Navigating the UK's Economic Crime and Corporate Transparency Act
The Economic Crime and Corporate Transparency Act 2023 is a UK law introducing a wide variety of reforms to tackle economic crime and improve the transparency of UK corporate entities.
The Act received Royal Assent on 26 October 2023 but its reforms are coming into force in a phased way, to allow for the development of resources, systems and secondary legislation to support the changes.
Read more from us below on how to navigate these reforms to ensure a smooth implementation for your business and minimise future risks and issues. We will be tracking the latest developments on each of the key areas of change.
- Companies House reforms – transition timeline (August 2025)
- We have a date – identity verification and statutory registers reform (published 14 August 2025)
- Identity verification - preparing for Autumn 2025 (published 22 May 2025)
- Companies House reforms (March 2024)
- Key reforms impacting how UK companies are to manage themselves (February 2023)
- Limited Partnerships (January 2024)
- What affected organisations can do to prepare (October 2023)
- Key details of extended liability (August 2023)
- Government issues failure to prevent fraud guidance (November 2024)
- Economic crime reforms and failure to prevent fraud (January 2024)
- What affected organisations can do to prepare (October 2023)
- Key details of the new offence (May 2023)
- Q&A for employers, HR and in-house counsel (April 2023)
- Important update to the DAML regime (15 January 2024)
- Cryptoassets (31 January 2024)
The UK government issued guidance on 6 November 2024 on what constitutes reasonable fraud preventative procedures. This means that large organisations now have until 1 September 2025 to implement their fraud prevention procedures to be able to defend a charge of failure to prevent fraud.
How TLT can help
Complete our health check questionnaire to start building your fraud prevention procedures. After completing the questionnaire you will receive a report setting out:
- Confirmation of whether the failure to prevent fraud offence applies
- Your indicative external fraud risk rating
- The next steps to take to develop your fraud prevention procedures
Failure to prevent fraud health check introduced by Ben Cooper
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