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Financial Crime

Supreme court coverage in Lloyd's Law Reports: Financial Crime

Latest Supreme Court case reported in Lloyd's Law Reports: Financial Crime

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El-Khouri v Government of The United States of America [2025] UKSC 3; [2025] Lloyd's Rep FC 87

With a commentary written by Rachel Cook, of Counsel, Peters & Peters Solicitors LLP, this case clarifies and simplifies the test for conduct and determining jurisdiction with regards to extradition. However, the Supreme Court acknowledged the simplicity of applying the test in this case, and practitioners are left with potential difficulties arising in more complex scenarios with conduct occurring across multiple jurisdictions.

LLR: Financial Crime

R (HARVEY) v LUTON AND SOUTH BEDFORDSHIRE MAGISTRATES’ COURT AND ANOTHER, BEDFORDSHIRE POLICE, INTERESTED PARTY

[2025] Lloyd's Rep FC 121
Account freezing orders – Proceeds of Crime Act 2002 – Magistrates’ Courts Rules 1981 (SI 1981 No 552 (L 1)) – Judicial review.

R v KAMRAN

[2025] Lloyd's Rep FC 114
Fraud – Gold bullion – Criminal property – Entering into an arrangement to facilitate money laundering.

Money Laundering Bulletin

TradeUP and US Tiger Securities pay UK$950,000 over omnibus account AML fails

Affiliated and FINRA-regulated TradeUP Securities, Inc and Tiger Securities, Inc have accepted fines of US$700,000 and US$250,000, respectively, for ineffective anti-money laundering (AML) controls around foreign financial institution omnibus accounts that transacted mainly in thinly traded, low-priced securities.
Online Published Date:  29 Apr 2025
Appeared in issue:  324 - 01 Jun 2025

MGM Resorts International fined US$8.5m over illegal bookmaker clients and AML failings

Gambling operator MGM Resorts International, which owns the MGM Grand Casino and the Cosmopolitan of Las Vegas, will pay a US8.5 million fine after the Nevada Gaming Commission (NGC) found two illegal bookmakers had been placing bets, without the filing of any suspicious activity reports.
Online Published Date:  29 Apr 2025
Appeared in issue:  324 - 01 Jun 2025

Fraud Intelligence

R v Skeene and conspiracy to defraud - clarity on "what" but not "why"

The Fraud Act 2006 may have set out specific offences but it also retained the much broader common law conspiracy to defraud, which tips the scales, argues Nick Barnard of Corker Binning.
Online Published Date:  28 Apr 2025

UK issues first Interpol silver notice to freeze fraudster's assets

The UK has secured its first ever Interpol Silver Notice, a global order to seize the proceeds of crime. Its target is tracing and recovering UK£8.5 million (US$10.3 million) in criminal assets of convicted fraudster, Anopkumar Maudhoo.
Online Published Date:  17 Apr 2025

Financial Crime Search

Compliance Monitor

FCA prepares for world-first live AI testing facility

The Authority is due to launch a live artificial intelligence testing facility in September to assist firms with advanced consumer-facing uses of the technology.
Online Published Date:  29 Apr 2025
Appeared in issue:  Vol 37 No 8 - 01 May 2025

Capital rules to be 70% trimmer for investment firms from 2026

All references to the UK Capital Requirements Regulation are to be dropped by the FCA in its definitions of high quality ('own funds') regulatory capital for investment firms.
Online Published Date:  24 Apr 2025
Appeared in issue:  Vol 37 No 8 - 01 May 2025

How investment firms should prepare for a CASS audit

The deadline for submitting CASS reports is four months after year-end and the audit process is often fast-paced, with little room to stop and reflect. Oliver Hawes sets out practical suggestions for firms both ahead of and following their audits to assist in smoothing the process.
Online Published Date:  17 Apr 2025
Appeared in issue:  Vol 37 No 8 - 01 May 2025

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