“Cases under active consideration” for DPAs

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.

Criminal & Civil Proceedings, Law Enforcement, Investigation, Comment, Surveys and Research, Whistleblowing, Bribery & Corruption

Deferred prosecution agreements dissected

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.”

Criminal & Civil Proceedings, Disclosure, Interviews, Comment, Surveys and Research, Bribery & Corruption

Tesco accounting irregularities examined by Serious Fraud Office

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.

Financial Misstatement, Europe

Most nations fall short in war on bribery – Transparency International

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.

Comment, Surveys and Research, Bribery & Corruption

Cyber security attacks up 48% in a year

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).

Comment, Surveys and Research, Online Fraud

Wright defends SFO model in face of Home Office 'empire-building'

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.

Law Enforcement, UK Government & Public Sector, Comment, Surveys and Research, Europe

Police resource rise lags fraud

Law enforcement staffing of fraud or economic crime teams has risen 11% since 2011, according to data supplied to the BBC by 29 of 45 UK police forces.

Law Enforcement, Comment, Surveys and Research, Europe

City of London Police adapt to online threat

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.”

Law Enforcement, Prevention, Online Fraud, Europe

Tools of the asset recovery trade

Elizabeth O’Brien provides trans-Atlantic perspectives on discovery, sealing and gagging relief.

Asset Tracing, Criminal Confiscation & Civil Recovery, Disclosure, Search and Seizure, Europe, North America

Innospec: lessons for cooperating defendants

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.

Criminal & Civil Proceedings, Bribery & Corruption, Europe

UK ‘vishing’ attacks rise, says anti-fraud group

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.

Comment, Surveys and Research, Identity Fraud, Online Fraud, Plastic Card & Payments, Europe

New EU anti-fraud commissioner backs OLAF

The incoming European Union (EU) commissioner for budgets and human resources has pledged support for the under-pressure EU anti-fraud office OLAF, assuming she is confirmed to serve a five-year term from 1 November 2014.

International agencies, Europe

European currents – new Commission, fresh direction

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.

International agencies, Tax & Excise, Tax Fraud, Europe

Alert service to focus banks on real-time financial crime

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.

Detection, Intelligence Sharing, Prevention, Bribery & Corruption, Money Laundering, Online Fraud, Europe

Behind the numbers – a guide to financial services investigations

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.

Data Mining & Analysis, Investigation, Market Abuse, Securities & Investment Fraud

EU detects 1,500 containers of undervalued goods

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.

Tax Fraud, Europe

Finger vein scans aim to secure online banking transactions

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.

Prevention, Technology, Online Fraud