AFSI (Adjusted Financial Statement Income) - A measure used to determine a corporation’s taxable income under the Corporate Alternative Minimum Tax (CAMT) in the United States.
AML (Anti-Money Laundering) - Laws and regulations designed to prevent the concealment of illicit income, including tax evasion-related money laundering.
ATAD (Anti-Tax Avoidance Directive) - An EU directive aimed at preventing tax avoidance practices that affect the functioning of the internal market.
BSA (Bank Secrecy Act) - A US law requiring financial institutions to maintain records and report suspicious transactions, including those linked to tax evasion.
CAMT (Corporate Alternative Minimum Tax) - A US tax policy that imposes a 15% minimum tax on large corporations earning over $1 billion annually to address corporate tax avoidance.
CARF (Crypto-Asset Reporting Framework) - An OECD framework designed to enhance transparency by mandating the exchange of tax-relevant information on cryptocurrency transactions between tax authorities.
CCO (Corporate Criminal Offence) - A liability concept under the UK’s Criminal Finances Act 2017, making companies accountable for failing to prevent the facilitation of tax evasion.
CRS (Common Reporting Standard) - An OECD initiative requiring financial institutions to report foreign account holders' financial details to their home tax authorities to combat tax evasion.
DAC (Directive on Administrative Cooperation) - An EU law that mandates cross-border tax information exchange among member states to improve tax transparency.
DAC6 (Directive on Administrative Cooperation 6) - An extension of DAC that obligates businesses and intermediaries to report cross-border tax arrangements that could be used for tax evasion or aggressive avoidance.
DPA (Deferred Prosecution Agreement) - A legal agreement between a corporation and a prosecuting authority, allowing the company to avoid a criminal conviction by meeting certain conditions, such as paying fines and improving compliance measures. DPAs are commonly used in cases of corporate tax evasion and financial crime.
DTA (Double Taxation Agreement) - A treaty between two countries to prevent the same income from being taxed twice, effectively overriding domestic laws for accurate taxation on paid interest.
DeFi (Decentralised Finance) - A blockchain-based financial system that offers alternatives to traditional banking, often scrutinised for its potential role in tax evasion and money laundering.
DOTAS (Disclosure of Tax Avoidance Schemes) - A UK regulation requiring tax scheme promoters to disclose tax avoidance arrangements to HMRC.
EBT (Employee Benefit Trust) - A financial structure used to provide benefits to employees, sometimes misused for tax avoidance and evasion.
ECCTA (Economic Crime and Corporate Transparency Act) - A UK law designed to combat financial crime, tax evasion, and corporate fraud by improving transparency and regulatory enforcement.
EEA (European Economic Area) - An area comprising the European Union member states and three EFTA states, allowing for the free movement of persons, goods, services, and capital, with coordinated tax regulations to prevent evasion.
EFTA (European Free Trade Association) - A regional trade organization and free trade area consisting of four European states, focusing on the liberalization of trade and related tax matters.
EFT (Electronic Funds Transfer) - The electronic transfer of money from one bank account to another, a method monitored by tax authorities to detect unreported income and potential evasion.
EIN (Employer Identification Number) - A unique identifier assigned to businesses in the United States for tax purposes, used by the IRS to track tax responsibilities and payments.
EORI (Economic Operator Registration and Identification Number) - A unique identifier assigned to businesses involved in importing or exporting goods within the European Union, used to monitor and control customs activities
FATCA (Foreign Account Tax Compliance Act) - A US law requiring foreign financial institutions to report US taxpayers' financial accounts to the IRS, helping prevent offshore tax evasion.
GAAP (Generally Accepted Accounting Principles) - A set of accounting standards and procedures used in the United States to ensure consistency in financial reporting, aiding in the detection and prevention of tax evasion.
GAAR (General Anti-Abuse Rule) - A UK and EU regulation that enables tax authorities to counteract transactions deliberately designed to evade taxes.
HMRC (His Majesty’s Revenue and Customs) - The UK’s tax authority responsible for enforcing tax compliance, including investigating tax evasion.
IRC (Internal Revenue Code) - The primary body of tax laws in the United States, including provisions that define and penalise tax evasion.
JMLIT (Joint Money Laundering Intelligence Taskforce) - A UK initiative that fosters collaboration between law enforcement, banks, and regulators to combat money laundering and financial crime, including tax evasion.
NFT (Non-Fungible Token) - A blockchain-based digital asset that can be used to obscure ownership and facilitate tax evasion through hidden asset transfers.
OECD (Organisation for Economic Co-operation and Development) - An international organisation that develops global tax policies and anti-tax evasion measures.
POCA (Proceeds of Crime Act 2002) - An individual with significant ownership or control over a UK company, subject to transparency requirements to prevent hidden ownership structures facilitating tax evasion.
SAR (Suspicious Activity Report) - A report submitted by financial institutions to authorities when they suspect money laundering or tax evasion-related activities.
TRS (Trust Registration Service) - A UK system requiring trusts to disclose beneficial ownership information to prevent the use of trusts for tax evasion.
UBO (Ultimate Beneficial Owner) - The real person who ultimately owns or controls a company or trust, often concealed in tax evasion schemes.
UBS (Union Bank of Switzerland) - A Swiss financial institution involved in tax evasion scandals, serving as a case study for enforcement actions against banks facilitating tax fraud.
UNODC (United Nations Office on Drugs and Crime) - A UN agency focused on combating financial crimes, including tax evasion.
VAT (Value Added Tax) - A consumption tax applied in many countries, commonly targeted in tax evasion schemes such as fraudulent refund claims or underreporting sales.
