Failure to Prevent - Exploring the Corporate Obligation to Mitigate the Risk of Fraud, Bribery & Tax Evasion

Introduction

With fraud representing over 40% of reported crime in the UK, the government has used the Economic Crime and Corporate Transparency Act 2023 to introduce a raft of measures targeting financial offences.

The legislation includes a new corporate offence designed to hold companies responsible for fraud committed by its employees, contractors and agents.

The criminal prosecution of Glencore Energy and the imposition of fines and financial penalties totalling £280m for failing to prevent the payment of bribes overseas signals a sea change in UK policy, making it vital that organisations understand the concept of ‘failure to prevent’ (FTP) and adequately address the risks in their business.

This new virtual classroom seminar will cover the concept of ‘failure to prevent’ and the development of FTP legislation in relation to bribery, tax evasion and most recently economic crime. It will describe who is captured by the legislation and how the offence applies to employees, contractors and agents.

Most importantly, the session will explain what action organisations need to take to establish a statutory defence and avoid conviction and the significant associated financial penalties.

This session is ideal for compliance staff, finance directors and corporate lawyers.

What You Will Learn

This live and interactive session will cover the following:

• The brief history and development of the ‘failure to prevent’ (FTP) offences
• The concept of failure to prevent
• The Bribery Act offences
• The Criminal Finances Act tax evasion offences
• The new offence of failure to prevent fraud
• Government guidance and the ‘six guiding principles’
• Policies, controls and procedures and establishing a statutory defence
• The development of the identification doctrine
• Enforcement and case studies

Recording of live sessions: Soon after the Learn Live session has taken place you will be able to go back and access the recording - should you wish to revisit the material discussed.