What does this mean for JTI?
Financial crime can adversely affect JTI’s business and reputation. The penalties for committing or facilitating financial crime can be serious for both JTI and its employees, even if JTI or the person responsible does not benefit from the activities carried out.
Financial crime includes money laundering, tax evasion, the facilitation of tax evasion and terrorist financing.
--> Money laundering is the process of converting money obtained illegally into apparently legitimate money or other assets.
--> Tax evasion involves taking measures to avoid making required tax payments.
--> Facilitation of tax evasion means assisting a business partner or other third party to evade taxes.
--> Terrorist financing involves the solicitation, collection or provision of funds with the intention that they may be used to support terrorist acts or organizations.