The UK government has announced that large organisations must implement updated fraud prevention measures by 1 September 2025. This mandate falls under the Economic Crime and Corporate Transparency Act (ECCTA), which came into force in Autumn 2024, signalling a significant shift in the fight against financial misconduct.
The ECCTA introduces a new corporate offence: failing to prevent fraud. This adds a layer of accountability for businesses, as organisations can now be held criminally liable for fraudulent activities carried out by employees or associates. To avoid liability, companies must demonstrate they had “reasonable procedures” in place to prevent fraud.
B P Collins’s criminal team recognises the challenges this legislation will pose for both businesses and individuals. For companies, it increases the pressure to establish stringent anti-fraud frameworks. For individuals, it raises the risk of facing serious fraud allegations, as prosecuting authorities like the Serious Fraud Office (SFO) have already expressed their commitment to act decisively.
This heightened scrutiny makes early legal advice and strong representation more critical than ever for those under investigation. Preparing now can help mitigate risks and ensure compliance with the upcoming requirements.
For further advice and information, please contact B P Collins’ criminal team at enquiries@bpcollins.co.uk or call 01753 889995.
