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

IR35 changes - six months and counting...

In his 2018 Autumn Budget, the then Chancellor, Phillip Hammond, announced a significant change to the way liability for IR35 breaches will be dealt with for private sector companies from April 2020.

View blog

Marriott International: a look behind the ICO’s £99m fine and what this means for corporate acquisitions

Last month, the Information Commissioner’s Office (ICO) announced notice of its intention to fine (NOI) Marriott International, Inc. £99m for infringements of the GDPR.

View blog

SFO fail to secure individual criminal convictions following Deferred Prosecution Agreement

On 16 July 2019 the Serious Fraud Office released details of the Deferred Prosecution Agreement reached with Sarclad Ltd in July 2016.

View blog

Sussex Partnership NHS Trust fined £200,000 – A warning for providers and investors

Sussex Partnership NHS Trust was sentenced on 14 June 2019 for failing to provide safe care and treatment to a 19 year old inmate being cared for on the hospital wing of Lewes Prison, Jamie Osborne.

View blog

mailing list sign up

Select which mailings you would like to receive from us.

Sign up