The guidance has been issued following the recent creation of new criminal offences which extend the scope of corporate criminal liability.
This makes businesses legally responsible for certain actings by senior managers and requires companies to put in place measures to prevent fraud and tax evasion.
The revised policy will see businesses able to submit reports directly to Scotland’s prosecution service on a broader range of offences than was previously the case.
COPFS will then decide whether it is in the public interest to take prosecutorial action or to refer cases to the Civil Recovery Unit for civil settlement under the Proceeds of Crime Act 2002.
Lynne Barrie, Procurator Fiscal, said:
“This is a major step forward in tackling corporate crime. These new corporate criminal offences will help to hold businesses to account for wrongdoing.
“Making self-reports available to a wider range of economic crime enables businesses to demonstrate their commitment to responsible corporate governance.
“We would encourage businesses to report financial crime when they discover it and to cooperate with COPFS in further investigations.
“Independent prosecutors in COPFS will rigorously assess each case and assess whether the public interest is best served by prosecutorial action or by referral to the Civil Recovery Unit.”
Funds recovered by the CRU are paid into the Scottish Consolidated Fund, which contributes to the CashBack for Communities programme.
CashBack-funded organisations deliver a range of projects to support young people at risk of entering the criminal justice system and the communities most affected by crime.
Since the self-report initiative began, a total of £16.52 million has been recovered and remitted to CashBack for Communities.
The expansion of the initiative will see further funds which are recouped being re-invested into communities.
Lynne Barrie added: “Reporting fraud and other forms of economic crime, and preventing its occurrence, is crucial to protect the public and our economy.
“COPFS is committed to robustly tackling economic crime and, through the expanded self-report policy, to fostering a corporate culture of transparency, accountability and integrity.”