Obscured within a firm’s accounts payable file, shell companies are being used to steal millions, or to conceal payments that violate anti-bribery laws. Leonard Vona shows how shell companies may be detected, even in the absence of an initial lead. (This second of a two-part article addresses building and testing a fraud data profile).
In the recent case of R v Edward Brown (formerly Latham) the Court of Appeal held that it was appropriate, in certain circumstances, to impose a requirement that third parties be present during a nominally private consultation between a defendant and his lawyer. In doing so the Court created a new common law qualification to the inviolable nature of legal professional privilege. Lloyd Firth of WlimerHale considers the possible effects of the judgment.
A trust making investments on behalf of the Bill & Melinda Gates Foundation has sued Brazilian state-owned oil company Petrobras and auditor PricewaterhouseCoopers (PwC) for millions of dollars in damages from the fraud scandal that has rocked Brazil.
The UK government looks to have seriously compromised the potential for deferred prosecution agreements to address corporate criminal wrongdoing. Adrian Darbishire QC and Rachna Gokani of QEB Hollis Whiteman wonder where a recent written answer leaves the Serious Fraud Office.
The European Commission is counting on a new real driving emissions (RDE) test to prevent a repeat of the Volkswagen ‘defeat device’ scandal.
The UK Government has no plans to introduce a new corporate offence of failure to prevent economic crime, junior justice minister Andrew Selous said in a written answer to Byron Davies MP on Monday [28 September 2015].
The City of London Police Commissioner has warned that British crime figures will shoot up by 40% next month once the Office for National Statistics (ONS) starts including fraud in the Crime Survey for England and Wales (CSEW).
Wide differences persist between European Union (EU) member states over their strategies to fight and report frauds against EU spending and revenues, despite work by the European Commission to align these efforts.
US prosecutors will need to work more closely with overseas counterparts if they are to make out corruption cases against non-resident foreign nationals following a District Court ruling in proceedings against former Alstom executive Lawrence Hoskins. Marsha Z. Gerber, Richard Craig Smith, Ketevan Kulidzhanova, and Kate Hunter of Norton Rose Fulbright examine the decision.
Private prosecutions are an increasingly utilised alternative to public or civil suits, but how does one set about preparing a case? Ian Brown details the factors that should be addressed when undertaking a criminal investigation in the private sector.
“If you would know the road ahead, ask someone who has travelled it,” says a Chinese proverb. Allan Maund shares personal reflections from his experience of investigating fraud and corruption in such regions as Asia, Afghanistan as well as West and East Africa.
When facing fierce commercial pressures, all too many executives have succumbed to temptation to ‘cook the books’ – the latest example being the US$1.2bn Toshiba scandal. Adam K Bowen outlines the basics of expense deferment schemes and examines the Diamond Foods fraud he helped investigate.
The director of the UK Serious Fraud Office (SFO) David Green has defended his agency’s use of deferred prosecution agreements (DPAs) rather than bringing criminal proceedings.
When the Xbox and PlayStation gaming networks were knocked offline over Christmas in December 2014 the now infamous hacking group, Lizard Squad seemingly took responsibility for the attack. Recently, Julius Kivimaki, a Finnish teenager, was convicted of more than 50,000 computer hacks and given a two-year suspended prison sentence.
The Danish Tax Assessment Council has alerted the country’s police after discovering that a large network of foreign companies has committed what could be Denmark’s largest-ever tax fraud.
Asylum-seekers and illegal immigrants have been targeted in a scam unmasked by the UK’s National Fraud Intelligence Bureau (NFIB), which is part of the City of London Police force.
FINANCIAL CRIME NEWS
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