Caroline Greenwell writes for The Times on the failure to prevent fraud offence
As the UK braces for the enforcement of the failure to prevent fraud offence — introduced at the beginning of this month — the head of the Serious Fraud Office has issued a stark warning to corporations. Corporations must act now to get their houses in order, or expect to face investigation.
The offence, part of the Economic Crime and Corporate Transparency Act 2023, targets large organisations, holding them criminally liable if fraud is committed by employees or agents for the benefit of the organisation. It heralds a seismic shift in how UK companies approach their anti-fraud policies, procedures and protections.
Caroline Greenwell, Dispute Resolution Partner, writes an op-ed for Times Law on the offence and key action points for corporations.
With the potential enforcement imminent, companies must act swiftly. They must immediately prepare and undertake a risk assessment, establish an overarching policy, and communicate this. These foundational measures can pave the way for more comprehensive procedures and implementation to follow. Companies should also engage in extensive training programmes to educate employees about the nuances of fraud and the importance of vigilance.
Read the full piece in The Times here.
