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U.K. Reconsiders White Collar Crime Shakeup

Global Glimpses | November 25, 2010

The British government has scrapped controversial plans to make a new white collar crime agency the lead prosecutor in securities law cases. The decision follows concern among lawyers that the move could weaken enforcement efforts.

The government still plans to create a new Economic Crime Agency to tackle fraud and financial crime, but it won't now be responsible for securities market offenses, such as insider dealing and market abuse. The decision was revealed in a consultation paper that sets out responses to the idea.

Enforcement of crime in this area was moving to the ECA as part of a complicated overhaul of enforcement agencies. The government is working on plans to abolish the Financial Services Authority and the Serious Fraud Office, moving their workload to two new agencies.

But lawyers warned that the...

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