Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment his Department has made of the potential merits of the Serious Fraud Office's recommendation on making failure to prevent economic crime a criminal rather than a regulatory offence.

In response to calls that current law on economic crime may require reform, the Government carried out a Call for Evidence in 2017 and published its response in November 2020. This is an extremely complex area of the law and the public consultation unfortunately proved inconclusive.

The Government has therefore asked the Law Commission to undertake an in-depth review of the laws around corporate criminal liability for economic crime and - if considered necessary - make recommendations on proportionate and appropriate options for reform. The Commission is aiming to publish an Options Paper shortly.

It is important that we get this right, and any reforms must be proportionate and evidence-based. We intend to engage with the Law Commission on the findings of the review once it has concluded.