A further twist in the potential creation of a failure to prevent economic crime offence: last week a cross-party group of Members of Parliament tabled an amendment to the Financial Services Bill which, as drafted, would hold bodies “authorised or registered by the Financial Conduct Authority” liable for fraud, false accounting and money laundering offences committed by their employees.

Ultimately, MPs declined to vote on the amendment, citing that any new clause would pre-empt the work of the Law Commission review into corporate criminal liability. We previously reported the inconclusive findings of the Ministry of Justice Call for Evidence on the topic which it published in November last year and the commencement of the Law Commission’s work (read our full briefing here).

 

Kate Meakin

Kate Meakin
Partner
+44 20 7466 2169

Susannah Cogman

Susannah Cogman
Partner
+44 20 7466 2580

Daniel Hudson

Daniel Hudson
Partner
+44 20 7466 2470

Brian Spiro

Brian Spiro
Partner
+44 20 7466 2381