On October 26, 2023, the government enacted the Economic Crime and Corporate Transparency Act (the Act). This Act was deemed necessary to address the exposure of the U.K. to the risk of fraud and money laundering. For many years, the U.K. has been one of the world’s largest and most open economies. Although this has made it attractive for global businesses, it has also increased its exposure to organized crime and the abuse of its financial system. 

In this article, Audit Analytics takes a closer look at some of the key features of the Act.