What UK Fraud Act 2006 Section 4 - Fraud by Abuse of Position (Position to Safeguard Financial Interests, Dishonest Abuse, Omission Sufficient) requires
Section 4 of the Fraud Act 2006 (c. 35) creates the offence of fraud by abuse of position. Under section 4(1), a person is in breach if he (a) occupies a position in which he is expected to safeguard, or not to act against, the financial interests of another person, (b) dishonestly abuses that position, and (c) intends, by means of the abuse of that position, (i) to make a gain for himself or another, or (ii) to cause loss to another or to expose another to a risk of loss. Under section 4(2), a person may be regarded as having abused his position even though his conduct consisted of an omission rather than an act. Section 4 captures abuse by fiduciaries, employees in positions of trust, attorneys under powers of attorney, deputies under Mental Capacity Act 2005 orders, professional advisers, and corporate officers. Maximum penalty under section 1(3) is 10 years on indictment plus unlimited fine.
Pillar: Financial Crime, AML & Sanctions · Authority: Parliament of the United Kingdom · Version: 1.0.0 · Last updated:
Primary source: https://www.legislation.gov.uk/ukpga/2006/35/section/4
SHA-256 integrity: c04b94c3767a500007378c0a83e4d638e9b0e3ef14a76f5a14172e49800e27e0
Primary Citations — 6 traced to source
- Fraud Act 2006 (c. 35) Section 4 (Fraud by abuse of position) subsection (1): 'A person is in breach of this section if he (a) occupies a position in which he is expected to safeguard, or not to act against, the financial interests of another person, (b) dishonestly abuses that position, and (c) intends, by means of the abuse of that position (i) to make a gain for himself or another, or (ii) to cause loss to another or to expose another to a risk of loss.' Published at legislation.gov.uk/ukpga/2006/35/section/4.
- Fraud Act 2006 section 4(2): 'A person may be regarded as having abused his position even though his conduct consisted of an omission rather than an act.'
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