To print this article, all you need is to be registered or login on Mondaq.com.
The Economic Crime Bill received Royal Assent on 26 October
2023. Included in the Act is the failure to prevent fraud offence,
under which large companies will be liable when a specified fraud
offence is committed by an employee or agent, for the
organisation’s benefit and it did not have reasonable fraud
prevention procedures in place. In preparation for the offence
coming into effect, we outline below the key considerations for
organisations when updating their fraud risk management
framework.
1. Governance
Companies must ensure that a clearly defined governance
structure is in…
