i-law

Financial Crime

Money Laundering Bulletin

Out of the shade - Cyprus

Long favoured as a Mediterranean destination for rich Russians and their deposits, Cyprus has in recent years sought to move on from a previously relaxed approach to sources and flows of foreign money. Ioanna Niaoti and Keith Nuthallmark the changes.
Online Published Date:  05 Apr 2023
Appeared in issue:  303 - 01 May 2023

Oversight - Free Trade Zones

Not subject to usual customs duties, speed and volume both prioritized, free trade zones are multiplying and expanding. Keith Nuthall wants to know if financial crime controls have kept pace.
Online Published Date:  05 Apr 2023
Appeared in issue:  303 - 01 May 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

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.

SERIOUS FRAUD OFFICE v GLENCORE ENERGY UK LTD

[2023] Lloyd's Rep. FC 72
Crime - Corporate offending - Corruption - Guilty plea - Bribery Act - Bribery - Failure to prevent - Sentencing - Compensation - Confiscation - Cooperation.

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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