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22 September 2023 / Richard Marshall , Kate Bridgland , Oliver Cooke
Issue: 8041 / Categories: Features , Criminal , Fraud
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The UK financial crime regime: fit for purpose? (Pt 3)

138502
Rounding up their series on economic crime in the UK, Kate Bridgland, Oliver Cooke & Richard Marshall assess the potential of the proposed ‘failure to prevent fraud’ offence
  • The government is proposing a new ‘failure to prevent fraud’ offence for large organisations.
  • While the new provisions are narrower in scope than many have called for, it would nonetheless be a welcome development by increasing the protections available for consumers and businesses.

In answer, at least partially, to calls which have existed for some time, particularly since the implementation of the Bribery Act 2010 (BA 2010) and the Criminal Finances Act 2017 (CFA 2017), the government is drafting a new ‘failure to prevent fraud’ offence. Billed as a measure to close loopholes in the existing statutory legislation, some will question whether the move goes far enough to close said loopholes, while others are likely to argue it is a practical, realistic and welcome step. So which is it?

What is proposed?

While

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MOVERS & SHAKERS

Womble Bond Dickinson—Paula Myers

Womble Bond Dickinson—Paula Myers

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mfg Solicitors—five promotions

mfg Solicitors—five promotions

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Brabners—six promotions

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NEWS
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
The Court of Appeal was entitled to uphold the government's decision to proscribe Palestine Action as a terrorist organisation, according to an analysis of the ruling
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