Economic Crime & Corporate Transparency Act 2023

< 1 minute to read

New to our publications section is a summary of the Economic Crime and Corporate Transparency Act 2023. This passed into law at the end of last year with the aim of tackling fraud.

The foundation for these reforms was Russia’s invasion of Ukraine. Then powers were introduced to challenge money laundering. Also featured in the full Act are long-awaited Companies House changes.

Our publication features the main registration and reporting compliance points for:

– Limited partnerships
– Micro and small companies – accounting and reporting
– The prevention of fraud
– The Registration of Overseas Entities

Read the report here.

How does this affect me?
A core theme running through the Act is that the reporting and filing requirements of limited companies and limited liability partnerships will become more stringent. You should ensure that the information and documents you file are accurate and complete.

Another consideration for businesses is whether they have reasonable anti-fraud procedures in place, which could require a risk-assessment to be performed. Although the ‘failure to prevent fraud’ offence will only apply to large businesses, having anti-fraud procedures in place does come with an obvious benefit for any sized-business.

For more detail on the Companies House changes, see our news article from March this year.

If you would like to discuss any accountancy, audit or tax queries with one of our experts, please call our Leicester office on 0116 254 9262, or Loughborough office on 01509 263500. Alternatively, our contact form is here.