UK property register ‘needed urgently’ to stop money laundering – The Guardian

‘Proposals for the first register of foreign-owned property aimed at preventing “McMafia-style” money laundering should be put in practice urgently and reinforced to plug potential loopholes, the government has been told.’

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The Guardian, 20th May 2019

Source: www.theguardian.com

Autonomy founder Mike Lynch faces UK high court and fresh charges in US – The Guardian

Posted March 25th, 2019 in confiscation, conspiracy, fraud, money laundering, news, proceeds of crime by sally

‘Autonomy founder Mike Lynch will on Monday begin his high court defence against accusations that he perpetrated a $5bn (£3.8bn) fraud, as US prosecutors unveiled fresh criminal charges accusing the British businessman of a cover-up.’

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The Guardian, 24th March 2019

Source: www.theguardian.com

AML oversight body finds legal regulators coming up short – Legal Futures

Posted March 14th, 2019 in financial regulation, money laundering, news by tracey

‘Nearly half of legal regulators do not have undertake enough supervision of anti-money laundering (AML) efforts, according to the organisation set up to scrutinise them.’

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Legal Futures, 14th March 2019

Source: www.legalfutures.co.uk

Defendant who defrauded council pension fund of £1m jailed for seven years – Local Government Lawyer

Posted January 30th, 2019 in fraud, local government, money laundering, news, pensions, sentencing by sally

‘A man who defrauded Westminster City Council’s pension fund of more than £1m has been jailed for seven years.’

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Local Government Lawyer, 29th January 2019

Source: www.localgovernmentlawyer.co.uk

Javid and Hammond team up to tackle £14bn of economic crimes – The Guardian

Posted January 14th, 2019 in bribery, budgets, corruption, enforcement, fraud, money laundering, news, statistics by tracey

‘The home secretary and chancellor are to launch a joint assault on fraud, bribery, corruption and money laundering. Sajid Javid and Philip Hammond will chair a new taskforce that will work with senior figures in the financial sector to tackle economic crime. This is a broad category covering a range of illegal activity, with the Home Office estimating its scale to be at least £14.4bn a year.’

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The Guardian, 14th January 2018

Source: www.theguardian.com

Jail for solicitor “who wouldn’t ask too many questions” – Legal Futures

Posted January 9th, 2019 in money laundering, news, sentencing, solicitors by sally

‘A solicitor who was the “go to” lawyer for a gang of criminals because he would not ask too many questions about where their money came from has been jailed for seven years.’

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Legal Futures, 8th January 2019

Source: www.legalfutures.co.uk

Multiplicity of legal regulators “not helping AML fight” – Legal Futures

Posted December 12th, 2018 in financial regulation, money laundering, news by sally

‘The “multiplicity” of legal and accountancy regulators in the UK is not helping the fight against money laundering, the Financial Action Task Force (FATF) has complained.’

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Legal Futures, 12th December 2018

Source: www.legalfutures.co.uk

Gambler’s victims to sue bookmakers where he spent stolen cash – The Guardian

Posted December 11th, 2018 in compensation, gambling, money laundering, news, theft, victims by sally

‘Two of the UK’s largest bookmakers are facing compensation claims worth £1.5m over allegations that they allowed a gambling addict to bet hundreds of thousands of pounds in stolen cash.’

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The Guardian, 10th December 2018

Source: www.theguardian.com

Investor visa scheme halted in money laundering crackdown – BBC News

Posted December 6th, 2018 in citizenship, immigration, money laundering, news, visas by sally

‘Ministers are halting a “gold-plated” visa scheme offering foreign investors a fast-track to settling in the UK, as part of a crackdown on financial crime.’

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BBC News, 5th December 2018

Source: www.bbc.co.uk

Online gambling firms fined in crackdown – BBC News

‘Three online casino companies have been fined and one has been prevented from operating in the UK following a crackdown by the industry regulator. The Gambling Commission has fined three firms almost £14m for not having “effective safeguards” to prevent money laundering and harm to customers from gambling.’

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BBC News, 29th November 2018

Source: www.bbc.co.uk

Solicitors warned about acting as ‘hired guns’ for dubious clients – Law Society’s Gazette

‘Regulators have vowed to take action against any solicitor found to have neglected their wider obligations simply to keep a client happy.’

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Law Society's Gazette, 27th November 2018

Source: www.lawgazette.co.uk

Tighter regulation of cryptoassets coming in the UK – OUT-LAW.com

Posted November 1st, 2018 in consultations, EC law, financial regulation, money laundering, news, terrorism by sally

‘The regulation of cryptoassets is likely to get tighter in the UK, starting from next year, according to a new report by a body tasked with exploring whether new rules are needed to address their growing popularity.’

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OUT-LAW.com, 31st October 2018

Source: www.out-law.com

Paddy Power Betfair fined after stolen cash is gambled through its website – BBC News

Posted October 16th, 2018 in fines, gambling, money laundering, news by sally

‘Paddy Power Betfair has been fined £2.2m for failing to stop stolen money being gambled through its website and for failing to protect customers showing signs of problem gambling.’

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BBC News, 16th October 2018

Source: www.bbc.co.uk

Barrister wins right to see reports his bank made to police – Legal Futures

Posted October 11th, 2018 in banking, barristers, freedom of information, money laundering, news, police by sally

‘A barrister has won the right to see suspicious activity reports (SARs) that his bank made to the National Crime Agency (NCA) about money received into his accounts.’

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Legal Futures, 10th October 2018

Source: www.legalfutures.co.uk

Specialist financial crime unit to crack down on prison gangs – Ministry of Justice

Posted October 4th, 2018 in crime, money laundering, press releases, prisons by tracey

‘A new specialist unit will identify and freeze bank accounts linked to organised crime behind bars, Justice Secretary David Gauke announced today.’

Full press release

Ministry of Justice, 2nd October 2018

Source: www.gov.uk/government/organisations/ministry-of-justice

Banker’s wife may lose property worth millions after UK court ruling – The Guardian

Posted October 4th, 2018 in money laundering, national crime agency, news, proceeds of crime by tracey

‘The wife of a foreign banker faces losing UK property worth millions of pounds unless she can explain the source of her wealth, following a judgment at the high court.’

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The Guardian, 3rd October 2018

Source: www.theguardian.com

Woman who laundered money from corrupt payments to her brother sentenced – Crown Prosecution Service

Posted September 27th, 2018 in confiscation, conspiracy, money laundering, press releases, sentencing by tracey

‘A woman who hid $3.5 million in corrupt payments by letting it pass through her foreign bank accounts has been given a suspended prison sentence today (25 September).’

Full press release

Crown Prosecution Service, 25th September 2018

Source: www.cps.gov.uk

The Sanctions and Anti-Money Laundering Act – Brexit Law

Posted August 20th, 2018 in money laundering, news, podcasts, sanctions by sally

‘Podcast by Maya Lester QC recorded for the BIICL.’

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Brexit Law, 17th August 2018

Source: brexit.law

Appeal judges reject criminals’ “cynical” attempt to blame barrister – Legal Futures

Posted August 7th, 2018 in barristers, confiscation, money laundering, news by sally

‘The Court of Appeal has rejected what it described as a “cynical” attempt by two men convicted of money laundering to blame their barrister for confiscation orders made against them.’

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Legal Futures, 7th August 2018

Source: www.legalfutures.co.uk

Offshore owners of British property to be forced to reveal names – The Guardian

Posted July 24th, 2018 in bills, disclosure, money laundering, news by tracey

‘Offshore owners of British property will be forced to reveal their true identities or face jail sentences and unlimited fines under draft laws that aim to end the UK’s reputation as a high-risk jurisdiction for money laundering.’

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The Guardian, 23rd July 2018

Source: www.theguardian.com