The Quincecare duty, which requires financial institutions not to execute customers’ orders if they have been made aware that these are part of a fraud, has gained prominence recently as upcoming legal challenges threaten to increase banks’ responsibilities in the context of increasingly sophisticated fraud. In this article for The Banker, Paul Johnson and David […]
Every year, without fail, the government promises to get tough on financial crime. This time round, the latest proposal involves extending the “failure to prevent” model to make firms criminally liable for failing to prevent economic crimes beyond bribery and tax evasion unless they have adequate procedures in place. The model was first introduced by […]
The monthly insolvency statistics for October 2022 (published by the Insolvency Service in November) show that corporate insolvencies have risen 38% from the same month in the previous year and are 32% higher than pre-pandemic. Insolvency practitioners, lawyers and advisers are therefore gearing up for further rises in insolvencies as the economic climate is expected […]
When someone has been arrested and detained by the police on suspicion of a criminal offence, the police have the power to release that person – who is now considered a suspect – pending further enquiries. In doing so, they will need to decide whether to impose any restrictions on the suspect’s ability to abscond, […]
Head of Business Crime Nick Vamos was interviewed for Legal Business’ Life During Law column. Nick spoke about how he ended up following his mum’s and future wife’s advice to pursue a career as a barrister, how things progressed from there and why he does not believe in planning his career too much. After leaving […]
Following the collapse of the FTX exchange, the government’s proposals to regulate cryptoassets has become even more relevant. This article analyses the proposed regulatory changes and their potential impact on market actors involved in the crypto sphere. Proposed amendments HM Treasury and the Financial Conduct Authority (FCA) have indicated that the increase in retail investors’ […]
The Single Justice Procedure (SJP) has allowed the prosecution of minor summary-only offences that do not attract a custodial sentence, without the need for a defendant to attend court. Introduced by the Criminal Justice and Courts Act 2015, the SJP has to date been used for individuals accused of minor offences such as speeding, driving […]
At the start of the new year, an unfortunate and dispiriting reality is starting to dawn: 2022 was the UK’s ‘Year of Fraud’. From headlines of the UK government having lost £16 billion to Covid 19 fraud, to the shocking truth that only one in every 1,000 criminal complaints for fraud results in a conviction, […]
The Supreme Court will hear the appeal of Republic of Mozambique (acting through its Attorney General) (Appellant) v Privinvest Shipbuilding SAL (Holding) and Others (Respondents) (2021/0085) from 24 to 25 January 2023. The appeal arises out of ongoing litigation before the Commercial Court in which Peters & Peters has acted for the Republic of Mozambique […]
The recent spectacular collapse of the FTX exchange has made questions in respect of crypto regulation in the UK (and elsewhere) more pressing. While the government had previously approached the topic with caution, these recent events have contributed to a noticeable shift in gear, including the introduction of a bill bill to bring certain cryptoassets […]
