Clifford Chance
New UK legislation increases the prospect of corporate criminal liability for economic crimes
On 26 October 2023 the Economic Crime and Corporate Transparency Act received Royal Assent, heralding the impending introduction of a new corporate criminal offence of ‘failure to prevent fraud’, along with reforms that permit the prosecution of companies for economic crimes committed by senior managers.
As part of Clifford Chance's 'Across the Board' series, we consider these reforms in further detail, and discuss the implications for UK business and the steps that they can be taking to mitigate against the risks arising from the reforms.
