-
Fraud Newsletter: 67 May 2022
Fraud Newsletter 67 - May 2022
Fraud Newsletter No. 67 May 2022 (7 downloads)
ENRC v Dechert LLP & SFO: [2022] EWHC 1138 (Comm). Executive Summary of Judgment; Appendix 1 (Chronology); Appendix 2 (Dramatis personae): civil judgement against SFO and Dechert re ENRC investigation.
s59 CJPA 2001 (regularisation of unlawful seizure) applies to search warrants under mutual legal assistance as well as domestic warrants: Helligger v Westminster JJ [2022] EWHC 1056 (Admin)
Misconduct in Public Office: 3 years upheld for civilian digital forensic expert working for police transferring (not distributing) 700k of images of crime scenes, murder victims etc: Collins [2022] EWCA Crim 742.
Economic Crime (Transparency and Enforcement) Act 2022 (Commencement No. 1) Regs 2022 (SI 2022/519) bringing into force as from 15 May 22 Part 2 of the Act (re UWO regime)
A-G Guidelines on Disclosure 2022: Revised and in effect from 25 Jul 22: 26 May 22
Bribery and Corruption in trade: reducing the risk: FCD/DIT: 20 May 22. Refers to:
- Bribery Act Guidance (2012)
- OECD guide for Conducting Due Diligence (2018)
- Good Practice Guidelines on Conducting Third-Party Due Diligence: World Economic Forum (2013)
- Diagnosing Bribery Risk: Int. (2013)
Global Fraud and Risk Report: Vol 2: A deep dive into the rising cost of investigations and how to improve efficiency: Kroll: 9 May 22
National Assessments of Money Laundering Risks: Learning from 8 Advanced Countries’ NRAs (National Risk Assessments): World Bank: May 22: a critique of NRA methodology.
OTHER
Judicial Review of Deferred Prosecution Agreements: A Comparative Study: 60 CJLT 751- 828: Frederick T Davis: 21 May 22 (re US, UK and French DPAs).
CPS:
- 3 Fraudsters sentenced for scamming the taxpayer out of over £1m: VAT repayment fraud: 20 May 22
FCA:
- Insider dealing trial – hung jury: FCA considering a retrial: 25 May 22
- 5 banned and fined over £1m for causing over £50m losses to pension customers by acting either dishonestly or recklessly: 9 May 22. Judgment – [2022] UKUT 00124 (TCC).
- ‘Sharing my screen cost me £48k’ – half of investors would miss signs of screen sharing scam as FCA warns of 86% increase: 5 May 22
SFO:
- First SFO trial of 2022 results in double conviction re £37m fraudulent green investment scheme in Brazil: 31 May 22
- 2nd fraudster jailed over fake investment scheme re £72.5m false supply of services to Olympic village: 27 May 22
- Glencore Energy (UK) charged with 7 counts of bribery: company indicated it would plead guilty: 24 May 22. For reports as to US disposition -see under Abroad below.
- UK used ‘deniable fiddle’ to hide £60m of payments to Saudis, court told: Guardian 9 May 22
- ENRC secures partial High Court win against [SFO], Dechert and ex-partner: Law Soc Gaz. 16 May 22 (see Cases above)
- ‘Ponzi style’ conman jailed for failing to repay victims of £72m fraud: 6 years imprisonment for failure to pay £1.4m compensation: Guardian: 27 May 22
- How a Miami ‘fixer’ got his hooks into Britain’s white collar crime agency: Telegraph (paywall): 28 May 22
HOME:
- Almost two thirds of UK organisations have fallen victim to fraud in the last 2 years: PwC report: 26 May 22: PwC’s Global Economic Crime and Fraud Survey
- PSR (Payment Systems Regulator) plans to make more financial firms provide Confirmation of Payee (CoP) to 99% coverage by 30 June 23: PSR: 24 May 22
- KPMG fined £3.4m over ‘serious failures’ in Rolls-Royce audit: Guardian: 24 May 22
- KPMG to be fined £14m for forging documents over Carillion audit: Guardian: 12 May 22. (Currently being sued by Official Receiver for £1.3B re Carillion: Guardian 3 Feb 22)
- COVID-19: ‘Eye-watering’ fraud levels in loans missed by government, says watchdog: Sky News: 19 May 22
- New benefit counter-fraud plan set to save taxpayer £2 billion: DWP: 19 May 22: Policy Paper –Fighting Fraud in the Welfare System: Plans to spend £613m over 3 years in front-line counter-fraud professionals, boost access to bank data, and give DWP investigating officers powers of arrest.
- Brits not researching their investments because it’s “time consuming” and “complicated“: FSCS (Financial Services Compensation Scheme) with FCA: 18 May 22
- Online fraud checker to help protect investors – Bank & Savings protection checker; Pension protection checker; Investment protection checker: FSCS (Financial Services Compensation Scheme): 18 May 22
- Anti-Money Laundering and Counter-Terrorist Financing Guidance for the Accountancy Sector 2022: CCAB: 17 May 22
- Fraudster paralegal took £438,000 from firm to spend on gambling: Law Soc. Gaz. 16 May 22
- Government approach to authorised push payment scam reimbursement by legislating for reimbursement for APP scams: HM Treasury: 10 May 22
- Abacha millions recovered by NCA: $23.4m recovered enforcing US recovery order: NCA 5 May 22
- James Stunt among 8 accused of £266m Bradford money-laundering scam: BBC News 3 May 22
- TV couple who helped dementia faker in £734k care bill plead guilty: Times of Bristol: 2 May 22
EU & ABROAD:
- Glencore to pay $1bn settlement amid US bribery and market abuse allegations: Guardian 24 May 22; details in US Commodity Futures Trading Commission Release No 8534-22 and CFTC Chairman’s remarks: 24 May 22. Order and Findings: CFTC Docket No 22-16
Tony Shaw QC
These monthly Fraud Newsletters are a very succinct summary of fraud cases and matters which have occurred in the preceding four weeks. Their aim is let you check that you have missed nothing of importance. If you need more detail it can be obtained by using the hyperlinks. The newsletters are as opinion free as possible!
We do our best to ensure that the hyperlinks remain unbroken. If you do find a broken link (they can change from time to time), please let our webmaster know(click here).
Chambers twitter will contain the occasional extracts from next month’s newsletter. If you wish to receive an email notification of and link to each Fraud Newsletter release, please complete the short form below and click Subscribe.
Tony Shaw