UK FINANCIAL CRIME ENFORCEMENT ‘OUTSOURCED TO US’

On 6 March, the Law Society Gazette reported on a Corruption Watch report that says that the US authorities brought in £22 billion more in penalties for financial crime committed by banks and financial institutions than the UK – even though half of the offending institutions were from the UK.  The campaign group said that a new offence of failing to prevent economic crime would improve Britain’s poor record of prosecuting business leaders for corporate offences.

https://www.lawgazette.co.uk/law/financial-crime-enforcement-outsourced-to-us-/5069508.article

The report on the Corporate Crime Gap, and which sets out how the UK lags the US in policing corporate financial crime, is available at –

https://docs.wixstatic.com/ugd/54261c_21d783a9ea24401191f3726f61e19e6b.pdf

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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