Progress on the ECCTA and implementing fraud prevention procedures
The threat of economic crime continues to grow. Fraud is the most common crime, accounting for 40% of all offences in England and Wales.
Fortunately, the government is listening and fraud is now firmly on the agenda. In the last year in particular we have seen the UK take significant action. There has been a welcome introduction of measures, including legislation, designed to help cut crime, protect our national security, and support the UK’s legitimate economic growth and competitiveness.
The first measures under the Economic Crime and Corporate Transparency Act (ECCTA) came into force on 4 March 2024, with over 50 or more statutory instruments needed to underpin and implement the reforms. However, as ever, legislation is not enough to protect businesses from fraud.
In this report, we set out:
- some of the key changes under the ECCTA with a spotlight on the two significant reforms to corporate criminal liability;
- an update on the initial progress report published by the Department for Business & Trade (DfB&T) on the cleanse of the companies register at Companies House and the new legal requirements for companies; and
- provide our key takeaways on how organisations can ensure compliance with the ECCTA and enhance their fraud prevention measures.
