The Economic Crime and Corporate Transparency Act received Royal Assent last month, paving the way for wide-ranging reforms affecting companies and other business entities. 

Deloitte’s Economic Crime Blog has been following two changes designed to extend businesses’ legal responsibility for fraud and economic crimes committed by employees and other associates – changes that “should raise blood pressures in UK boardrooms”. The first of these reforms comes into force on 26 December 2023 and is set to expand the “identification principle”. For more information, see The Economic Crime and Corporate Transparency Act is now law – so what next?