The Serious Fraud Office has “cases under active consideration” for deferred prosecution agreements, its director David Green told the Pinsent Masons Regulatory Conference on 23 October.
The first DPAs under the United Kingdom’s new scheme for settling corruption offences with corporates are awaited with intense interest. A panel at the recent University of Cambridge International Symposium on Economic Crime discussed some of the issues. By Esther Martin
“Certainly for the first few cases there is likely to be something of a Mexican standoff between the corporate defendant, the Serious Fraud Office and the judge… when nobody really wants to blink first.”
Tesco, the UK’s largest retailer, is under investigation by the Serious Fraud Office, it was announced today [29 October], following the company’s disclosure, last month, that it had overstated half-year profits by £250m, a figure since revised upwards to £263m.
The US, Germany, Britain and Switzerland are the only countries among 41 signatories to the Organisation for Economic Cooperation & Development’s (OECD) 1997 Anti-Bribery Convention to vigorously investigate and prosecute firms that bribe foreign officials.
Reported information security incidents rose 48% to 42.8 million globally over the year to late September, according to a Global State of Information Security Survey (GSISS) 2015 from global accountants PwC (PricewaterhouseCoopers).
Manoeuvres by the UK’s Home Office to take over the economic crime work carried out by the Serious Fraud Office (SFO) have been rebuffed by the attorney general in the House of Commons.
Fraud in the UK is on an upward trajectory, driven by the growth of online crime, City of London Police Commissioner Adrian Leppard told the London Fraud Forum on 9 October 2014: “I’m not sure what the answer is [but] it’s certainly not going to be through enforcement. It can only be through prevention and working with industry.”
A high-profile case of what the judge called “institutionalised corruption” concluded in recent months, as staff of chemical company Innospec learned their fates. Neil Swift, who acted for the cooperating defendant David Turner, analyses the sentences.
Remote banking fraud by criminals using online computer viruses and telephone ‘vishing’, in which victims are persuaded to disclose security details, soared 59% in the first half of 2014 to cost UK banks, businesses and individuals £35.9 million.
A new European Commission nominated to hold office for the next five years has been told by its incoming president that it must increase transparency and avoid any hint of sleaze.
A new Financial Crime Alerts Service (FCAS), warning banks about the latest financial crime and cyber threats, is to be launched by the British Bankers Association.
The technical complexity of many financial products and how they are traded, calls for a focussed approach from an investigator about where the money flows and the incentives at work. Rob Mason of FRA explores the data collection and analysis involved.
European Union (EU) national customs authorities uncovered more than 1,500 containers of undervalued imported goods between February and March 2014 in a joint operation, which was the first of its kind involving Chinese customs authorities.
Japanese electronics giant Hitachi is partnering with Barclays Bank to trial finger vein pattern scanning for Barclays’ UK business customers to access online accounts starting in 2015.