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KPMG recommends public sector fraud focus as UK court case numbers rise
A proactive approach to tackling public sector fraud in the UK could yield benefits in detecting and fighting all such financial crime, accounting network KPMG argues in its latest Fraud Barometer report.
Online Published Date:
04 September 2024
Appeared in issue:
October/November 2024 - 23 July 2024
UK lost £5.5bn to tax evasion in 2023, 81% by small businesses - HMRC
HM Revenue & Customs (HMRC) has no specific strategy to cut tax evasion, which it estimates cost UK£5.5 billion (US$7.2 billion) in 2023, equivalent to 0.7% the total theoretical liabilities, according to a National Audit Office (NAO) report. Instead, HMRC prefers to flex its resources, allocating where it sees the risk, to prevent the tax gap from increasing.
Online Published Date:
09 September 2024
Appeared in issue:
October/November 2024 - 23 July 2024
Swiss court orders ex-PetroSaudi executives to repay US$1.8bn (plus interest) defrauded from 1MDB fund
A landmark ruling in a Swiss courthas clawed back the more than US$1.8 billion two dual nationals defraudedfrom the graft-wracked Malaysian investment fund, 1 Malaysia Development Berhad (1MDB).
Online Published Date:
14 September 2024
Appeared in issue:
October/November 2024 - 23 July 2024
Character reference - profiling use to deduce
Like it or not, we have much in common, which applies to malefactors as a population cohort and can prove helpful to screen out dishonest prospective employees or, at least, identify them once taken on. Keith Nuthallchecks the latest research on traits for deceit.
Online Published Date:
16 September 2024
Appeared in issue:
October/November 2024 - 23 July 2024
Trade traps - how to lose on commodities
Sham transactions, non-existent goods, corruption to collusion - global commodities markets offer boundless opportunity for illegal gain through dishonest dealings. Keith Nuthallruns through a catalogue of costly commercial 'plays'.
Online Published Date:
16 September 2024
Appeared in issue:
October/November 2024 - 23 July 2024
Busting ghosts of identity theft and Covid-19 loan fraud
The misappropriation of a pandemic small business loan led to an intricate pursuit through the streets of New York City. Harry Lidsky of 4DISS recounts the steps taken to pin true identities on the perpetrators and bring them to justice.
Online Published Date:
17 September 2024
Appeared in issue:
October/November 2024 - 23 July 2024
A multifaceted response to insider threats
The growing risk of insider fraud demands the right combination of organisational commitment along with customised human and technological solutions to combat threats. Sandra Desautels, Brittany Sklute and Gabby MacKay of Guidehouse elaborate on where vulnerabilities lie and how to develop a comprehensive protection programme.
Online Published Date:
17 September 2024
Appeared in issue:
October/November 2024 - 23 July 2024
A closer look at fraud rationalisation
Counter-fraud practitioners are well-conversant with the Fraud Triangle but may less often consider the varying ways that individuals committing financial crime engage with its three elements. Stephanie Mongiello of the University of North Texas at Dallas discusses how different types of fraudster relate to rationalisation and strategies for organisations to protect against them.
Online Published Date:
17 September 2024
Appeared in issue:
October/November 2024 - 23 July 2024
Using ChatGPT's document analysis for new insights and productivity gains
Unlock new levels of productivity in fraud examinations with Artificial Intelligence-driven tools. Mark Nigrini of West Virginia University, USA explores how ChatGPT can revolutionise document analysis, from summarising and comparing texts to searching for principal information and conducting sentiment analysis.
Online Published Date:
17 September 2024
Appeared in issue:
October/November 2024 - 23 July 2024
Free-riding - AI v IP
Artificial intelligence is nothing without the data it needs to 'learn', which surely belongs to someone, or rather to many. Those owners, waking up to the risk that their intellectual property is being scraped for free by AI model developers, are starting to assert their rights. Laura Syrett considers the challenges confronting both legislators and litigants.
Online Published Date:
18 September 2024
Appeared in issue:
October/November 2024 - 23 July 2024
Cross-border currents - Romania finds most fraud in EU spending programmes
Romania uncovered €419 millions' worth of fraud associated with European Union (EU) spending programmes in 2023, detailed reports issued by the European Commission have revealed.
Online Published Date:
18 September 2024
Appeared in issue:
October/November 2024 - 23 July 2024
Corruption flagged in £15.3 billion of UK Covid contracts - TI
A Transparency International UK review of 5,000 British government contracts awarded during the Covid 19 pandemic has found at least three red flags for corruption in 135 high-risk projects, together worth some UK£15.3 billion (US$20.2 billion), mainly for personal protective equipment (PPE) and other medical supplies.
Online Published Date:
19 September 2024
Appeared in issue:
October/November 2024 - 23 July 2024
China fines PwC US$62.7 million over Evergrande accounting fraud
The Chinese auditing unit of accounting giant PwC has been fined a record CNY441 million (US$62.7 million) and banned from auditing in mainland China for six months after a regulator concluded it had "covered up and even condoned" fraud at Evergrande Real Estate Group, notably its Hong Kong subsidiary Hengda.
Online Published Date:
26 September 2024
Appeared in issue:
December 2024/January 2025 - 01 December 2025
Gender pay gap narrows, says ACFE
The gender pay gap is closing among anti-fraud professionals worldwide, according to the latest survey from the Association of Certified Fraud Examiners (ACFE).
Online Published Date:
30 September 2024
Appeared in issue:
December 2024/January 2025 - 01 December 2025
Global standard to strengthen auditor approach to fraud
The New York-based International Auditing and Assurance Standards Board (IAASB) is revising its International Standard on Auditing ISA 240 - 'The Auditor's Responsibilities Relating to Fraud in an Audit of Financial Statements' - to help auditors play a more direct role in detecting and investigating fraud.
Online Published Date:
30 September 2024
Appeared in issue:
December 2024/January 2025 - 01 December 2025