Category Archives: Financial Crime

The dawn of the SFO supergrass?

Lisa Osofsky’s appointment as the new Director of the SFO has been heralded as a turning point.  With a “different kind of Director”[1] came the promise of new ideas, attitudes and ways of working, not least the use of “flipped defendants, who later become witnesses.”[2] This formed a staple of the Director’s previous tenure as […]

The criminal future of AML enforcement

We have also commenced a small number of investigations into firms’ systems and controls where, for the first time, we have indicated to those firms that we are looking at whether there has been any misconduct that might justify a criminal prosecution under the Money Laundering Regulations. I am conscious that starting criminal investigations against […]

Money laundering and confiscation – Court of Appeal approves tough approach to calculating benefit

Of all the criticisms that might be levelled at the Proceeds of Crime Act 2002 (‘POCA’), lack of litigious possibility is not one of them. As POCA approaches its 17th birthday, defendants continue to find points to take, whereas the courts continue to produce rulings which ensure that POCA remains the statutory gift that keeps […]

Is AML Playing Catch-Up To Bribery?

Recently released reports on the Bribery Act 2010 and by the Office for Professional Body Anti-Money Laundering Supervision (‘OPBAS’) have given contrasting assessments of the performance of two keystones in the fight against financial crime and corruption. Overall, the House of Lords Bribery Act 2010 Committee’s post-legislative scrutiny report published last month (14 March) gives […]

Peter Binning comments on the EU’s new anti-fraud office in The Times

Controversy is mounting over the process to appoint a chief prosecutor to the EU’s new anti-fraud office. The European Public Prosecutor’s Office (EPPO) is being set up as an independent and decentralised body to investigate and prosecute crimes of fraud and corruption against the EU budget. The EPPO is scheduled to launch at the end […]

Jessica Parker comments on the UK government to introduce public registers to bring about greater transparency to prevent illicit financial flows in the IBA

In March 2019, the UK Parliament was due to debate a Bill requiring the UK’s crown dependencies – Jersey, Guernsey and the Isle of Man – to introduce public registers to bring about greater transparency in the hope this would prevent illicit financial flows. The registers in these major offshore financial centres would be required […]

Bribery Act shines whilst AML supervision struggles

Reports on the Bribery Act 2010 and the Office for Professional Body Anti-Money Laundering Supervision (‘OPBAS’) published this week have given contrasting assessments of the performance of two keystones in the fight against financial crime and corruption. Overall, the House of Lords Bribery Act 2010 Committee’s post-legislative scrutiny report published on Thursday (14 March) gave […]