Should an employee be charged with money laundering, the company will be deemed liable if it cannot show that it had put procedures in place to prevent money laundering and fraud. David Cameron is to counter claims that his campaign against international corruption is hobbled by London’s reputation as the money laundering capital of the world by introducing a new corporate offence for executives who fail to prevent fraud or money laundering inside their companies. I don’t think you can fault him.”In an attempt to inspire a feeling of momentum, Cameron has lined up a series of announcements for Thursday, in addition to the firm commitment on corporate money laundering. Related: David Cameron: The fight against corruption begins with political willBy extending a corporate failure-to-prevent clause to fraud and money laundering, the government’s intention is to go further than merely requiring firms to prevent bribery and tax evasion. On Tuesday, Cameron was caught on camera telling the Queen at a Buckingham Palace reception that both countries were “fantastically corrupt”.

Source: The Guardian May 11, 2016 15:30 UTC