RegulationCorporate GovernanceFraud body seeks collaboration with profession

Fraud body seeks collaboration with profession

The National Fraud Strategic Authority came into being yesterday in a bid to tackle fraud, and will work closely with the profession in a bid to anticipate future trends

An agency set up to create a national strategy for tackling fraud will seek
to work closely with the profession in a bid to learn more about fraud and
anticipate future trends.

The National Fraud Strategic Authority came into being yesterday and its
chief executive, Sandra Quinn, immediately pointed to accountants as being key
players in the fight against financial crime.

‘They’re in a position to spot fraud, to identify where it is happening and
where it’s going in the future,’ she told Accountancy Age.

The new agency is charged with drawing up a counter fraud strategy in England
and Wales and will report directly to the
Attorney
General
.

It will also gather intelligence on fraud and review the effectiveness of
action to tackle it.
The new body came about after a review in 2006 produced a series of
recommendations on how to reduce the threat of fraud to the UK economy.

A report compiled for the Association of Chief Police Officers said fraud
cost the UK almost £14bn in 2005.

BDO
Stoy Hayward
recently stated that reported fraud amounted to £705m in the
first six months of this year.

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