March 3, 2022
Fraud Newsletter 64 February 2022
CASES
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).
SENTENCING AND CONFISCATION
Nothing of moment.
BILLS, STATUTES & STATUTORY INSTRUMENTS
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.
CONSULTATIONS, GUIDANCE, CIRCULARS AND REPORTS
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.
NEWS
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