What does the war against economic crime have to do with charities? As the economic crime (corporate transparency) bill progresses through parliament, peers will be debating whether organisations should face a new offence of “failure to prevent” fraud and whether there should be fines or criminal sanctions for those who commit the offence. So it is timely that charities consider what arrangements they have in place to stop financial wrongdoing.
In last year’s Charity Fraud Awareness Week, we heard that one in eight charities experienced online fraud over the past year, while fewer than 25% of charities had fraud prevention policies in place. Fraud affects all sectors of society and charities need to take action to prevent the damage it causes to finances, reputation and public trust.
The good news is that your staff and volunteers may be the best placed to help you. Research by the Association of Certified Fraud Examiners found that 42% of occupational frauds are identified by tips and half of those were from employees. Simply put, those working inside organisations are closest to the issue and the best possible source to identify the risk of fraud.
What isn’t always clear to staff is how to blow the whistle when they identify wrongdoing, particularly if they can’t raise a concern with their immediate line manager.
Whistleblowers wanting to raise a concern should first look for the...
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