U.K. To Criminalize Laziness And Stupidity

Sure, putting Tom Hayes in prison for the crimes of all interest-rate-manipulators everywhere was fun. But wouldn’t have putting UBS in prison been even more fun? David Cameron, who is on a recent mission to expiate his own Panama Papers-related sins, thinks so.

The U.K. government, as part of its Anti-Corruption Summit, said it would consider legislation that would criminalize the failure to prevent economic crime….

“It reverses the burden of proof. If there’s an offense, [the company] is guilty unless it has policies to prevent it in the first place,” said Barry Vitou, a partner in the law firm Pinsent Masons.

U.K. Mulls Criminalization of ‘Failure to Prevent’ Economic Crime [WSJ]