Private prosecutions are on the rise in England and Wales but they often entail a complexity not found in public prosecutions or civil proceedings, which needs to be appreciated and managed from the outset. Hannah Laming and Chris Gribbin of Peters & Peters draw on the firm’s experience of bringing a successful private prosecution against Ketan Somaia at the Old Bailey in 2014, which saw him convicted of nine counts of obtaining money transfers by deception and sentenced to eight years imprisonment, to outline some of the challenges and how to address them.
Oh, what a tangled web we weave, When first we practise to deceive! [from Marmion by Walter Scott]
Last week I was in in Iceland when four former senior executives of the now defunct Kaupthing Bank lost their appeals against conviction and sentence for market manipulation, essentially the false inflation of the share price of the bank. All have been sentenced to prison terms of up to five and a half years...
Company fraud has cost UK small-and-medium-sized enterprises (SMEs) nearly UK£8 billion (US$12.35 billion) during their lifetimes, according to research by global information services company Experian.
HSBC actively assisted customers of its private bank in Switzerland to evade millions of dollars in taxes due in their home jurisdictions according to leaked documents covering the period 2005-2007.
The United Kingdom’s recent Anti-Corruption Plan may lead to significant steps forward, but there are conspicuous omissions – such as how it will be funded, the future of the Serious Fraud Office and the need for greater transparency around property purchases. Charles Thomson and Henry Garfield report.
Though fraud is often international in scope, the development of legal measures that cater to the complexities involved in apprehending criminal activity across borders has dawdled for decades. In the first of a two-part article, Mark Surguy sets out the UK and European frameworks as well as some cases which show their limitations.
2014 was a bumper year for the English court exercising its powers to freeze the assets of alleged wrongdoers. Jamie Curle, Sarah Ellington, Min Weaving and Yasmin Bailey of DLA Piper examine both the established principles and new applications of the English court’s jurisdiction, and note the growing number of foreign parties relying on its long arm.
President Xi Jinping’s anti-graft campaign may be taking out tigers as well as the flies - most recently Ma Jian, China’s spy chief - but disclosure requirements for companies listed on overseas markets are testing the authorities’ appetite for openness, reports Gao Fu Mao from Beijing.
Venezuela boasts more oil reserves than any other nation in the world and, with several other oil-producing countries in the region, Latin America possesses some 20 per cent of the world’s known resource. Yet, as prices sag for the foreseeable future, there are heightened fraud risks for those doing business in the region, reports Fernando Cevallos.
A major disaster scenario – where mass procurement of services and goods is conducted under acute time pressures – poses particular problems for fraud prevention. Adam Bowen, who undertook senior accounts payable roles in the wake of the Deepwater Horizon oil spill, can speak from experience.
European Union (EU) governments and MEPs have struck a deal to create two databases containing information on the trade in goods into and out of the EU, to help fight customs fraud.
FINANCIAL CRIME NEWS
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