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Fraud Insights: Worldwide freezing order continued despite allegations of delay

A recent decision of the High Court in PJSC National Bank Trust and PJSC Otkritie Bank Financial Corporation v Boris Mints and others [2019] EWHC 2061 (Comm) found that it was appropriate to continue a worldwide freezing order in circumstances where there was a good arguable case that the Defendants had used complex structures and methods, involving [...]

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Fraud - 2 weeks ago

Fraud Insights: Criminal sanctions for wilful and reckless mismanagement of pension schemes

In February 2019, the Government published its response to the consultation on Protecting Defined Benefit Pension Schemes – A Stronger Pensions Regulator (the “Consultation Paper”). Amongst the new proposed regulations in the Consultation Paper, the government said it intends to create a new criminal offence of wilful or reckless behaviour in relation to a pension scheme punishable [...]

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Fraud - 1 month ago

Fraud Insights: Addressing the Risk of Dissipation in Freezing Injunctions

In Vestey Foods UK Limited v Adam Cox & Others [2018] EWHC 3466 (Ch), the claimant, Vestey Foods, obtained a freezing injunction against its Deputy CEO who had (unbeknownst to Vestey) held shares in one of Vestey’s supplier companies through a nominee. It was alleged that the supplier company had overcharged Vestey, with the Deputy CEO [...]

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Fraud - 3 months ago

Fraud Insights: Authorised Push Payment Scams Voluntary Code Comes Into Force

On 28 May 2019, the Voluntary Code on Authorised Push Payment (APP) scams came into force. It is intended to provide greater protection for consumers and clarify the circumstances in which their banks should reimburse them for their losses arising from an APP scam. In an APP scam, the account holder is tricked into authorising [...]

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Fraud - 4 months ago

Fraud Insights: UK Finance Figures show millions lost to authorised push payment frauds

The latest figures released by UK Finance show that a total of £503.4 million was stolen by criminals through authorised and unauthorised fraud in the first six months of 2018. [...]

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Fraud - 12 months ago

Fraud Insights: The Importance of the Duty of Full and Frank Disclosure Emphasised Once Again

The recent decision in Banca Turco Romana SA (in liquidation) v Kamuran Cortuk and others [2018] EWHC 662 (Comm) emphasises the importance of the duty of full and frank disclosure in the context of freezing injunctions. In this case, the claimant, a Romanian bank acting through its liquidator, had sought the continuation of freezing injunctions [...]

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Fraud - 1 year ago

Fraud Insights: The Ever Increasing Anti-Bribery, Corruption and Compliance Risks

Risk solutions firm, Kroll, has partnered with ethical business practices firm, Ethisphere, to produce the Anti-Bribery & Corruption Benchmarking Report 2018. The Report shows that organisations continue to be concerned about third party risks with the risk factor of opaque ownership structures increasingly becoming a priority for compliance teams. New forms of payment, such as [...]

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Fraud - 1 year ago

Fraud Insights: Findings of fact in arbitration form basis of grant of freezing order

In Great Station Properties SA and another v UMS Holding Ltd and others [2017] EWHC 3330 (Comm) the Commercial Court granted a worldwide freezing order over the defendant’s assets in an attempt to secure enforcement of an arbitration award against the defendant exceeding US$305 million. Endorsing the Court of Appeal’s pronouncement of the test in [...]

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Fraud - 2 years ago

Malicious Prosecution of Civil Claims

Until relatively recently, a defendant that had successfully defended a maliciously advanced civil claim was prevented from bringing a claim for malicious prosecution against that claimant in respect of the damage caused. Whilst malicious prosecution claims could be brought in respect of criminal proceedings, civil proceedings were treated differently. Unfortunately, as many individuals that have [...]

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Fraud - 2 years ago

Fraud Insights: failure to prevent facilitation of tax evasion

The new regime of failing to prevent the facilitation of tax evasion came into force on 30 September 2017, pursuant to Part 3 of the Criminal Finances Act 2017 (the “Act“). The Act has created two offences; failure to prevent facilitation of UK tax evasion (the “UK Offence“), and failure to prevent facilitation of foreign [...]

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Fraud - 2 years ago

Fraud Insights: Director Disqualification and Compensation Orders: An Update

The Government has recently published guidance on compensation orders which will be of interest to directors and practitioners. [...]

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Fraud, White Collar Crime & Investigations - 2 years ago

Corruption in Latin America and the Caribbean

Transparency International (TI) recently published its ‘People and Corruption: Latin America and the Caribbean‘ report as part of its Global Corruption Barometer series. When conducting the research, TI surveyed 22,302 people across 20 countries in Latin America and the Caribbean, with particular focus on their perceptions and experiences of corruption.  The results of the survey [...]

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Fraud - 2 years ago