Economic Crime and Corporate Transparency Act 2023 receives Royal Assent
October 27, 2023
Our investigations and white collar crime team have commented on the Economic Crime and Corporate Transparency Act 2023, featuring the new failure to prevent fraud offence (the FTPF Offence), which received Royal Assent on 26 October 2023.
The FTPF Offence will make an organisation liable if it fails to prevent a specified fraud offence from being committed where: (i) an employee or agent commits the fraud; and (ii) the fraud is intended to benefit the organisation or a person to whom services are provided on behalf of the organisation.
The full briefing can be found on the Regulation Tomorrow blog here.