The UK’s Economic Crime and Corporate Transparency Act 2023 introduces the concept of “Failure to Prevent Fraud,” which holds large organizations accountable if an employee commits fraud for the organization’s benefit and reasonable fraud prevention measures were not in place. This legislation aims to increase transparency and accountability within organizations.

The Act broadens corporate liability for economic crimes, impacting multinational organizations, including those based in Nigeria with ties to the UK. To mitigate risks, Nigerian businesses with UK connections must implement effective fraud prevention measures and compliance programs to protect their operations and uphold legal standards.

For more information, read the publication authored by TEMPLARS Partner Emmanuel Gbahabo, Managing Counsel Oghomwen Akpaibor, and Associate Chijioke Ukomadu.