The invasion of Ukraine and subsequent focus on sanctions has put the spotlight on illicit wealth. Is it time to introduce a failure to prevent economic crime offence?
Support for such an offence is mounting, say Daniel Martin, partner at JMW, and Red Lion Chambers barristers Michael Goodwin QC and Anita Clifford.
Writing in this week’s NLJ, the trio look at the implications for business in all sectors, the consequent expansion of the ‘identification doctrine’ and why the introduction of such an offence would need to be matched by an increase in resources at the Serious Fraud Office.
They write that the value of these type of offences ‘lies in their deterrent effect and ability to catalyse cultural change in companies both big and small.’
