This week, Managing Partner Richard Spector takes a closer look at the new cybercrime and fraud court opening in the City of London – just a stone’s throw away from ELS Legal headquarters.
The new “state-of-the-art” court – the exact location of which is still to be determined – will be designed to tackle economic crime in London’s financial services sector.
The City of London Corporation (CLC) said it will replace the City’s current court services, with the exception of the Old Bailey, so be aware of possible disruption.
Featuring 18 new courtrooms, it will focus mainly on new fraud, economic crime and cybercrime, but will also make way for criminal and civil cases listed at the City of the London magistrates and county courts.
According to the City, “the court’s close proximity to some of the world’s leading technology, financial and professional services firms in the Square Mile [the colloquial term for the City of London] will enable the judiciary to be at the forefront of tackling criminal activity and resolving disputes”.
The plans for the court, unsurprisingly, are being developed in partnership with HM Courts and Tribunal Services (HMCTS) and the judiciary.
Despite the City of London’s backing, the new court must now undergo a feasibility study to analyse the cost implications and identify possible funding sources. This is expected to be finished by “early 2018”.
Commenting on the announcement, Catherine McGuinness, Policy Chairman at the City of London Corporation, said: “Our legal system has been an example to the rest of the world. Playing host to some of the world’s leading regulators, financial services and tech firms, the City is a natural choice to house this modern judicial centre.
“This proposal will make sure London continues to set the highest legal standards domestically and internationally. Our Rule of Law is one of the many reasons why London is the number one financial centre in the world and this new court will add to our many existing strengths.
“The City looks forward to working closely with the Ministry of Justice and HM Courts & Tribunals Service in the coming years in getting this ground breaking project off the ground.”
The launch of the court forms part of an overarching six-year project to digitise many of the judiciary’s services. HMCTS said it will use the new building to “shift many of its high volume, paper-based processes to digital channels.
About Richard Spector: Managing Partner Richard specialises in property and commercial litigation. Richard has acted in a number of high profile cases and was heavily involved in the litigation that arose from the collapse of Lehman Brothers. Richard has been involved in a number of cross-border litigation cases and recently acted successfully for the Claimants in Harlequin Property (SVG) Ltd & Anr v Wilkins Kennedy, listed in the Lawyer’s top 20 cases of 2016.
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