header-logo header-logo

22 September 2023 / Richard Marshall , Kate Bridgland , Oliver Cooke
Issue: 8041 / Categories: Features , Criminal , Fraud
printer mail-detail

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

If you are not a subscriber, subscribe now to read this content
If you are already a subscriber sign in
...or Register for two weeks' free access to subscriber content

MOVERS & SHAKERS

Harneys—Maggie Kwok & George Weston

Harneys—Maggie Kwok & George Weston

Harneys senior leadership appointments

Freeths—Keith Browne & Jim Jordan

Freeths—Keith Browne & Jim Jordan

Freeths strengthens London Construction and Engineering practice with two strategic senior hires

Anthony Collins—Laura Moss

Anthony Collins—Laura Moss

Anthony Collins announces strategic hire to deepen skills base in the social business sector

NEWS
Existing defamation law can respond to AI ‘hallucinations’, but allocating responsibility will prove harder where outputs reach users without human intervention
The High Court has upheld a rare successful serious-irregularity challenge after an arbitrator relied on an implied term neither party had advanced
Thirty years after The Future of Law shook a profession still using fax machines, its central forecast looks increasingly less like prophecy and more like description
More than 100 teams from the legal and financial services sectors competed in five sports at the 51st Law Society RFC Festival of Sport earlier this month
Part-time status need only be an effective cause of less favourable treatment, rather than the sole cause, the Supreme Court has held in Augustine v Data Cars
back-to-top-scroll