U.K. Seeks Tougher Laws on Corporate Financial Crime

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September 4, 2017

A proposal to toughen U.K. laws to make it easier to hold companies accountable for financial crime is still under consideration by the government after years of back and forth, according to a speech from the solicitor general.

“The weaknesses in our current law result in other jurisdictions holding British companies to account when ours has not,” Robert Buckland said Monday at a conference in Cambridge, England. “The government completed its call for evidence on corporate criminal liability” laws and is now considering the submissions.

Buckland’s comments at the Cambridge International Symposium on Economic Crime come one year after the attorney general told the same conference the government had resurrected a proposal to make it an offense for companies to fail to prevent economic crimes such as fraud and money laundering. The move marked a U-turn from a year earlier when the government abandoned the initiative, claiming there was “little evidence of corporate economic wrongdoing going unpunished.”