All Money laundering and financial crime articles – Page 21
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NewsSolicitor fraud case dismissed
The defendants had set up a complex commercial transaction involving opencast mining sites and restoration obligations.
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NewsFirms ‘must question origin of foreign clients’ funds’
Former employer of Sergei Magnitsky says UK has become a haven for money launderers.
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News£4.5m fraud trial threatened by legal aid cuts
The first prosecution to be brought by the Financial Conduct Authority could be threatened.
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MPs recommend tough penalties for corporate fraudsters
Committee warns that new guidelines might result in ‘overly lenient’ sentences
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ProfileMadoff fraud suspect vindicated
Trevor Asserson successfully defended Sonja Kohn, the main defendant in Madoff Securities International Limited (MSIL) v Raven & Ors.
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MoJ cancels £75m in unpaid court fines
Shadow justice secretary attacks 50% two-year increase in cancelled fines.
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NewsNational Crime Agency opens for business
The home secretary has published the government’s strategy to ‘relentlessly pursue’ organised and serious crime.
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NewsVaz agrees to delay naming law firms linked to rogue investigators
Publication of law firms linked to rogue private investigators will be delayed by at least two weeks, MPs have confirmed.
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Banks win mis-selling case at appeal court
The Court of Appeal has dealt a blow to businesses bringing claims against banks for allegedly mis-selling interest rate swaps products by dismissing a claim against the Royal Bank of Scotland.
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Bribery Act lying dormant, SFO admits
The Serious Fraud Office is investigating just two cases relating to the Bribery Act more than two years after the new law came into force, the Gazette has learned. A freedom of information request has revealed the SFO has yet to bring any prosecutions under the new legislation and has ...
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MoJ contracts reviewed as G4S referred to SFO
Justice secretary Chris Grayling has asked the Serious Fraud Office to investigate contractor G4S after telling parliament that it and rival Serco had overcharged the government by ‘tens of millions of pounds’ for tagging criminals. Grayling said the firms had charged the government for tagging people who were in prison, ...
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EC unveils European public prosecutor plan
A European Public Prosecutor’s Office will tackle the annual loss to fraud of £431m of EU funds according to proposals published by the European Commission yesterday. The proposed office will follow up every case of suspected fraud against the EU budget. This will have a strong deterrent effect, the EC ...
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Lawyers shocked by money laundering claim
Lawyers have reacted with concern to an inter-governmental report apparently suggesting that complicity in money laundering and terrorist financing is rife in the legal sector. Money Laundering and Terrorist Financing Vulnerabilities of Legal Professionals, published by the Financial Action Task Force, a body set up by seven leading economies, presents ...
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Financial crime sentences to prioritise victims
Proposed new sentencing guidelines for financial crimes published last week encompass bribery and money laundering for the first time, while setting out to prioritise the impact of crime on the victim. The guidelines, which will replace existing guidance published by the Sentencing Guidelines Council in 2009, also cover the sentencing ...
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Privilege fears over deferred prosecutions
Simmons & Simmons partner Stephen Gentle told the Gazette: ‘The consultation on DPAs stated that the “Code of Practice would include provision for the protection of legal professional privilege”. ‘But there is no such provision, and comprehensive self-reporting of wrongdoing will almost certainly lead to companies waiving privilege if a ...
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Feature
Bribery Act: ‘facilitation payments’
The ‘Star Chamber’, a somewhat sinister-sounding governmental group tasked with reducing bureaucracy, is to carry out a review of the Bribery Act 2010 with a view to examining facilitation payments.
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European AML directive ‘unlikely to be effective’
The fourth European money laundering directive, published last week, is likely to impose significant but ineffective burdens on solicitors over the ‘vexing issue’ of identifying beneficial owners, the Law Society has warned.
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Judicial hurdles hamper recovery of looted assets, says transparency group
International efforts to block the looting of poor countries by corrupt governments are hampered by the lack of a single body to combat money laundering in the UK, according to a government-sponsored study. Combating money laundering and recovering looted gains, by Transparency International, calls on the government to fund asset-recovery ...
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SRA intervenes after solicitor arrested
A solicitor from Cheshire has been suspended from practising after he was arrested on suspicion of fraud. The Solicitors Regulation Authority today intervened to prevent partner Andrew Taylor from practising at his firm in Cheadle. Police confirmed last week that they had arrested a 56-year-old man on suspicion of fraud ...