Law.com Subscribers SAVE 30%
Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.
Does Your Corporate Compliance Program Reasonably Prevent Fraud? New UK Guidance Demands It
In October 2023, the United Kingdom created a new strict liability crime as part of its ongoing effort to clamp down on corporate fraud. Modeled after the UK’s strict liability offenses for failure to prevent bribery and tax evasion, the failure to prevent fraud offense (FTPF offense) holds companies liable for frauds committed by their employees, agents, and other individuals who provide services on their behalf, even if the company did not authorize or know about the fraudulent conduct. Companies do not have to be based in the UK to face liability under the FTPF offense. The statute applies to conduct with a UK nexus or that causes harm in the UK, regardless of where the company is located.
Like the failure to prevent bribery and tax evasion statutes, the FTPF offense includes an affirmative defense: companies that show they had reasonable fraud prevention procedures in place at the time of the alleged misconduct can escape liability. In new guidance released in November 2024, the UK government detailed what it considers reasonable fraud prevention procedures; that is, how a company can establish the reasonableness of its compliance program in order to potentially avoid liability under the FTPF offense.
This premium content is locked for Entertainment Law & Finance subscribers only
ENJOY UNLIMITED ACCESS TO THE SINGLE SOURCE OF OBJECTIVE LEGAL ANALYSIS, PRACTICAL INSIGHTS, AND NEWS IN ENTERTAINMENT LAW.
- Stay current on the latest information, rulings, regulations, and trends
- Includes practical, must-have information on copyrights, royalties, AI, and more
- Tap into expert guidance from top entertainment lawyers and experts
Already a have an account? Sign In Now Log In Now
For enterprise-wide or corporate acess, please contact Customer Service at [email protected] or 877-256-2473
Beach Boys Songs Written Decades Ago Triggered Current Quarrel With Lawyers
There's current litigation in the ongoing Beach Boys litigation saga. A lawsuit filed in 2019 against Nevada residents Mike Love and his wife Jacquelyne in the U.S. District Court for the District of Nevada that alleges inaccurate payment by the Loves under the retainer agreement and seeks $84.5 million in damages.
Major Differences In UK, U.S. Copyright Laws
This article highlights how copyright law in the United Kingdom differs from U.S. copyright law, and points out differences that may be crucial to entertainment and media businesses familiar with U.S law that are interested in operating in the United Kingdom or under UK law. The article also briefly addresses contrasts in UK and U.S. trademark law.
The Article 8 Opt In
The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.
Strategy vs. Tactics: Two Sides of a Difficult Coin
With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.
Transfer Tax Implications on Real Property Leases
The real property transfer tax does not apply to all leases, and understanding the tax rules of the applicable jurisdiction can allow parties to plan ahead to avoid unnecessary tax liability.