Response to the Call for Evidence on Economic CrimeWednesday, April 5th, 2017
CORE welcomes the call for evidence on corporate liability for economic crime.
The Government has acknowledged that the UK’s corporate liability regime is not fit for purpose in the 21st century.
To overcome current gaps in the law and to satisfy public demand for corporate accountability, CORE is calling for statutory changes to replace the outdated identification doctrine with a regime that reflects the realities of modern business operations.
We support the introduction of a new corporate ‘failure to prevent economic crime’ offence which would put the onus on companies to prove that they have the right procedures in place to prevent a catalogue of white collar crimes including, false accounting, money laundering and fraud.
Bold legal reform is need if the Government is to fulfil its promise of getting ‘tough on irresponsible behaviour in big business’.