http://www.mondaq.com/article.asp?articleid=37102&email_access=on
"In the last fiscal year, the Serious Fraud Office investigated cases estimated to have cost Corporate Britain more than £2 billion. More worryingly, the Association of Certified Fraud Examiners estimates that companies lose 6% of their annual revenue to fraud. Put in terms of the UK's GDP, that is equivalent to undetected and unreported fraud costing businesses over £72 billion every year3.
Major corporate collapses such as Parmalat, WorldCom, Enron, BCCI and Barings, arising out of a range of circumstances, should have been a wake up call for Corporate Britain to recognise that it is facing a serious risk of major fraud.When you combine this with the introduction of the most comprehensive worldwide anti-money laundering and corporate governance regime, you would expect Corporate Britain to be fully equipped to protect itself." [Free log in required]
