The proposals were announced as part of the prime minister’s package of measures to tackle corruption at last week’s high-profile summit in London.

Barry Vitou, head of global corporate crime at international firm Pinsent Masons, said the proposals would ‘represent the biggest shakeup in corporate criminal law that we have seen’ should they go ahead.

Potentially cease operations

But Clyde & Co partner John Whittaker warned that the cost of implementing anti-money laundering procedures could lead to UK businesses ceasing operations in high-risk jurisdictions or with high-risk companies or individuals.

Resources a necessity  

Law Society president Jonathan Smithers also emphasised the importance of ensuring the Serious Fraud Office is ‘armed with the resources it requires to pursue complicated cases against large financial services companies.’

Source: The Law Society Gazette