The UK government introduced a major overhaul of its framework for addressing financial crime — and brought into force numerous significant changes — when the Economic Crime and Corporate Transparency Act 2023 (the Act)...more
It’s certainly true that the UK criminal authorities have been crying out for a shot in the arm in the form of legislative reform, but will changing the law really help the Serious Fraud Office ("SFO") achieve more corporate...more
A year and a half after the Economic Crime (Transparency and Enforcement) Act 2022 received Royal Assent, the Economic Crime and Corporate Transparency Act 2023 (Act) came into law on 26 October 2023. Although the Act does...more
The Economic Crime and Corporate Transparency Act (ECCTA) received Royal Assent and became law on 26 October 2023. It contains a new ‘failure to prevent fraud’ offence whereby large organisations will be held criminally...more
On 26 October 2023, the Economic Crime and Corporate Transparency Act (ECCTA) received Royal Assent and became law. The ECCTA aims to tackle economic crime and improve corporate transparency through several reforms,...more
The Economic Crime and Corporate Transparency Act 2023 (the "Act") received Royal Assent on 26 October 2023, setting in motion significant changes to the UK's corporate transparency regime and a transformation process at the...more
The long-awaited Economic Crime and Corporate Transparency Act received Royal Assent on 26 October. This represents a significant turning point for the law on corporate criminal liability in the UK, and has been welcomed by...more
The Situation: After a year of debate, the Economic Crime and Corporate Transparency Act (the "Act") was passed into law on 26 October 2023....more
Our White Collar, Government & Internal Investigations Team highlights key elements of the UK’s Economic Crime and Corporate Transparency Act....more
Headlines- • The Economic Crime and Corporate Transparency Act (the “Act”) is part of a wide legislative package to prevent abuse of UK corporate structures and tackle economic crime and received Royal Assent on 26 October...more
The Economic Crime and Corporate Transparency Act 2023 was granted Royal Assent on 26 October 2023. It contains a new ‘failure to prevent fraud’ corporate criminal offence which will render large companies liable for fraud...more
A draft ‘failure to prevent fraud’ corporate criminal offence will render large companies liable for fraud committed by their associates. We consider the draft offence and implications for businesses....more
An amendment to the Economic Crime and Corporate Transparency Bill (the Bill) has brought in the offense of failure to prevent fraud (Offense). Under the new Offense, an organization will be liable where a specified fraud...more
On February 27, 2023, in a much anticipated decision, California’s Second District Court of Appeal overruled the trial court by determining that the State Water Resources Control Board (“State Water Board”) did not violate...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 11 April 2023, the UK Home Office tabled an amendment to the Economic Crime and Corporate Transparency Bill (the Bill), which is currently making its way through the UK Parliament. The amendment introduces a much...more
On 11 April 2023, the UK Government announced the introduction of a new corporate “failure to prevent fraud” offence, which will be brought into legislation through the Economic Crime and Corporate Transparency Bill (the...more
In the House of Lords yesterday evening the Government confirmed that it intends to propose a new ‘failure to prevent’ corporate criminal offence to be inserted into the Economic Crime Bill. We consider the backdrop to this...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
Earlier this summer, the Law Commission published its long awaited proposals on reforming corporate criminal liability in England and Wales (the "Options Paper"), following the launch of its discussion paper in June 2021....more
Home Depot has agreed to settle a multi-state enforcement action by 46 U.S. states and Washington, D.C. arising from the data breach that occurred in 2014. Home Depot has agreed to pay $17.5 million to put the enforcement...more
While debate rumbles on over the extension of ‘failure to prevent’ offences into the broad spectrum of financial crime, including fraud and money laundering, some have called for their introduction into an altogether...more
The government published in May 2019 its responses to two Committee reports on financial crime. First, the House of Commons Treasury Committee on 8 March 2019, published its report on “Economic Crime – Anti-money laundering...more