Making economic crimes pay

Posted on: September 15th, 2016

As specialist fraud and asset recovery lawyers, we regularly successfully pursue those behind the commission of economic wrongdoing as well as those who have assisted in such wrongdoing.

However, whilst there are various available methods of pursuing perpetrators on a civil basis (with which we are well versed), moves are again afoot to seek to plug gaps in the criminal sphere.

In July 2014, we reported upon the Head of the SFO’s proposal to extend the ambit of section 7 of the Bribery Act 2010 for corporates “failing to prevent” acts of employees (see http://www.pcblitigation.com/media/potential-corporate-fraud-amendment-to-bribery-act-2010/). With the new British Prime Minister, Theresa May, prioritising the promotion of responsible actions through effective corporate governance, the extension of Section 7 is once again back on the agenda, targeting economic crimes such as fraud, money laundering, and false accounting. The introduction of the proposed new offence is designed to make it easier to attribute liability to corporates of all sizes for the acts of those who act on their behalf.