i-law

Financial Crime

LLR: Financial Crime

R v CULLEN ASBESTOS LTD
[2025] Lloyd's Rep FC 306
Northern Ireland – Health and safety offences – Dissolved companies – Register of Companies – Restoration – Asbestos.
R v JACOB (FORMERLY OYEBOLA)
[2025] Lloyd's Rep FC 253
Proceeds of crime – Appeal – Application for leave to appeal by the prosecutor under the court's inherent power – Application for leave to appeal under Proceeds of Crime Act 2002, section 31 – Application for leave to re-open a final determination under CrimPR Part 36.15.

Money Laundering Bulletin

FinCEN sounds alarm on Chinese ML networks active in USA
FinCEN, the American financial intelligence unit (FIU), has warned about Chinese money laundering networks (CMLNs) operating in the USA, stressing their alliance with Mexican drug cartels and stating they are mentioned in 137,153 suspicious activity reports (SARs) logged between 2020 and 2024, referencing funds totalling US$312 billion.
Online Published Date:  29 Aug 2025
Appeared in issue:  327 - 01 Oct 2025
Why AML/CTF lacks direction: lessons from history and future prospects
There is a striking level of scepticism about the effectiveness of anti-money laundering and counter-terrorist financing (AML/CTF) rules among policymakers, law enforcement agents, private-sector experts and academics alike. Virtually every financial crime conference features the airing of a by-now familiar litany of concerns, such as the dubious value of suspicious activity reporting; the ubiquity of 'tick-box' compliance; and the propensity of regulated businesses to derisk all too readily. Why, then, asks Anton Moiseienko, have our laws, practices and institutions evolved the way they did?
Online Published Date:  27 Aug 2025
Appeared in issue:  327 - 01 Oct 2025

Fraud Intelligence

Millions in counterfeit money seized in international crackdown
Millions of counterfeit dollars, euros and pounds sterling have been seized in raids by law enforcement from 18 countries, including 14 European Union (EU) member states, Serbia, Türkiye, the UK and the US, according to the EU police office (Europol).
Online Published Date:  28 Aug 2025
Appeared in issue:   - 15 Jul 2025
The case for juries in white-collar crime trials
With English criminal courts staggering under a 75,000 case backlog, a review recommends that serious and complex fraud cases should be tried by judge alone. However, the choice "is not between efficiency and delay, but between investment in democratic justice and retreat from its fundamental principles", argues James Broomhall of Grosvenor Law.
Online Published Date:  21 Aug 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

Lenders gain partial win in motor finance marathon
The legal battle over motor finance commissions has resulted in a partial victory for lenders: in two of three conjoined cases, the Supreme Court ruled that credit brokers owed no fiduciary duties to customers. Yet the Court's finding of an unfair relationship in the other claim may still expose firms to substantial payouts. Adam Samuel examines the judgment and its loose ends.
Online Published Date:  11 Aug 2025
Appeared in issue:  Vol 38 No 1 - 01 Sep 2025
Navigating the crypto sanctions compliance minefield
A threat assessment from the Office of Financial Sanctions Implementation is a wake-up call concerning the geopolitical use of cryptoassets to bypass traditional financial systems and compliance mechanisms. It is "almost certain" that suspected sanctions breaches are underreported and "highly likely" that UK cryptoasset firms have been exposed to malignant Russian and North Korean entities, reports Fred Saugman.
Online Published Date:  06 Aug 2025
Appeared in issue:  Vol 38 No 1 - 01 Sep 2025
Neil Woodford cases, which centre on Compliance team relationships, go to Tribunal
The former fund manager is heading to the Upper Tribunal to challenge a £5.9 million FCA fine and ban for exercising a "defective and unreasonably narrow understanding of his responsibilities" when director and investment manager of Woodford Management Ltd.
Online Published Date:  05 Aug 2025
Appeared in issue:  Vol 38 No 1 - 01 Sep 2025

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