Failure to prevent fraud to be a criminal offence in UK – will this be an effective deterrent?

The long-awaited Government Guidance is published – companies have until September 1, 2025 to implement “reasonable procedures”.

The UK Government’s guidance on the failure to prevent fraud offence, published on November 6th, 2024, outlines the new corporate criminal offence introduced by the Economic Crime and Corporate Transparency Act 2023 (ECCTA).

The new offence will come into effect on September 1, 2025. Organizations therefore have nine months to review the Guidance

Who

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