Have you prepared for the recent changes to economic crime legislation?

The Economic Crime and Corporate Transparency Act 2023 ("ECCTA") was passed in October 2023 as part of the UK government's fight to reduce economic crime. In this report, Criticaleye Partner DWF shares some guidance on managing and minimising prosecution risks with economic crime on the rise. 

Key Takeaways:

  • Fraud is the most common criminal offence in the UK, accounting for over 40 percent of crime in England and Wales and the figures are growing.
  • Large companies will need to establish robust systems to prevent fraud and avoid liability under the Failure to Prevent Fraud offence.
  • Companies and their officers are now at greater risk of economic crime prosecution because of the Economic Crime and Corporate Transparency Act 2023 changes. This will impact driving cultural changes to uphold good corporate governance.

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