BusinessCompany NewsFraud costing Scottish business £1bn a year

Fraud costing Scottish business £1bn a year

Cases going through the courts are just tip of the iceberg

Scams such as company theft, money laundering and VAT ‘carousels’ are costing
Scotland £1bn a year, while the total cost of fraud in the UK is estimated at
£14bn, according KPMG.

The firm’s latest Fraud Barometer revealed cases worth £18m were pursued
through the Scottish courts last year, but that this was just a small proportion
of the fraud that has not been prosecuted by the legal system, The
Scotsman
reported.

Across the UK, the KPMG barometer revealed that there was more than £900m
worth of fraud in 2005, with 222 cases reaching court compared with 174 in 2004.

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