A new offence of a corporate failure to prevent economic crime may be introduced by the UK Government.
Based on current laws, the proposed offence would make a company liable for financial crime committed by its employees.
In practical terms, while many companies will already have anti-bribery policies in place, this new offence would require them to put in place procedures to tackle all financial crime, including fraud and money laundering. Companies will also have to assess whether those that they do business with have provisions in place to comply with the law.
If you are unsure whether your present anti-bribery and corruption policies are robust enough, Just Employment Law can assist you in reviewing and strengthening them.
Read our full review of this here.