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Legal Issues of Fraud - Essay Example

Summary

The essay "Legal Issues of Fraud" focuses on the major legal issues of fraud. Fraud is defined as wrongful or criminal deception intended to result in financial or personal gain. It is also defined as the abuse of position, false representation, or prejudicing someone’s rights for personal gain…

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Subject: Law
Type: Essay
Level: Undergraduate
Pages: 1 (250 words)
Downloads: 2
Author: parkerara

Extract of sample "Legal Issues of Fraud"

Fraud is a serious problem in the UK. Studies were carried out by National Economic Research Associates (NERA) and the Norwich Union to estimate the economic cost of fraud (NERA, 2000; Norwich Union, 2005). There are no conclusive published figures available on the extent of fraud in the UK. In January 2010, KPMG reported that 2009 saw record levels of fraud cases valued at more than £100,000 coming to court, with 271 cases valued at over £1.3 billion compared with 239 cases valued at over £ 1.1 billion in 2008.

Serious Fraud Office (SFO). Is an independent government department that investigates and prosecutes serious or complex fraud and corruption.

Ministry of Defense Ministry of Defense and fraud analysis unit delivers fraud awareness and prevention across the Ministry of Defense.

Business, Innovation, and Skills (BIS). Deters fraud in companies by investigating and prosecuting breaches of insolvency and Company Law.

Office of Fair Trading (OFT). Receives complaints from victims of fraud, scams, unfair terms, and cartels.

Department of Work and Pensions. Department of Work and Pensions has a fraud investigation service solely committed to stamping out fraud in pensions and benefit fraud.

The need for a new unified organization responsible for all the functions of detection, investigation, and prosecution of serious fraud cases.

An independent monitoring body (or fraud commission) is responsible for studying the efficiency with which fraud cases are conducted and making an annual report.

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