Article: Are You Doing Enough To Prevent Fraud? banner

Article: Are You Doing Enough To Prevent Fraud?

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By James Hardy, Forensic Analyst. Milsted Langdon

According to Government statistics, it is estimated that fraud was the most common crime in 2022, accounting for 41 per cent of all offences. However, typically fraud has been under reported so this figure may well be higher.

In a bid to tackle fraud, the Government has introduced the Economic Crime and Corporate Transparency Act 2023, which received Royal Assent in October 2023 and is expected to come into force in 2024.

The Act brings in the biggest changes to Companies House since corporate registrations were established in 1844.

As well as enhancing the role of Companies House in fraud prevention, the Act has created a new offence, known as ‘failure to prevent fraud’, aimed at encouraging businesses to identify and prevent fraudulent transactions at the source.

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