Expansion of the UK’s corporate criminal liability regime
The UK Economic Crime and Corporate Transparency Act 2023 (“the ECCTA”) was formally approved on 26 October 2023. Among the most significant reforms introduced by the ECCTA are the establishment of ‘failure to prevent fraud’ as a new UK corporate criminal offence, and a reform of the UK identification doctrine expanding the extent of corporate criminal liability for economic crimes. In this article, we highlight the details of these two key aspects of the Act, and explain how they will affect Norwegian companies with operations or subsidiaries in the UK.
