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08 March 2024 / Tom Forster KC , Katie Bacon
Issue: 8062 / Categories: Features , Commercial , Fraud , Criminal
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Corporate liability: a missed opportunity?

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Does the Economic Crime and Corporate Transparency Act 2023 work hard enough to promote good corporate governance? Tom Forster KC and Katie Bacon discuss
  • An in-depth discussion of the Economic Crime and Corporate Transparency Act 2023, which extends the ambit of criminal liability for corporates, and imposes on large organisations a ‘failure to prevent’ fraud duty.
  • Sets out the background to the Act and discusses its scope, asking if it is performative law-making or a driver for real change.

Economic crime is prevalent in society today. According to the Office for National Statistics, fraud accounted for an estimated 60% of the main crime types experienced by adults in the year ending June 2023. The National Crime Agency’s assessment is that it is a realistic possibility that over £100bn is laundered every year through the UK or through UK corporate structures using money-laundering methods.

The government’s response, in part, has been the Economic Crime and Corporate Transparency Act 2023 (ECCTA 2023). It received Royal Assent on 26 October 2023 and there is no denying it is ambitious.

Parts

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MOVERS & SHAKERS

Jurit LLP—Caroline Williams

Jurit LLP—Caroline Williams

Private wealth and tax team welcomes cross-border specialist as consultant

Freeths—Michelle Kirkland Elias

Freeths—Michelle Kirkland Elias

International hospitality and leisure specialist joins corporate team as partner

Flint Bishop—Deborah Niven

Flint Bishop—Deborah Niven

Firm appoints head of intellectual property to drive northern growth

NEWS
Talk of a reserved ‘Welsh seat’ on the Supreme Court is misplaced. In NLJ this week, Professor Graham Zellick KC explains that the Constitutional Reform Act treats ‘England and Wales’ as one jurisdiction, with no statutory Welsh slot
The government’s plan to curb jury trials has sparked ‘jury furore’. Writing in NLJ this week, David Locke, partner at Hill Dickinson, says the rationale is ‘grossly inadequate’
A year after the $1.5bn Bybit heist, crypto fraud is booming—but so is recovery. Writing in NLJ this week, Neil Holloway, founder and CEO of M2 Recovery, warns that scams hit at least $14bn in 2025, fuelled by ‘pig butchering’ cons and AI deepfakes
After Woodcock confirmed no general duty to warn, debate turns to the criminal law. Writing in NLJ this week, Charles Davey of The Barrister Group urges revival of misprision or a modern equivalent
Family courts are tightening control of expert evidence. Writing in NLJ this week, Dr Chris Pamplin says there is ‘no automatic right’ to call experts; attendance must be ‘necessary in the interests of justice’ under FPR Pt 25
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