The Economic Crime and Corporate Transparency Act 2023 introduced a wide variety of reforms to tackle economic crime and improve the transparency of UK corporate entities.
The Act received Royal Assent at the end of last year but its reforms are coming into force in a phased way throughout this year, to allow for the development of resources, systems and secondary legislation to support the changes.
While firms in more regulated sectors have traditionally had procedures in place to address economic crime, the new Act applies to all industries which historically may not have needed to have provisions in place. One of the areas that will impact Northern Irish companies the most is the new failure to prevent fraud offence. Under that offence, Northern Irish large organisations, companies or any partnerships ticking any two of the following boxes – turnover of £36m+, business assets of £18m+ or a workforce of 250 people or more, will be automatically liable for fraud committed on its behalf, unless it can show it had reasonable fraud preventative procedures in place.
In this seminar we will provide practical advice on how to navigate these reforms to ensure a smooth implementation for your business and how to put reasonable preventative procedures in place to minimise future risks and issues.
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