📣 New corporate offence now in effect
The Failure to Prevent Fraud offence under the Economic Crime and Corporate Transparency Act 2023 is now in effect. This significant development in corporate criminal law means large organisations can be held liable for fraud committed by their employees or associated persons, unless they can demonstrate they had reasonable procedures in place to prevent such fraud.
This offence applies to organisations meeting two of the following criteria: more than 250 employees, a turnover exceeding £36 million or more than £18 million in total assets. The offence covers fraud committed anywhere in the world that has a connection to the UK.
At the SFO, we’re committed to using these new powers as part of our mission to investigate and prosecute the most serious and complex fraud, bribery and corruption cases.
Don’t wait for guidance – the offence is already in force.
➡️ For further information take a look at the Home Office guidance online: Read More