Question to the Home Office:

To ask His Majesty's Government when they will publish the guidance relating to failure to prevent fraud offences, as required under section 204 of the Economic Crime and Corporate Transparency Act 2023.

The government is currently working on the guidance for the new offence. We hope to publish it in early summer. The offence will then come into effect after an implementation period of 6 months is complete.

The offence is similar to the existing offence of failure to prevent bribery and failure to prevent facilitation of tax evasion, both of which have had success in changing business culture.

It will drive a culture change towards improved fraud prevention procedures in organisations and hold them to account if they profit from fraud by their employees, agents or other persons providing services on their behalf.