Understanding the practical requirements of the U.K. government's new "failure to prevent fraud" corporate offence

The U.K. government is preparing to introduce a new corporate criminal offence: “failure to prevent fraud”. It is designed to strengthen corporate accountability in the U.K. by holding organisations accountable if they benefit from fraudulent activities perpetrated by their employees. With this important shift in the legal landscape of the U.K., organisations need to be aware of what this means for them in the coming months and years.

Baker Tilly forensic, litigation and valuation services managing director, Paul Nash, FCCA, authored an insightful article for Risk and Compliance Magazine’s Oct-Dec 2023 issue discussing the upcoming new offence. The article covers important topics such as:

• The motivation behind the U.K. government introducing the new offence
• What types of businesses will be impacted and how
• What steps companies can take to demonstrate implementation
• Expected timing of the launch of the offence