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News - 2 October 2014

Failure to prevent financial crime could be a new offence

Attorney general, Jeremy Wright, speaking recently at a Cambridge symposium on economic crime, said the government was considering making it an offence for a company to fail to prevent economic crime.

Stuart Coleman, Money Laundering and Fraud Reporting Officer at ABDS comments:
“The proposed new offence would be modelled on section 7 of the Bribery Act 2010, under which it is a crime for a commercial organisation to fail to prevent bribery. But this would be a separate offence, rather than an extension of the Act. Organisations would have a defence to a prosecution if they can show they had adequate procedures in place to prevent the financial crime taking place.”

The new offence would require organisations to implement procedures designed to prevent all financial crime, including fraud and money laundering. Many organisations have existing duties to report financial crime, but the new offence would require organisations to take steps to prevent financial crime in the first place.

Stuart continues:
“You may already have fraud, anti-money laundering or financial crime policies, however, it is recommended that a well-drafted policy that is communicated effectively to staff is critical to achieving and maintaining compliance.”

If you need any help and advice on changes in legislation and how it could impinge upon your business, contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar to discuss how ABDS can help

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

Brilliant with numbers   
Great with people  
Clear and precise with advice
Timely and cost effective 
In touch with issues that face our clients and
mindful of their long term strategic goals

Helping Your Business is Our Business

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