Fraud reform is needed urgently
Max Hill QC, director of public prosecutions for England and Wales, and Lisa Osofsky, director of the Serious Fraud Office, recently put their support behind extending the ‘failure to prevent’ (FTP) model from current bribery and tax offences to further encompass fraud, reviving a decades-long debate around how far corporates should be responsible for the actions of errant employees and agents.
In this article for FT Adviser, Craig Hogg and Caroline Timoney review the existing FTP framework and identification principle and the proposals in the Law Commission major options paper that was published this summer examining the law on corporate crime liability. They also question whether a FTP fraud offence is viable and examine what the next steps may be.
The full article can be accessed on the link above.