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The longer arm of the law – the new failure to prevent offence
Although not quite hot on the heels of the Bribery Act 2010 and the Criminal Finances Act 2017, the UK is now preparing to introduce, through the Economic Crime and Corporate Transparency Bill, a further corporate failing to prevent offence, but this time, tackling the scourge of fraud.
One year on, the UK's effort to tackle dirty money has a mixed scorecard
The UK’s Economic Crime (Transparency and Enforcement) Act 2022 received Royal Assent a year ago with the background of the Russia-Ukraine conflict catapulting it into the UK at unprecedented speed. The Act has been of great interest to the insurance sector. The aim of the ECA was to thwart the flow of so-called “dirty money” into the UK by taking aim at overseas individuals seeking to launder money in the UK and/or greatly restricting their ability to transact with the UK’s financial system.
High price for lawyer found in contempt of court over “burn” instruction
The serious consequences of interfering with litigation documents were highlighted in the recent ruling concerning a senior lawyer who told a client to “burn” its secure communications system to avoid handing evidence to supermarket Ocado.
Kennedys adds experienced corporate partner as Singapore expansion continues
We are excited to announce we have appointed a senior corporate and capital markets partner with close to 30 years’ experience to our growing team in Singapore.
The Economic Crime and Corporate Transparency Bill – no silver bullet for the SFO
The Economic Crime and Corporate Transparency Bill was announced to Parliament for the first time on 22 September 2022, further signalling the UK’s attack on economic crime and its attempt at improving transparency over corporate entities. Here, we focus on the proposal that will allow the Serious Fraud Office to compel suspected criminals and institutions to disclose information linked to a suspected crime at the pre-investigative stage of a case.
Case review 2022-05-06
Falling flat: a failure of anti-bribery procedures
With the case somewhat flying under the radar, on 14 April 2022, Southwark Crown Court was the venue for the recent sentencing of three corporates, who were all convicted of failing to prevent an associated person from bribing on their behalf under Section 7 of the Bribery Act 2010.
The taming of the few: The Economic Crime (Transparency and Enforcement) Act 2022
After years of discussion about ways to thwart the flow of so called dirty money, UK Parliament has fast tracked, in what has been reported to be at unprecedented speed, the journey of The Economic Crime (Transparency and Enforcement) Act 2022 (ECA) in response to the recent armed conflict in Ukraine.
UW-no – the rise and fall of Unexplained Wealth Orders
For many years, the UK has been given the unenvious title of being a hub for money-laundering, with UK enforcement agencies lacking the armoury to tackle the influx of dirty money. The fast-tracking of the Economic Crime Bill, in response to the Russia/Ukraine conflict, is a further attempt by the UK to financially cleanse UK PLC.
Cryptocurrency and ESG – heading for a collision course?
Crypto no longer represents a murky sector of investing but is now a legitimate asset class. Mainstream investors are increasingly including crypto in portfolios as an inflation hedge alongside traditional assets. While crypto has been catapulted into the mainstream in the last couple of years or so, ESG – incorporating Environmental, Social, and Governance measures into running a business - has been a topic of discussion since the seminal 2004 UN report ‘Who Cares Wins’.
Kennedys hires crime and investigations lawyer to spearhead white collar crime expansion
We are pleased to announced we have appointed business crime and investigations specialist, Iskander Fernandez as a partner to our growing corporate and commercial division.