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‘While the difficulties currently presented for the UK by financial crime are considerable, there is strong and persuasive evidence that the provisions of the new Fraud Bill 2006 will founder unless UK society appreciates that today’s ‘ambivalent’ attitud

The economic culture within the United Kingdom , like most of the free world is predicated on greed and `get rich ' schemes . It is this culture that permits fraudsters to operate and victims to become prey . Lord Goldsmith summed up the prevailing culture when he said , `Fraudsters mostly extract money by exploiting carelessness , ignorance or gullibility . Elementary caution and healthy scepticism about offers that look 'too good to be true ' would prevent most people becoming victims of fraud (Lessons From History : How Can the Industry Prevent Financial Crime ? 2006 ) This sums up the

prevailing ambivalent attitude of UK society , which is of borne out of `carelessness , ignorance or gullibility

Fraud continues to cost the United Kingdom 's economy . In 2004 the estimated cost was 16 Billion pounds and is believed to be growing (Norwich Union , November 2005 ) The Norwich Union attributes the costs of fraud to the ambivalent treatment of fraud by the criminal justice system and society 's attitude as a whole . One would think that fraud was a victimless crime , when in fact it is not . `Constraints upon the Police translate into a perceived reticence to prosecute fraudsters sustaining the widely held view that fraud is not a real crime in the same way as burglary or theft are considered to be (Norwich Union November 2006

The 1999 Law Commission Report no . 276 which was subsequently published in July of 2002 considered an inception of a uniform statutory provision for an offence of fraud (The Law Commission Report no . 276 ) The current law relating to offences involving fraud are contained in the Thefts Acts 1968 , 1978 and 1996 together with common law offences . The Law Commission in report no .276 suggested that the eight offences of deception as defined in the Theft Acts and the common law offence of conspiracy to defraud all be amalgamated together and replaced be replaced by two new statutory offences . One offence would be one of fraud and the other of obtaining services by dishonest means ( The Law Commission Report no . 276

The Law Commission went on to explain that a general codification of the offence of fraud would have the effect of simplifying the current law and making it easier for jurors to understand . Moreover , the simplification of the law on fraud would be more effective for the prosecution in pursuing offences of fraud . The result would be a more productive investigation of complaints founded upon fraud and the smooth facilitation of the ensuing trial . Defendants would also benefit from simplification of the current law and would be in a position to better assist council in their defence (The Law Commission Report no . 276

As a result of these observations and recommendations the Government agreed with the Law Commission 's finding that the current law on fraud was far too uncertain and too broad and proceeded to introduce the Fraud Bill 2006 . The Bill has already received royal accent and will be effective as of January 2007 (Fraud Act (Commencement ) 2006 ) Its...

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