A fraud trend known as the ‘CEO scam’ has been striking French companies and entities in French-speaking territories, peaking in the last two years. Emmanuel Pascal and Philippe Thouvenot report on this threat and how to fend off its appearance in your firm.
Obscured within a firm’s accounts payable file, shell companies can be used to steal on a grand scale, or to conceal disbursements that violate anti-bribery laws. Leonard Vona shows how to detect such structures, even in the absence of an initial lead. (Part one of a two-part article outlines the types of fraud scheme involved and their red flags).
The European Union’s (EU) anti-fraud office OLAF has contested recent criticism about its operations, notably from its Supervisory Committee, with statistics highlighted in its latest annual report, for 2014.
Members of the European Parliament (MEPs) heard of a “staggering” US$1 trillion lost per year to corruption and illicit financial flows (IFFs) in developing countries at a 14 July Development Committee meeting.
Suspects in complex investigations may be left on police bail for months or years before any decision on whether to charge is reached. The government has proposed changes but Steve Sharp of Bivonas Law questions how much difference they will make.
A German bank could not rely on the national civil procedure code to prevent disclosure of the identity of an account-holder, accused of selling counterfeit products online, to the intellectual property rights-holder, the European Court of Justice has ruled. The clash of EU IP enforcement and data protection law will resound in future litigation predicts Gareth Dickson of Cooley (UK) LLP.
Material fraud and/or non-disclosure of financial assets is not calculated to amuse an ex-spouse who settled for less in divorce proceedings. Two cases in joint appeal to the Supreme Court should offer guidance on when a consent order may be set aside, says Maeve O’Higgins of Moon Beever.
Countries need to do more to identify and reduce conflicts of interest and other breaches of integrity to help win back public trust in national governments, according to an Organisation for Economic Cooperation and Development (OECD) report released on 6 July.
On 24 June 2015 at Southwark Crown Court, Clive Dean and Nicholas Stringer, defendants in the first contested trial brought by the Competition and Markets Authority (CMA) were both found not guilty of criminal cartel charges under section 188 of the Enterprise Act 2002.
Moves to establish a public register of companies’ beneficial owners in the UK have sparked robust criticism. Does the initiative represent political puff or a paradigm shift in global transparency standards? asks Lloyd Firth of Wilmer Hale.
European Union (EU) judicial and police agencies Eurojust and Europol joined forces on 10 June for a cross-border European clampdown on cybercrime leading to 49 arrests.
International frameworks apply to anti-money laundering and countering the financing of terrorism, to tax information exchange and non-proliferation of nuclear weapons so, arguably, it is high time the same applied to combating fraud. Alan Osborn tests the hypothesis.
The World Bank is, for the first time in its 70-year history, conducting a comprehensive review of its procurement policy and procedures. Alison Geary of WilmerHale looks at how the framework is tightening.
FINANCIAL CRIME NEWS
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