Fraud Newsletter 6 – December 2021
Failure to disclose communications between US ‘fixer’ and SFO Director led to unsafe conviction: Akle and Bond:  EWCA Crim 1879
SENTENCING AND CONFISCATION
NatWest fined £264m with £4.5m costs for failing to comply offences under ML Regs 2007 relating to Fowler Oldfield money laundering: R v. NatWest (Cockerill J: Sentencing Remarks): 13 Dec 21.
BILLS, STATUTES & STATUTORY INSTRUMENTS
Nothing of note.
CONSULTATIONS, GUIDANCE, CIRCULARS AND REPORTS
UK-Eurojust Working Arrangement: practical and operational co-operation on serious & organised crime etc. 20 Dec 21.
Government proposes strengthening insolvency regulation: Consultation ends 25 Mar 22: The Insolvency Service: 21 Dec 21, following the APPG on Fair Business Banking report Resolving Insolvency: Restoring Confidence in the System: Sep 21.
The ABCs of the CPI: How the Corruption Perceptions Index is calculated: Transparency Int: 20 Dec 21.
Together in Electric Schemes: Analysing Money Laundering Risk in E-Payments: Transp Int – UK: 17 Dec 21.
National Cyber Security Strategy 2022: Cabinet Office: 15 Dec 21.
UK Anti-Corruption Strategy 2017-2022: Year 3 Update – 2020: HO / DfID, FCDO: 11 Dec 21: Summary
2021 Payment Threats and Fraud trends Report: EPC 6 Dec 21.
Fraud and the Justice System: New Inquiry: on how fraud investigated and prosecuted: deadline for written submissions 17 Jan 22: 3 Dec 2: Justice Committee.
New tool to support sentencing in the Crown Court: SentencingACE (avoidance of common errors): 17 Dec 21
Bounce Back Loan Scheme: An update: NAO/ HMT /DBEIS / BBB: 3 Dec 21: Part 2 includes an update on fraud estimates and counterfraud measures.
- Highlights of the FCA’s new approach in 2021: 31 Dec 21.
- First FCA prosecution for failing to provide key passwords for seized devices: 22 Dec 21.
- FCA fines HSBC Bank plc £63.9m for deficient transaction monitoring controls: 17 Dec 21.
- NatWest fined £264m for ML failures: 13 Dec 12. [For sentencing remarks see SENTENCING & CONFISCATION above).
Unaoil: (i) CA ruling in Akle and Bond:  EWCA Crim 1879; (ii) SFO director’s position ‘untenable’ after damning ruling, lawyers say; Law Soc Gazette: 10 Dec 21.(iii) A-G begins review of SFO after judges overturn bribery conviction: Guardian: 10 Dec 21: (iv) Former oil executive appeals Unaoil bribery conviction following Akle’s successful appeal: Reuters: 20 Dec 21
SFO secures confiscation against former Petrofac executive: Security Matters 23 Dec 21.
- HMRC fraud squad takes back £1B from offenders in past 5 years: HMRC: 30 Dec 21
- 2 international fraudsters jailed for total 33 years for £70m ML scheme (£10m from Bounceback loans): CPS: 23 Dec 21
- PRA fines Metro Bank £5.3m for failures in regulatory reporting governance and controls: PRA: 22 Dec 21: Final Notice
- PRA fines Standard Chartered Bank £46.5m for failing to be open and cooperative with PRA and for failings in regulatory reporting governance and controls: PRS: 20 Dec 21. Final Notice
EU & ABROAD:
- NatWest pleads guilty to U.S. fraud charges, to pay $35m for “spoofing” US Treasury debt markets: Reuters: 22 Dec 21.
- EBA plans central AML database to help identify material AML & ATF weaknesses: EBA: 20 Dec 21.
- Paris appeals court slashes UBS tax evasion fine to €1.8 B for helping residents commit tax fraud: France 24: 13 Dec 21
Commission fines UBS, Barclays, RBS, HSBC and Credit Suisse €344m for participating in a Foreign Exchange spot trading cartel: EC: 2 Dec 21.