Wrongful credit Definition

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GLOSSARY

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What does Wrongful credit mean?

Section 24A(2A) of the Theft Act 1968 provides that a credit to an account is wrongful to the extent that it derives from theft, blackmail, fraud contrary to s 1 of the Fraud Act 2006, or stolen goods.

It is immaterial whether the account is overdrawn before or after the credit is made. Under s 24A(1) it is an offence for an account keeper or a person with any right or interest in an account to fail to take reasonable steps to secure the cancellation of a wrongful credit where such a credit has been made to that account and that person knows or believes it is wrongful.

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Offences for which a DPA may be entered into—checklist

Offences for which a DPA may be entered into—checklist A deferred prosecution agreement (DPA) is an agreement between an organisation and a designated prosecutor to enable the latter to defer a prosecution by staying an indictment on specific terms. No proceedings in relation to the matters covered by the DPA may be instituted against the organisation while the DPA remains in force. A DPA therefore allows a company to continue without the threat of a lengthy criminal investigation and a costly prosecution hanging over it. For detailed information on DPAs, see Practice Notes: • Deferred prosecution agreements • DPA process • Terms and content of a DPA • DPAs in practice DPA’s are only available to organisations in respect of the offences specified under the Crime and Courts Act 2013, Sch 17 (CCA 2013). The checklist below, lists the offences for which a DPA may be entered into, including common law and statutory offences. In addition to the offences below, any offence that is ancillary to those listed below,...

AML/CTF legal and regulatory regimes for financial services firms—timeline to 31 December 2023 [Archived]

AML/CTF legal and regulatory regimes for financial services firms—timeline to 31 December 2023 [Archived] This timeline outlines developments from 1 January 2019 to 31 December 2023 relating to the anti-money laundering (AML), counter-terrorist financing (CTF), and counter-proliferation financing (CPF) legal and regulatory regimes applicable to financial services firms—from a UK, EU and supranational perspective. For a timeline of UK developments from 1 January 2024, see: AML/CTF/CPF—timeline of UK legal and regulatory developments for financial services, and for a timeline of EU developments from 1 January 2024, see: AML/CTF/CPF—timeline of EU legal and regulatory developments for financial services. It shows the developments and implementation history of the European AML, CTF and CPF legislative framework, including progress of the EU’s revised AML/CTF package, and including Directive (EU) 2015/849 (MLD4) and Directive (EU) 2018/843 (MLD5), its implementation in the UK through the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, SI 2017/692 (2017 Money Laundering Regulations as amended (MLRs)), in addition to AML/CTF related developments from HM...

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Statutory protection for breach of confidentiality—economic crime—law firms and in-house lawyers

Statutory protection for breach of confidentiality—economic crime—law firms and in-house lawyers This Practice Note is intended for solicitors, including those working in-house, and law firms regulated by the SRA. It explains the statutory protection for breach of confidentiality introduced by the Economic Crime and Corporate Transparency Act 2023 (ECCTA 2023). These provisions make it easier for relevant businesses to share client information with each other for the purposes of preventing, investigating and detecting economic crime. They also cover information sharing via a third party intermediary. Economic crime in this context includes money laundering, terrorist financing, bribery, sanctions evasion, tax evasion and fraud. There are a number of conditions that must be met for the statutory protection to apply. Professional duty of confidentiality Solicitors (including those working in-house) and law firms regulated by the SRA must keep the affairs of current and former clients confidential unless disclosure is required or permitted by law or the client consents. The duty of confidentiality is one of the fundamental duties of a solicitor. It...

Handling stolen goods

Handling stolen goods The ‘handling’ offence Handling stolen goods is an offence under section 22 of the Theft Act 1968 (TA 1968) that is triable either way. The elements of the offence are: • dishonestly receiving the goods, or • dishonestly undertaking or assisting in their retention, removal, disposal or realisation by or for the benefit of another person, or arranging to do so • knowing or believing them to be stolen goods, and • the goods having been stolen The offence is committed while the defendant is acting otherwise than in the course of stealing. As theft can be a continuing act it is sometimes difficult to show whether the defendant in possession of stolen goods is a thief or a handler of goods that have already been stolen. In such cases the prosecution will charge handling stolen goods in the alternative. The goods must have been stolen but proof of a conviction for the predicate theft is not required; nor is it necessary to name...

Discover our 2 Practice Notes on Wrongful credit

Practice Compliance weekly highlights—5 August 2021

This week’s edition of Practice Compliance weekly highlights includes: a record fine for data protection breaches, a new report on the risk of cybersecurity attacks on supply chains, a court decision narrowing the scope of data breach claims and analysis of EU and UK initiatives on AML and CTF.

Risk & Compliance weekly highlights—5 August 2021

This week’s edition of Risk & Compliance weekly highlights includes: a record fine for data protection breaches, a new report on the risk of cybersecurity attacks on supply chains, a court decision narrowing the scope of data breach claims and analysis of EU and UK initiatives on AML and CTF.

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