Via Accountancy Age.
Recently, I came across the rather disappointing Minstry of Justice Criminal statistics for England and Wales covering 2008 (the latest year published) showing that the authorities have still got to get to grips with fraudsters in this country. The trouble is that whilst this crime is said to be soaring, and now costs the country an estimated 30 billion pounds a year, not enough people are being caught and dealt with in the courts.
Figures released by the government this year show that the number of defendants accused of fraud proceeded against in the magistrates courts actually dropped in 2008 to 13, 700. Comparative figures in 2005 and 2006 were 16, 300 and 15,400. Successful convictions in the magistrates courts have fallen too, from 14,300 in 2007 to 13, 200 in 2008.
Click Here to Read: Greater Deterrents Needed to Stem the Tide of Fraud
Nadine,
ReplyDeleteThis analysis is interesting but true. The fraud figures are inceasing daily, but nothing much is being done.
The problem also is that now international fraud is being conducted, which makes it very difficult to prosecute anyone. For example, let us say a UK payment process is outsourced in India. A fraud is conducted with the help of UK and India staff, but funds are transferred to US bank account.
Now I know Interpol is slow, and Indian police officers are challenged when investigating financial crime (if they haven't been bribed before). In such a case, the police case has to be filed with UK, India and US police authorities. What is really the possibility of prosecution?
That is the reality of the situation.
Sonia