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08 March 2024 / Tom Forster KC , Katie Bacon
Issue: 8062 / Categories: Features , Commercial , Fraud , Criminal
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Corporate liability: a missed opportunity?

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Does the Economic Crime and Corporate Transparency Act 2023 work hard enough to promote good corporate governance? Tom Forster KC and Katie Bacon discuss
  • An in-depth discussion of the Economic Crime and Corporate Transparency Act 2023, which extends the ambit of criminal liability for corporates, and imposes on large organisations a ‘failure to prevent’ fraud duty.
  • Sets out the background to the Act and discusses its scope, asking if it is performative law-making or a driver for real change.

Economic crime is prevalent in society today. According to the Office for National Statistics, fraud accounted for an estimated 60% of the main crime types experienced by adults in the year ending June 2023. The National Crime Agency’s assessment is that it is a realistic possibility that over £100bn is laundered every year through the UK or through UK corporate structures using money-laundering methods.

The government’s response, in part, has been the Economic Crime and Corporate Transparency Act 2023 (ECCTA 2023). It received Royal Assent on 26 October

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MOVERS & SHAKERS

Womble Bond Dickinson—Paula Myers

Womble Bond Dickinson—Paula Myers

Womble Bond Dickinson appoints Paula Myers to private capital team in Leeds

mfg Solicitors—five promotions

mfg Solicitors—five promotions

Law firm mfg Solicitors announces five promotions at Birmingham office

Brabners—six promotions

Brabners—six promotions

Brabners adds six to partnership in record year for partner promotions

NEWS
Calls to raise the age of criminal responsibility from 10 to 14 have been renewed, with the Bar Council arguing the current threshold criminalises children too early and risks pushing them towards lifelong offending
The legal profession's AI challenge extends far beyond fabricated case citations, according to a warning about the next phase of technological risk
Law firms should use the transition period before the Financial Conduct Authority (FCA) assumes anti-money laundering (AML) supervision to strengthen governance and compliance, experts have warned
Cross-border disputes increasingly demand creative approaches to gathering evidence, with litigators needing to look beyond traditional letters of request
A Court of Appeal ruling has clarified the distinction between contracts of 'indefinite' and 'perpetual' duration, with potentially significant implications for commercial drafting
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