Economic Crime and Corporate Transparency Act 2023 - an update

It was only on 26 October 2023 that the Economic Crime and Corporate Transparency Act (ECCTA) was enacted.

In my recent article I provided an overview of the ECCTA, which introduces a range of measures to tackle economic crime and improve corporate transparency. 

The Criminal Justice Bill 2023-24 (the Bill) however, which had its second reading in the House of Commons on 14 November 2023, is proposing further reforms to the law in this area.

Whilst the Bill has a long way to progress before any changes to the law are enacted, it is important to note the proposed changes at this stage. If “senior managers” acting within the actual or apparent scope of their authority commit an offence, not just a specified fraud offence as detailed in the ECCTA , the company/partnership will also be liable. This will have an even greater impact on organisations and their risk exposure than anticipated under the ECCTA.

How we can help

We shall be monitoring the Bill as it makes its way through Parliament and will keep you informed of any developments and updates.

For further information about our Regulatory and Compliance services, visit our website. If you would like to contact Colette Kelly, email her here.