Fraud Newsletter No. 76 February 2023

March 1, 2023

Nothing of moment

Sentencing & Confiscation

Nothing of moment

Bills, Statutes & SIs

Nothing of moment

Consultations, guidance, circulars and reports

Annual Report 2022: EPPO puts spotlight on revenue fraud: European Public Pros. Office: 1 Mar 23 (1,117 active investigations; damages €14.1 b 47% of
which from VAT fraud).

AML Guidelines: BMAF (British Art Market Federation) approved by HM Treasury: updated 6 Feb 23. See also Understanding money laundering risks and taking
action for art market participants: HMRC 28 Jun 21.

COVID-19 loan guarantee schemes performance data as at 31 Dec 22: DBEIS: updated 7 Feb 23. £77b loaned: £38b outstanding; £14.5b fully repaid. Some smaller lenders have significantly greater proportion of actual or suspected fraud.



Ex-MP jailed for submitting fraudulent expense claims £19k re fictitious autism charity: 4 years: 8 Feb 23.


HMRC send ‘nudge letters to 2,000 companies over R&D tax fraud: ITR: 14 Feb 23


Financial watchdog blocks thousands of misleading ads: ‘Fin-fluencers’ (influencers on social media marketing financial products) of growing concern: 3 Feb 23. NB Kim Kardashian settled $1.6m with SEC re alleged touting on social media re a crypto asset security: SEC: 3 Oct 22.


New Online SARS Portal open.

North West group arrested in suspected property fraud where victims lost life savings: £8m obtained re promises of high investment returns on West End properties: links with other arrests in June 22: 24 Feb 23.

City fund managers sentenced to 12 years for $8m fraud on Libyan Sovereign Wealth Fund: 20 Feb 23.

Three arrested over suspected international PPE fraud BBC: 8 Feb 23.


Indonesia presses UK over corruption probe into Bombardier country seeks share of any financial settlement: FT: 26 Feb 23.

Legal and General sues Glencore for investor losses after corruption fallout Reuters: 17 Feb 23.

SFO looks to seize mortgage fraudster’s donation to private Chelsea school City AM: 13 Feb 23.

SFO secures three convictions in $500m trade finance fraud re Balli Steel: 2 Feb 23.


Trafigura: the 10-day unravelling of an alleged $500 m fraud: FT (paywall) 27 Feb 23.

Baroness Neville-Rolfe Annual Fraud Conference speech: Cab.Off/Pub. Sector Fraud Auth: 22 Feb 23.

City Insider dealing case held up by court backlog: 2021 arrests: 5 handed 4 month trial listed for 10 Feb 2025: The Times (paywall): 23 Feb 23

Burnley fake psychiatrist committed “wicked deception”: BBC News 15 Feb 23. Jailed for 7 years: Sky News: 28 Feb 23

UK pays EU £2.3 B to settle Chinese import row Guardian 9 Feb 23. Olaf claim that UK was significant hub of fraud: BBC News: 11 Feb 23.

Ransomware criminals sanctioned in joint UK/US crackdown on international cyber crime: 9 Feb 23.

EU & Abroad

FTX founder Sam Bankman-Fried charged with 12 counts in new indictment: Guardian: 23 Feb 23: FTX’s Nishad Singh pleads guilty to fraud charges: BBC News: 28 Feb 23.

How the biggest fraud in German history unravelled re Wirecard: New Yorker: 27 Feb 23.

Glencore monitors chosen GIR (paywall): law firms Ropes & Gray, Jenner & Block and Swiss firm Bar & Karrer: 14 Feb 23.

Qatargate: Two MEPs lose immunity in corruption case: BBC: 2 Feb 23.