The new failure to prevent fraud offence and new ‘senior manager’ attribution test for corporate criminal liability contained in the Economic Crime and Transparency Act 2023 are relevant to private equity firms for two key...more
The UK government is already proposing further expansion to the basis on which companies can be fixed with criminal liability.
The Economic Crime and Corporate Transparency Act 2023 (ECCTA), passed in October, significantly...more
12/6/2023
/ Corporate Crimes ,
Corporate Entities ,
Corporate Governance ,
Corporate Transparency Act ,
Criminal Liability ,
Financial Crimes ,
Fraud ,
Investigations ,
Regulatory Agenda ,
Small and Medium-Sized Enterprises (SMEs) ,
UK
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
10/30/2023
/ Corporate Counsel ,
Corporate Crimes ,
Corporate Entities ,
Corporate Fraud ,
Corporate Governance ,
Corporate Liability ,
Corporate Transparency Act ,
Enforcement Actions ,
Financial Crimes ,
Investigations ,
Regulatory Agenda ,
UK
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
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
10/26/2023
/ Corporate Crimes ,
Corporate Entities ,
Corporate Governance ,
Corporate Transparency Act ,
Enforcement Actions ,
Failure to Prevent ,
Financial Crimes ,
Fraud ,
Investigations ,
Popular ,
Regulatory Agenda ,
UK ,
UK Bribery Act ,
White Collar Crimes
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
9/13/2023
/ Board of Directors ,
Corporate Crimes ,
Corporate Governance ,
Corporate Investigations ,
Corporate Officers ,
Criminal Liability ,
Enforcement Actions ,
Extraterritoriality Rules ,
Failure to Prevent ,
Fraud ,
Legislative Agendas ,
Proposed Legislation ,
Shareholders ,
UK ,
UK Bribery Act ,
UK Corporate Criminal Offense ,
White Collar Crimes
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
9/6/2023
/ Board of Directors ,
Corporate Crimes ,
Corporate Governance ,
Corporate Investigations ,
Corporate Officers ,
Criminal Liability ,
Enforcement Actions ,
Extraterritoriality Rules ,
Failure to Prevent ,
Fraud ,
Legislative Agendas ,
Proposed Legislation ,
Shareholders ,
UK ,
UK Bribery Act ,
UK Corporate Criminal Offense ,
White Collar Crimes
Last Thursday, the government publicised its intention to use the Economic Crime Bill to significantly expand corporate criminal liability through reform of the ‘identification doctrine’. This is the English law rule on how...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
Following an intense and lengthy period of speculation, on 8 February 2023 the UK Government confirmed the introduction of a new “failure to prevent” corporate criminal offence. The new offence will be introduced by way of...more
The UK/U.S. bilateral agreement for accessing electronic data in cases of serious crime (the Agreement) came fully into force on 3 October 2022....more
Last Friday the UK Law Commission published its long awaited ‘options paper’ on corporate criminal liability reform. While the lengthy report (and criticisms already being directed at it) will need to be digested further, 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