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NEWS: Countdown on for UK firms – ‘failure to prevent fraud’ offense will come into force on September 1

FRAUD: Nick Ephgrave, director of the UK Serious Fraud Office.

BY PAUL O’DONOGHUE, Senior Correspondent

The UK government has released new guidance on the corporate criminal offense of ‘failure to prevent fraud’.

The offense seeks to hold large organizations accountable if they profit from fraudulent activities. It applies to cases where an employee or any other associated person commits fraud with the intent to benefit the organization.

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