Bosses could face jail for failure to prevent fraud – BBC News
‘Company bosses could be prosecuted for failing to stop their staff committing fraud under new laws being considered by ministers.’
BBC News, 12th September 2016
Source: www.bbc.co.uk
Category: money laundering
Brexit, risk mitigation & corporate crime – Halsbury’s Law Exchange
‘After the shock waves felt as a result of the Brexit vote, how should companies deal with corporate governance and criminal risk issues? What should companies be monitoring as they await changes that will take place once the Brexit Article 50 trigger is pulled?’
Halsbury’s Law Exchange, 9th August 2016
Source: www.halsburyslawexchange.co.uk
Cybercriminal “Sir King Cash” ordered to pay back over half a million pounds – Crown Prosecution Service
‘Fraudster Sean Benson, who went by the screen name “Sir King Cash”, has been ordered to pay back £554,000 by a judge at Southwark Crown Court. Benson now has three months in which to pay back the money or face a further five years in jail. All of the money will be paid back to the victims of the fraud.’
Crown Prosecution Service, 29th July 2016
Source: www.cps.gov.uk
Gambling Commission orders Betfred to pay £800,000 – The Guardian
‘The bookmaker Betfred has agreed to an £800,000 settlement after accepting stolen cash from a “VIP” customer, who was allegedly offered free drinks and day trips to encourage him to keep betting.’
The Guardian, 14th June 2016
Source: www.guardian.co.uk
We need full separation from Law Society to police money laundering, SRA tells Treasury – Legal Futures
‘The Solicitors Regulation Authority (SRA) has opened a second front in its campaign for full separation from the Law Society by appealing to the Treasury to intervene over the issue of money laundering.’
Legal Futures, 7th June 2016
Source: www.legalfutures.co.uk
FCA warns banks on use of anti-money laundering rules to close accounts – The Guardian
‘UK banks have been told by the City regulator they should not use anti-money laundering rules as an excuse to close accounts for charities, politicians and other clients just because they perceive them as risky.’
The Guardian, 24th May 2016
Source: www.guardian.co.uk
Four Latvians jailed in UK for exploiting vulnerable migrants – The Guardian
‘Four members of a Latvian organised crime gang who used vulnerable fellow migrants to launder stolen money and offered their indebted female eastern European workers as brides for hire have been sentenced to a total of 23 years in prison at Huntingdon crown court.’
The Guardian, 20th May 2016
Source: www.guardian.co.uk
UK proposes ‘sweeping changes’ to corporate liability for economic crimes – OUT-LAW.com
‘The planned introduction of a new corporate criminal offence of failure to prevent fraud, money laundering and other economic crimes would have an “even bigger impact on businesses than the introduction of the Bribery Act”, a corporate crime expert has said.’
OUT-LAW.com, 13th May 2016
Source: www.out-law.com
New plans to tackle corporate fraud – Ministry of Justice
‘New proposals to crack down on “economic crimes” such as fraud and money laundering are to be considered later this year.’
Ministry of Justice, 12th May 2016
Source: www.gov.uk/government/organisations/ministry-of-justice
Gang jailed over pensioner phone scam – BBC News
‘Eight men from London have been jailed for a phone scam that defrauded UK pensioners out of more than £1m.’
BBC News, 4th May 2016
Source: www.bbc.co.uk
New ‘unexplained wealth orders’ among UK anti-money laundering reforms – OUT-LAW.com
‘Those suspected of money laundering could be required to explain the origins of any unexpected wealth or risk forfeiture as part of a package of measures put forward for consultation by the UK government.’
OUT-LAW.com, 25th April 2016
Source: www.out-law.com
Money laundering: New law planned to target corrupt officials – BBC News
‘MPs, councillors and civil servants suspected of corruption are to be targeted by a new law proposed by the home secretary.’
BBC News, 21st April 2016
Source: www.bbc.co.uk
Biggest reforms to money laundering regime in over a decade – Home Office
‘The Home Secretary has set out the most significant changes to the UK’s anti-money laundering and terrorist finance regime in over a decade.’
Home Office, 21st April 2016
Source: www.gov.uk/home-office
Conveyancers on both sides held liable for fraud in landmark case – Legal Futures
‘The conveyancers on both sides of a property fraud have been found jointly liable for the £470,000 loss suffered by the buyer.’
Legal Futures, 18th April 2016
Source: www.legalfutures.co.uk
National Crime Agency demands quicker access to offshore firm records – The Guardian
‘The UK crime agency is demanding quicker access to the corporate records of secretive offshore companies in Britain’s overseas territories including the British Virgin Islands, Bermuda and the Cayman Islands.’
The Guardian, 10th April 2016
Source: www.guardian.co.uk
Four guilty of hijacking migrant workers’ bank accounts – The Guardian
‘Three men and a woman convicted of laundering criminally acquired money in Cambridgeshire after trial over offences relating to exploitation of workers.’
The Guardian, 22nd March 2016
Source: www.guardian.co.uk
Former X Factor hopeful guilty of laundering phone scam cash – BBC News
‘A former X Factor contestant has been found guilty of laundering £20,000 from a phone scam that defrauded 18 pensioners across southern England.’
BBC News. 3rd March 2016
Source: www.bbc.co.uk
Paddy Power ‘encouraged gambler until he lost his home, jobs and family’ – The Guardian
‘Bookmaker Paddy Power encouraged a problem gambler to keep betting until he lost five jobs, his home and access to his children, according to a report by the Gambling Commission.’
The Guardian, 29th February 2016
Source: www.guardian.co.uk
The FCA and Upper Tribunal – Financial Services Blog
‘The FCA’s “further decision notice” on Mr Tariq Carrimjee (senior partner and CEO of Somerset Asset Management) revealed that, the regulator has taken on board the Tribunal’s view that banning Mr Carrimjee from all regulated activity would be “irrational and disproportionate”, and it has instead decided to prohibit him from performing compliance oversight (CF10) and money laundering reporting functions (CF11).’
Financial Services Blog, 15th February 2016
Source: www.rpc.co.uk
