Considerations for Global Compliance Programs Under UK’s New Failure to Prevent Fraud Offense
A new offense under the 2023 UK economic crime law, failure to prevent fraud, is expected to have far-reaching implications, extending beyond the UK's borders to companies in the US and elsewhere.
Simon Airey and Andrew Butel of McDermott, Will & Schulte discuss the organizations covered by this law and the potential risks of corporate reporting structures that lack direct access between compliance and the board.
The UK Economic Crime & Corporate Transparency Act (ECCTA) introduced the failure to prevent fraud (FTP fraud) offense, a strict liability corporate offense that came into force in the UK in September.
Failure to prevent fraud, a new offense under a 2023 UK economic crime law, casts a wide net that’s expected to fall well outside the nation’s borders.
Author's summary: New UK law impacts global companies.
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