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.

Overview

The key areas of focus for the Economic Crime and Corporate Transparency Act 2023 (October 2023)

Companies House and company law changes

Limited Partnerships

Limited Partnerships (January 2024)

Extension of corporate liability

What affected organisations can do to prepare (October 2023)
Key details of extended liability (August 2023)

Failure to prevent fraud offence

Money laundering

Important update to the DAML regime (15 January 2024)

Cryptoassets

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: