UK Law Firms Face Major Compliance Crisis: Over Half Unprepared for New Fraud Prevention Laws
London, United Kingdom — A recent report has revealed that more than half of legal firms in the UK are ill-prepared for a new offense aimed at preventing fraud, which goes into effect under The Economic Crime and Corporate Transparency Act (ECCTA) in September. The findings from compliance training provider Skillcast indicate that the legal sector is among the least equipped industries to handle this regulatory change. The analysis included data from 2,000 private limited companies across ten sectors. It focused on factors related to governance, compliance, and transparency, highlighting significant vulnerabilities in these areas. … Read more