Daniel Martin, Michael Goodwin QC & Anita Clifford consider the implications for businesses of a ‘failure to prevent economic crime’ offence

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 new Economic Crime (Transparency and Enforcement) Act received Royal Assent on 15 March 2022, following an unusually rapid passage through parliament. Rather than containing provisions for a failure to prevent offence, the Act focuses on the introduction of a new register requiring anonymous owners of UK property to reveal their identity, expanded sanctions li...

Daniel Martin
JMW Solicitors

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