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Considerations for Global Compliance Programs Under UK’s New Failure to Prevent Fraud Offense

Considerations for Global Compliance Programs Under UK’s New Failure to Prevent Fraud Offense

Overview


Failure to prevent fraud, a new offense under a 2023 UK economic crime law, casts a wide net that’s expected to fall well outside the nation’s borders, extending to companies in the US and elsewhere. Simon Airey and Andrew Butel of McDermott, Will & Schulte explore what types of organizations are covered and why corporate reporting structures that don’t enable direct access between compliance and the board could spell trouble.