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ABB pays over US$315 million, with three-year DPA, after South Africa bribery
Swiss-based engineering and technology group ABB has agreed to pay over US$315 million to settle allegations that it violated the US Foreign Corrupt Practices Act by bribing a high-level official in Eskom Holdings Ltd, South Africa's state-owned energy company.
Online Published Date:
05 December 2022
Appeared in issue:
February/March 2023 - 01 February 2023
The SFO under Lisa Osofsky
With Serious Fraud Office Director Lisa Osofsky set to leave her post, Aziz Rahman of Rahman Ravelli considers the impact she has had on the agency.
Online Published Date:
06 December 2022
Appeared in issue:
February/March 2023 - 01 February 2023
Trump Organization found guilty of tax fraud
Former US President Donald Trump's real estate business has been found guilty of criminal tax fraud by a New York jury.
Online Published Date:
07 December 2022
Appeared in issue:
February/March 2023 - 01 February 2023
Airbus pays €15.9 million in France to settle residual bribery charges
Aircraft giant Airbus has been fined nearly €15.9 million to settle the final vestiges of the massive bribery scandal that initially saw €3.6 billion (US$3.79 billion) in fines paid to British, French and United States authorities in January 2020.
Online Published Date:
08 December 2022
Appeared in issue:
February/March 2023 - 01 February 2023
AI and the SFO: what could possibly go wrong?
The use of artificial intelligence in the discovery process of fraud investigations could help prosecutors pinpoint the 'smoking guns' among millions of documents. But in between input from the case team and the final results produced, a machine will make unrecorded decisions that ultimately impact upon the justice process. Does this matter? Rachel Cook and Abbie Melvin of Peters & Peters explain why they believe it does.
Online Published Date:
12 December 2022
Appeared in issue:
February/March 2023 - 01 February 2023
Managing heightened corruption risks in the mining and metals sector
As economic pressures squeeze governments and businesses around the globe, the already high-risk mining and metals industry could present exacerbated potential for involvement in financial crime. "Anticipation and prevention will be key to weathering the storm," say Anneka Randhawa, Lucy Rogers and Margot Davies of White & Case, as they suggest practical steps for companies to enhance their compliance functions and protect their operations.
Online Published Date:
12 December 2022
Appeared in issue:
February/March 2023 - 01 February 2023
NFT nasties: cybersecurity, phishing, hacking and other risks
Though trading volumes of non-fungible tokens have plummeted in the course of 2022, this innovative technology - which assigns property rights in the digital space - is undoubtedly here to stay. But investors must take care. Veronica Reynolds and Robert A Musiala Jr of BakerHostetler outline some of the abuses and criminality that have been associated with an evolving asset class.
Online Published Date:
12 December 2022
Appeared in issue:
February/March 2023 - 01 February 2023
FTX crypto exchange founder charged with massive fraud
Sam Bankman-Fried is facing years in jail and huge fines after being charged with multiple fraud offences following the collapse of crypto-trading platform FTX and its associated hedge fund Alameda Research.
Online Published Date:
14 December 2022
Appeared in issue:
February/March 2023 - 01 February 2023
European Parliament in shock at 'Qatargate' corruption allegations: MEP arrests
The European Parliament is reeling from the so-called 'Qatargate' cash-for-influence corruption and money laundering scandal that broke on 9 December when Belgian police found over €1.5 million (US$1.6 million) cash in raids on locations across Brussels.
Online Published Date:
15 December 2022
Appeared in issue:
February/March 2023 - 01 February 2023
UK tax investigations fall costs UK£9 billion
A decline in compliance work by HM Revenue & Customs since the start of the Covid-19 pandemic has led to a drop of around UK£9 billion in revenue collected, according to the National Audit Office.
Online Published Date:
16 December 2022
Appeared in issue:
February/March 2023 - 01 February 2023
Cryptocurrency, crossing borders & pursuit through the English courts
Hacked or held to ransom over locked IT, with cryptocurrency then paid and spirited overseas: a recent High Court decision means victims now have better prospect of recovery, says Syed Rahman of Rahman Ravelli.
Online Published Date:
18 December 2022
Appeared in issue:
February/March 2023 - 01 February 2023
The way ahead
In the wake of three critical reports into the UK's response to the current epidemic of fraud, what does the government's new fraud strategy promise us for 2023? asks Kathryn Westmore of the Centre for Financial Crime and Security Studies, Royal United Services Institute.
Online Published Date:
20 December 2022
Appeared in issue:
February/March 2023 - 01 February 2023