The UK government is moving towards introducing a new corporate criminal offence: Failure to Prevent Fraud and Money Laundering. The draft offence, contained in the Economic Crime and Corporate Transparency Bill, would hold companies criminally liable for fraud or money laundering offences committed by associated persons if they do not have reasonable procedures in place to prevent these offences. With the Bill currently working its way through the legislative process and expected to receive Royal Assent this year it is important for companies to start thinking about their fraud prevention strategies now, including those that deal with insider risk.

Read more on the detail behind the proposed changes and discover what actions you can take now to help protect your organisation.

This article was co-authored with Anoushka Warlow and Tom McNeill of BCL Solicitors LLP. We are grateful for their invaluable contributions to this article.

If you would like to discuss any of the issues raised in this article please contact Sarah Keeling, Julia Arbery, or Lucy Cryan.