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Tackling insurance fraud – law and practice
Padding and false claims cost the UK insurance industry millions each year. Dexter Morse
examines the shape and size of the problem and the industry’s response.
Online Published Date:
01 April 2006
Appeared in issue:
April/May 2006 - 01 April 2006
Overdue diligence
We are often asked if there are any common themes in the cases that we investigate, writes Simon Dawson
, Head of Corporate Investigations, The Risk Advisory Group. There are several but one very frequent observation is that serious fraud can be prevented by appropriate due diligence carried out at the right time. The cost is usually minimal when set against the potential losses.
Online Published Date:
01 April 2006
Appeared in issue:
April/May 2006 - 01 April 2006
Formulas for detection: ratio alerts to financial statement fraud
A few years ago Messod Daniel Beneish, Ph.D., accounting professor at Indiana University in the United States, devised a series of analysis ratios to identify possible financial statement fraud. Cynthia Harrington
reviews his toolkit.
Online Published Date:
01 April 2006
Appeared in issue:
April/May 2006 - 01 April 2006
Working away
Fraud and financial investigations in offshore financial centres carry their own unique risks and challenges. Michael Peer
, Director of KPMG Forensic with responsibility for 14 offshore jurisdictions, explores some of the key characteristics of preventing and investigating fraud overseas, including tracing assets and making recoveries.
Online Published Date:
01 April 2006
Appeared in issue:
April/May 2006 - 01 April 2006
Sham corporate structures – the English courts’approach
The recent case of Kensington International Ltd v Republic Of Congo and others [2005] EWHC 2684 (Comm) highlights the willingness of the English courts to look behind sham corporate structures when a defendant (even a defendant state) attempts to evade the rights of third parties against it, says Charlotte Butcher
of Holman Fenwick & Willan.
Online Published Date:
01 April 2006
Appeared in issue:
April/May 2006 - 01 April 2006
Wired differently
Robert Hunter may be contacted on tel: +44 (0) 20 7330 3772, email robert.hunter@allenovery.com. Reporting by Timon Molloy.
Online Published Date:
01 April 2006
Appeared in issue:
April/May 2006 - 01 April 2006
Revenue and Customs Prosecution Office - the first year
Gavin McFarlane of Temple Chambers Cardiff
Online Published Date:
01 April 2006
Appeared in issue:
April/May 2006 - 01 April 2006
Former Commissioner to lose half pension for nepotism
An advocate general of the European Court of Justice (ECJ) has recommended that former European research Commissioner Edith Cresson be denied half her European Union (EU) pension for employing a friend when in office. René Berthelot, a dentist..
Online Published Date:
01 April 2006
Appeared in issue:
April/May 2006 - 01 April 2006
EU data protection supervisor doubts biometrics accuracy
As the UK government pushes for the earliest possible introduction of national identity cards, the European Union (EU) Data Protection Supervisor has warned against a heavy dependence on biometrics. Peter Hustinx says he “strongly discourages..
Online Published Date:
01 April 2006
Appeared in issue:
April/May 2006 - 01 April 2006
OLAF name in EU extortion letters
Fraudsters are exploiting the name of OLAF, the European Union’s (EU) anti-fraud office, in illegal demands for penalty payments. The agency warns that fake OLAF letters, bearing its logo, have been sent to victims accusing them, inter alia,..
Online Published Date:
01 April 2006
Appeared in issue:
April/May 2006 - 01 April 2006
OLAF promised support by supervisory committee
The new members of European Union (EU) anti-fraud unit OLAF’s supervisory committee have promised to staunch leaks about investigations that have helped fuel criticism of the EU agency. Committee chairman Rosalind Wright told a European..
Online Published Date:
01 April 2006
Appeared in issue:
April/May 2006 - 01 April 2006
Extradition looms darker for NatWest three
In February the High Court ruled in support of the Government’s decision under an extradition treaty with the US to extradite former NatWest bankers David Birmingham, Giles Darby and Gary Mulgrew to face charges of conspiring with senior Enron..
Online Published Date:
01 April 2006
Appeared in issue:
April/May 2006 - 01 April 2006
Liechtenstein in breach of market abuse obligations
The Alpine principality of Liechtenstein has been formally threatened with legal action at the European Free Trade Area (EFTA) Court for failing to implement three European Union (EU) directives designed to prevent abusive practices in the..
Online Published Date:
01 April 2006
Appeared in issue:
April/May 2006 - 01 April 2006
Cooperation on tax evasion must improve, says Commission
The European Commission has called on European Union (EU) member governments to boost their cooperation against tax fraud, as “there remains a huge gap between the amounts for which assistance is requested and amounts actually recovered..
Online Published Date:
01 April 2006
Appeared in issue:
April/May 2006 - 01 April 2006
OLAF director general proudly asserts independence
The reappointed director-general of European Union (EU) anti-fraud office OLAF has promised to stick with the occasionally abrasive approach to his job that has led to past criticism, saying: “The only way to show my thanks for this trust is..
Online Published Date:
01 April 2006
Appeared in issue:
April/May 2006 - 01 April 2006
Fraud Review - a real chance of progress?
The UK Fraud Review Team only started work last October but progress is rapid, as it needs to be with a late spring 2006 deadline for submission of its final recommendations. An interim report, published at the end of March, collates the findings..
Online Published Date:
01 April 2006
Appeared in issue:
April/May 2006 - 01 April 2006