The Bribery Act 2010 came into force with a fanfare in July 2011. Bringing the UK’s outdated laws up to the standard required by its OECD commitments, the UK Government promised a zero tolerance approach to bribery and corruption. With blanket bans on facilitation payments and corporate criminal liability for companies that failed to prevent bribery, the Bribery Act made the UK’s anti-bribery laws some of the strictest in the world. Yet two and a half years on, we have yet to see the first corporate prosecution. Together with the recently announced closure of the National Fraud Authority, the UK’s commitment to tackling bribery and corruption is now in question.
Hannah Nichols and Emma Gordon of Eversheds’ Fraud & Investigations Group take a look at the recent developments in bribery and corruption enforcement in the UK compared to the prosecution records of the US, China and Russia.
The UK government will push ahead with plans to create a compulsory register of beneficial ownership information that will cover private companies, it announced on 21 April.
A withering attack has been hurled at the European Commission’s first European Union (EU) anti-corruption report (released in February) by the European Court of Auditors, the EU's financial watchdog.
Traditional audits test the performance of certain types of controls, but ethical hacking can identify cybercrime vulnerabilities that would otherwise slip through undetected. Paul Vlissidis reports on how ‘penetration testing’ may assist in both averting and investigating fraud.
A new European Public Prosecutor’s Office (EPPO) could have to share its competences with national governments for “political” reasons, the EU’s senior anti-fraud official has predicted.
The UK Financial Conduct Authority has confirmed plans to investigate claims that some consumer financial services providers are unfairly failing to refund customers when they fall victim to fraudsters.
Twenty-four hours a day, every day, remote, faceless, technologically-expert criminals launch malware and blunter missiles like denial of service attacks at businesses, government agencies and individuals online. Cybersecurity is burgeoning in response, with standards and tools continually evolving to meet the dynamic threats. Robert Stokes scans the web – securely – and talks risk and strategy with those at the e-frontline.
Asset recoverers estimate that a staggering 97% of all assets lost to fraud are not recaptured . David Zweighaft reports on how forensic accountants assisted federal prosecutors in identifying and retrieving funds in two notorious embezzlement cases. [Part one of two case studies.]
Strictly illegal under the Bribery Act, facilitation payments are an occupational hazard of doing business in many jurisdictions. Kevin Robinson, a litigation partner at Morgan Lewis, examines the Serious Fraud Office’s toughening stance towards these disbursements and how to work to minimise, if not eliminate, them.
The European Union (EU) is strengthening its commitments for member states to criminalise financial frauds that have an impact on the €135 billion annual budget.
The Court of Appeal has lately ruled on whether the prosecution, in bringing a case under section 1 of the Prevention of Corruption Act 1906, must prove that a principal consented to their agent giving or receiving a bribe. Katherine Buckle of QEB Hollis Whiteman and Vedrana Pehar of 2 Bedford Row study the decisions and how they bear on proceedings brought under the Bribery Act 2010.
European Union member states hope to follow up the approval on 24 March of an EU directive preventing savings accounts being used for tax evasion, by concluding a similar deal with Switzerland.
European Union countries that have opted in to a new directive on a European Investigative Order (EIO) passed on 14 March, must now carry out investigations if requested by another member state.
Despite two visits from the UK regulator and numerous warnings to the industry, Besso Limited was lax about how it shared commissions with third parties.
In his second article on fraud in the construction sector, George McKillop of Haymarket Risk Management Ltd draws on his extensive investigations experience to run up some red flags and propose defence measures.
The European Cybercrime Centre (EC3), created one year ago as a wing of Europol, has helped dismantle three international credit card fraud rings and assisted in two international ransomware investigations and several online child sexual exploitation cases, it and the European Commission announced yesterday [10 February].
FINANCIAL CRIME NEWS
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OSCE Centre in Astana supports training seminar on countering money laundering and financing of terrorism
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