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The UK financial crime regime: fit for purpose? (Pt 3)

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

Gilson Gray—Linda Pope

Gilson Gray—Linda Pope

Partner joins family law team inLondon

Jackson Lees Group—five promotions

Jackson Lees Group—five promotions

Private client division announces five new partners

Taylor Wessing—Max Millington

Taylor Wessing—Max Millington

Banking and finance team welcomes partner in London

NEWS
The landmark Supreme Court’s decision in Johnson v FirstRand Bank Ltd—along with Rukhadze v Recovery Partners—redefine fiduciary duties in commercial fraud. Writing in NLJ this week, Mary Young of Kingsley Napley analyses the implications of the rulings
Barristers Ben Keith of 5 St Andrew’s Hill and Rhys Davies of Temple Garden Chambers use the arrest of Simon Leviev—the so-called Tinder Swindler—to explore the realities of Interpol red notices, in this week's NLJ
Mazur v Charles Russell Speechlys [2025] has upended assumptions about who may conduct litigation, warn Kevin Latham and Fraser Barnstaple of Kings Chambers in this week's NLJ. But is it as catastrophic as first feared?
Lord Sales has been appointed to become the Deputy President of the Supreme Court after Lord Hodge retires at the end of the year
Limited liability partnerships (LLPs) are reportedly in the firing line in Chancellor Rachel Reeves upcoming Autumn budget
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