Tracks financial services regulatory developments and provides insight and commentary
As anticipated in our previous horizon scan (see here), the end of 2023 has brought about significant developments in financial crime enforcement and a real focus on fraud. Looking ahead to 2024, we predict that developments affecting organisations doing business in the UK will include:
Following the enactment of the Economic Crime and Corporate Transparency Act 2023 (ECCTA) last month, the UK Government has proposed in the Criminal Justice Bill (CJB) (here) to extend the scope of corporate liability for senior managers beyond certain economic offences to all UK criminal offences.
Reform of economic…
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…
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…
