United Kingdom: U.K. Companies Could Face Tougher Corruption Laws Under May
Author(s): Suzi Ring | Date: September 5, 2016 | Language: English
Source: http://www.bloomberg.com/ | URL: http://goo.gl/Y7bOjf | Type: Text
The U.K. government will press ahead with discussions to make it easier to prosecute companies for a wider range of corruption, according to Attorney General Jeremy Wright, in an indication the new Prime Minister is behind the much-debated legislation.
Speaking at the Cambridge International Symposium on Economic Crime Monday, Wright said Theresa May’s priority of expanding economic opportunities means businesses “of all sizes” should be better held accountable for their failures.
Prosecutors, academics and corruption lobbyists have petitioned the government for years to widen U.K. bribery laws to allow corporate prosecution for failing to prevent economic crimes such as fraud and money laundering. Companies can already be pursued for failing to prevent bribery on their watch. After discussions in which it appeared the country was pressing ahead, the government abandoned the change in September 2015 claiming there was “little evidence of corporate economic wrongdoing going unpunished.”
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