd, pleaded guilty to safety breaches after a worker died from injuries sustained from falling from a store front in Exeter.

Sir Robert McAlphine Ltd was fined £200,000 and London Fenestration Trades Ltd (in liquidation), was notionally fined £200,000.  

HSE, 22 July 2015

General

Tom Hayes trial - Prosecution concludes its closing speech

Mukul Chawla QC concludes the prosecution's closing speech in the trial against Tom Hayes.

Neil Hawes QC commenced the defence's closing remarks.  

Risk.net, 21 July 2015