New fraud prevention guidance has been published.

Today we have published guidance to help organizations take steps to prevent fraud by providing important advice to organizations on the new corporate criminal offense of failing to prevent fraud.

Introduced last year as part of the Economic Crime and Corporate Transparency Act (ECCT), the offense is intended to hold large organizations accountable if they profit from fraud.

Under the offense supported across Congress, large organizations could be held criminally liable if their employees, agents, subsidiaries or other associates commit fraud with the intent to benefit the organization.

Examples include dishonest sales practices, withholding important information from consumers or investors, and dishonest practices in the financial markets.

If prosecuted, the organization must prove to the court that reasonable fraud prevention measures were in place at the time the fraud was committed.

The offense is intended to encourage organizations to build an anti-fraud culture in the same way that anti-bribery laws have helped to reshape corporate culture since it was introduced in 2010.

The guidance has been developed with input from the Crown Prosecution Service (CPS), the Serious Fraud Office (SFO), the Treasury, HMRC, the Ministry of Justice, the Cabinet Office, the Office of the Attorney General and the Financial Conduct Authority (FCA).

The fraud prevention failure will take effect on September 1, 2025.

Fraud is the most common type of crime in the UK, accounting for around 40% of all crimes in England and Wales. These new measures are part of the government's wider ambitions to reduce fraud and protect potential victims, including corporate victims.

Sir David Hanson, Minister for Fraud and Responsibility, said:

Fraud is a serious crime and we are determined to stop it wherever it occurs. This guidance is the first step toward changing your corporate culture to prevent fraud.

I look forward to continuing to work with our partners in industry and law enforcement to better protect the public and businesses from these horrific crimes and bring these callous criminals to justice.

Nick Ephgrave QPM, head of the Serious Fraud Office (SFO), said:

Corporate fraud seriously undermines trust in UK businesses and ultimately costs taxpayers.

The publication of this guidance means there is less time for businesses to get their house in order or face a criminal investigation.

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