i-law

Financial Crime

LLR: Financial Crime

ISMAILOV v SECRETARY OF STATE FOR FOREIGN, COMMONWEALTH AND DEVELOPMENT AFFAIRS
[2025] Lloyd's Rep FC 212
Sanctions – Sanctions and Anti-Money Laundering Act 2018 – Russia (Sanctions) (EU Exit) Regulations 2019 (SI 2019 No 855) – Money laundering.
DIRECTOR OF THE SERIOUS FRAUD OFFICE v SCHOOLS
[2025] Lloyd's Rep FC 205
Proceeds of crime – Serious Fraud Office – Unexplained Wealth Orders – Interim Freezing Orders – Whether unexplained wealth and Interim Freezing Orders should be made in relation to the ex-wife of convicted fraudster.

Money Laundering Bulletin

Spuerkeess pay €5m in Luxembourg for monitoring and CDD failings
The Banque et Caisse d'Épargne de l'État, or Spuerkeess, was fined €4,968,780 (US$5,746,780) on 2 May [1] in Luxembourg for compliance failings in transaction monitoring and customer due diligence.
Online Published Date:  01 Aug 2025
Appeared in issue:  326 - 01 Sep 2025
Markom Management fined £300,000 in UK over Ukraine sanctions breach
A UK-registered trust and company service provider that instructed payment, in 2018, to a designated person under The Ukraine (European Union Financial Sanctions) (No. 2) Regulations 2014, has been fined UK£300,000 (US$394,985) by the UK Office of Financial Sanctions Implementation (OFSI).
Online Published Date:  01 Aug 2025
Appeared in issue:  326 - 01 Sep 2025

Fraud Intelligence

EU currents - European Commission plans anti-fraud reforms, but funding unclear
While the European Union (EU) has launched a review of its complex network of agencies charged with tackling financial crime, its proposals for a medium-term 2028-34 budget (multi-annual financial framework - MFF) do not contain explicit proposals to increase EU funding for anti-fraud.
Online Published Date:  25 Jul 2025
Appeared in issue:   - 15 Jul 2025
European Commission launches EU anti-fraud system review
The European Commission is planning to overhaul the European Union's (EU) anti-fraud architecture, not only the working of bodies such as the bloc's anti-fraud and police offices (OLAF and Europol respectively) but also legislation.
Online Published Date:  24 Jul 2025
Appeared in issue:   - 15 Jul 2025

Supreme court coverage in Lloyd's Law Reports: Financial Crime

Latest Supreme Court case reported in Lloyd's Law Reports: Financial Crime

https://static.i-law.com/ilawResponsive/prod/publications/Apr-2025/29/3585ac74-e555-4a0e-9caf-41b8490facf1-FCPt3Cover.jpg

El-Khouri v Government of The United States of America [2025] UKSC 3; [2025] Lloyd's Rep FC 87

With a commentary written by Rachel Cook, of Counsel, Peters & Peters Solicitors LLP, this case clarifies and simplifies the test for conduct and determining jurisdiction with regards to extradition. However, the Supreme Court acknowledged the simplicity of applying the test in this case, and practitioners are left with potential difficulties arising in more complex scenarios with conduct occurring across multiple jurisdictions.

Financial Crime Search

Compliance Monitor

Reinsurer fined after ignoring Internal Audit recommendations
The London branch of Luxembourg company Barents Reinsurance SA has become the first firm operating solely as a reinsurer to be fined by the PRA.
Online Published Date:  28 Jul 2025
Appeared in issue:  Vol 38 No 1 - 01 Sep 2025
Ex H20 exec fined £1m after telling staff to doctor minutes
The former deputy-CEO of asset manager H20 has been banned and fined one million pounds after he instructed at least three more junior employees to alter the minutes of the firm's Risk and Compliance committee and its sub-committee on Valuation.
Online Published Date:  25 Jul 2025
Appeared in issue:  Vol 38 No 1 - 01 Sep 2025
Tom Hayes wins long battle against LIBOR-rigging conviction
The Supreme Court has unanimously quashed the benchmark-manipulation convictions of Tom Hayes and Carlo Palombo because instructions to the trial juries meant that their defences could not be considered fairly.
Online Published Date:  23 Jul 2025
Appeared in issue:  Vol 38 No 1 - 01 Sep 2025

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