The Crime and Courts Act 2013 (the “Act”), which contains provisions relating to economic crime, received royal assent on 25 April 2013. The Act includes two notable developments regarding economic crime:
- Deferred Prosecution Agreements (“DPAs”): The Act (Section 45 & Schedule 17) introduces the widely-discussed DPAs as a mechanism available to prosecutors and sets out the procedural requirements for DPAs and the circumstances in which they could be considered appropriate.
- National Crime Agency (“NCA”): The NCA has formally been created. It will replace the current Serious Organised Crime Agency, and tackle serious and organised crime, including economic crime. Its status and powers are set out in Part 1 of the Act and Schedules 1-8. The NCA will act as a shadow agency before becoming fully operational in October 2013