Rachel Sexton

Jul 25, 2024 | boardagenda.com | Rachel Sexton

Fraud has existed since ancient times. According to Fraud.com, the first documented case of fraud occurred in 300 BC. Two Greek sea merchants, Hegestratos and Zenosthemis, devised a plan to enrich themselves by taking out an insurance policy on their ship and cargo. According to the agreement, they were required to repay loaned money with interest after selling their merchandise. If they failed to repay the loan, the lender would gain possession of the ship and its cargo.

Jan 10, 2024 | lexology.com | Ruby Hamid |Rachel Sexton

The Economic Crime and Corporate Transparency Act 2023 was granted Royal Assent on 26 October 2023. It is likely to become law in the first half of 2024. It includes a new ‘failure to prevent fraud’ corporate criminal offence which means that companies in scope of the law can be held liable for fraud committed by individuals or entities on their behalf. The defence is that the company had in place at the time of the fraud, reasonable procedures to prevent it.