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Jan. 17, 2024

U.K. Enhances Anti-Fraud Efforts With Economic Crime and Corporate Transparency Act

  • David Hill
    Anti-Corruption Report
U.K. regulators have greater powers to pursue miscreant companies – including international ones – now that the Economic Crime and Corporate Transparency Act (ECCTA) is in effect. As of December 26, 2023, the ECCTA widens the range of employees whose actions can make a company culpable for economic crimes, with a narrow definition of those directing “mind and will” replaced by the broader “senior managers.” The ECCTA also brings a new offense of “failure to prevent fraud.” Taking effect once guidance is issued, it is expected to have a deterrent impact. This article discusses the changes for affected companies and their compliance experts, with insights from lawyers at WilmerHale, White & Case, Morgan Lewis and Clyde & Co. See “U.K. to Reform Corporate Criminal Liability Related to Economic Crimes” (Jul. 19, 2023).

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