- Home/Publications/Fraud Intelligence
Developing countries lose more from tax evasion than they gain in aid, GFI
Tax evasion drained a record US$991.2 billion in illicit financial flows from developing economies in 2012 - facilitating crime and corruption, according to a new study by Global Financial Integrity (GFI), a Washington DC-based research and advisory..
Online Published Date:
04 February 2015
Appeared in issue:
February/March 2015 - 04 February 2015
The ponderous progress of international fraud law
Though fraud is often international in scope, the development of legal measures that cater to the complexities involved in apprehending criminal activity across borders has dawdled for decades. In the first of a two-part article, Mark Surguy of..
Online Published Date:
04 February 2015
Appeared in issue:
February/March 2015 - 04 February 2015
West, Whale & Stone: SFO scores a first under the Bribery Act 2010
In Southwark Crown Court on 8 December 2014, three individuals prosecuted by the Serious Fraud Office for fraud and corruption offences, including offences under the Bribery Act 2010, were sentenced. They were each given long custodial sentences,..
Online Published Date:
04 February 2015
Appeared in issue:
February/March 2015 - 04 February 2015
Coming clean: Deepwater Horizon, a study in disaster cost control
A major disaster scenario – where mass procurement of services and goods is conducted under acute time pressures – poses particular problems for fraud prevention. Adam Bowen, who undertook senior accounts payable roles in the wake of the..
Online Published Date:
04 February 2015
Appeared in issue:
February/March 2015 - 04 February 2015
A practical plan? The UK’s anti-corruption strategy
The United Kingdom’s recent Anti-Corruption Plan may lead to significant steps forward, but there are conspicuous omissions – such as how it will be funded, the future of the Serious Fraud Office and the need for greater transparency..
Online Published Date:
04 February 2015
Appeared in issue:
February/March 2015 - 04 February 2015
The Latin beat – a local guide
Venezuela boasts more oil reserves than any other nation in the world and, with several other oil-producing countries in the region, Latin America possesses some 20 per cent of the world’s known resource. However, as prices sag for the..
Online Published Date:
04 February 2015
Appeared in issue:
February/March 2015 - 04 February 2015
’Ello, ’ello, ’ello: how English courts continue to police the world
2014 was a bumper year for the English court exercising its powers to freeze the assets of alleged wrongdoers. Jamie Curle, Sarah Ellington, Min Weaving and Yasmin Bailey of DLA Piper examine both the established principles and new applications of..
Online Published Date:
04 February 2015
Appeared in issue:
February/March 2015 - 04 February 2015
Key Fraud Indicators in practice
In this second of two articles on KFIs, Emmanuel Pascal, of food company Brakes Group in France, provides examples of how fraud indicators can be put to effective use.
A case study: the products with variable weight process
Products like..
Online Published Date:
04 February 2015
Appeared in issue:
February/March 2015 - 04 February 2015
Private prosecutions: navigate with care
Private prosecutions are on the rise in England and Wales but they often entail a complexity not found in public prosecutions or civil proceedings, which needs to be appreciated and managed from the outset. Hannah Laming and Chris Gribbin of Peters..
Online Published Date:
04 February 2015
Appeared in issue:
February/March 2015 - 04 February 2015
Public procurement is high priority, says OLAF director general
Public procurement for infrastructure projects in the European Union (EU) involving spending EU public money is particularly prone to fraud, the European Anti-Fraud Office (OLAF) director general has told Fraud Intelligence.
Speaking in an..
Online Published Date:
04 February 2015
Appeared in issue:
February/March 2015 - 04 February 2015
Cross-border currents - EU deal on customs fraud and Argentina falls far short on corruption
European Union (EU) governments and MEPs have struck a deal to create two databases containing information on the trade in goods into and out of the EU, to help fight customs fraud. These would be run by the European Commission: one would be a..
Online Published Date:
04 February 2015
Appeared in issue:
February/March 2015 - 04 February 2015
Ex-JJB Sports chief executive jailed over secret payments
Southwark Crown Court, in London, has sentenced the former CEO of a British sports good retailer JJB Sports to five years in prison for three fraud offences, totalling around UK£1million, and for two offences of ‘furnishing false..
Online Published Date:
04 February 2015
Appeared in issue:
February/March 2015 - 04 February 2015
Official crime figures mask rise in fraud and cyber
Fraud offences in the UK rose 5% in the 12 months ending September 2014 according to the country’s national fraud and cybercrime reporting centre, Action Fraud. It recorded 213,000 instances: four per 1,000 (0.4%) people.
The UK’s..
Online Published Date:
04 February 2015
Appeared in issue:
February/March 2015 - 04 February 2015
SFO close Autonomy accounts investigation
The Serious Fraud Office had ended its probe into alleged “accounting misrepresentations” by software group Autonomy, which Hewlett-Packard bought for $11.1bn in 2011, only to take an $8.8bn write-down on the acquisition months later...
Online Published Date:
04 February 2015
Appeared in issue:
February/March 2015 - 04 February 2015
Cyber future – a risk outlook beyond 2015
Big data and the internet of things are here or very near but fraud professionals should also be scanning the cyber event horizon, says Mark Johnson of The Risk Management Group.
As we enter 2015, a raft of articles about the threats we will..
Online Published Date:
04 February 2015
Appeared in issue:
February/March 2015 - 04 February 2015
Weavering hedge fund founder convicted of fraud
The former head of Weavering Capital, the hedge fund that collapsed in 2009 leaving investors with losses of $530m, has been convicted on eight counts of fraud and forgery. Magnus Peterson had already lost a $450m civil case brought in 2012 by..
Online Published Date:
04 February 2015
Appeared in issue:
February/March 2015 - 04 February 2015