Legislation: Introducing the new failure to prevent economic crime offence in the UK: Another step towards accountability

14 May 2024 3:45 PM | Anonymous member (Administrator)

Claire Hills, a Director at bennettbrooks, outlines the requirements of the new economic crime legislation.

The Economic Crime and Corporate Transparency Act 2023 (ECCTA) was granted Royal Assent on 26 October 2023. There has been widespread press coverage on some of the other ECCTA provisions such as new Companies House enforcement powers (along with increased filing fees to pay for them), verification of directors’ identity and increased accounts disclosure. However, it also contains a new groundbreaking measure: ‘the Failure to Prevent Economic Crime” criminal offence which will render large companies liable for fraud committed by their employees where the fraud was committed with the intention of benefitting the organisation or those to whom it provides services. We consider the offence and implications for businesses.


         twitter   linkedin

Midlands Fraud Forum Ltd. Reg.No: 06436330
Copyright © 2023
Disclaimer & Privacy Policy

Powered by Wild Apricot Membership Software