0370 270 6000

already registered?

Please sign in with your existing account details.

need to register?

Register to access exclusive content, sign up to receive our updates and personalise your experience on brownejacobson.com.

Privacy statement - Terms and conditions

new corporate fraud and money-laundering offences a step closer

13 September 2016

Plans for new offences of failing to prevent money-laundering and fraud continue to progress. The plans, originally announced by David Cameron in May 2016, would complement a similar offence of failing to prevent the facilitation of tax evasion revealed in the Queen’s Speech and set to be included in proposed legislation.

At a recent symposium in Cambridge, the Attorney General, Jeremy Wright QC, suggested that the Government would soon begin consulting on extending the scope of that Bill. New offences are likely to include failing to prevent money-laundering, false accounting and fraud. If legislation were to mirror existing Bribery Act 2010 offences, these new laws would target companies and potentially their board members, representing a shift from the previous concentration on individual staff members as seen in recent Libor-fixing prosecutions.

Whilst Downing Street is yet to confirm the plans, they appear consistent with Prime Minister, Theresa May’s, promise in coming to office to, “get tough on irresponsible behaviour in big business.” However, these proposals may have ramifications for businesses small or large. For some companies, bribery and the facilitation of tax-evasion may not have seemed a significant risk. In contrast, fraud and money-laundering by employees are potential problems for all.

related opinions

Election implications for IR35

Draft legislation has already been produced to replicate the 2017 IR35 changes within the public sector and extend these to medium and large private sector organisations, with the final legislation previously expected this month.

View blog

University animal research workers suffer adverse health effects

The University of Edinburgh has been fined £10,000 for allowing animal research workers to be exposed to laboratory animal allergens “LAA”.

View blog

Security in schools – new guidance from the Department for Education

Following a consultation last year on a draft form, the Department for Education (DfE) has now published extensive guidance for schools and colleges in relation to security.

View blog

Sexual Harassment in the workplace – consequences of getting it wrong

A partner at a Magic Circle law firm has this week been ordered to pay £235,000 in fines and costs by a disciplinary tribunal, having been found guilty of breaching his professional obligations.

View blog

mailing list sign up

Select which mailings you would like to receive from us.

Sign up