Unit 3 Flashcards
What is the status and purpose of the UK Fraud Advisory Panel?
To help anti-fraud professionals to expand their knowledge and keep up to date on the latest developments.
It is a charitable company governed by a board of trustee directors.
It’s vision is to give everyone access to knowledge, skills, and resources to protect against fraud (an extension of it’s charitable objective to protect life and property by the prevention, detection, investigation, prosecution and deterrence of fraud, in particular through the promotion of advice, education, collaboration and research).
It gathered expertise from volunteer members from across the entire fraud landscape, as such in a position to provide government, business, and the public alike with up to date information and guidance, as well as being an influential voice in law and public policy reform and development.
What are the criminal offences created by the UK Fraud Act 2006??
The single offence of Fraud can be committed three ways, by:
- False representation
- Failing to disclose information and
- Abuse of position
Bribery Act 2010 - What are the two general offences of bribery?
Active bribery - covering the offering, promising or giving of a bribe.
Passive bribery - the requesting, agreeing to receive or accepting of a bribe.
Maximum sentence for bribery is 10 years imprisonment for an individual
What is the Deferred Prosecution Agreement (DPA)?
- anti-fraud legislation (pg52)
A Deferred Prosecution Agreement (DPA) is an agreement reached between a prosecutor and an organisation which could be prosecuted, under the supervision of a judge.
DPAs can be used for fraud, bribery and other economic crime. They apply to organisations, never individuals.
Companies Act 2006 - What is the aim / what does this legislation cover?
This legislation sets out a statutory statement of the general duties of directors and introduces a right for shareholders to sue directors individually for breach of these duties, either as a result of negligence or fraud.
These include a duty to:
- promote the success of the company
- exercise reasonable care, skill and diligence
- avoid conflicts of interest
- declare interests in proposed transactions or arrangements
- NOT accept benefits from third parties
What are the 5 main tax-related fraud offences? (Investigated by HMRC or by the NCA)
(False Accounting - manipulating/falsifying records)
- Fraudulent Evasion of income tax
- Fraudulent Evasion of VAT
- Cheating the public revenue
- providing false documents or information to HMRC
- Fraudulent Evasion of excise duty on imported goods or smuggling goods
Explain the role of the UK National Fraud Intelligence Bureau
To “harvest, process and analyse fraud data to provide actionable intelligence to law enforcement, promoting a better understanding of fraud, including themes and trends, in order to inform more focused, collaborative prevention and disruption”.
To develop and allocate crime packages to police forces and other law enforcement agencies so that they can investigate the most harmful instances of fraud.
