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Financial Crime

Money Laundering Bulletin

EU hits Belarus with new sanctions, as Wagner group settles in

The European Union (EU) has ramped up sanctions on Belarus, as Russia's ally has increased its role in the invasion of Ukraine, hosting members of the Wagner Group, the Russian mercenary company, which recently rebelled after tension between its leader Yevgeny Prigozhin and the military high command came to a head.
Online Published Date:  22 Aug 2023
Appeared in issue:  306 - 08 Aug 2023

123TESTING Bastion Capital London fined UK£2.45m over financial crime control failings around cum-ex trading

Bastion Capital London Limited (in liquidation), a securities broker, was ordered, on 12 July 2023, to pay a UK£2,452,700 penalty by the UK Financial Conduct Authority over serious flaws in its financial crime controls which allowed a set of clients to conduct trades enabling withholding tax reclaims in Denmark and Belgium to which they were not entitled.
Online Published Date:  22 Aug 2023
Appeared in issue:  306 - 08 Aug 2023

Money Laundering Bulletin Twitter Feed

Fraud Intelligence

UK failing to tackle fraud on government, which spiralled during Covid-19 - NAO

The UK government is failing to deal effectively with fraud across all departments, according to the latest report from theNational Audit Office (NAO).
Online Published Date:  05 Apr 2023

EU honey probe reveals almost half of import samples contain impurities

Better analytical capabilities should be implemented to reduce the incidence of adulterated honey imported into the European Union (EU), industry observers claim after a testing programme revealed almost half of the samples were fraudulently labelled.
Online Published Date:  29 Mar 2023

Fraud Intelligence Twitter Feed

Compliance Monitor highlights

Managing ESG risk for financial institutions

With ESG concerns now at the forefront of public and industry agendas, firms that slip up find themselves exposed to potential reputational, stakeholder, litigation and regulatory fallout.
 

 

In for a penny in for a digital pound?

A proposed retail UK central bank digital currency would be a new form of sterling, similar to a digital banknote, issued by the Bank of England for everyday use by households and businesses.


 

What’s ahead for consumer finance?

Once again, 2023 promises to be a year of regulatory change. 

Compliance Monitor Twitter Feed

Financial Crime Search

LLR: Financial Crime

IVASHCHENKO v RUSSIA

[2018] Lloyd's Rep. FC 301
Right to respect for private life – Customs officer copying electronic data from a laptop – Interference with article 8(1) of the Convention – Whether in accordance with law and necessary in a democratic society.

R v ANDREWES

[2023] Lloyd's Rep. FC 35
Confiscation orders - CV fraud - Benefit from particular criminal conduct - Recoverable amount - Disproportionality.

FINANCIAL CONDUCT AUTHORITY v PAPADIMITRAKOPOULOS AND ANOTHER

[2023] Lloyd's Rep. FC 48
Preliminary issue - Financial services - Statutory interpretation of section 9 of the Crime (International Co-Operation) Act 2003 - Use of material obtained through mutual legal assistance - Whether claim should be struck out as an abuse of process.

LLR: Financial Crime Plus

NATIONAL CRIME AGENCY v WESTMINSTER MAGISTRATES’ COURT, (INGLISTON MANAGEMENT LTD, LODGE SECURITY TEAM LTD, PETR OLEGOVICH AVEN, INTERESTED PARTIES) R (INGLISTON MANAGEMENT LTD AND LODGE SECURITY TEAM LTD) v WESTMINSTER MAGISTRATES’ COURT (NATIONAL CRIME AGENCY, PETR OLEGOVICH AVEN, INTERESTED PARTIES)

[2023] Lloyd's Rep. FC Plus 7
Sanctions – Russian sanctions – Proceeds of Crime Act 2002 – The Russia (Sanctions) (EU Exit) Regulations 2019 (SI 2019 No 855) – National Crime Agency – Account Freezing Orders – ex parte application – Judicial Review – AFO variation – OFSI licenses – Application to set aside AFO.

PJSC NATIONAL BANK TRUST, PJSC BANK OTKRITIE FINANCIAL CORPORATION v BORIS MINTS AND OTHERS

[2023] Lloyd's Rep. FC Plus 8
Sanctions – Russian sanctions – Effect of designation – Licensing – Stay of civil litigation – Ownership and control.

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