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UK Government Launches Call for Evidence on Expanding Corporate Liability for Economic Crime
17 January 2017
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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.
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