Fraud Intelligence

A major UK multi-police force counter-fraud operation has arrested 438 suspects and seized almost UK£14 million (US$17.7 million) in cash and assets.

International commodity trading conglomerate Trafigura has been fined almost US$127 million in a US court after admitting to bribing officials at Brazilian state oil company Petrobras, between 2003 and 2014, to gain and retain business, violating the USA Foreign Corrupt Practices Act (FCPA).

A novel and audacious fraud on the English courts has recently come to light, after a purported Kuwaiti arbitration award that a High Court judge ordered to be enforced was revealed to be an "out-and-out fabrication". Neil Newing of Signature Litigation examines the case and potential holes in the arbitral enforcement process.

Campaign groups Spotlight on Corruption and Transparency International UK are calling for Britain's National Audit Office (NAO) to probe the country's Ministry of Defence (MoD) involvement in a British-Saudi bribery scandal.

The US Department of Justice (DoJ) has launched a self-disclosure programme, offering some fraudsters immunity from prosecution if they own up to their wrongdoing before they are caught.

After extensive consultation with professionals working in criminal justice, Jonathan Fisher KC, appointed by the UK Home Secretary to look at how disclosure is working, says he currently sees "no compelling case for radical reform of the CPIA [Criminal Procedure and Investigations Act 1996]".

The UK government must boost the Serious Fraud Office (SFO) budget if it is to attract and retain qualified staff and avoid the failings, notably in disclosure, identified in recent reviews of the agency, says the HM Crown Prosecution Service Inspectorate (HMCPSI).