The Economic Crime and Corporate Transparency Act 2023 received royal assent on 26 October 2023. The Act incorporates various amendments that were agreed during the passage of the Bill through Parliament, including the new ‘failure to prevent fraud’ offence (sections 199 to 206).
At the final stage before royal assent, the House of Commons had pushed through its amendments to the ‘failure to prevent’ provisions, overriding the alternative proposals made in the Lords. Broadly, these amendments dealt with the application of the new offence to large organisations (Commons amendment 151A) and also a provision on costs orders (Commons amendment 161A).
The Economic Crime and Corporate Transparency Act 2023 received royal assent on 26 October 2023. The Act incorporates various amendments that were agreed during the passage of the Bill through Parliament, including the new ‘failure to prevent fraud’ offence (sections 199 to 206).
At the final stage before royal assent, the House of Commons had pushed through its amendments to the ‘failure to prevent’ provisions, overriding the alternative proposals made in the Lords. Broadly, these amendments dealt with the application of the new offence to large organisations (Commons amendment 151A) and also a provision on costs orders (Commons amendment 161A).
