Fraud Intelligence

A UK High Court judge has condemned Emirati-Lebanese shipbuilder Privinvest over its role in the 'tuna bonds' corruption scandal that landed Mozambique with US$2 billion in hidden debts, crashing its previously buoyant economy in 2016 when it defaulted on an IMF loan.

The UK Serious Fraud Office (SFO) has charged five former employees of Swiss commodities giant Glencore, including ex global head of the oil division, Alex Beard, with bribery in West Africa from 2007 to 2014.

Some British banks are still failing to reimburse a high proportion of their customers who fall victim to authorised push payment (APP) fraud, under the voluntary scheme that will be replaced on 7 October by mandatory repayment, the UK Payment Systems Regulator says initslatest annual report.

Digital currency customers will continue to be subject to fraud if new regulatory tools are not introduced, claimed the chairman of the Commodity Futures Trading Commission (CFTC) as the organisation won a case ordering cryptocurrency exchange FTX to pay US$12.7 billion to victims of fraud by senior executives.

Britain's Financial Conduct Authority has fined auditor PricewaterhouseCoopers LLP (PwC) UK£15 million (US$19.5 million) for failing to report suspicions that its client London Capital & Finance plc (LCF) might be involved in fraud

A survey of 1,000 UK adults, in 2023, by the University of Portsmouth, found that 26% had committed one or more economic crimes in a year. The 17% of respondents who engaged in more than one economic crime averaged four annually.