JONES DAY PRESENTS: ECCTA Explained: Global Reach of the UK's Economic Crime and Corporate Transparency Act
Jones Day partner Rt. Hon. Alex Chalk KC explains how the 2023 Economic Crime and Corporate Transparency Act (ECCTA) broadens the scope of liability for corporations and talks about how they can manage the attendant risks.
Alex emphasizes that ECCTA is designed to make companies, including private equity firms, take greater, more reasonable steps to prevent fraud, and that fraudulent actions by a subsidiary or portfolio company intended to benefit the parent fund could lead to unlimited fines for the parent company.
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