At a time where fraud was found to have been the most common criminal offence committed in England as of September 2002[1], the UK government has officially announced intentions to introduce a new “failure to prevent” fraud offence.
The proposal has been introduced in the form of an amendment to the Economic Crime and Corporate Transparency Bill, in a move that has garnered support from both the Serious Fraud Office and the Crown Prosecution Service.
According to the new law:
(1) if a specified fraud offence occurs as a result of any employee or agent for the benefit of the organisation, or to the benefit of another person that they provide services to on behalf of the organisation and;
(2) the organisation does not have reasonable fraud prevention policies in place
that organisation will ...