UK Launches Independent Review of Fraud Legislation

The UK is undergoing a major overhaul of its approach to fraud, marked by Jonathan Fisher KC's independent review—the first in 40 years—amidst a dramatic rise in technology-driven fraud targeting individuals and small businesses. The government is preparing a new fraud strategy informed by this review, focusing on modern investigative and prosecutorial challenges, as well as enhancing international cooperation. In parallel, the UK's Economic Crime and Corporate Transparency Act 2023 introduces the 'Failure to Prevent Fraud' offense, effective September 1, 2025, significantly expanding corporate liability for fraud by employees, agents, or subsidiaries if reasonable prevention procedures are lacking. Organizations operating in or connected to the UK must now refine their compliance frameworks, as they can be held criminally liable for frauds committed to their benefit or that of their clients. Legal experts emphasize the global reach of these reforms, noting heightened enforcement expectations and the need for robust anti-fraud programs. Together, these initiatives reflect the UK's intent to modernize its anti-fraud regime and address evolving criminal tactics.