The UK government has released its long-awaited Economic Crime Survey 2024, and the results paint a stark picture of the true scale of financial crime across UK businesses.
According to the report, one in 35 businesses (3%) with employees in the UK experienced a bribery incident in the past 12 months, the equivalent of around 117,000 bribes offered, worth over £300 million. The research also highlights striking differences across sectors: bribery risk is significantly higher in construction, real estate, and other project-based industries where contracts and procurement processes can create vulnerabilities.
Money laundering, meanwhile, affected around one in 43 UK businesses (2%), translating to approximately 33,500 firms. Medium and large businesses were more likely to have experienced money laundering or to perceive themselves as being at risk. But the most telling finding is that these numbers are almost certainly conservative. The report acknowledges that economic crime is notoriously under-detected and under-reported, meaning the true scale of the problem could be far greater.
Fraud, predictably, remains the most common economic crime. Around 27% of businesses reported experiencing at least one fraud incident in the previous 12 months, with the average affected business reporting 16 separate cases. Yet despite this, fewer than 15% of businesses believe they are at high risk of fraud. The same disconnect appears across other offence types: just 2% consider themselves at high risk of bribery and only 3% for money laundering. The result is a worrying picture of complacency, particularly among smaller firms that see themselves as too small to be targeted.
Detection and reporting remain serious weak points. The survey found that only about a third of fraud victims (32%) made any form of external report, while just 28% of those affected by money laundering and as few as 8% of those encountering bribery took any external action. Many businesses said they were uncertain about what exactly counts as a reportable offence, or whether reporting would lead to meaningful action from authorities. The “grey areas” around gifts, hospitality, or facilitation payments continue to blur the lines between legitimate business conduct and potential corruption.
The study also reveals a patchy picture of corporate preparedness. Roughly two-thirds of UK businesses said they have measures in place to prevent or manage fraud or money laundering, but fewer than half had any active measures to tackle bribery. Even more concerning is that only around one in five provide staff training on these topics. Fewer still have conducted a risk assessment specific to bribery, fraud or money laundering. The result is a landscape where the majority of businesses acknowledge the risks but lack the systems, awareness, or confidence to respond effectively.
The hidden link: cyber-enabled economic crime
Perhaps the most urgent message from the survey is that economic crime is increasingly cyber-facilitated. Phishing, social engineering and business email compromise are now common entry points for financial crime. While the survey itself focused on fraud, bribery and money laundering, it’s clear that cyber weaknesses often provide the pathway for each of these. Data consistently shows that a majority of breaches still stem from staff mistakes rather than sophisticated hacking, reinforcing the need for stronger cybersecurity awareness and fraud prevention training.
It’s crunch time for corporate crime prevention
The Economic Crime Survey 2024 arrives just as the UK’s new Failure to Prevent Fraud offence under the Economic Crime and Corporate Transparency Act comes into force. Regulators are making it clear that ignorance will no longer be a defence. Firms will be expected to show that they have robust, proactive systems in place to prevent economic crime, and that includes staff training, internal reporting mechanisms and prompt self-reporting to authorities where issues are uncovered.
The Economic Crime Survey findings also echo recent AML and bribery enforcement trends. Cases like Jeremy Bennett’s £9.1 million AML fine and the SRA’s latest AML annual report show that regulators are increasingly focused on weak governance and lack of training. Similarly, the Terracom bribery case and growing UK–US coordination on prosecutions underscore how cross-border cooperation is closing traditional enforcement gaps.
From data to defence: how to respond now
The message from the Economic Crime Survey is clear: economic crime is widespread, underreported, and increasingly cyber-enabled. Businesses cannot rely on outdated or siloed compliance processes. Fraud, bribery, and money laundering controls must be part of a cohesive strategy that integrates cybersecurity awareness, whistleblowing procedures, and continuous staff training.
VinciWorks offers a full suite of interactive courses on Failure to Prevent Fraud, Anti-Bribery, AML, and Cybersecurity Awareness, all designed to help organisations build a resilient compliance culture and protect against the next generation of cyber-facilitated financial crime.
