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Fraud prosecutions on the increase

As this article shows, prosecutions for fraud involving financial services firms are on the increase. Criminal authorities are focusing in particular on the "failure to prevent" offence in relation to bribery and tax evasion. The FCA is also highly active in this area, as regulated firms are obliged to have in place adequate systems and controls. We expect this trend to continue, with more large scale prosecutions and fines throughout this year.

The biggest rise was in the financial services industry, where the total value of fraud rose to £899.7m last year, compared with £214.9m in 2016. Numbers of reported cases almost doubled to 100 last year, compared with 58 in 2016.

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litigation, financial services, fca, bribery, tax evasion

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