-
2 months ago | 
herbertsmithfreehills.com | Susannah Cogman |Robert Hunt |Kate Meakin |Elizabeth Head
On 17 January 2025, the Serious Fraud Office ("SFO") secured its first Unexplained Wealth Order ("UWO") in the High Court – its first in seven years, following the introduction of UWOs in 2018. The UWO related to a £1.5m property owned by the ex-wife of an individual convicted of fraud, and demonstrates the SFO's willingness to use all the tools at its disposal to pursue asset recovery. This briefing provides a summary of the case.
-
2 months ago | 
herbertsmithfreehills.com | Susannah Cogman |Robert Hunt |Kate Meakin |Elizabeth Head
Our new podcast, The Fraud Files: Decoding the Economic Crime Act, breaks down everything listeners need to know about the Economic Crime and Corporate Transparency Act 2023, its impact on corporate criminal liability, and the new offence of failure to prevent fraud. In our initial episode, Susannah Cogman, Elizabeth Head and Jessica Chappatte provide an overview of the key provisions of the new Act and its impact on corporates, as well as some teasers for future episodes.
-
2 months ago | 
herbertsmithfreehills.com | Susannah Cogman |Robert Hunt |Kate Meakin |Elizabeth Head
We use cookies to deliver the best possible experience on our website. However you can change your cookie settings at any time. By accepting you consent to our use of cookies. To respect your privacy rights, we have given you the option to choose not to allow some types of cookies.
-
Jan 24, 2025 | 
herbertsmithfreehills.com | Susannah Cogman |Robert Hunt |Kate Meakin |Elizabeth Head
The (ECCTA) introduced a new offence of failure to prevent fraud (FTP Fraud Offence), which will come into effect on 1 September 2025. Organisations now have just over seven months to digest the elements of the offence and of 'reasonable procedures', implement any required changes, and adapt to this significant cultural shift in regulatory and law enforcement expectations.
-
Jan 22, 2025 | 
herbertsmithfreehills.com | Susannah Cogman |Robert Hunt |Kate Meakin |Elizabeth Head
The Economic Crime and Corporate Transparency Bill (the "Bill"), which is set to introduce, among key reforms, a new failure to prevent fraud offence ("FTP Fraud"), is in the final stages of the Parliamentary process. The Bill is expected to receive Royal Assent by the end of this year. The Bill's next debate is scheduled to be on 18 October 2023, when Parliament returns from conference season.
-
Jan 22, 2025 | 
herbertsmithfreehills.com | Susannah Cogman |Robert Hunt |Kate Meakin |Elizabeth Head
After years of debate and calls from the Serious Fraud Office ('SFO') to change the law, and months of discussion in Parliament, the Economic Crime and Corporate Transparency Act 2023 (the 'Act') received Royal Assent last Thursday, 26 October 2023, introducing (among other reforms) a new failure to prevent ('FTP') fraud offence and an expansion of the basis on which companies can be held criminally to account (the 'identification doctrine').
-
Jan 22, 2025 | 
herbertsmithfreehills.com | Susannah Cogman |Robert Hunt |Kate Meakin |Elizabeth Head
Introduction The Economic Crime and Corporate Transparency Act 2023 (the ECCTA) received Royal Assent in October 2023. Among other reforms, the ECCTA introduced a new offence of failure to prevent fraud (the FTP Fraud Offence), which is expected to come into force by 2025. In the latest in our series of briefings and podcasts on the ECCTA, this briefing focuses on the broad jurisdictional scope of the FTP Fraud Offence.
-
Jan 22, 2025 | 
herbertsmithfreehills.com | Susannah Cogman |Robert Hunt |Kate Meakin |Elizabeth Head
The Economic Crime and Corporate Transparency Act 2023 (the ECCTA) received Royal Assent in October 2023. As part of significant reform to the UK's corporate criminal liability regime, among other reforms, the ECCTA introduced a new offence of failure to prevent fraud (the FTP Fraud Offence), which is expected to come into force by 2025, once relevant government guidance has been published.
-
Jan 22, 2025 | 
herbertsmithfreehills.com | Susannah Cogman |Kate Meakin |Robert Hunt |Elizabeth Head
This week saw the government's long-awaited introduction of a proposed new offence of failure to prevent fraud.
-
Jan 22, 2025 | 
herbertsmithfreehills.com | Susannah Cogman |Kate Meakin |Robert Hunt |Elizabeth Head
The new failure to prevent fraud offence was introduced into the Economic Crime and Corporate Transparency Bill during its progress through the House of Lords.
