The Economic Crime and Corporate Transparency Act 2023: tough medicine?

A corporate offence of failure to prevent fraud, Companies House reforms that impose integrity checks on data submitted and extant, and changes to the identification doctrine that will make it easier to prosecute senior managers - the expansive Economic Crime and Corporate Transparency Act 2023 finally received Royal Assent on 27 October. Tony Lewis, Natalie Quinlivan, Farheen Ishtiaq-Stansfeld and Katherine Varatharajah of Fieldfisher review the statute and its likely impact on business in the battle against fraud.

Tony Lewis (+44 (0)330 460 6692, tony.lewis@fieldfisher.com) is a partner, Natalie Quinlivan (+44 758 698 0091, natalie.quinlivan@fieldfisher.com) a director and Farheen Ishtiaq-Stansfeld (+44 330 460 6782, farheen.ishtiaq-stansfeld@fieldfisher.com) a senior associate at Fieldfisher.

A corporate offence of failure to prevent fraud, Companies House reforms that impose integrity checks on data submitted and extant, and changes to the identification doctrine that will make it easier to prosecute senior managers - the expansive Economic Crime and Corporate Transparency Act 2023 finally received Royal Assent on 27 October. Tony Lewis, Natalie Quinlivan, Farheen Ishtiaq-Stansfeld and Katherine Varatharajah of Fieldfisher review the statute and its likely impact on business in the battle against fraud.