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FCA is 'sending clear message to firms involved in Europe's largest tax scandal' as it issues £2million fine against The TJM Partnership

Published on 20 July 2022

International law firm RPC says repercussions from the Cum-Ex scandal, which started as long ago as 2001, continue amid warning to businesses over their compliance obligations

Commenting on the news that the FCA has issued a £2million fine against The TJM Partnership for serious financial crime control failings in relation to cum-ex trading, RPC's Adam Craggs, head of the tax disputes resolution team, said: 
"It is clear from this latest fine imposed by the FCA that the repercussions from the Cum-Ex scandal, which started as long ago as 2001, continue. 

"The FCA is sending a clear message to firms which were embroiled in Europe's largest tax scandal that the FCA expect proactive compliance, a robust internal investigation and enhancement of systems and controls. 

"This decision also serves as a timely reminder that businesses should ensure that they have in place appropriate systems and controls in relation to financial crime risks and their compliance obligations, particularly given that it can only be a matter of time before HMRC bring a prosecution for failing to prevent tax evasion under the Criminal Finances Act 2017."