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.
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).
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).
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.