Steps to fraud prevention

Fraud is big business. It costs the UK economy over £100 billion a year and accounts for 40% of all crime.

And now, a change is coming that could impact more than your bottom line.

The Economic Crime and Corporate Transparency Bill is currently progressing through Parliament. Whilst the final form and implementation of the Bill is yet to be fixed, it is likely to create a new criminal offence for companies and partnerships, making them liable if they fail to prevent fraud. However, if the organisation can show that it had adequate fraud prevention measures in place it is likely to have a defence. If the organisation is liable for failing to prevent fraud, then, in certain circumstances, the company’s senior managers may also be personally liable.

We are continuingly monitoring the Bill’s progress to keep our clients and contacts up to date. Get in touch with one of our team if you want to know more.