The general election appears to have delayed the likely implementation of the new failure to prevent fraud offences which were included in the Economic Crime and Corporate Transparency Act 2023 (s 199 onwards). Regulations to bring the relevant sections into force can only be made after the secretary of state has published guidance on the procedures that relevant bodies can put in place to prevent persons associated with them from committing the fraud offences set out in the legislation (the guidance is required by s 204 of the Act).
MLex reports that the UK government had previously committed to giving six months in between publication of the guidance and the commencement of the legislation. Following the general election announcement, plans to publish the guidance have been shelved, meaning that the new offences are therefore unlikely to be brought into force before 2025.
The general election appears to have delayed the likely implementation of the new failure to prevent fraud offences which were included in the Economic Crime and Corporate Transparency Act 2023 (s 199 onwards). Regulations to bring the relevant sections into force can only be made after the secretary of state has published guidance on the procedures that relevant bodies can put in place to prevent persons associated with them from committing the fraud offences set out in the legislation (the guidance is required by s 204 of the Act).
MLex reports that the UK government had previously committed to giving six months in between publication of the guidance and the commencement of the legislation. Following the general election announcement, plans to publish the guidance have been shelved, meaning that the new offences are therefore unlikely to be brought into force before 2025.
