Rhys Novak and Abigail Rushton write for PLC Magazine on the Economic Crime and Corporate Transparency Act 2023
The Economic Crime and Corporate Transparency Act 2023 (2023 Act), which ushers in some of the biggest changes to the law on economic crime in over a decade, received Royal Assent on 26 October 2023.
The raft of reforms include a new criminal offence for large corporate entities for failing to prevent fraud and false accounting, an overhaul of corporate liability for economic crime and enhanced powers for Companies House.
The 2023 Act will be implemented through secondary legislation in the coming months, most likely on a piecemeal basis, and guidance is awaited on certain areas.
While the reforms will not take effect immediately, Rhys Novak, Partner, and Abigail Rushton, Senior Associate, both in our dispute resolution team, warn in an article for PLC Magazine that businesses should start preparing for these significant changes now.
Read the full article in PLC Magazine here.
