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Financial Crime

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

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

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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.

LLR: Financial Crime

KHAN v SECRETARY OF STATE FOR FOREIGN, COMMONWEALTH AND DEVELOPMENT AFFAIRS
[2025] Lloyd's Rep FC 169
Appeal – Order dismissing claim under Sanctions and Anti-Money Laundering Act 2018, section 38(2) – Padfield principles and the test for proportionality – Whether the designation is a disproportionate interference with article 8 and article 1, Protocol 1, ECHR – Rational connection – Bank Mellat test – Right of access to the court under article 6 ECHR and/or procedural obligations guaranteed by article 8 ECHR.
R v OVSIANNIKOV AND OVSIANNIKOW
[2025] Lloyd's Rep FC 196
Sanctions breaches – Approach to sentence – Assessment of harm.

Money Laundering Bulletin

FATF tracks terrorist financing shift to informality, younger recruits, more links to organised crime
The Financial Action Task Force (FATF) has warned how the financing of terrorism (TF) has become less formal and more decentralised, with violent activists increasingly young and focused on remote and marginalised communities, such as in the Sahel.
Online Published Date:  08 Jul 2025
Appeared in issue:  326 - 01 Sep 2025
UAE fines foreign bank and exchanges houses for AML/CFT breaches
Four exchange houses (unnamed) have been fined by the Central Bank of the United Arab Emirates (CBUAE) - three, a total of D4,100,000 (US$1,116,250), on 7 July and one, D2,000,000 (US$544,510), on 24 June - for non-compliance with local anti-money laundering/counter financing of terrorism obligations.
Online Published Date:  07 Jul 2025
Appeared in issue:  326 - 01 Sep 2025

Fraud Intelligence

AI as your co-detective
While there is a level of hype around artificial intelligence, its strategic use can provide us smarter ways to identify key information, analyse and interpret vast amounts of data. Colin Johnson and Rebecca Rossiter of AlixPartners use a recent case to outline methodology and potential pitfalls of leveraging AI in investigations.
Online Published Date:  20 May 2025
The first 72 hours of a ransomware attack
Recent cyberattacks on retailers Marks & Spencer, the Co-op and Harrods are a sobering reminder of the crippling impacts of this threat. Asim Arshad and Dominic Holden of Lawrence Stephens outline how to navigate the crucial first three days and potentially recover ransoms paid in crypto.
Online Published Date:  20 May 2025

Financial Crime Search

Compliance Monitor

Monzo fined £21m after accepting suspect addresses like 'Buckingham Palace'
Monzo Bank plc has been penalised £21 million for running inadequate anti-financial crime systems for nearly four years between 2018 and 2022, when it was onboarding clients with addresses as suspicious as Buckingham Palace, 10 Downing Street and the bank's own location in Shoreditch.
Online Published Date:  08 Jul 2025
Appeared in issue:  Vol 38 No 1 - 01 Sep 2025
Spreading the cost: changes to Buy-Now Pay-Later rules
Draft legislation before Parliament will remove third-party lenders from the exemption for BNPL regulation. Emma Radmore and Stephen Wilson examine what the changes mean, who they will affect and what happens next.
Online Published Date:  04 Jul 2025
Appeared in issue:  Vol 37 No 10 - 01 Jul 2025
FCA wins 5-6 year sentences for £1.5m cold-calling crypto scammers
The regulator has successfully prosecuted two men who have together been sentenced to over 11 years in prison for their roles in a £1.5 million crypto fraud. The pair cold-called and sold fake investments to at least 65 people between February 2017 and June 2019.
Online Published Date:  04 Jul 2025
Appeared in issue:  Vol 37 No 10 - 01 Jul 2025

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