Forster and Bacon, both of Red Lion Chambers, take an in-depth look at the ‘ambitious’ Act, which extends criminal liability for corporates and creates a ‘failure to prevent’ fraud duty for large organisations, and much more. They set out the background to the Act, discuss its scope and consider how effective it will be in practice. Fraud is a major issue, accounting for about 60% of crime, according to the Office for National Statistics. The National Crime Agency has estimated more than £100bn may be being laundered through the UK every year.
Will the Act work? More resources may be needed. Forster and Bacon assert the Act’s measures ‘represent powerful tools’ but call for the investigative and prosecution agencies to be properly resourced ‘so as to provide a clear and credible enforcement threat’.
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