A7.116 Risk assessment

A7.116 Risk assessment

For the latest New Developments, see ND.1384, ND.1880.

The 2017 Regulations provide for a 'risk-based approach', including risk assessments to be conducted by:


    •     the Treasury and Home Office (a 'national risk assessment') (regulation 16)


    •     supervisory authorities (regulation 17), and


    •     relevant persons (regulation 18)

National risk assessment

Under regulation 16, the Treasury and Home Office are required to prepare a national risk assessment. The 2017 national risk assessment was published on 26 October 2017 and stated that:

'The 2015 NRA highlighted fraud and tax offences as the largest known source of criminal proceeds from offending in the UK…The estimated tax gap for evasion in 2014/15 was £5.2 billion. The tax and duty regimes are also subject to criminal attacks including the

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