With the UK going to the polls in a general election on 4 July, all polls are pointing to a Labour government. Economic crime is likely to be very high on Sir Keir Starmer’s agenda. In fact, seeing the UK as a haven for dirty money has been one of the guiding principles of Labour throughout the last 14 years of opposition.

If Labour form the next government, economic crime is likely to form the backbone of initial legislation given the unending criticism of the UK’s role in the ‘global laundromat,’ which London was called by shadow foreign secretary David Lammy.

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If the poll predictions are correct and Labour forms the government after the general election on 4 July, one key area for change will be corporate governance. We’re already expecting a raft of new compliance regulations to fight economic crime and fraud, but Labour have pledged to go further and reform the operation of companies themselves.

The Conservative government had pledged to shake up the audit and corporate governance in the wake of various corporate scandals, such as those involving coffee shop chain Patisserie Valerie and contractor Carillion. A report by Sir John Kingman in 2018 outlined over 80 recommendations to review corporate governance. Chief among these was to replace the Financial Reporting Council with a much more powerful boardroom watchdog, the Audit, Reporting and Governance Authority (ARGA), and tighten regulation on hundreds of more private companies as ‘public interest entities.’

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The polls are predicting a landslide victory for the Labour Party at the general election on 4 July, 2024. If the polls hold firm, then within a hundred days, a far-reaching Employment Rights Bill will be introduced to parliament. 

Called the “New Deal for Working People,” it will introduce rights for day one for all workers, implement work-life balance rules, increase and strengthen statutory sick pay and remove the waiting limit and lower earnings threshold, move towards a single status for workers and employees, and crack down on the gig economy, Self-employed people and contractors will have new rights to a written contract, late payments and be covered by health and safety protections. Zero hours contracts will be banned, more notice for changes to shifts or rotas, more action on the gender, ethnicity and disability pay gaps, including a requirement for larger firms to develop, publish and implement action plans. There will be more rights to collective bargaining and redundancy rights, and the time limit for an employment claim will be increased from three to six months. Employment tribunals will be reformed to provide quicker and more effective resolutions.

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Compliance in higher and further education institutions is a complicated endeavour. From harassment to AI to plagiarism, ensuring you have the right training and policies in place has never been more important.

In this free webinar from compliance experts VinciWorks, we reviewed the key things your HE/FE institution should have in place and heard from our experts about making compliance more than a tick box. We discussed vital training programmes for staff and students, including health and safety, consent and bias, and how to implement effective e-learning policies.

We also considered software solutions for education, including how to meet duty of care, whistleblowing and GDPR regulatory requirements with cost-effective software.

This webinar covered:

  • Key training packages for higher and further education institutions
  • New priorities in e-learning such as AI and plagiarism
  • Software solutions for education regulations
  • Supporting staff and students with online learning
  • Questions and answers from our HE/FE compliance experts

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VinciWorks is proud to offer a one-stop-shop safety and compliance training package for higher and further education institutions. The package includes 50 of the courses most commonly used and requested by other educational institutions so you can meet the training requirements of all your staff and students. Delivered through our centralised VinciWorks Portal, The VinciWorks Education Package provides training in 5 comprehensive suites – compliance, information security, health & safety, diversity & inclusion and performance & leadership.

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Our new survey reveals a crack in business preparedness for the upcoming EU Artificial Intelligence (AI) Act. The survey exposes alarmingly low awareness among larger organisations, with only 2% of large companies reporting a full understanding of the Act.

While the EU AI Act is not yet formally passed (expected to come into force in 2025), it’s anticipated to significantly impact organisations operating in the EU. The Act aims to regulate the development, deployment, and use of AI to ensure it’s fair, safe, and trustworthy.

Non-compliance can lead to substantial penalties, reaching up to €35 million or 7% of global turnover, whichever is higher.

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Our recent poll reveals an alarming gap between concern and action regarding fraud. While nearly half (48%) of the 258 surveyed compliance professionals across the UK, Europe, North America, and other key regions consider fraud a high concern, 38% of their organisations haven’t planned any fraud prevention training.

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Download your free guide to the latest developments in sanctions on Russia and what your firm needs to do to stay compliant

The field of economic sanctions has been growing increasingly complicated in recent years. The past year was a historic and transformative period for the use of financial sanctions on both the global and UK levels. Western nations launched an unprecedented line of sanctions against Russia and Russian companies, and also against Russia’s ally Belarus, in response to its February 2022 invasion of Ukraine. With the war showing no end in sight, sanctions and penalties for non-compliance are only continuing to ramp up. 

All businesses, both regulated and unregulated, must comply with financial and trade sanctions and companies must be able to prove that they are properly screening for sanctions. Failure to comply with screening requirements can carry stiff penalties reaching into the millions per infraction and remember that there’s strict liability when it comes to sanctions so any sanctions breach, even accidental, is a crime. 

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The issues of gifts, hospitality and bribery are increasingly complicated – especially for companies doing business in other countries. The danger of getting caught up in a corruption scandal is damaging, expensive and could be ultimately devastating. But when is a gift considered bribery? How can corruption, or even the perception of corruption, be avoided in business? 

In this webinar, we highlighted some recent bribery scandals, analysed how they could be avoided, and took a deep dive into international anti-corruption laws. Most importantly, we discussed how companies can safely conduct business around the world. We included information on Transparency International’s recently released annual report on perceptions of corruption and bribery across the world and explained how it can form a critical part of a company’s bribery and corruption risk assessment. 

This free, one-hour session provided key background info on everything from the Foreign Corrupt Practices Act in the US to the UK’s Bribery Act to the EU’s proposed anti-corruption legislation. If your company has any business in a foreign country, including any parts of its supply chain, you’ll want to watch this one.

This webinar featured:

  • A basic understanding of anti-corruption legislation around the world
  • Highlights of recent scandals – and how they could have avoided
  • How you can manage your company’s gifts and hospitality policy
  • How to prevent corruption in your business
  • Future trends in anti-corruption laws

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A recent survey by compliance eLearning and software provider, VinciWorks, has found that only 29% of compliance professionals have implemented specific procedures, training, or preventive measures to guard against Artificial Intelligence (AI) related compliance breaches. The majority (71%) admitted to lacking such protective measures, with 13% having no plans to address this significant gap in their compliance strategy in the near future. 

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