Major Reform of Financial Crime Regulation

Major Reform of Financial Crime Regulation

December 7, 2023, Chambers and Partners

With the enactment of the Economic Crime and Corporate Transparency Act (ECCTA) in October 2023, this year has brought with it major reform in how the UK regulates financial crime – and particularly fraud. ECCTA has introduced a number of significant changes to the existing financial crime regime, including a new failure to prevent fraud offence, a modified regime for establishing corporate criminal liability, expanded powers for the Serious Fraud Office (SFO), and a series of other reforms designed to make it harder for criminals to carry out illicit activities, and to launder the proceeds of such activities, in the UK.