- Looks at mounting support for the introduction of a failure to prevent economic crime offence.
- It would represent a considerable expansion on the ‘identification doctrine’.
- Would the broad scope of the new offence be matched by an increase in resources at the Serious Fraud Office?
Recent events in Ukraine and growing concern, both in government and among the general public, about illicit wealth in the UK have significantly increased the likelihood of a new failure to prevent economic crime offence being introduced. If this much talked about development does happen, then the offence poses big implications for businesses in all sectors.
The legislation
The new Economic Crime (Transparency and Enforcement) Act received Royal Assent in the early hours of 15 March 2022, following an unusually rapid passage through Parliament. This new Act does not contain provisions for a failure to prevent offence and focuses instead on the introduction of a new register requiring anonymous owners of UK property to reveal their identity, expanded sanctions liability and amendments directed
