- a focus from organisations on fraud, in particular
UK failure to prevent fraud offence: What do you need to do now?
A new “failure to prevent fraud” offence has been introduced as part of the Economic Crime and Corporate Transparency Act (the Act).
The Act has received Royal Assent, and although timing for implementation is unclear, it is expected that the new offence could come into force during early 2024.
This forms part of broader
How can UK legislation and the powers of UK regulatory authorities extend to international companies?
Summary
There has been a recent trend of greater regulatory enforcement for international companies that “carry on a business (or part of a business) in the UK”. We have set out in this article the relevant UK legislation and authorities that can enforce against international companies, with a particular focus on how these
New EU Anti-Corruption Framework: what does this mean for multinationals and their compliance programmes?
Summary
As part of a new anti-corruption package announced on 3 May 2023, the European Commission has proposed a new directive (Directive) which, if implemented, would require EU member states (Member States) to meet common standards in their anti-corruption legislation.
More detail on the EU’s anti-corruption package, including the proposed new
Proposed enhancements to corporate reporting obligations: material fraud reporting
On 19 July 2023, the UK government published proposed significant amendments to the Companies Act 2006, which would impose greater reporting requirements on large companies, including a requirement to report on material fraud. Coupled with the new failure to prevent fraud offence which we expect to come into force next year (see more here)
UK investigations and financial crime: Horizon Scanning
- continued reform of corporate criminal
UK fraud strategy: loud bark, little bite?
The UK government recently published its fraud strategy paper: Fraud Strategy: Stopping Scams and Protecting the Public.
The prevalence of fraud in the UK cannot be overstated: victims of fraud reported losing £2.35 billion in 2021 and recent research estimates fraud losses in 2021 equate to some £137 billion. The new fraud strategy has
The New Economic Crime Plan 2023 – 2026
On 30 March 2023, the UK Government published its Economic Crime Plan for 2023 – 2026 (the Plan), which sets out a number of measures intended to enhance the UK’s regulatory framework and strengthen its response to the threat of economic crime. The Plan makes clear the Government’s intention to rely increasingly on the
Proposed UK failure to prevent fraud offence: What do you need to do now?
Updated Friday 8 September 2023
The UK Government intends to introduce a new “failure to prevent fraud” offence as an amendment to its Economic Crime and Corporate Transparency Bill (the Bill). On 11 April 2023, the Home Office published a fact sheet (which was updated on 20 June 2023) and tabled an amendment to
Financial crime investigations in the UK: looking ahead to 2023
- a renewed focus on fraud, including further