- the mounting support for the introduction of a failure to prevent economic crime offence.
- how any introduction of the new offence would represent a considerable expansion on the ‘identification doctrine’
- Ask the question whether the broad scope of the new offence would be matched by an increase in resources at the Serious Fraud Office?
The authors argue that if the proposal to introduce a failure to prevent economic crime offence gains traction, commercial organisations of all sizes would be wise to consider the procedures they have in place already to combat not just bribery and tax evasion (as currently required) but also money laundering and fraud. Questions companies need to ask themselves include:
- How the risk specifically affects your company including not just how the company can fall victim to fraud but be used as a conduit for criminal activity.
- How is the risk to your company impacted by the activities it undertakes and places in which it operates?
- Risk is not static and there will be need for continuing review.
- Practical measures in place to mitigate risk.
- Whether those that act on behalf of the company, not just employees, have an awareness of the measures put in place and have been suitably trained.
Read full piece here: [New Law Journal – Specialist Crime]