Abstract
LL.M. (Commercial Law)
This study focuses on corporate criminal liability for economic crimes. Economic crimes are increasing rather than decreasing and there is no increase in the rate of criminal convictions of corporate entities in respect of these type of offences. South Africa has lost an estimated R930 million per year on economic crime. Over the years corporations could not be prosecuted for criminal acts as they were not regarded as natural persons who could be prosecuted. However, corporations can now be prosecuted for crimes they commit as they are regarded as natural juristic persons. Corporate criminal liability in South Africa is mainly regulated by section 332 of the Criminal Procedure Act 51 of 1977. In summary, this section allows a corporate body to be held vicariously liable for crimes committed by directors or servants acting within the scope of their employment authority or while furthering the interests of the corporate body. In this discussion it will be highlighted that much still need to be done to ensure that corporate bodies are held criminally liable for crimes committed. A comparative analysis is undertaken to establish how corporate criminal liability in respect of economic crime is dealt with in the United Kingdom. Various pieces of legislation such as the Bribery Act, the Fraud Act and the Proceeds of Crime Act are utilized in the United Kingdom to address corporate criminal liability for economic crime. The research indicates that South Africa will have to take further steps in order to address corporate criminal liability for economic crime. One of the recommendations made is that South Africa should have regulatory legislation that should stipulate how corporations could be prosecuted for economic crime similar to the position in the United Kingdom.