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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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. Background to the ECCTA 2023 information sharing provisions The government recognised that businesses regulated for anti-money laundering (AML) purposes wanting to share client information on economic crime were concerned that in doing so they may be liable for breaches of confidentiality. To ensure information is shared in as many cases as possible,...

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