Regulatory and Investigatory powers

From 15 January 2024, the Serious Fraud Office has been given new powers to compel the production of documents, and require attendance at interviews, at the pre-investigation stage for all cases. Previously, such powers only applied in international bribery and corruption cases. The SFO has welcomed these changes, saying that: “The use of these powers at the earliest possible stage usually results in high-quality targeted intelligence packages, which allow an investigation to advance more quickly”.

ECCTA removes the statutory cap on the powers of the Solicitors Regulation Authority (in England and Wales) and the Scottish Solicitors’ Discipline Tribunal to fine solicitors for disciplinary matters relating to economic crime. Legal services regulators have also been given a new regulatory objective requiring them to focus on promoting the prevention and detection of economic crime.