i-law

Fraud Intelligence

Global public sector corruption perception levels obstinately high, TI index shows

Transparency International's 2023 Corruption Perceptions Index, released on Tuesday (30 January 2024), has concluded 122 of 180 countries worldwide scored below 50 on perceived levels of public sector corruption, from 0 (highly corrupt) to 100 (very clean).
Online Published Date:  09 February 2024

Increased compelled powers for the UK Serious Fraud Office

The Economic Crime and Corporate Transparency Act 2023 received Royal Assent on 26 October 2023 but it was on 15 January 2024 that section 211 came into effect, which expands the scope of the Serious Fraud Office's powers to compel individuals to provide documents and information. Mark Jones and Henry Watkinson of Payne Hicks Beach examine the change.
Online Published Date:  09 February 2024

Chinese checkers

Due diligence and investigations in China for overseas clients, always to be handled with care, says Mark Godfrey, now call for even greater sensitivity in an atmosphere of heightened geopolitical tension and distrust.
Online Published Date:  09 February 2024

Disclosure: beware of ambushing tactics

The recent decision in AXA Insurance v Kryeziu, a low-value insurance dispute, provides welcome clarification of what is required of victims of fraud in both their pleadings and disclosure, and the consequences of failing to comply. The lessons are drawn by Philip Gardner and Abbie Melvin of Peters & Peters.
Online Published Date:  09 February 2024

UK failing to hold executives accountable for economic crime

Senior executives at the top of large companies involved in bribery, fraud and other economic crime almost never face any consequences in the UK, according to a damning 7 February report from lobby and campaign group Spotlight on Corruption.
Online Published Date:  09 February 2024

UK SFO director favours whistleblower payments and covert techniques

Nick Ephgrave intends the Serious Fraud Office to "be bolder, more pragmatic, more proactive" during his tenure as director. In his first speech since taking office last September, Ephgrave, who previously served at the top of the Metropolitan Police, told the Royal United Services Institute (RUSI) audience that "we have already gone through more front doors [in dawn raids] in the last three months than in the last three years".
Online Published Date:  14 February 2024

AI and machine learning in anti-fraud set to soar - ACFE study

The ACFE (Association of Certified Fraud Examiners) has released data predicting that the use of AI and machine learning systems in anti-fraud programmes is expected to triple worldwide over the next three years.
Online Published Date:  15 February 2024

Warnings grow about UK local government graft

Concern is growing that the current legal framework in the UK fails to provide effective measures to tackle corruption in local government. Lack of resources and expertise dedicated to investigating and prosecuting corruption cases adds to the difficulties.
Online Published Date:  16 February 2024

UK survey tracks doubling in total fraud for higher value cases

The total value of fraud in the UK, for cases reported in the media where the sum was at least UK£50,000 (US$63,000), more than doubled last year to UK£2.3 billion (US$2.9 billion), according to accountancy and business advisory firm BDO's latest 'FraudTrack' analysis.
Online Published Date:  21 February 2024

Copyright © 2024 Maritime Insights & Intelligence Limited. Maritime Insights & Intelligence Limited is registered in England and Wales with company number 13831625 and address 5th Floor, 10 St Bride Street, London, EC4A 4AD, United Kingdom. Lloyd's List Intelligence is a trading name of Maritime Insights & Intelligence Limited.

Lloyd's is the registered trademark of the Society Incorporated by the Lloyd's Act 1871 by the name of Lloyd's.