Can Legislation Successfully Combat the Ever-Increasing International Aspect of Financial Fraud?
A specialist article by Robert Weekes, Partner, Hammonds Since the events of 9/11, the world’s leading communities have attempted to put in place legislation and safeguards to counter terrorism. The funding of terrorism has become a major political issue and the fight against international fraud, not unrelated, has benefited as a result of this intense focus. However, is enough being done and is the financial services industry successfully combating what appears to be an ever-increasing problem in the corporate world? All businesses are vulnerable to fraud. Fraud can infect a business internally and externally and its effects can be devastating and catastrophic. Share prices, profits, goodwill, insurance premiums, employee morale, management focus, relationships with regulators, jobs, and even the survival of a business can be influenced by fraud.
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