ompanies can be held responsible for company crime dedicated by their staff beneath a Labour authorities, the shadow lawyer basic introduced on Tuesday.
On the Labour Get together convention in Liverpool, Emily Thornberry accused the Tory authorities of “waving the white flag to white collar crime” as she introduced plans for a crackdown on fraud and cash laundering.
Islington South and Finsbury MP Ms Thornberry stated: “Fraud is now the UK’s mostly skilled crime, an epidemic that the Authorities has ignored and dismissed.
“It’s time to get robust on fraud, and that should begin on the high.”
Since 2013, the Severe Fraud Workplace (SFO) has secured simply seven profitable convictions of company entities for fraud, from a complete of 26 pursued prosecutions, Ms Thornberry added.
The variety of fraud circumstances reported in Britain has exploded lately. The crime is costing companies and people within the UK an estimated £137 billion a 12 months, in keeping with information from the Centre for Counter Fraud Research on the College of Portsmouth.
At present investigators should show that enterprise bosses are complicit in any monetary crime earlier than the corporate they run will be prosecuted.
Labour at the moment pledged to scrap the requirement.
Among the many new choices being thought-about is the introduction of a US-style “Respondeat Superior” legislation, which might make corporations criminally responsible for the acts of staff.
Ms Thornberry stated: “Too many firm bosses have stolen from their staff, undercut their opponents and cheated the general public purse lately as a result of they know fraud is troublesome to show.
“We are going to change the legislation to make it simpler to convict fraudulent corporations, and alter the tradition on the SFO to make that their aim.”