Ruby Hamid

Feb 28, 2024 | lexology.com | Jake Green |Adam Jamieson |Nathan Willmott |Lorraine Johnston |Lynn Dunne |Ruby Hamid | +3 more

Financial Services Enforcement"The first rule of enforcement club is that you do in fact talk about enforcement club"The FCA has announced plans to change its enforcement strategy.

Jan 10, 2024 | lexology.com | Ruby Hamid |Rachel Sexton

The Economic Crime and Corporate Transparency Act 2023 was granted Royal Assent on 26 October 2023. It is likely to become law in the first half of 2024. It includes a new ‘failure to prevent fraud’ corporate criminal offence which means that companies in scope of the law can be held liable for fraud committed by individuals or entities on their behalf. The defence is that the company had in place at the time of the fraud, reasonable procedures to prevent it.

Jul 4, 2023 | lexology.com | Ruby Hamid

The introduction of the new "failure to prevent fraud" offence is a milestone moment for how corporate compliance programmes will be assessed in the UK. As one of the proposed reforms under the Economic Crime and Corporate Transparency Bill (the "Bill"), the new offence raises important considerations for those responsible for managing financial crime risk, particularly in relation to fraud and tax evasion. For a full summary of the new offence, see our article here.

Apr 17, 2023 | lexology.com | Ruby Hamid |Anthony Asindi

On 11 April 2023, the UK Government announced a new "failure to prevent fraud" offence, ten months after the Law Commission first proposed the offence in its June 2022 Options Paper on Corporate Criminal Liability. The offence was tabled as an amendment to the Economic Crime and Corporate Transparency Bill which is currently progressing through the House of Lords, having been introduced first in September 2022.