Steven Francis Shares Insights on UK’s Crime-Reporting Legislation With Law360

In an article for Law360, insurance partner Steven Francis offered insights on the UK’s Economic Crime and Corporate Transparency Act 2023, which created pathways for companies in the private sector to disclose information or raise concerns about suspicious activity. 

According to the article, law firms have been slow to report suspicious clients to other private-sector businesses due to concerns about legal professional privilege and confidentiality. 

Francis explained that lawyers may be reluctant to disclose information since it’s voluntary and could pose potential risks, adding, "Lawyers' relationships with clients tend not to be transactional. Quite often a relationship of trust has developed, even if the involvement of the law firm is in its early stages, and disclosure runs counter to this sense of trust.”

The publication also notes that supporters of the system have argued the legal sector plays a vital role in providing information to increase the effectiveness of reporting suspicious activity. “It wouldn't be surprising if the majority of lawyers see the purpose behind the disclosure regime as laudable," Francis asserted. "It's action at the coalface which is required, and that's more difficult."