The Economic Crime and Corporate Transparency Act 2023 (ECCTA) was introduced to help the government tackle corporate criminal fraud and economic crime. However, these regulations also have implications for charities.
In an article for the Institute of Chartered Accountants England and Wales (ICAEW), partner Jonathan Brinsden discusses the increased administrative costs that charities will likely face in order to comply with regulations.
For smaller charities, this will require a greater level of committed administrative expense on an ongoing basis. The prospect of fines will be greater – not just for filing your accounts or your annual return late, but if your company director information is not up to date and you haven’t verified their ID. But ultimately, we’ll have a much more robust Companies House register, which will probably be for the benefit of everybody.
Jonathan Brinsden
Partner
Read the full article on on the ICAEW website.
