Fraud Newsletter No. 64 February 2022

March 3, 2022

Fraud Newsletter 64 February 2022

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[su_spoiler title=”CASES” open=”yes” style=”default” icon=”plus” anchor=”” class=””]

Persons under criminal investigation entitled to reasonable expectation of privacy before charge: Bloomberg v ZXC UKSC 5. 

MTIC fraud – Director found to be a knowing party- Dishonesty: useful review of dishonesty, knowledge, blind eye and Ivey: Hall (Liquidator of JD Group) v Bhatia [2022] EWHC 202 (Ch). 

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[su_spoiler title=”SENTENCING AND CONFISCATION” open=”no” style=”default” icon=”plus” anchor=”” class=””]
Nothing of moment. 
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[su_spoiler title=”BILLS, STATUTES & STATUTORY INSTRUMENTS” open=”no” style=”default” icon=”plus” anchor=”” class=””]

Online Safety law to be strengthened to stamp out illegal content: providers to identify & remove illegal content including fraud, financial crime, ML: DDCMS / HO 4 Feb 22. 

Money Laundering and Terrorist Financing (Amendment) Regulations 2022: SI 2022 No. 137 in force 9 Mar 22, requiring UK express trusts with taxable consequences also to collect details of beneficial ownership and registers with HMRC. Explanatory Memorandum 

Economic Crime (Transparency and Enforcement) Bill 2022: Registration of overseas entities; Unexplained Wealth Orders; Sanctions. 

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

Mutual Legal Assistance- Guidance: Home Office: updated: 24 Feb 22.  

COVID-19 cost tracker update: Public Accounts C’tee: 23 Feb 21 re estimated losses between £12.4Bn – £20.14Bn (about 70% from BBLS and Job Retention). 

 The 2022 Crypto Crime Report: Original data and research into crypto-currency based crime: Chainalysis: Feb 22. 

EBA Report on competent authorities’ responses to the 2020 Luanda leaks by ICIJ re finances of daughter of ex Angolan president: 22 Feb 22.  

2021 Trends Show Increased Globalized Threat of Ransomware: Joint Advisory from NCSC & others: 9 Feb 22. 

Intellectual Property Counter-Infringement Strategy 2022 -27 : IPO: 4 Feb 22 

Economic Crime: 11th Report HoC Treasury C’tee: 2 Feb 22. Summary 

Victim and Witness Care in the SFO: HMCPSI: 27 Jan 22 

Monetary penalties for breaches of financial sanctions: Guidance: OFSI/ HMT: updated 28 Jan 22. 

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

Credit Suisse leak unmasks criminals, fraudsters, corrupt politicians: details of 30,000 accounts totalling £80 Bn: The Guardian 20 Feb 22. 

SFO: 

SFO investigates Arena TV: 23 Feb 20. Asset Finance International report: 24 Feb. 22 

SFO investigation delivers over £200,000 compensation for people of Nigeria re Amec Foster Wheeler: 21 Feb 22. 

A-G launches Review into Unaoil failings at SFO: Sir David Calvert-Smith appointed: 9 Feb 22. 

Lisa Osofsky Evidence to the Public Accounts Committee: Parliament Live: 9 Feb 22 

 Glencore sets aside $1.5bn to settle UK, US and Brazil probes F.T. 15 Feb 22 

SFO property raids fall to zero: City A.M. 22 Feb 22 

HOME: 

HMRC seizes NFT for first time in £1.4m fraud case: BBC News: 14 Feb. 22. 

Sir David Green QC joins US law firm: Reuters 1 Feb 22 

Azerbaijan ‘laundromat’ – court orders family to hand over £5.6m brought into UK: Guardian 1 Feb 22 

UK set to cap costs for agencies pursuing unexplained wealth orders: F.T. 18 Feb 22 

Dechert and ex-partner face joint trial over hacking and abduction claims: Law Gazette 25 Feb 22 

Ethical Forestry: £50m compensation paid out to investors in ‘illegal’ scheme: Bournemouth Echo 27 Feb 22 

EU & ABROAD: 

Record-high seizure of $5bn in stolen Bitcoin by US DoJ (stolen in 2016 then worth $71m): BBC News: 8 Feb 22. 

Credit Suisse faces money laundering charges in Bulgarian cocaine traffickers’ trial: Reuters: 7 Feb 22 

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