Crime Solicitors

Attorney General Jeremy Wright has told the Cambridge Symposium on Economic Crime that the current system of limited corporate liability incentivises a company’s board to distance itself from the company’s operations.

“In this way,” said the Attorney General, “It operates in precisely the opposite way to the Bribery Act 2010 – one of whose underlying policy rationales was to secure a change in corporate culture, by ensuring boards set an appropriate tone from the top.”

The symposium brings together people from all disciplines in to promote understanding and address the challenges of economic crime faced across the world.

Mr Wright said that, since his last address to the symposium two years ago, the nature and scale of economic crime had continued to change.

“As such, we must be ready to adapt our response and find ways to prevent future threats from emerging and threatening our security all around the world.”

He said that the Global Economic Crime Survey reports that 55% of UK respondents have experienced economic crime – more than the global average of 36%.

A total of 44% of those who did experience economic crime in the last two years had experienced cyber crime – and 31% of the frauds in the last 24 months were committed by staff, with 18% of frauds committed by senior management within companies.

“Companies are of course making efforts to address the threat, evident by their increased focus on regulatory compliance in those last two years,” said the Attorney General, who is a barrister specialising in criminal law.

“As detailed in the economic crime survey, nearly half of UK organisations have seen an increase in their compliance spend over that period and nearly as many – 44% – are expecting an increase in the next two years.”

Mr Wright said that, in the UK, a cross-government anti-corruption strategy was being developed, which would set out the UK’s long-term vision for tackling corruption.

“This will sit alongside the government’s existing Serious and Organised Crime Strategy, which also looks to address economic crime and asset recovery.

“And the desire to ensure that crime doesn’t pay is something that we should all be committed to,” he added.

He also told delegates that the UK was “starting to see results” – with reported increases in the amount of assets confiscated, from £133 million in 2012-2013 to £175m in 2015-2016.

Duncan Lewis Business Crime Solicitors

Duncan Lewis business crime solicitors can advise at any stage of a charge or investigation into business crimes, including charges relating to, bribery, misrepresentation, fraud, false accounting, embezzlement, breaches of disqualification, tax and VAT evasion, cyber crime and white collar crime.

Duncan Lewis can also liaise with investigating authorities such as Trading Standards, Insolvency Service, HMRC, SFO, FCA, and City of London Police- as well as advising on Confiscation Orders under the Proceeds of Crime Act (POCA).

For expert legal advice on economic crime, call Duncan Lewis business crime solicitors on 0333 772 0409.