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Fraud Newsletter: 46 August 2020
Fraud Newsletter 46 - AUGUST 2020
Fraud Newsletter 46 -August 2020 (70 downloads)
Admissibility and weight: allegations of bribery based on confessions allegedly obtained by torture: although torture not proved on balance of probabilities it remains admissible when considering the facts in issue: Shagang Shipping Co Ltd (in liquidation) v HNA Group Co Ltd [2020] UKSC 34.
Late disclosure (of D’s own bank accounts) in ML trial: to assert a lie would not have been told on oath at trial if it was known that prosecution could prove it was a lie is not a good ground of appeal. Loss of time (28 days) served. Yousef [2020] EWCA Crim 1082
Confiscation benefit calculation – employment obtained using false representations (experience and qualifications) – 10 years’ net pay of £643k disproportionate as full restoration made through employment (dishonestly obtained but lawfully discharged): Andrewes [2020] EWCA Crim 1055.
Confiscation agreed by consent quashed where D wrongly informed he could seek variation of hidden assets finding within 3 months of the order: Blackledge [2020] EWCA Crim 1108 (Westlaw).
Nothing of moment.
Anti-money laundering and counter-terrorist financing: Supervision report, 2018-2019: Treasury: 6 Aug 20.
Publication of Source of Wealth and Source of Funds (Private Banking/Wealth Management) FAQs:
Wolfsberg Group (an Association of 13 Global banks): 7 Aug 20 and Developing an Effective AML/CTF Programme: 12 Aug 20.
Understanding risks and taking action for Trust or Company Service Providers – includes an ML risk assessment matrix: HMRC 17 Aug 20
Guidance to firms and their staff on how to apply UK AML/CTF requirements: (JMSLG: 27 Jul 20) has received Treasury ministerial approval: JMSLG 18 Aug 20.
EBA Response to European Commission consultation on AML/CTF Action Plan and the Establishment of an EU-level AML-CTF Supervisor: EBA: 19 Aug 20 and Press Summary.
FCA consulting on Extension of Annual Financial Crime Reporting Obligation: consultation re potential ML risks: FCA: CP20/17: 24 Aug 20. FCA Summary
List of businesses for tax year 2019 to 2020 that have not complied with the 2017 money laundering regulations including Touma Foreign Exchange (fined record £7.832m) and Purplebrick Group (fined £266k): HMRC: 17 Aug 20.
Staggering scale of high level corruption alleged by Emilio Lozoya (ex head of Pemex – Mexican state oil) involving multi-million dollar bribes, campaign financing, 3 former Mexican presidents, lawmakers and aides: Guardian: 20 Aug 20. Viral video shows “Filth” of Corrupt Politics: OCCRP: 20 Aug 20.
SFO: Axiom Legal Financing Fund (Axiom): 3 individuals charged with diverting money for their own benefit and fraudulent trading: 21 Aug 20.
FCA obtain £10.715m restitution order against 2 companies and 3 individuals: FCA v Acacade, Alexandra Associates, Lummis, Lummis & Fox [2020] EWHC 2175 (Ch) FCA Press release: 10 Aug 20.
FCA criticised for delays in providing documents into investigation of its regulation of London & Capital Finance: FT Adviser: 25 Aug 20. FCA letter of apology: 22 Aug 20.
OneCoin founder’s brother to testify against her re alleged Ponzi scheme defrauding 3m cryptocurrency investors out of $16B: OCCRP: 25 Aug 20.
Over £30m lost to pension scammers since 2017 according to complaints filed with Action Fraud (true figure likely to be higher): FCA 25 Aug 20.
Investigation denies crime group £17m property portfolio: NCA: 26 Aug 20.
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!
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Tony Shaw