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28 April 2023 / Abigail Rushton , Rhys Novak
Issue: 8022 / Categories: Features , Fraud , Criminal , Governance
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Fail to prevent, prepare to fail

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The new ‘failure to prevent’ fraud criminal offence: Abigail Rushton & Rhys Novak set out the steps corporate bodies should be taking now to prepare
  • The government has confirmed a new failure to prevent fraud criminal offence. Large corporate bodies doing business in the UK and those working for it will be caught by the new legislation.
  • Prosecutors will only have to show a lack of reasonable procedures in place to prevent the offences.
  • Large corporate bodies should start preparing now by: assessing and managing risk; reviewing and implementing fraud prevention and detection measures; and confirming their response strategy.

Assuming it makes it onto the statute book, the Economic Crime and Corporate Transparency Bill 2022-2023 (the Bill) is set to be one of the biggest changes to laws tackling economic crime in over a decade. Businesses faced with issues of fraud and false accounting would do well to keep an eye on its progress and start planning now for its entry into force.

It

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