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COURSEWORK 1

Home Secretary Priti Patel said:

“This government has moved quickly to strengthen our response to Putin’s cronies and ensure that corrupt elites have nowhere to hide their dirty money in the UK.

We will continue to work with our international partners to take the strongest possible action against those who enable this unprovoked aggression towards Ukraine.” Business Secretary Kwasi Kwarteng said:

“There is absolutely no room for illicit finance in the UK, and by bringing forward this Economic Crime Act at unprecedented speed, we’ve put Putin, and the corrupt elites propping him up, on notice.

Our new Register of Overseas Entities, the first of its kind in the world, will have an immediate dissuasive effect on oligarchs attempting to hide their ill-gotten gains, ensuring that the UK is a place for legitimate business only.”

Chancellor of the Exchequer, Rishi Sunak said:

“Our Economic Crime Act will enable us to crack down harder and faster on dirty money and those who support Putin and his regime.

We are using all of our financial might to send a clear message to the Kremlin that this criminal venture will end in total failure.”

Money laundering is often hidden behind opaque and complex offshore corporate structures, making it harder to uncover illicit finance being laundered from abroad through the UK property market. Discovering who owns property becomes more difficult if it’s registered in the name of an overseas company whose ultimate beneficiaries are hidden from view. The UK government has introduced the Economic Crime (Transparency and Enforcement) Act 2022, which is aimed at strengthening the UK’s fight against economic crime.

The new measures include:
• a beneficial ownership register for overseas entities holding UK real estate

• strengthening of unexplained wealth orders (UWOs)

• making it easier to prosecute anyone involved in sanctions-busting

Discuss.

Please refer to the Learning Management System (LMS) for useful resources under the folder coursework pack.

It should be stressed that these sources are not exhaustive in the least, but they do provide a look into the reference points. Students are expected to include other resources beyond this list in order to achieve a higher score.

COURSEWORK 2

Joint statement by Professor Penney Lewis, Criminal Law Commissioner and Professor Sarah Green, Commercial and Common Law Commissioner:“In their current form, there is concern that the law on corporate criminal liability does not always appropriately criminalise corporate misbehaviour, especially when applied to large corporations. At the same time, it is important to ensure that any reform does not impose an undue burden of compliance on companies.”

There has been a long-running concern amongst prosecuting authorities and elements of the legal profession that the law has been falling short in adequately holding corporations to account, particularly for economic crimes such as fraud or money laundering. The first steps towards substantial change in the criminal liability of corporations came with the introduction of the failure to prevent bribery offence under the Bribery Act 2010.

In November 2020, the UK government tasked the Law Commission with considering how to strengthen the criminal justice system under the current law without creating disproportionate burdens on businesses. In June 2021, the Law Commission published a discussion paper and launched a public consultation.

On 10th June 2022, the Law Commission published an eagerly anticipated set of proposals (the Options Paper) to overhaul criminal law as it applies to companies in the UK. The Law Commission is an independent commission created by Parliament to keep UK law under review and to recommend reforms. While the Options Paper holds back from making recommendations, it outlines 10 possible ways to strengthen corporate liability by both criminal and civil law reforms.

Discuss.

Please refer to the Learning Management System (LMS) for useful resources under the folder coursework pack.

It should be stressed that these sources are not exhaustive in the least, but they do provide a look into the reference points. Students are expected to include other resources beyond this list in order to achieve a higher score.

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