A lack of co-ordination among authorities fighting crime has prompted the head of the Fraud Advisory Panel to call for a single national fraud commission, writes Michelle Perry.
There are currently eight different departments with power to investigate and prosecute fraud. But, none appear to have full control over policy or the channelling of resources in the fight against money laundering and fraud.
George Staple QC, chairman of the FAP, recommended a national commission while appearing before the Commons international development select committee’s corruption inquiry.
Under Staple’s proposals, the national fraud commission would monitor the present system to detect and pursue fraud cases until the verdict.
It would also look at the time it takes between the discovery and reporting of fraud.
Fears have been raised that the involvement of so many different departments results in a failure to focus.
ACCA unveiled new research showing that in almost 70% of cases of fraud, management overrode financial controls to allow the fraud to take place.
ACCA’s report looked at the incidence of fraud in more than 300,000 British companies.
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