Companies House has published the Second Progress Report, highlighting progress in implementing changes introduced by the Economic Crime and Corporate Transparency Act 2023 (ECCTA). Not all provisions of the ECCTA 2023 are yet in force; they will be phased in gradually by the end of the year. 📜 The provisions of the Act relating to the prevention of fraud will come into effect on 1 September 2025. 💸 Fraud costs the UK economy billions every year. Organisations must assess whether they already have reasonable procedures in place or, if not, make the necessary changes. ⚖️ The Act provides a defence to the ‘failure to prevent fraud’ offence if an organisation can demonstrate that it had ‘reasonable procedures’ to prevent fraud. This can be done using the Fraud Assessment tool https://fraudprevention.scoreapp.com/ developed by Rupert Evill Ethics Insight 🆓 The tool is FREE and generates a REPORT that includes a score based on seven categories, as detailed in the carousel below.
👍 The assessment tool has been tested by my team; it is highly professional and will support organisations in their gap analysis.
🚨 Economic Crime and Corporate Transparency Act 2023 = Fraud Risk Assessment Tool 🚨
