Fraud

3 February 2020

Banks to tackle fraud by introducing extra checks on transfers

From 31 March 2020, the UK’s six largest banking groups will start checking whether the name entered on a bank transfer matches the names of the recipient bank account. It is hoped the move will combat transfer scams and errors and make it less likely customers’ money ends up in the wrong hands.

Christopher Boughton

13 September 2019

'Flipping defendants' – a new emphasis or a recycled aim?

In the fight against global economic crime, the authorities have repeatedly advocated their desire to seek the assistance of those who have participated in, or have information concerning, criminal wrongdoing. They do so in a number of ways: through the help of whistleblowers, informants, suspects or defendants testifying in court and the use of Deferred Prosecution Agreements (DPAs).

Nicola Finnerty

30 August 2019

SFO guidance on co-operation: more carrot than stick?

The Serious Fraud Office (SFO) was established to investigate and prosecute cases involving serious or complex fraud, a mission that inevitably leads it to the corporate sector. In 2010, it was given two significant tools in dealing with companies: a simple route to corporate criminal liability for bribery cases in the Bribery Act 2010 (the stick); and a means of incentivising a company fixed with corporate criminal liability to co-operate with the SFO by entering into a deferred prosecution agreement (DPA) and so avoiding a conviction (the carrot).

Louise Hodges

22 July 2019

NCA obtains first UWO against a suspected organised criminal – a change in approach

The National Crime Agency (NCA) continues to deploy Unexplained Wealth Orders (UWOs) as a means to tackle illicit finance – now, as anticipated, it has turned its focus on serious organised crime.

Ed Smyth

4 June 2019

Unexplained Wealth Orders for prime property

The National Crime Agency announced last week that it has secured three Unexplained Wealth Orders as part of its investigation into London property linked to “a politically exposed person believed to be involved in serious crime.”  We are told that the UWOs are for three residential properties in prime locations – originally bought for more than £80m and held by offshore companies.

Ed Smyth

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