UK Government Launches Call for Evidence on Expanding Corporate Liability for Economic Crime

17 January 2017
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Key takeaways

  • The UK Government has outlined initial proposals to expand corporate liability for serious economic crimes, including fraud, false accounting and money laundering.
  • Reforms are likely to result in new strict liability offences for companies failing to prevent economic crime by their employees, representatives and agents, similar to the corporate offence in section 7 of the UK Bribery Act 2010, with a defence if a company had in place adequate procedures designed to prevent the wrongdoing.