i-law

Financial Crime

Money Laundering Bulletin

EFG pays US$3.7m in US over Cuba, Kingpin, Russia sanctions breaches

Swiss private banking group EFG International AG will pay US$3,740,422 to the US Office of Foreign Assets Control (OFAC) for apparent violations of various US sanctions programmes between 2014 and 2023.
Online Published Date:  15 Mar 2024
Appeared in issue:  312 - 21 Feb 2024

MEPs approve new criminal asset confiscation law

The European Parliament has approved a European Union (EU) directive negotiated with the EU Council of Ministers that will insist the 27 member states have appropriate regulations and procedures to freeze and confiscate the proceeds of crime.This legislation was prompted by concerns that only 2.2 % of the proceeds of EU-focused crime are currently confiscated.
Online Published Date:  15 Mar 2024
Appeared in issue:  312 - 21 Feb 2024

Fraud Intelligence

Same and different - crypto

Cryptocurrency-based scams are often just a new twist on tried and tested schemes involving fiat currency, but the increasing variety and complexity of virtual asset offerings do also present fresh opportunities for bad actors, finds Keith Nuthall.
Online Published Date:  15 Mar 2024

Trust in balance - control checks

However high fraud levels are, there are limits on the checks that can be performed, or business and public administration would seize up entirely. Indeed, with the increasing influence of risk-based approaches in fighting crime, Keith Nuthalldiscovers that an optimal anti-fraud strategy is as much about choosing what to trust as what to suspect.
Online Published Date:  15 Mar 2024

Compliance Monitor

Compliance system was "inadequate" in small firm fined for pension transfers

The FCA has fined a Huddersfield-based firm nearly £898,000 for its pension transfer advice, which saw 96 per cent of its British Steel Pension Scheme clients leave that arrangement even though the advice was uncompliant in 83 per cent of cases reviewed.
Online Published Date:  13 Mar 2024
Appeared in issue:  Vol 36 No 7 - 13 Mar 2024

Light cast on shadows: the new regulatory structure

The past month has seen further light shone on the future regulatory framework, which will soon exist in preliminary 'shadow' form. Esther Martin reports on the updates.
Online Published Date:  08 Mar 2024
Appeared in issue:  Vol 23 No 6 - 01 Mar 2011

Financial Crime Search

LLR: Financial Crime

AMES v R (SERIOUS FRAUD OFFICE)

[2024] Lloyd's Rep. FC 1
Fraud – Fraud by abuse of position – Ingredients of offence – Intention – Jury directions – Brown direction – Whether if more than one intent alleged jury must be directed of need to be unanimous on which type of intention proved in order to convict – Fraud Act 2006, section 4(1)(c).

R v WISEMAN

[2024] Lloyd's Rep. FC 12
Fraud – Direction to jury – Correcting a false impression – Procedural fairness in making of costs order.

R (EXOLUM PIPELINE SYSTEM LTD) v CROWN COURT AT GREAT GRIMSBY, HEALTH AND SAFETY EXECUTIVE, INTERESTED PARTY

[2024] Lloyd's Rep. FC 22
Judicial review – Senior Courts Act 1981, section 29(3) – High Court's jurisdiction over Crown Court decisions – Wasted costs order made following abandoned trial – Whether costs order was a matter “relating to trial on indictment”.

LLR: Financial Crime Plus

R v ENTAIN PLC

[2024] Lloyd's Rep. FC Plus 4
Financial crime – Deferred Prosecution Agreements – Failure to prevent bribery – Financial penalties – Corporate governance – Bill of Indictment – Bribery Act 2010 – Crime and Courts Act 2013 – Market Abuse Regulation (EU) No 596/2014.

R v MAHMUD

[2024] Lloyd's Rep. FC Plus 5
Dishonesty – Claim of right – Legal directions – Belief as to legal entitlement.

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