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Preparing for the Economic Crime and Corporate Transparency Act 2023 and the New Failure to Prevent Fraud Offence
Tuesday 25 March 2025
Time: 15.30 - 16.00
Event: Microsoft Teams - joining details will be included in the calendar invitation
AUDIENCE
This event is open to legal, compliance, financial crime, D&O, PI and construction professionals.
DESCRIPTION
Join the LMA and Beale & Co for a discussion on the scope of the Economic Crime and Corporate Transparency Act (ECCTA), its application to corporate dishonesty offences and the wide-ranging effect of the 'failure to prevent fraud' offence that comes into force on 01 September 2025.
Attendees will gain a good understanding of the wide scope of ECCTA, its intended impact on economic crime and how it may affect individuals, companies and customers. This will include:
- A better understanding of key provisions under the ECCTA, including the 'failure to prevent fraud' offence, which carries the potential for unlimited fines.
- The extra-jurisdictional reach of ECCTA and its impact on large companies and LLPs with operations in overseas jurisdictions but with a 'UK nexus', where there was an intention to benefit the organisation.
- The pressure on businesses to make more official statements, for example, S 54 Modern Slavery Act 2015, Corporate Sustainability Due Diligence Directive and new UK corporate disclosure rules under the Companies Act 2006 (as amended) – a perfect storm?
- The combination of higher ESG disclosure expectations, pressure to present a positive image and ECCTA s.199 criminal liability creating a dangerous compliance environment.
- The effect of the decision of Ivey v Genting Casinos on the application of the dishonesty test and the interplay with the specified dishonesty offences under ECCTA.
- The extension of the investigatory powers available to prosecutors, including the use of 'disclosure notices' on individuals and corporate bodies compelling cooperation with investigations.
- The interplay with competition law (for example, false invoices in cover pricing cases) and the sanctions regime.
- A discussion of the 'reasonable procedures' defence and proactive steps to take to demonstrate compliance.
- The impact of ECCTA on D&O coverage and the key considerations for D&O insurers, including the wide scope of the definitions of 'senior manager' and 'associated person' and the additional impact of recent changes to the 'identification regime'.
Speakers
Due to restricted numbers, if you register and subsequently are unable to attend, please email sophie.dewison@lmalloyds.com.