How will the UK’s new failure to prevent fraud offence impact non-UK companies?

Our litigation and disputes team have written a briefing note discussing the UK’s new failure to prevent fraud offence which is likely to come into force (after government guidance is issued) by the end of 2024 or early 2025. It considers how the offence will impact non-UK companies. Non-UK companies may be more likely to be caught by the new failure to prevent fraud offence than by the UK Bribery Act failure to prevent bribery offence.

Non-UK shipping companies (and multinationals) with a UK nexus, which may include where a counterparty is a UK corporate, will need to assess carefully how the new offence applies to them either directly, or by a contractual provision – and decide how to implement appropriate anti-fraud procedures in order to manage the risks that this poses.

The full briefing note is available here.