Catch up with the latest news.
Company fined for anti-bribery and corruption systems failings
Earlier this month, the Financial Conduct Authority (FCA) fined Besso Limited £315,000 for a failure to take reasonable care to establish and maintain effective systems and controls for countering the risks of bribery and corruption. The FCA found that Besso, a general insurance broker, operated a weak control environment surrounding… Read more ...European Investigation Order directive
In a move aimed at improving judicial cooperation in the EU so that investigations can proceed more quickly and efficiently, the Council has now adopted a directive regarding the European Investigation Order (EIO) in criminal matters. The goal of the directive is to allow member states to carry out investigative… Read more ...Economic crime against financial firms increases
Economic crime against financial services organisations continues to rise around the world, according to recent research by PwC. The advisory firm’s 2014 Global Economic Crime Survey reveals that 45% of financial services respondents say they have been victims of economic crime. The survey, which includes 1,330 responses from the financial… Read more ...London money launderer jailed
In an interesting money laundering case from England, a man has been found guilty of laundering the proceeds from a £5.3 million alcohol smuggling plot and jailed for five and a half years. Piotr Terpilowski was arrested in August 2011 on suspicion of money laundering offences when officers seized a… Read more ...Europe proposes new rules on money laundering
The ultimate owners of companies and trusts would have to be listed in public registers in EU countries, under updated draft anti-money laundering rules approved by a specialist committee of the European Parliament last week. The proposed new rules would be incorporated in the anti-money laundering directive currently being negotiated… Read more ...Dramatic increase in trafficking of British children
A dramatic increase in the number of British-born children being trafficked for sexual abuse has been revealed in figures released recently by the National Crime Agency (NCA), the Guardian reported this week. According to the Guardian, an increase of 155% in children potentially at risk of sexual abuse was disclosed… Read more ...Banks unhappy with anti money laundering systems
Bank boardroom focus on money laundering is at an all-time high, according to data released recently by accountancy firm, KPMG. Broadly speaking money laundering is an activity that takes money derived from criminal activities such as fraud and obscures its origins so that it appears to have a legitimate source… Read more ...Financial market manipulators may face at least four years in jail
The European Parliament has approved draft rules which would require judges to sentence offenders guilty of serious financial offences to at least four years in jail. The draft rules lay down tougher criminal penalties, including prison terms, for serious market abuses such as unlawful disclosure of information, insider dealing or… Read more ...Report reveals increase in money laundering
There has been a sharp rise in the incidence of money laundering in the UK, according to new research from BDO LLP, the accountancy and business advisory firm. The company’s latest FraudTrack report, which examines all reported fraud cases over £50,000 in the UK, found that the total value of… Read more ...