Fraud Intelligence

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.

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.

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.

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.

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.