Companies face prosecution for failing to prevent economic crime

Speaking at the Cambridge Symposium of economic crime, Jeremy Wright, the attorney-general, confirmed the government is considering widening criminal liability for the corporate world through the creation of an offence of a corporate failure to prevent economic crime, in a move that would significantly increase the reach of the Serious Fraud Office, according to its director David Green.  Separate rules due to come into force in October will see firms fined as much as 400% of any profits accrued from bribery.  The FT notes that the SFO has not yet prosecuted a company under the Bribery Act for failing to prevent corruption.  Neill Blundell at Eversheds comments "it is interesting to note that prior to any such prosecution, there is now the idea of extending the provision of all economic crime".  Meanwhile, the director of the economic crime command at the UK's National Crime Agency, Donald Toon, has warned professional services firms that they will face investigation should they "enable" organised crime with their services.  Mr Toon said a plan would be formulated by the end of the year on how to tackle "professional enablers" but action by both the NCA and the solicitors' regulator could happen sooner.