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The SFO annual report - last word on the end of an era
The UK Serious Fraud Office (SFO) has published its final annual report of the Lisa Osofsky era. With the current SFO Director set to leave her post in a matter of weeks, the report, says Francesca Cassidy-Taylor of Rahman Ravelli, serves as a snapshot of the agency as she departs.
Online Published Date:
31 July 2023
Appeared in issue:
October/November 2023 - 02 October 2023
UK accounting watchdog completes record number of audit flaw cases in 2022/23
British accountancy regulator the Financial Reporting Council (FRC) concluded 19 investigations in the financial year 2022/23, imposing fines worth UK£40.5 million (US$51.5 million) for failings in audits, mainly on the firms conducting them but with GBP1 million (USD1.27 million) in penalties leviedon their senior partners.
Online Published Date:
03 August 2023
Appeared in issue:
October/November 2023 - 02 October 2023
Support for fraud victims rolled out in England & Wales
A London-based anti-fraud unit which supports vulnerable victims has been rolled out to all 43 police forces in England and Wales. The Action Fraud National Economic Crime Victim Care Unit (NECVCU) has been operated until now by the City of London Police - England and Wales' lead anti-fraud police force - helping London victims of fraud and cybercrime cope and recover from offences. It has also provided fraud prevention advice and support to reduce the likelihood of repeat victimisation.
Online Published Date:
11 August 2023
Appeared in issue:
October/November 2023 - 02 October 2023
UBS pays US$1.435 billion fine at close of US mortgage security saga
Swiss bank UBS and its US subsidiaries have paid US$1.435 billion to settle the last of the civil cases stemming from the sub-prime mortgage scandal that spawned the 2008 financial crisis.
Online Published Date:
17 August 2023
Appeared in issue:
October/November 2023 - 02 October 2023
UK tax authority should boost whistleblower payments, say lawyers
Lawyers are calling for His Majesty's Revenue and Customs (HMRC) to increase awards to UK whistleblowers who come forward and identify tax fraud.Latest figures released by London law firm Reynolds Porter Chamberlain (RPC) reveal that in the last financial year, HMRC paid out almost UK£510,000 to individuals providing details of tax fraud - up from UK£495,000 the previous year.
Online Published Date:
30 August 2023
Appeared in issue:
October/November 2023 - 02 October 2023
SFO drops major mining cases before new director starts
The UK Serious Fraud Office (SFO) has shuttered investigations into two major mining companies on the eve of a new director's arrival.Former Assistant Commissioner of the Metropolitan PoliceNick Ephgrave takes over from Lisa Osofsky at the end of September.
Online Published Date:
30 August 2023
Appeared in issue:
October/November 2023 - 02 October 2023
Reactive - resistance builds to APP fraud
Authorised push payment (APP) fraud, in which someone is tricked into sending money to a party posing as a genuine payee, is proving a lucrative form of theft but Keith Nuthall finds that changes in compensation rules, data pooling by financial institutions and better risk profiling are starting to drive an effective response.
Online Published Date:
06 September 2023
Appeared in issue:
October/November 2023 - 02 October 2023
US whistleblower receives US$69 million after former employer settles claim it overcharged government
An American whistleblower has said she warned her former employer, Booz Allen Hamilton Holding Corporation, of its wrongdoing before suing it on behalf of the US government, then receivinga US$69,828,832 reward for exposing procurement fraud.
Online Published Date:
06 September 2023
Appeared in issue:
October/November 2023 - 02 October 2023
UK government fails to fight wave of fraud on public spending - MPs report
The UK House of Commons Public Accounts Committee has accused the British government of failing to control massive fraud impacting public spending, damaging the UK's reputation for honesty and probity.
Online Published Date:
12 September 2023
Appeared in issue:
October/November 2023 - 02 October 2023
UK government blocks amendments to strengthen Economic Crime bill
The UK Government has missed key opportunities to tackle fraud and firm up the Economic Crime and Corporate Transparency Bill as it progresses through Parliament, says Spotlight on Corruption.
Online Published Date:
14 September 2023
Appeared in issue:
October/November 2023 - 02 October 2023
Look here! - signs of deceit & dishonesty
Fraud investigators are often meticulous and driven, building a case for their employers that may end up in court - but what red flags might spark an initial inquiry? Keith Nuthall finds out.
Online Published Date:
15 September 2023
Appeared in issue:
October/November 2023 - 02 October 2023
Mopping up Covid-19 loan fraud contamination
Some of the standard checks and safeguards were thrown to the wind as the UK Government scrambled to prop up small businesses in the early throes of the pandemic. Though fraud estimates vary wildly, they are all in the billions of pounds, and a substantial loan recovery effort is piling on further expense. As hundreds of company directors are struck off for offences related to the schemes, Victoria Dunstall of Excello Law provides an update.
Online Published Date:
18 September 2023
Appeared in issue:
October/November 2023 - 02 October 2023
Failure to prevent fraud: the defence
The current passage of the Economic Crime and Corporate Transparency Bill through the parliamentary process is poised to present companies with a formidable new legislative challenge - the 'failure to prevent fraud' offence. Ben Cooper of TLT sets out what the current rules for bribery and tax evasion offences suggest about the incoming fraud regime.
Online Published Date:
18 September 2023
Appeared in issue:
October/November 2023 - 02 October 2023
Objective order in investigative interviews
Regardless of the extra ingredients you add, a ham and cheese sandwich only needs three items to be a ham and cheese sandwich. Bruce G Pitt-Payne pulls apart the essential components of an investigative interview.
Online Published Date:
19 September 2023
Appeared in issue:
October/November 2023 - 02 October 2023
Weak internal controls: an open door to fraud
In his 40-year career, John Tonsick has conducted countless fraud examinations that could have been prevented, or detected much sooner, through adequate internal controls. Two deficiencies in particular play an outsized role...
Online Published Date:
19 September 2023
Appeared in issue:
October/November 2023 - 02 October 2023
Four charged over Patisserie Valerie collapse
The UK Serious Fraud Office (SFO) has brought fraud charges against four individuals, including a former director, for their role in the October 2018 collapse of high street bakery chain Patisserie Valerie.
Online Published Date:
21 September 2023
Appeared in issue:
October/November 2023 - 02 October 2023
Recharge - fresh start for the SFO
Some attritional legacy cases shut down in time for the new director's arrival, as well as an imminent expansion of legal powers long sought, should set the UK Serious Fraud Office on a positive path. Paul Cochranerings the changes.
Online Published Date:
22 September 2023
Appeared in issue:
October/November 2023 - 02 October 2023
Donald Trump committed fraud by inflating asset values, New York judge rules
Former US President Donald Trump and executives from his company deceived banks, insurers and others repeatedly by exaggerating the value of his assets and net worth, Judge Arthur Engoron has determined at the start of a civil case brought by Letitia James, New York's attorney general.
Online Published Date:
27 September 2023
Appeared in issue:
October/November 2023 - 02 October 2023
UK public sector fraud body saved UK£311 million in first year
The UK's new Public Sector Fraud Authority (PSFA) saved taxpayers UK£311 million (US$377.5 million) in its first year of operation, far outstripping the UK£180 million (US$218 million) target set at its launch in August 2022.
Online Published Date:
28 September 2023
Appeared in issue:
October/November 2023 - 02 October 2023