News & Analysis as of

Corporate Liability Financial Crimes

Holland & Knight LLP

Fourth Circuit Limits Beneficiary Bank Liability in BEC Schemes, Requires Actual Knowledge

Holland & Knight LLP on

Business email compromise (BEC) fraud, driven by technology and increasing sophistication by criminal organizations, has become a major issue for both consumers and financial institutions. According to a September 2024...more

DLA Piper

A Look at Canada’s Ongoing Efforts to Combat Bribery and Corruption

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In October 2023, the Working Group on Bribery in International Business Transactions for the Organization for Economic Co-operation and Development (OECD) released and adopted a report evaluating Canada’s enforcement of the...more

Latham & Watkins LLP

Failure to Prevent Fraud: Corporates Face New Criminal Offence Amid Accountability Crackdown

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Enhanced SFO powers and promises of swifter action on economic crime underscore the importance of anti-fraud measures for corporates and M&A dealmakers. The UK government is cracking down on corporates turning a blind eye...more

BCLP

How Will Changes to Corporate Criminal Liability Impact the Banking Sector

BCLP on

The Economic Crime and Corporate Transparency Act was passed by Parliament on 26 October. The Act makes significant changes to the law of corporate criminal liability....more

A&O Shearman

New UK law passed to tackle economic crime and corporate secrecy

A&O Shearman on

The new Economic Crime and Corporate Transparency Act 2023 (the Act) is the latest step in the UK Government’s attempts to address economic crime and improve transparency over corporate entities. Whilst most of the key...more

A&O Shearman

Reform of UK identification doctrine - significant expansion of corporate criminal liability for economic crimes

A&O Shearman on

Where a criminal offence requires proof of a specific mental state, or ‘mens rea’ (such as intent, recklessness or dishonesty), previously a company could only be found guilty if an individual who represented the company’s...more

White & Case LLP

The Upcoming Expansion of Corporate Criminal Liability in the UK

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After several years of discussion and consultation, the UK Government now appears to be close to reforming the law on corporate criminal liability via the Economic Crime and Corporate Transparency Bill. These changes, if...more

BCLP

Potential reforms to the UK’s model for criminal liability: should we be concerned?

BCLP on

On 10 June 2022, the Law Commission published its long awaited paper setting out ten options that are available to the Government for reform of the common law principles governing corporate criminal liability in the UK. In...more

A&O Shearman

UK corporate criminal liability reform creeps forward

A&O Shearman on

The UK Law Commission is considering whether corporate criminal liability law should be reformed and two weeks ago MPs proposed a new economic crime corporate offence to be included in the Financial Services Bill. What is the...more

WilmerHale

Can Kicking and Buck Passing: Reform of Corporate Criminal Liability

WilmerHale on

In January 2017, the UK Government issued a consultation paper calling for evidence on reforming corporate criminal liability for economic crime. Nearly four years later, on 3 November 2020, the Government’s response was...more

BCLP

Bribery Act review: economic crime and failure to prevent offences

BCLP on

The government published in May 2019 its responses to two Committee reports on financial crime. First,  the House of Commons Treasury Committee on 8 March 2019, published its report on “Economic Crime – Anti-money laundering...more

WilmerHale

UK “Outsourcing Corporate Financial Crime Enforcement to the US”, Claims Corruption Watch

WilmerHale on

Corruption Watch UK has claimed that “a company committing economic crime in the US is far more likely to be hit with criminal, civil and regulatory penalties than one in the UK.” In a hard-hitting report published on 5 March...more

White & Case LLP

Proposed reform of UK corporate criminal liability – a failure to grasp the nettle?

White & Case LLP on

Following mounting calls for reform of the UK's corporate criminal liability regime, the Government is expected to consult later this year on potential reforms, which are likely to include a new corporate offence of failing...more

WilmerHale

Criminal justice: How best to stop economic crime

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Speaking at the 35th annual Cambridge International Symposium on Economic Crime, Robert Buckland QC MP, the Solicitor General for England and Wales, and David Green QC, Director of the SFO, addressed the question, “Preventing...more

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