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On 11 April 2023, the UK Government announced that it has introduced a new “failure to prevent fraud” offence by way of an amendment to its draft Economic Crime and Corporate Transparency Bill (the “Economic Crime Bill”). Under the proposed new offence, an organisation could be held liable for fraud committed, for the organisation’s benefit, by an employee or agent, if the organisation did not have reasonable procedures in place to prevent the fraud from occurring. Before the offence comes into force, the Government will publish related guidance, which, amongst other things, is expected to set out what is considered to amount to “reasonable procedures”. The Economic Crime Bill is expected to receive Royal Assent in summer 2023.