Every year, the UK economy could be losing as much £219 billion to fraud. This colossal figure is one of they key findings of the 2023 Annual Fraud Indicator (AFI), a round-up of the cost of fraud in the UK published by Peters & Peters Solicitors in conjunction with national audit, tax, advisory and risk […]
Earlier this month, the Supreme Court handed down its judgment in Philipp v Barclays Bank UK PLC, which deals with the circumstances in which a bank can be held liable for not preventing a customer from being defrauded. The judgment offered much-needed clarity on the nature of the Quincecare duty and the obligations that banks […]
In March, the UK government released its Green Finance Strategy, setting out plans to attract investment to help achieve the country’s net zero ambitions. Then, a month later, the National Fraud Strategy came out, revealing that fraud is “by far” the UK’s most common crime, representing 40% of offences in England and Wales. However, no […]
From fake goods, scam emails, counterfeited artwork, mislabelled foods to the perils of falling prey to all those crypto adverts, fraud is everywhere. In this article for Fraud Intelligence, Keith Oliver and Caroline Timoney embark on a whistlestop tour through the history of fraud, uncovering how many old scams have modern versions today. They discuss […]
Fraud now accounts for 40% of all crime and, in May, the government published its national fraud strategy – the latest official document attempting to address this epidemic. The ambition is for fraud to be reduced by 10% by December 2024 on 2019 levels, by “tackling fraudsters head on, protecting the British people’s hard-earned cash […]
The Attorney General, Victoria Prentis KC MP, has announced that former senior police officer Nick Ephgrave QPM will be the next director at the Serious Fraud Office (SFO). Ephgrave was assistant commissioner of the Metropolitan Police in charge of frontline policing between 2019 and 2022 and, before this, he was the Chief Constable for Surrey […]
The Financial Conduct Authority (FCA) has fined ED&F Man Capital Markets Ltd (MCM) over £17.2 million ‘for serious failings in its oversight of cum-ex trading’. The FCA said that these failings allowed the broker to collect fees for trading strategies designed to enable clients to reclaim tax illegitimately from the Danish authorities. According to the […]
Head of International Keith Oliver and Legal Researcher Caroline Timoney have recently been published in CDR: Essential Intelligence – Fraud, Asset Tracing & Recovery 2023. Their chapter, an overview of the latest in the regulatory landscape in England & Wales, provides expertise for practitioners and laypersons alike as it explores the current legal framework underpinning […]
Last week, the Home Office tabled an amendment to the Economic Crime and Corporate Transparency Bill, setting out a failure to prevent fraud offence. According to the Home Office, this new offence is meant to “make it easier to prosecute a large organisation if an employee commits fraud for the organisation’s benefit” and “allow prosecutors […]
The Skatteforvaltningen (the Danish Customs and Tax Administration) (SKAT) litigation, by which the Danish tax authorities have been pursuing very extensive claims of alleged tax fraud, is one of the most significant currently before the English court. It has produced scores of judgments of varying usefulness to those engaged in more constrained proceedings. Notwithstanding the […]
