Prime minister Theresa May is expected to introduce a new criminal offence for failure to prevent fraud. According to The Times, ministers are expected to push ahead with legislation that would make boards liable for prosecution for failing to prevent their staff from committing fraud. It is among the measures that are due to be announced by Theresa May to tackle “boardroom excess”.
The new “criminal finance bill” will extend a current law that makes companies liable for a failure to stop bribery. Under new rules, employers would be responsible for preventing money laundering, false accounting and fraud, The Times said.