Michael Snyder, the head of Kingston Smith, has warned that the Square Mile
could become a ‘honey pot’ for fraudsters if more is not done to clampdown on
Snyder, who is also the chairman of policy and resources for the City of
London, told the FT that the City’s approach to fraud ‘smacks of
complacency and ignores the damage done to the City’s reputation as a fair and
honest place to do business and to invest’.
Snyder questioned how the theft of £1m using fraud only received a three-year
prison sentence when other means of robbery received much heavier sentences. He
added that fraud trials had become impossibly complex, leaving juries stumped
‘Some fraud trials spiral into complexity beyond even the smartest juries,
leaving fraudsters to walk out of court – if not to resume a business career
then at least to play golf in the comfort for the rest of their lives,’ Snyder
was quoted as saying in the FT.
White-collar crime has been booming in recent time. Research by KPMG found
that the cost of fraud in the UK had more than doubled from £329m in 2004 to
£900m in 2005.
Further powers are being sought by HMRC, but it is ‘failing’ to use those it already has, such as Conduct Notices, says RPC
HMRC breaches client confidentiality; and partner profits fall at EY. These stories and more discussed in Friday Afternoon Live
Does Darwin's theory apply to taxation? Colin ponders...
"The whole idea of HMRC officials supplying confidential information about individuals to the media on a non-attributable basis is, or should be, a matter of serious concern," say Supreme Court judges