Failure to prevent financial crime may be criminalised

Companies that fail to prevent financial crime, including fraud and money laundering, could be prosecuted in the future, according to Attorney General Jeremy Wright. Describing the proposed new violation at a Cambridge symposium, Mr Wright advised the audience that it would be based on the Bribery Act 2010 offence of failing to prevent bribery. A company would be liable for failures of employees, agents, subsidiaries and business partners, although it would be a defence to show that the company had sufficient procedures in place to prevent the crime occurring.
Read more about the proposed offence at:
http://www.cipd.co.uk/pm/peoplemanagement/b/weblog/archive/2014/
10/02/possible-new-offence-of-failure-to-prevent-financial-crime.aspx

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