Richard Reichman

Change on the Horizon?: The Economic and Corporate Transparency Act 2023 and Failure to Prevent Fraud Offences

The Economic and Corporate Transparency Act 2023 (ECCTA) received Royal Assent on 26 October 2023 in the face of a UK “fraud epidemic”. As described under question 9.3 of the ICLG Corporate Investigations 2024 – England and Wales chapter, two key reforms in the ECCTA to address this epidemic were the introduction of a “failure to prevent” (FTP) fraud offence, and reform of the “identification doctrine” for fraud and other economic crimes.

Broadly, the FTP fraud offence will make “large organisations” strictly liable if an “associated person” commits a fraud offence intending to benefit the organisation, unless the organisation could prove that it had “reasonable procedures” designed to prevent the offending.

The reform of the identification doctrine significantly expands the category of persons who could be “identified with” a commercial organisation for the purposes of attributing criminal liability in economic crimes from “directing minds” (usually Board directors) to “senior managers” (so broadly defined as potentially to include department heads, for example).

BCL’s Tom McNeill, Richard Reichman, Michael Drury, and John Binns give their expert opinion on the reforms in ICLG.

This article was first published in ICLG on 15 May 2024. To read the full article, please click here.

Related articles

BCL Solicitors LLP recognised as a leading firm in The Legal 500 UK 2023-2024 Guide

BCL Solicitors LLP are pleased to be once again recognised as a top-tier firm with an extensive team of outstanding individuals in the new Legal 500 United Kingdom 2023-2024 Guide. We have been identified as a leading firm in six practice areas and 14 of our lawyers commended for their standout contribution in their respective practices.

Read more

Richard Reichman writes for City AM discussing how ground-breaking claims for alleged environmental and human rights harms in the operations

BCL partner, Richard Reichman writes for City.AM discussing how ground-breaking claims for alleged environmental and human rights harms in the operations and supply chains of household name companies and a string of recent high-profile supply chain concerns highlight a gap in the UK’s regulatory regime and the risk of falling behind.

Read more

BCL top ranked in Chambers and Partners UK Guide 2023

BCL Solicitors LLP has once again been ranked as a top tier firm with leading individuals in our fields by Chambers & Partners in the 2023 edition of Chambers UK Guide.  This is one of the leading independent directories of UK legal services, identifying the leading firms and lawyers in the UK.

Read more

Environment Agency to issue £250 million civil penalties to polluting water companies

Following the Environment Secretary’s announcement at the Conservative Party Conference this week that he will bring forward proposals for the Environment Agency (EA) to have the power to issue significantly higher civil penalties of up to £250 million to water companies that pollute the environment, BCL’s Richard Reichman and Tom McNeill analyse the wider implications for this proposal.

Read more

BCL Solicitors LLP recognised as a leading firm in The Legal 500 UK 2022-2023 Guide

BCL Solicitors LLP are pleased to be once again recognised as a top-tier firm with an extensive team of outstanding individuals in the new Legal 500 United Kingdom 2022-2023 Guide. We have been identified as a leading firm in six practice areas and 14 of our lawyers commended for their standout contribution in their respective practices.

Read more

Richard Reichman and Tom McNeill to deliver Lexology Webinar on Defending regulatory investigations and prosecutions

BCL’s Richard Reichman and Tom McNeill with 2 Bedford Row’s Barristers Eleanor Sanderson and Shauna Ritchie will be delivering a webinar in partnership with Lexology, 10th November, 05:00 – 06:00 PM BST, titled ”Defending regulatory investigations and prosecutions.”

Register for this webinar here through the Lexology website.

Read more
1 2 3 4