Fraud Newsletter 61 November 2021
English jurisdiction over Scottish matters: either country may exercise jurisdiction where the relevant conduct was committed partly or harm caused occurred partly within it: R (Palmer) v Northern Derbyshire MC  EWHC 3013 (Admin).
SENTENCING AND CONFISCATION
Barrister’s discretionary life sentence for conspiracy to pervert the course of justice manifestly excessive – 10 years substituted: Ahmed  EWCA Crim 1786.
Confiscation order quashed where judge failed to give reasons for rejecting witness evidence: Ruto  EWCA Crim 1669 [Westlaw].
POCA s303Z(4) application without notice for account freezing order: criteria for private hearings: R. (Javadov) v Westminster JJ  EWHC 2751 (Admin).
Directors’ fraud not attributed to company in confiscation proceedings: company’s proprietary claim against directors acting in breach of fiduciary duty not superseded by POCA where company not charged with fraud: CPS v Aquilla Advisory Ltd  UKSC 49.
BILLS, STATUTES & STATUTORY INSTRUMENTS
National Security and Investment Act 2021 (Monetary Penalties) (Turnover of a Business) Regulations 2021 re maximum permitted penalties under s41 NSIA.
Money Laundering and Terrorist Financing (Amendment) (No 3) (High-Risk Countries) Regulations 2021 SI 2021 No 1218: high-risk countries for the purposes of enhanced due diligence under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (Reg 33)9), now include Jordan, Mali and Turkey, but no longer include Botswana and Mauritius.
CONSULTATIONS, GUIDANCE, CIRCULARS AND REPORTS
Insolvency Service Annual Report 2020-21: 10 Nov 21: 143 prosecutions: 146 live co. investigations: 981 directors disqualified for misconduct.
Anti-money laundering and counter-terrorist financing: Supervision Report 2019-20: HM Treasury: 19 Nov. 21
Pandora papers, money laundering and corruption: In Focus: HoL Library: 10 Nov. 21
City law firms make millions while top corruption cases tumble: 15 Nov 21 Bureau of Investigative Journalism. [Wholly fails to take into account that City firms often do most of the collating and investigative work for the SFO and have to deal with foreign LEAs and jurisdictions in the same case].
Should there be a legal duty to report fraud? Goldstraw-White & Gill: Fraud Intelligence: 1 Nov. 21
Unexplained Wealth Orders: Ali Shalchi: HoC Briefing Paper CBP 9098: 1 Oct. 21
Fraud Sector Charters: 21 Oct 21: Home Office
Our approach to error and fraud in the COVID-19 support schemes: HMRC 4 Nov 21.
- Ex Barclays Trader Banned for Life After Euribor Conviction sentenced to 5 years in 2019 for Euribor rigging: Bloomberg 1 Nov 21.
- Sunrise Brokers fined £640k for serious financial crime control failings re cum-ex trading: FCA: 12 Nov 21.
- FCA reforms decision making: FCA: 26 Nov 21. Senior managers now empowered to start criminal proceedings.
- SFO reclaims £100,000 from Unaoil executive: confiscation order: 3 Nov 21.
- PSR announces plans to stop APP scams: Payment Systems Regulator: 18 Nov 11 re APP (Authorised Push Payment) scams -banks to be forced to reimburse customers: £355m lost in first 6 months 2021.
- Collaborative enforcement: Jail for carbon credit fraudsters: Carbon credit fraud: Insolvency Service Blog: 17 Nov. 21
EU & ABROAD:
- Global Corruption Barometer Pacific: A First for People’s Voices on Corruption: 15 Nov. 21: Transparency Internat.