Did you catch our poll on Tuesday? 📊
We asked, ‘Failure to Prevent Fraud applies to large organisations meeting two out of three criteria. One of these potential criteria is an annual turnover of…’ 37% of you got it right – it’s “£36m”✔️
The new offence has been introduced under the Economic Crime and Corporate Transparency Act (ECCTA) 2023 and will hold large organisations to account if they benefit from fraud committed by an employee and are found not to have ‘reasonable’ fraud prevention procedures in place.
The new offence will come into force from 1 September 2025.
From this date large organisations must demonstrate they have procedures in place to prevent fraud by their employees and associates.
Still unsure if this applies to your organisation? Paul Duester, Associate General Counsel at the Serious Fraud Office provides a recap of the offence below ⬇️ Read More