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18 September 2013
Issue: 7576 / Categories: Legal News
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Fraud costs

Cost of fraud almost 5.5% of GDP

The global average cost of fraud has risen by nearly 20% to £2.91trn since the start of the recession and now stands at almost 5.5% of GDP, according to accountants BDO LLP’s detailed report, Financial Cost of Fraud Report 2013, which is based on 15 years of data. The UK loses £85.3bn to fraud each year, the report found. However, by using proven counter fraud action measures, the UK could save £34bn each year. For example, anti-fraud measures reduced losses in the NHS by up to 40% within 12 months, while the US Department of Agriculture reduced its losses across an $8bn programme by more than 22%. Jim Gee, director of counter fraud services, BDO LLP, said: “Assessing the true cost of fraud, as opposed to the cost of reported fraud, presents some very scary numbers. Putting in place pre-emptive measures could make very significant improvements to the financial health and stability of UK plc.”

Issue: 7576 / Categories: Legal News
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MOVERS & SHAKERS

Hogan Lovells—Lisa Quelch

Hogan Lovells—Lisa Quelch

Partner hire strengthens global infrastructure and energy financing practice

Sherrards—Jan Kunstyr

Sherrards—Jan Kunstyr

Legal director bolsters international expertise in dispute resolution team

Muckle LLP—Stacey Brown

Muckle LLP—Stacey Brown

Corporate governance and company law specialist joins the team

NEWS

NOTICE UNDER THE TRUSTEE ACT 1925

HERBERT SMITH STAFF PENSION SCHEME (THE “SCHEME”)

NOTICE TO CREDITORS AND BENEFICIARIES UNDER SECTION 27 OF THE TRUSTEE ACT 1925
Law firm HFW is offering clients lawyers on call for dawn raids, sanctions issues and other regulatory emergencies
From gender-critical speech to notice periods and incapability dismissals, employment law continues to turn on fine distinctions. In his latest employment law brief for NLJ, Ian Smith of Norwich Law School reviews a cluster of recent decisions, led by Bailey v Stonewall, where the Court of Appeal clarified the limits of third-party liability under the Equality Act
Non-molestation orders are meant to be the frontline defence against domestic abuse, yet their enforcement often falls short. Writing in NLJ this week, Jeni Kavanagh, Jessica Mortimer and Oliver Kavanagh analyse why the criminalisation of breach has failed to deliver consistent protection
Assisted dying remains one of the most fraught fault lines in English law, where compassion and criminal liability sit uncomfortably close. Writing in NLJ this week, Julie Gowland and Barny Croft of Birketts examine how acts motivated by care—booking travel, completing paperwork, or offering emotional support—can still fall within the wide reach of the Suicide Act 1961
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