The Economic Crime and Corporate Transparency Act (“ECCTA”) has received Royal Assent.
The Act aims to tackle economic crime and improve the transparency of corporate entities in the UK.
The Government is extending the scope of corporate criminal liability in the UK, making it easier to pursue large organisations for economic crime. As part of this, the Act introduces the new corporate offence of failing to prevent fraud.
What this means for you
Burness Paull has put together a summary of known changes in relation to this new corporate offence.
Much of the detail around implementation of the Act will follow in secondary legislation which we expect to be available in the coming weeks and months, and we plan to share regular updates.
Please do get in touch if you have any questions or if you would like to discuss. You can also sign up for updates on our dedicated ECCTA webpage.
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