Economic Crime Offences

On 4 March 2023, section 208 of the Economic Crime and Corporate Transparency Act 2023 was brought into force by virtue of section 2 of the Economic Crime and Corporate Transparency Act 2023 (Commencement No.2 and Transitional Provision) Regulations 2024.

Section 208 of the 2023 Act amends section 53 of the Solicitors (Scotland) Act 1980. The newly amended section allows the Tribunal to impose an unlimited fine in cases where solicitors or incorporated practices have been convicted of an economic crime offence or convicted of professional misconduct consisting of an act or omission which had the effect of inhibiting the prevention or detection of an economic crime offence.  Economic crime offences are defined in section 193 of the 2023 Act as offences listed in Schedule 11. These include common law crimes such as fraud, embezzlement and theft as well as various statutory offences (reference should be made to Schedule 11).

The amendments apply in relation to any act or omission occurring on or after 4 March 2024.