Failing To Prepare Is Preparing To Fail

UK Government Proposes 'Failure to Prevent Fraud' Corporate Criminal Offence

Economic crime has risen to such a level in the United Kingdom that UK Finance, a trade association for the UK banking and financial services sector, considers financial fraud to be a 'national security threat'. More than £750 million was stolen from banking customers by fraudsters in the first half of 2021 alone, which represents almost a 30% increase from the same period in 2020. In response to this fraud epidemic, the UK government promises that the Economic Crime and Corporate Transparency Bill, which is currently being ushered through Parliament, will implement key reforms necessary to support regulators with their fight against fraud.¹