Companies convicted of criminal offences face tougher action

The Law Commission has published its options for the government for how it can improve the law to ensure that corporations are effectively held to account for committing serious crimes including tax evasion

The review followed concerns that the law falls short in adequately holding corporations, especially large companies, to account, particularly for economic crimes such as fraud.

The cost of implementation of the new rules is estimated at £43m for familiarisation costs for business to train staff on the compliance requirements.

The reform proposals had a particular focus on economic crime, such as fraud, tax evasion, bribery or money laundering.

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