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Ex-Maldives president to appeal corruption conviction
The former President of Maldives - Abdulla Yameen - is to appeal his recent conviction for corruption and money laundering but faces delays as his lawyers have yet to receive a detailed trial report.
Online Published Date:
15 January 2023
Appeared in issue:
February/March 2023 - 01 February 2023
The Female Fraud Forum: fostering confidence within our workplaces
For women to flourish in the counter-fraud profession they must have confidence, argue the Female Fraud Forum. Three members of the committee share their views on what confidence is and how to assist others to develop it, so that women can fully contribute their unique abilities to the counter-fraud effort: Phoebe Waters of JS Held (the FFF's Chair), Rachael Gregory of Grosvenor Law, and Fieldfisher's Alexandra Underwood.
Online Published Date:
16 January 2023
Appeared in issue:
February/March 2023 - 01 February 2023
Working life - an investigation
Fraud professionals have been likened to undertakers - necessary, but only in extremis, and then preferably for as short a time as possible: as a reminder that controls, if they existed, have failed, their presence may not be welcomed, especially as it usually comes with awkward probing questions. So, already a job for the resilient, how has Covid-19 impacted the sector and what are the prospects for the year ahead? Keith Nuthall tests sentiment in the market.
Online Published Date:
16 January 2023
Appeared in issue:
February/March 2023 - 01 February 2023
New disclosure order 'gateway' will assist in cross-border fraud cases
A 'jurisdictional gateway' has made it easier for victims of fraud to seek disclosure through the English court system of the identity of fraudsters and the whereabouts of misappropriated assets. This is a welcome development on paper, but how effective will such orders be in practice? Pia MithaniandEd Holmesof Stewarts discuss the new gateway and practical steps to make orders for disclosure more effective.
Online Published Date:
23 January 2023
Appeared in issue:
February/March 2023 - 01 February 2023
Cross-border currents - European parliament grapples with 'Qatargate' case
The European Parliament is grappling with the fallout of the 'Qatargate' cash-for-influence corruption scandal.
Online Published Date:
23 January 2023
Appeared in issue:
February/March 2023 - 01 February 2023
The real purpose behind the Fraud Risk Wheel
Heads of Internal Audit who seek to be effective in fraud detection and prevention can have difficult debates with top management about the available budget and resources for this work, as against their regular internal audit programme. Dr Peter Tickner shares how he developed a model to evaluate the risk of fraud and the need for investigative resources.
Online Published Date:
23 January 2023
Appeared in issue:
February/March 2023 - 01 February 2023
US justice department hikes penalty cuts for corporates that self-disclose criminal conduct and cooperate
The US Department of Justice has expanded the benefits available to corporations that report suspected economic crime in their operations and cooperate with its investigation, offering them up to a 75% reduction in punishment - up from an earlier 50% maximum.
Online Published Date:
23 January 2023
Appeared in issue:
February/March 2023 - 01 February 2023
JP Morgan sues US$175 million start-up, claiming fake accounts
JP Morgan Chase is suing the founder of student aid advice platform 'Frank' that it bought in August 2021, claiming that CEO and founder Ms Charlie Javice "decided to lie" about the success, size, and depth of market penetration of the start-up she created in 2017 to justify the US$175 million price tag.
Online Published Date:
23 January 2023
Appeared in issue:
February/March 2023 - 01 February 2023
Lords report calls for 'failure to prevent fraud' offence
A House of Lords committee on fraud has called for a new cabinet-subcommittee and higher prioritisation by law enforcement to tackle the problem; the introduction of a new corporate criminal offence of 'failure to prevent fraud'; for banks to slow down payments in some situations; along with more accountability for telecoms companies and their regulator, Ofcom. Paul Brehony and Kate Gee of Signature Litigation report.
Online Published Date:
23 January 2023
Appeared in issue:
February/March 2023 - 01 February 2023
Leading edge
Is the criminal justice system in England & Wales fit to deal with fraud - now over 40% of all recorded crime? Not surprisingly, perhaps, Clare Montgomery KC doesn't think so but, after 40+ years at the criminal bar, she also brings constructive suggestions for improvement in her conversation with colleagues, Ken Macdonald KC and Tim Owen KC, also of Matrix Chambers, in a recent episode of Double Jeopardy: the Law and Politics Podcast.
Online Published Date:
25 January 2023
Appeared in issue:
February/March 2023 - 01 February 2023
Failure to prevent fraud to be criminal offence in UK
In parliamentary debate on the Economic Crime and Corporate Transparency bill, on 25 January, the UK government signalled that it would bring forward a 'failure to prevent fraud' offence.
Online Published Date:
26 January 2023
Appeared in issue:
February/March 2023 - 01 February 2023
UK data matches stop £442m in losses to fraud and error since 2020
The UK's National Fraud Initiative has helped prevent, detect or recover some UK£442.6 million (US$548.58 million) in fraud and error through data-matching UK-wide in the period 5 April 2020 to 31 March 2022, according to its latest report.
Online Published Date:
26 January 2023
Appeared in issue:
February/March 2023 - 01 February 2023