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An Overview of the 2014 Class Action Survey
Enhanced SFO powers and promises of swifter action on economic crime underscore the importance of anti-fraud measures for corporates and M&A dealmakers. The UK government is cracking down on corporates turning a blind eye...more
The Prudential Regulation Authority (“PRA”) has kicked-off 2024 by crystallising its new approach to enforcement. The key change is the introduction of the Early Account Scheme (“EAS”), which provides a mechanism for the...more
Significant Expansion to Corporate Criminal Liability Becomes Law in the United Kingdom - On 26 October 2023, the Economic Crime and Corporate Transparency Act (the Act) became law. Under the Act, corporations will become...more
The Economic Crime and Corporate Transparency Act was passed by Parliament on 26 October. The Act makes significant changes to the law of corporate criminal liability....more
The new Economic Crime and Corporate Transparency Act 2023 (the Act) is the latest step in the UK Government’s attempts to address economic crime and improve transparency over corporate entities. Whilst most of the key...more
Where a criminal offence requires proof of a specific mental state, or ‘mens rea’ (such as intent, recklessness or dishonesty), previously a company could only be found guilty if an individual who represented the company’s...more
It is no great secret that criminal enforcement in the United Kingdom against corporations has lagged behind our counterparts in the United States and other jurisdictions. In recent years the UK government has introduced a...more
After several years of discussion and consultation, the UK Government now appears to be close to reforming the law on corporate criminal liability via the Economic Crime and Corporate Transparency Bill. These changes, if...more
On 16 June 2023, the Government announced its proposed reforms to the “identification doctrine” for economic crime offences to be introduced in the Economic Crime and Corporate Transparency Bill. The reform will apply only to...more
On June 15, 2023, the UK Government announced that it would seek to introduce the biggest reform of corporate criminal liability in England and Wales for more than 50 years. ...more
The European Commission has published a proposed Directive which, building on measures already in place, would require member states to incorporate uniform anti-bribery measures into their laws. Whilst most EU member states...more
The UK Government has published a draft ‘failure to prevent fraud’ corporate criminal offence rendering large companies liable for fraud committed by their associates. We consider the draft offence and implications for...more
On 10 January 2023, the UK Government published its response to the Parliamentary Justice Select Committee (the “Committee”) October 2022 report, ‘Fraud and the Justice System.’ The Committee’s report and the...more
When the UK government pushed the Economic Crime (Transparency and Enforcement) Act through Parliament at breakneck speed earlier this year, it always made clear that it had plans for a second, complimentary piece of...more
On 10 June, the Law Commission published its long awaited Options Paper, with proposals on reforming corporate criminal liability in England and Wales, following the launch of its discussion paper in June 2021...more
On 10 June 2022, the Law Commission published its long-awaited options paper on Corporate Criminal Liability (“the Paper”). The Paper discussed a “failure to prevent money laundering offence” (the “FTPML Offence”), but did...more
On 10 June 2022, the Law Commission published its long awaited paper setting out ten options that are available to the Government for reform of the common law principles governing corporate criminal liability in the UK. In...more
On the occasion of the tenth anniversary of the United Nations Guiding Principles on Business and Human Rights (the "UNGPs"), the Human Rights Council noted the “unprecedented” efforts of companies and governments around the...more
Due to the impact of the COVID-19 pandemic, and the change in presidential administrations in the United States in January 2021, US enforcement of the Foreign Corrupt Practices Act (FCPA) declined in 2021. However, we...more
The UK Government has asked the Law Commission to review the law on corporate criminal liability and propose options for reform. Supporters of reform will use recent failures of the UK Serious Fraud Office to prosecute large...more
C5's 15th International Conference on Anti-Corruption London will take place November 2 – 3, 2021 in Millennium Hotel London Knightsbridge, London. Join your peers for the IN-PERSON reunion of the legal and compliance...more
The UK Bribery Act 2010 (UKBA) turns ten years old on Thursday. What can companies learn from concluded UKBA enforcement actions in the past decade?...more
The UK Law Commission is considering whether corporate criminal liability law should be reformed and two weeks ago MPs proposed a new economic crime corporate offence to be included in the Financial Services Bill. What is the...more
“It has no soul to be damned and no body to be kicked”. How, then, can a company be held criminally liable? Various jurisdictions have grappled with this question and recent developments in the UK have increased the...more
In January 2017, the UK Government issued a consultation paper calling for evidence on reforming corporate criminal liability for economic crime. Nearly four years later, on 3 November 2020, the Government’s response was...more