Failure to prevent fraud - what are the implications of the new offence?

The new UK failure to prevent fraud offence was introduced into the Economic Crime and Corporate Transparency Bill during its progress through the House of Lords. Susannah Cogman, Elizabeth Head, Eamon McCarthy-Keen and Clara Browne of Herbert Smith Freehills analyse the latest developments, key elements of the new offence (as currently drafted), areas of ongoing debate, and give some practical illustrations of the implications for companies that are planning steps they may need to take in response.

Susannah Cogman (+44 (0)20 7466 2580, susannah.cogman@hsf.com) is a partner, Elizabeth Head (+44 (0)20 7466 6443, elizabeth.head@hsf.com) is of counsel, and Eamon McCarthy-Keen (+44 (0)20 7466 3776, eamon.mccarthy-keen@hsf.com) and Clara Browne (+44 (0)20 7466 3792, clara.browne@hsf.com) are associates at Herbert Smith Freehills.

The new UK failure to prevent fraud offence was introduced into the Economic Crime and Corporate Transparency Bill during its progress through the House of Lords. Susannah Cogman, Elizabeth Head, Eamon McCarthy-Keen and Clara Browne of Herbert Smith Freehills analyse the latest developments, key elements of the new offence (as currently drafted), areas of ongoing debate, and give some practical illustrations of the implications for companies that are planning steps they may need to take in response.