i-law

Financial Crime

Sanctions challenges and the definition of "corruptly" examined in Lloyd's Law Reports: Financial Crime

Recent cases reported in Lloyd's Law Reports: Financial Crime

https://static.i-law.com/ilawResponsive/prod/publications/Mar-2024/25/b445f2a6-311f-4e2c-89fd-a49bd1b4be3f-LLR_FC.jpg

Khan v The Secretary of State for Foreign, Commonwealth and Development Affairs [2024] EWHC 361 (Admin); [2024] Lloyd’s Rep FC 49

With a commentary written by Vivien Davies, Head of Sanctions at FieldFisher, this case is an important development in the judicial approach to sanctions challenges, as it provides further clarification on how the court will approach the designation of sanctioned individuals, particularly in relation to the issue of proportionality and whether sanctions designations constitute a disproportionate interference with human rights.

United States v Thomas Robertson No 22-3062 (DC Cir, 2023); [2024] Lloyd's Rep FC 75

Alice Lepeuple, Senior Associate, WilmerHale, examines the Robertson definition of “corruptly” (done with a corrupt purpose or through independently unlawful means) and whether this might be applied in cross-border bribery cases.

Money Laundering Bulletin

TD Bank fined US$3bn for BSA failings, pleads guilty to conspiracy to commit ML

TD Bank, the tenth largest lender by assets in the USA, pleaded guilty, on 10 October, to conspiring to fail to maintain an anti-money laundering program that complied with the Bank Secrecy Act (BSA); to not file accurate currency transaction reports (CTRs); and, a first for a US bank, to launder money. Ultimately owned by Canada's Toronto Dominion Group, the US financial institution will pay just over US$3.1 billion in criminal and civil penalties to US authorities.
Online Published Date:  11 Oct 2024
Appeared in issue:  318 - 01 Nov 2024

EU lays ground for Russia sanctions over 'hybrid' civil disorder attacks

The European Union (EU) has widened activities that can spark EU sanctions to include so-called 'hybrid' threats, such as undermining electoral systems and hacking, which it says are employed by the Russian state and associated Russians.
Online Published Date:  09 Oct 2024
Appeared in issue:  318 - 01 Nov 2024

Fraud Intelligence

Global standard to strengthen auditor approach to fraud

The New York-based International Auditing and Assurance Standards Board (IAASB) is revising its International Standard on Auditing ISA 240 - 'The Auditor's Responsibilities Relating to Fraud in an Audit of Financial Statements' - to help auditors play a more direct role in detecting and investigating fraud.
Online Published Date:  30 Sep 2024

Gender pay gap narrows, says ACFE

The gender pay gap is closing among anti-fraud professionals worldwide, according to the latest survey from the Association of Certified Fraud Examiners (ACFE).
Online Published Date:  30 Sep 2024

Compliance Monitor

TSB shells out £10.9m fine and £100m redress for mishandling customers in arrears

TSB has been penalised £10.9 million for failing to ensure that customers in arrears were treated fairly.
Online Published Date:  10 Oct 2024
Appeared in issue:  Vol 37 No 3 - 01 Nov 2024

Financial services face up to deepfake risks

Deepfake incidents in the financial sector increased within Europe by over 780 per cent last year. Given the threats this technology presents to customer onboarding, fraud detection and systems security, Caroline Dawson and Oscar Tang outline the regulatory landscape and suggested actions for firms.
Online Published Date:  03 Oct 2024
Appeared in issue:  Vol 37 No 3 - 01 Nov 2024

Warning on challenger banks' account-opening controls, as Starling fined £29m

Starling Bank has been penalised £28,959,426 for failings in its financial crime systems and controls thatallowed it to open accounts for over 500 high-risk customers who should have been immediately refused.
Online Published Date:  02 Oct 2024
Appeared in issue:  Vol 37 No 3 - 01 Nov 2024

Financial Crime Search

LLR: Financial Crime

R (ABBASI) v CROWN COURT AT SOUTHWARK (SIDDIQUI AND SIDDIQUI, INTERESTED PARTIES)

[2024] Lloyd's Rep FC 306
Proceeds of crime – Private prosecutions – Witness summons – Jurisdiction.

ESTATE OF FAHAD MAZIAD RAJAAN AL RAJAAN (DECEASED) AND MUNA AL RAJAAN AL WAZZAN v DIRECTOR OF PUBLIC PROSECUTIONS

[2024] Lloyd's Rep FC 317
Restraint – Proceeds of Crime Act 2002 (External Requests and Orders) Order 2005 (SI 2005 No 3181) – United Nations Convention Against Corruption 2003.

R (WORLD UYGHUR CONGRESS) v NATIONAL CRIME AGENCY (SPOTLIGHT ON CORRUPTION, INTERVENOR)

[2024] Lloyd's Rep FC 295
Civil recovery – Proceeds of Crime Act 2002, Part 5 – Recoverable property – Investigation – No need to identify specific recoverable property before investigating – Foreign Prison-Made Goods Act 1897, section 1 – Proceeds of Crime Act 2002, sections 241, 241A, 242, 278, 304, 305, 306, 308, 327, 328, 329, 340 and 341. – Money laundering – Proceeds of Crime Act 2002, Part 7 – Criminal property – Investigation – Section 329(2)(c) exemption from criminal liability – Adequate consideration – Giving adequate consideration for property does not mean that the property was no longer criminal property – Foreign Prison-Made Goods Act 1897 – Proceeds of Crime Act 2002, sections 241, 241A, 242, 278, 304, 305, 306, 308, 327, 328, 329, 330, 331 and 340.

LLR: Financial Crime Plus

ALCHASTER * CRIMINAL PROCEEDINGS AGAINST MA, MINISTER FOR JUSTICE AND EQUALITY, INTERVENING

[2024] Lloyd's Rep. FC Plus 21
Trade and Cooperation Agreement – Surrender of person to the UK for prosecution – European Convention on Human Rights, article 7 – Charter of Fundamental Rights of the European Union, article 49 – Principle of the non-retroactivity of offences and penalties – Anonymisation – Open justice.

PIGOTT v CROWN PROSECUTION SERVICE

[2024] Lloyd's Rep. FC Plus 22
Criminal Justice Act 1988 – Confiscation orders – Hidden assets – Certificate of inadequacy.

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.