The UK Gambling Commission releases new corporate offence for fraud, which officially came into effect on 1 September under the Economic Crime and Corporate Transparency Act 2023.
The new “failure to prevent fraud” offence places liability on large organisations if employees, subsidiaries, agents, or other associated persons commit fraud for the organisation’s benefit. Examples include misleading sales practices, concealing key information from consumers or investors, or engaging in dishonest behaviour in financial markets.
While the law primarily targets larger companies, the Commission stressed that principles set out in the Home Office’s November 2023 guidance represent best practice for smaller operators as well. Licensees are expected to ensure gambling is not used as a source of crime or disorder and to p