Fraud Intelligence

European Union (EU) anti-fraud agency OLAF has told Belgium-based news wires it is probing fraud and graft in the EU's €724 billion Recovery and Resilience Facility (RRF), designed to help member states' economies recover from Covid-19.

The UK Serious Fraud Office (SFO) says that it is "on track" to implement in full all Brian Altman KC's July 2022 recommendations for improvement after its failure to disclose key evidence led to the collapse of the high-profile trial against two Serco executives in April 2021.

The UK Serious Fraud Office (SFO) says that it is "on track" to implement in full all Brian Altman KC's July 2022 recommendations for improvement after its failure to disclose key evidence led to the collapse of the high-profile trial against two Serco executives in April 2021.

The new UK failure to prevent fraud offence was introduced into the Economic Crime and Corporate Transparency Bill during its progress through the House of Lords. Susannah Cogman, Elizabeth Head, Eamon McCarthy-Keen and Clara Browne of Herbert Smith Freehills analyse the latest developments, key elements of the new offence (as currently drafted), areas of ongoing debate, and give some practical illustrations of the implications for companies that are planning steps they may need to take in response.

The world's 600 largest companies are failing to provide full disclosure of anti-bribery and corruption information in their sustainability reporting, according to research by the International Federation of Accountants (IFAC) and Transparency International UK, supported bythe World Economic Forum's Partnering against Corruption Initiative.

The Criminal Bar Association, representing barristers in England and Wales, has blamed chronic underfunding of the criminal justice system for delays in trying fraud cases in courtsin England and Wales, after analysing the UK government's own data.

The UK Government is reforming the "identification doctrine", which should make it easier to hold companies liable for economic crimes committed by their senior management.

The UK Payment Systems Regulator has spelt out new mandatory reimbursement requirements for British banks and payment companies when customers are victims of an authorised push payment (APP) fraud.

The European Court of Justice (ECJ) has signalled that national judicial reviews of cross-border investigations by the European Public Prosecutor's Office (EPPO) should be limited to procedural questions.