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UK overseas entities register ‘riddled with flaws and loopholes’
TheUK’s new register of overseas entities (ROE) run by registrar Companies House,that went live on 1 August [2022], has come under fire over loopholes thatcould mean beneficial owners of property can still hide their identity.
Online Published Date:
02 September 2022
Appeared in issue:
October/November 2022 - 05 August 2022
UK bounce back loan fraud hits UK£1.5 billion – admits government
Fraud (actual and suspected) under the UK Bounce Back Loan Scheme, brought in to support businesses during the Covid-19 pandemic, with lending being 100% underwritten by the government, hit UK£1.5 billion (US$1.7 billion) on 31 July [2022], official data has revealed.
Online Published Date:
07 September 2022
Appeared in issue:
October/November 2022 - 05 August 2022
The old ones are the... worst - fraud, tried and tested
"There is nothing new under the sun": the Old Testament author of Ecclesiastes 9:1 may even have had deception for gain in mind as many high yielding strategems today are variations on themes long used; Paul Cochranelooks at which still work and why.
Online Published Date:
11 September 2022
Appeared in issue:
October/November 2022 - 05 August 2022
A delicate balance – retailing
Too heavy an emphasis on prevention risks deterrence, not just of fraudsters but of the indispensable, honest customer. Sara Lewis looks at how the consumer sector manages an inescapable dynamic tension.
Online Published Date:
14 September 2022
Appeared in issue:
October/November 2022 - 05 August 2022
Cross-border currents – Hungary could lose €7.5bn of EU funds over graft claims
The European Commission has bitten the bullet and for the first time imposed a major financial penalty on a European Union (EU) member state that it considers so corrupt, its handling of EU funds cannot be trusted.
Online Published Date:
21 September 2022
Appeared in issue:
October/November 2022 - 05 August 2022
Donald Trump sued by New York AG for “years of financial fraud”
Former US President Donald Trump has been sued by the attorney general of New York over claims he and his children made false statements inflating their apparent wealth to secure millions of dollars in loans, reduced interest payments, insurance coverage tax breaks and other benefits.
Online Published Date:
21 September 2022
Appeared in issue:
October/November 2022 - 05 August 2022
US corporate criminal enforcement to target individuals
The United States Department of Justice’s top priority for corporate criminal enforcement will be “going after individuals who commit and profit from corporate crime,” Deputy Attorney General Lisa O. Monaco announced in a policy statement made on 15 September [2022].
Online Published Date:
21 September 2022
Appeared in issue:
October/November 2022 - 05 August 2022
The UK Bribery Act: revisiting ‘adequate procedures’
More than ten years after the legislation was adopted, we still have limited information on how the courts would treat a section 7 ‘adequate procedures’ defence against bribery charges. Steve Melrose of Bellevue Law reminds firms they must proactively re-assess their control frameworks against the Ministry of Justice Guidance.
Online Published Date:
22 September 2022
Appeared in issue:
October/November 2022 - 05 August 2022
Shared experience - books to inform (and entertain)
Physical and online shelves are not short of white-collar crime titles but picking out those that will truly assist investigation work is not a quick task. Keith Nuthalltalked to practitioners and offers some recommendations.
Online Published Date:
22 September 2022
Appeared in issue:
October/November 2022 - 05 August 2022
The deepfake state
While deepfake technology first dates from 1997, it is only since the late 2010s that we have seen widespread use - and misuse - of doctored imagery, including by scammers. Esther Martin reports on recent developments in this evolving arena.
Online Published Date:
29 September 2022
Appeared in issue:
December/January 2023 - 29 September 2022
Food security - technology digest
Risk to life, let alone the practical demands of tracking criss-cross international flows of ingredients and comestibles, make urgent the search for fast, reliable ways to test and authenticate foods and drinks. Keith Nuthall, Barbara Barkhausen, Sarah Gibbonsand Kathryn Wortleyreview current initiatives and applied scientific research.
Online Published Date:
29 September 2022
Appeared in issue:
October/November 2022 - 05 August 2022
EU fraud case numbers flat in 2021 but value more than doubles to ?3.24 billion
Case numbers forboth fraud and non-fraudulent irregularities against the European Union (EU) budget detected by EU and member state authorities remained stable in 2021 compared to 2020, but the amounts involved more than doubled to ?3.24 billion (US$3.17 billion) from ?1.46 billion (US$1.43 billion), according to the latest report from the bloc's anti-fraud office OLAF.
Online Published Date:
29 September 2022
Appeared in issue:
December/January 2023 - 29 September 2022