Fraud Newsletter 53 March 21

April 3, 2021

Fraud Newsletter 53 – March 2021

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The period, quantity and nature of personal data sought by prosecutors from service providers are irrelevant considerations re Art. 15(1) of the E-Privacy Directive (2002/58/E) (restricting citizen’s privacy and confidentiality rights re e-communications: HK v Prokuratuur Case C-746/18) EU: C:2021:152 (prelim ruling).

€3.5m summary judgment in multi-jurisdictional €15m fraud (€11.5m already recovered) – a striking illustration of the assistance which this Court is able to give a defrauded party: Foglia v The Family Officer Ltd & Ors [2021] EWHC 650 (Comm).

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[su_spoiler title=”SENTENCING AND CONFISCATION” open=”no” style=”default” icon=”plus” anchor=”” class=””]

Default sentences imposed for joint hidden assets confiscation order are personal: discounts are allowed for monies paid, but not for time served by others: Collins [2021] EWHC 634 (Admin).

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[su_spoiler title=”BILLS, STATUTES & STATUTORY INSTRUMENTS” open=”no” style=”default” icon=”plus” anchor=”” class=””]

Money Laundering and Terrorist Financing (Amendment) (High-Risk Countries) Regulations 2021 S.I. 2021 No. 392 amends SI 2017 No. 692 replacing the European Commission list with new schedule (3ZA) of high-risk countries.

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[su_spoiler title=”CONSULTATIONS, GUIDANCE, CIRCULARS AND REPORTS” open=”no” style=”default” icon=”plus” anchor=”” class=””]

Complex casework Units: How effective and efficient are Complex Casework Units in identifying and managing their casework? HMCPSI 2 Mar 21.

Guidance for anti-money laundering supervisors on submitting better quality SARs: NCA update: 8 Mar 21

Independent Review of Serious and Organised Crime:

Home Office 16 Mar 21 involving restructuring of agencies; creation of a UK and Regional Crime Campuses; new NCA functions

Anti-Money Laundering Supervision annual assessment: HMRC Corporate Report: 17 Mar 21.

Money laundering and terrorist financing controls in overseas jurisdictions: HM Treasury Advisory Notice: Updated 24 Mar 21.

UK Finance Fraud – The Facts 2021: The definitive

Overview of Payment Industry Fraud: UK Finance: 25

Mar 21.

Cyber Security Breaches Survey 2021: DDCMS 24 Mar

  • 27% businesses experience cyberattacks at least weekly: phishing attacks are the most common (83%) followed by impersonation (27%). 20% of attacks result in loss of data, money or assets; 35% of businesses negatively impacted. Average mean cost of cyber breaches £8,460: average cost £13,400.

Guidance for applying a Risk-Based Approach to AML/CFT Supervision: FATF updated 4 Mar 21: Summary. Public Consultation announced on changes to its Guidelines on Risk-based AML/CFT supervision following reports that EU supervisors were finding implementation difficult: Consultation paper: 17 Mar 21

Opinion on the ML/TF risks affecting the EU’s financial sector: EBA: 3 Mar 21. EBA Press Release summary

The ML/TF Risk Factor Guidelines: EBA Final Report: 1 Mar 21. EBA Press Summary

Trade-Based  Money  Laundering  Risk  Indicators:

FATF/ Egmont Group: 11 Mar 21.

International Judicial Cooperation in Intellectual Property Cases: Study on Legislative Measures re Online Intellectual Property Infringements Phase 2:

EUIPO 15 Mar 21 re IP infringement, counterfeiting etc.

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[su_spoiler title=”NEWS” open=”no” style=”default” icon=”plus” anchor=”” class=””]

CPS:

CPS launches ambitious plan to combat economic crime: 30 Mar 21.

CPS 2025 Economic Crime Strategy: 30 Mar 21.

FCA:

Locking Down Market Abuse: Speech by Mark Steward, Executive Director of Enforcement and Market Oversight, at the Expert Forum: Market Abuse 25 Feb 21. Published 8 Mar 21.

 FCA starts criminal proceedings against NatWest under MLR 2007 for failing adequately to monitor and scrutinize £365m paid into one customer account of which £264m in cash) and BBC News: 16 Mar 21.

Campaign to encourage individuals to report wrongdoing: and Whistleblowing: Speaking to the FCA: (a digital toolkit) 24 Mar 21

 NCA:

 NCA concludes pre-investigative review of allegations of fraud by HBOS Impaired Assets Division, London and SE Region: 23 Mar 21: no clear evidence of criminal offending.

SFO:

Fourth oil executive sentenced for paying bribes to win a multi-million pound contract in post-occupation Iraq: 1 Mar 21.

 SFO  closes  investigation  into  KBR  Inc.’s  UK subsidiaries which started in April 2017: 18 Mar 21. NB: on 5 Feb. 21 R (KBR) v Director SFO [2021] UKSC 2 decided that that CJA 87 has no extra-territorial reach.

Ex-Glencore Trader Pleads Guilty to Manipulating Oil Prices before US Court: Blomberg: 24 Mar 21.

 Ex-directors in dock as Serco tagging fraud trial opens: Law Soc. Gazette: 30 Mar 21

HOME:

Major general guilty of Dorset school fees fraud:

 BBC News 25 Mar 21. First major general to be convicted since 1815 for abandoning siege guns at Tarragona. Sentenced to 21 months: BBC News: 26 Mar 21.

Fraud suspect extradited to UK re alleged 13.7m pensions fraud: 1st time TPR has worked with police to secure extradition: The Pensions Regulator: 20 Mar 21

 Pension schemes urged to step up reporting to stop scammers: TPR 25 Mar 21.

 Mastercard (and) rivals ‘ran cartel’ on cards for the vulnerable: Reuters: 31 Mar 21.

 EU & ABROAD:

 Nicholas Sarkozy sentenced to 3 years jail for corruption (2 years suspended) for attempting to bribe a judge in 2014: BBC News: 1 Mar 2021.

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