In January the UK Government published a consultation paper aimed at exploring new ways of tackling corporate economic crime, including criminalising conduct committed by, on behalf of, or in the name of companies. In the paper the Government acknowledges that public trust in companies has been dented by several high profile financial scandals. In light of the manipulation of LIBOR and forex rates by several financial institutions, and the recent HBOS convictions, it is indeed not surprising that the Government is considering increasing the levels of accountability for companies. History is littered with notorious examples of bad corporate practice, from the South Sea Bubble to the collapse of Barings Bank and Credit Commerce International, with devastating consequences for thousands of customers and the economy as a whole. The consultation paper identifies previous attempts to address the inadequacies of corporate liability and refers to the well documented problems associated with the identification doctrine.

VIEW THE FULL ARTICLE