The Prime Minister, writing in the Guardian newspaper on the day of the Anti-corruption summit in London, has announced that a consultation will soon begin on a proposal to introduce a new corporate offence: the failure to prevent fraud or money laundering. This will join existing (or proposed) 'failure to prevent' offences: the offence of failing to prevent bribery by a commercial organisation was introduced by the Bribery Act 2010 and the Government has recently consulted on plans to introduce the offence of the failure to prevent the facilitation of tax evasion.
Update (13 May 2016) - The Ministry of Justice has made an announcement regarding the consultation: see here.
Thursday, 12 May 2016
UK: fraud and money laundering - new corporate 'failure to prevent' offence proposed
The Prime Minister, writing in the Guardian newspaper on the day of the Anti-corruption summit in London, has announced that a consultation will soon begin on a proposal to introduce a new corporate offence: the failure to prevent fraud or money laundering. This will join existing (or proposed) 'failure to prevent' offences: the offence of failing to prevent bribery by a commercial organisation was introduced by the Bribery Act 2010 and the Government has recently consulted on plans to introduce the offence of the failure to prevent the facilitation of tax evasion.
Update (13 May 2016) - The Ministry of Justice has made an announcement regarding the consultation: see here.
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