🚨 Major change for big businesses in the UK! 🚨 From Monday, firms with more than 250 staff, a turnover over £36 million, and total assets above £18 million can now be held accountable for fraud committed by employees—even if the managers are unaware! 😲
Dubbed the “failure to prevent fraud” offence, this new law means large companies must have robust anti-fraud measures in place. If an employee, agent, or any associated party commits fraud to benefit the company and there’s no solid prevention system, the company can face prosecution. ⚖️
The law, part of the Economic Crime and Corporate Transparency Act 2023, aims to clamp down on fraudulent activities ranging from dodgy sales practices to hiding vital info from consumers or investors. 💼💸
The UK Government hopes this new rule will spark firms to take scams seriously. We’re talking clear communication from senior managers about anti-fraud measures, investing in staff training, and creating a workplace culture where speaking up about dodgy dealings is encouraged. 📣🛡️
Fraud Minister, Lord Hanson, calls it a “pivotal” moment, and Nick Ephgrave from the Serious Fraud Office emphasised it’s a crucial new tool to tackle complex fraud harming UK business. The Crown Prosecution Service is also ready to prosecute companies falling short of their new responsibilities. 🏛️
Big businesses, now’s the time to bolster those fraud prevention defences or face the legal music! 🎵 Are you prepared for this shake-up? Let us know your thoughts! 💬 #FraudPrevention #UKBusiness #NewLaws #StayVigilant