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A number of experts are concerned that making the mis-selling of tax avoidance schemes a criminal, rather than civil, offence could set a ‘dangerous precedent’.
In a discussion at the House of Lords on Monday afternoon (November 13), a panel of experts were questioned on the government’s new finance bill.
https://www.ftadviser.com/investments/2023/11/14/experts-call-for-judicial-review-before-criminal-fraud-laws-applied/
New legislation will change how businesses deal with Companies House, including plans affecting small businesses.
The changes are aimed at clamping down on fraudsters in what has been deemed the ‘biggest shake-up’ to the government service in its 180-year history.
The Economic Crime and Corporate Transparency Act (the ECCTA) received Royal Assent on 26 October 2023, following over a year of debate and amendment as it progressed through Parliament. It is a broad and comprehensive piece of legislation which aims to tackle the use of the UK’s corporate, real estate and business sectors by criminals for nefarious purposes and address the reputation London sometimes has as a place where money laundering and fraud are commonplace.
https://www.linklaters.com/en/insights/blogs/businesscrimelinks/2023/october/the-economic-crime-and-corporate-transparency-act-receives-royal-assent/
A ringleader in a multi-million pound tax fraud should have been spared jail due to the impact on his son, the Court of Appeal heard today.
Francis Devlin, 58, is currently serving a four-year sentence for his role in the biggest ever scam of its kind in Northern Ireland.
Litigation of fraud cases is on the rise, reflecting the attractiveness of the English and Welsh courts as avenue for litigants. Senior associate Charlie Mercer wrote in The Banker about these trends, in an article reproduced here.
https://www.stewartslaw.com/news/banking-and-finance-fraud-claims-on-the-rise-in-english-courts/
The UK Government has announced the first independent review of disclosure and fraud offences since 1986. Chaired by Jonathan Fisher KC, the review will look into the effectiveness of the disclosure regime and consider whether existing offences are sufficient to prosecute modern fraud. Phillippa Ellis and Oliver Wannell report on the announcement below.
https://www.capitallaw.co.uk/news/2023/10/19/independent-review-of-disclosure-and-fraud-offences-announced/
The government has announced the establishment of an Independent Review of Disclosure and Fraud Offences, to be chaired by barrister Jonathan Fisher KC. This is another step towards fulfilling the plans set out earlier in 2023, when the Fraud Strategy was published.
https://www.kingsleynapley.co.uk/insights/blogs/criminal-law-blog/government-announces-independent-review-of-disclosure-and-fraud-offences
The economic crime and corporate transparency bill is currently in the final stages of the legislative process. The bill, if enacted, is set to make the most significant changes to corporate criminal liability laws for a generation.
https://www.ftadviser.com/opinion/2023/10/04/is-your-business-prepared-for-govt-s-failure-to-prevent-fraud-rules/
Businesses in the UK should be considering how a new ‘failure to prevent’ fraud offence should be accounted for in their compliance programmes and contracts, experts at Pinsent Masons have said.
Tom Stocker, Andrew Sackey and Rachel Trease of Pinsent Masons said it is apparent that an offence of organisational failure to prevent fraud will be provided for in the Economic Crime and Corporate Transparency Bill, which is currently in the final stages of being passed in parliament, despite the fact MPs and peers have yet to agree on the scope of the offence. While the Lords have pushed for the offence to apply widely, the Commons, driven by the UK government’s policy position, wants to limit it to just ‘large organisations’.
Potential victims of serious fraud are waiting more than a year for cases to be concluded in Thames Valley, figures show.
The Law Society has said the complexity of fraud cases combined with backlogs across the legal system could be behind the long waits.
Figures from the Ministry of Justice show the median wait for 70 outstanding fraud cases in Thames Valley was 61 weeks.
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