Author: gracechurchfcp

India’s Former UCO Bank Chief Arrested in Major Fraud Case

Fraud
Indian authorities have arrested Subodh Kumar Goel, the former Chairman and Managing Director of UCO Bank, in connection with major money laundering and bank fraud worth some $726 million. The case concerns loans he allegedly approved to Concast Steel & Power Ltd. (CSPL) during his tenure. Investigators say the funds were diverted through shell companies and front entities by the borrowers and in exchange, Goel allegedly received large illegal payments. According to the Enforcement Directorate (ED), Goel was paid in cash, real estate, luxury items, and hotel stays. These benefits were routed through family members and dummy companies to hide…

UK offshore havens miss deadline for transparency plans

Money Laundering
British Virgin Islands criticised for launching financial crime-fighting cartoon mascot before new legislation UK offshore havens have missed a deadline to publish their plans to improve corporate transparency, as MPs criticised the British Virgin Islands (BVI) in particular for launching a financial crime-fighting cartoon mascot before new legislation. Jurisdictions including the BVI and Bermuda pledged last year to approve laws allowing access to company ownership data to those with a “legitimate interest” by April 2025, with implementation to follow in June. But four British overseas territories – the BVI, Bermuda, Anguilla and Turks & Caicos – have failed to meet…

Cyprus Parliament Asked to Probe Abramovich Firm’s Taxes After Superyacht Scheme

Fraud
A Cypriot parliamentary committee is scheduled to discuss a company owned by Russian billionaire Roman Abramovich, which shut down after being hit by $18.5-million in taxes related to a fraudulent superyacht-rental scheme. Citing a January investigation by OCCRP and its Cypriot member center, CIReN, Parliamentarian Alexandra Attalides wrote a letter asking the Committee on Ethics to look into whether the tax bill was paid. “In the event that this has not happened,” she asked the parliamentary committee to seek information on “what actions the competent authority took before the dissolution of the company, in order to ensure the repayment of…

MAS Proposes New Regulatory Framework to Open Private Market Investment Funds to Retail Investors

Regulation
Key Takeaways Wider Investment Choices: MAS is proposing a framework to allow retail investors to access private market investment funds, including private equity, private credit, and infrastructure.Two Fund Options: The proposal outlines two structures—Direct Funds for transparency into investments and Long-term Investment Fund-of-Funds (LIFF) for diversification and expert management.Consultation Process: MAS is seeking feedback on regulatory requirements and the types of assets suitable for retail investors.Future Potential: The proposal aims to create a sustainable and diversified market, with the potential for future listings of private market investment funds.Deep Dive The Monetary Authority of Singapore (MAS) is looking to broaden the…

Switzerland’s Frozen Russian Assets Continue to Climb

Sanctions
Switzerland has increased the total value of frozen Russian assets by $1.81 billion over the past year, bringing the total to over $8 billion, as authorities continue to enforce sanctions related to the war in Ukraine. US Lawmakers Pass Megobari Act Targeting Threats to Georgia’s DemocracyOfficials with the ruling Georgian Dream party rejected the move, with the mayor of Tbilisi claiming it was a “deep state” plot. US Sanctions Myanmar Militia Tied to Cyber-Scams, Human TraffickingThe Treasury Department said Americans have lost $5.5 billion to scam operations run from Southeast Asia since 2022. Switzerland has tightened its grip on Russian…

Treasury Sanctions Houthi Network Procuring Weapons and Commodities from Russia

Sanctions
WASHINGTON — Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) took action against a network of Houthi financial facilitators and procurement operatives working in coordination with Sa’id al-Jamal, a senior Houthi financial official backed by Iran’s Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF). This network has procured tens of millions of dollars’ worth of commodities from Russia, including weapons and sensitive goods, as well as stolen Ukrainian grain, for onward shipment to Houthi-controlled Yemen. Additionally, OFAC has identified eight digital asset wallets used by the Houthis to transfer funds associated with their activities. “The Houthis remain reliant…

Leaked Letters Give Insight Into Anti-Money Laundering Gaps at Swiss Bank Reyl

Money Laundering
Leaked correspondence between the Swiss regulator FINMA and private bank Reyl Intesa Sanpaolo shows the bank has been under investigation for “weaknesses in the area of money laundering.”FINMA said it found a “very high” appetite for risk at Reyl, along with “a certain carelessness” in how it conducted due diligence.Reyl’s clients included the daughter of Kazakhstan’s former president, who amassed vast wealth for himself and his family during his two decades in power, and the son-in-law of Uzbekistan’s longtime strongman ruler.In response to OCCRP, Reyl said it has “strengthened its compliance and anti-money laundering frameworks” and has carefully reviewed and…

NYDFS Hits Block, Inc. with $40 Million Settlement Over Cash App Compliance Failures

Money Laundering, Prosecutions
Key Takeaways: $40 Million Penalty: Block, Inc. has agreed to pay a $40 million penalty for failing to meet BSA/AML compliance requirements related to Cash App.Independent Monitor: Block must retain an Independent Monitor to oversee the company’s compliance improvements.Investigation Findings: DFS found inadequate customer identification, insufficient risk-based controls, and transaction monitoring issues within Block’s operations.Bitcoin Transactions: The company failed to scrutinize high-risk Bitcoin transactions, creating vulnerabilities for illicit activity.Growth-Related Issues: Cash App’s rapid growth between 2019 and 2020 led to a significant backlog of transaction alerts that were not promptly addressed.Deep Dive The New York Department of Financial Services (NYDFS)…

EPPO Uncovers Massive €100M VoIP VAT Fraud

Fraud
German authorities have convicted three men in a massive tax fraud scheme involving internet-based phone services, in a case that European prosecutors say cost taxpayers an estimated 100 million euros ($113.9 million). The European Public Prosecutor’s Office (EPPO) said Monday that its office in Munich helped secure the convictions, which mark a significant breakthrough in one of Europe’s most complex cases of so-called VAT carousel fraud. The scheme was run by a criminal group code-named “Cuba” and centered around Voice over Internet Protocol (VoIP)—technology that allows people to make phone calls over the internet instead of traditional telephone networks. Investigators…

California Attorney General Reminds Businesses That Bribery Is Still Illegal, No Matter What’s Happening in Washington

Bribery
Key Takeaways Bribery is still illegal: Even though the DOJ has paused enforcement, both the FCPA and California law remain in full effect.California has its own enforcement power: The UCL allows the state to take action against businesses for bribery, regardless of what happens on the federal level.No relaxation in compliance: Companies must continue adhering to strong anti-corruption measures to avoid legal risks down the road.Internal controls are key: Businesses should maintain accurate financial records and strong internal controls to keep things above board.Deep Dive California and U.S. businesses should take note, bribing foreign officials is still a big no-no,…

Transnational Cybercrime in Southeast Asia Hits Record High

Fraud
Transnational organized crime in Southeast Asia has reached unprecedented levels, driven by a surge in large-scale cyber scam operations run by complex criminal networks, according to a new report from the United Nations Office on Drugs and Crime (UNODC). The report describes the rise of “sophisticated transnational syndicates” that have built vast cybercrime centers powered by interconnected networks of money launderers, human traffickers, data brokers and other illicit service providers. These actors have helped turn Asian criminal syndicates into global leaders in cyber fraud, underground banking and money laundering, the UNODC said. Their success is credited to their ability to…

Ex-Senior Chinese Anti-Corruption Official Arrested on Bribery Charges

Bribery
Li Gang, a former top Chinese anti-corruption official, has been arrested for allegedly accepting bribes, marking a dramatic fall from grace for the former Party watchdog. Banner: EditQ/Wikimedia CommonsRELATED ARTICLES US Lawmakers Pass Megobari Act Targeting Threats to Georgia’s DemocracyOfficials with the ruling Georgian Dream party rejected the move, with the mayor of Tbilisi claiming it was a “deep state” plot. US Sanctions Myanmar Militia Tied to Cyber-Scams, Human TraffickingThe Treasury Department said Americans have lost $5.5 billion to scam operations run from Southeast Asia since 2022.Reported byAlena KorolevaOCCRPApril 22, 2025A former top anti-corruption official once tasked with sniffing out…

Man convicted of trying to smuggle £1m in suitcases out of UK

Money Laundering
A man who was stopped at Heathrow Airport with £1m in two suitcases has admitted money laundering following a National Crime Agency investigation. Mazen Al Shaar custodyMazen Al Shaar, 48, was stopped by Border Force officers on Saturday 15 March this year as he was about to fly from Terminal Three to Beirut. Al Shaar, of Marsworth Close, Middlesex, said he only had £500 in cash on him and that he was leaving the UK to visit family. But officers searched his three suitcases and two of them contained the huge cash haul. Today, Al Shaar, who is a supermarket…

UK insurance broker charged with failure to prevent bribery

Bribery, Corruption
Representatives of United Insurance Brokers Limited (UIBL) were ordered to appear before Westminster Magistrates’ Court next month. The broker is charged with failing to prevent associates from bribing state officials in Ecuador between October 2013 and March 2016. The SFO alleges UIBL’s US-based intermediaries for Ecuador paid bribes in return for the awarding of re-insurance contracts worth US$38 million. If this case proceeds to a contested trial, it will be the first time that an SFO “failure to prevent bribery” case is heard by a jury. UIBL offered re-insurance services which insure against any losses caused by making significant and…

NCA secures first convictions for breach of UK sanctions

Sanctions
Dmitrii Ovsiannikov, the former Russia appointed Governor of the illegally annexed Ukrainian city of Sevastopol, has become the first person to be convicted for breaching the UK’s Russia sanctions. Dmitrii OvsiannikovOvsiannikov was found guilty of circumventing sanctions regulations and money laundering after receiving £76,000 from his wife and a new Mercedes from his brother. His brother Alexei Owsjanikow was also found guilty of circumventing sanctions regulations, having made economic resources available to Dmitrii. These are the first convictions for enabling a designated person. In 2016, Russian President Vladimir Putin appointed Dmitrii Ovsiannikov as governor of the city of Sevastopol in…

France to Seize Villa Owned by Moldovan Politician Charged in $1B Corruption Scandal

Corruption
French authorities have been given the greenlight to seize a villa owned by Vladimir Plahotniuc, a former top Moldovan politician who is on the run from corruption charges stemming from his alleged role in a billion-dollar banking scandal. Plahotniuc, the former leader of the Democratic Party of Moldova, fled the country amid a power shift in June 2019. He has since been implicated in a scandal dubbed the “Theft of the Century,” which saw $1 billion stolen from three national banks between 2012 and 2014, plunging the country into economic crisis. Moldovan prosecutors accuse Plahotniuc of receiving tens of millions…

MGM agrees to pay $8.5 million fine for money laundering violations

Money Laundering, Regulatory Fines
MGM Resorts International executives had suspicions about illegal bookmaker Mathew Bowyer’s source of income as early as 2015, and were notified by a customer in 2018 that Bowyer was attempting to poach gamblers from MGM casinos, alleges a complaint filed Thursday by the Nevada Gaming Control Board. In April of 2018, the complaint says, an MGM customer wrote in an email to a corporate host that his casino hosts may be sharing information about him with Bowyer, including an allegation that “Mr. Bowyer is attempting to steal clients from the MGM, hence he is in the illegal bookmaking business and…

Operation Machinize: Hundreds of barbershops targeted in NCA-coordinated crackdown

Money Laundering
Barbershops and other cash-intensive businesses across England have been targeted by police and other law enforcement officers during a three-week crackdown on high street crime. In total, 265 premises were visited across Operation Machinize, where officers secured freezing orders over bank accounts totalling more than £1m, executed 84 warrants and made 35 arrests. The operation saw 55 individuals questioned about their immigration status and a further 97 individuals safeguarded in relation to potential modern slavery. In addition, officers seized more than £40,000 in cash, some 200,000 cigarettes, 7,000 packs of tobacco, over 8,000 illegal vapes and two vehicles. Two cannabis…

Emerging money laundering and terrorist financing risks from April 2025

Counter Terrorist Financing, Money Laundering
Licence Condition 12.1.1(3) of the Licence Conditions and Codes of Practice (LCCP), requires operators to keep up-to-date with emerging risks information published by the Gambling Commission. This emerging risks publication is a trigger for operators to review their money laundering and terrorist financing risk assessments and related policies, procedures and controls to ensure that they remain appropriate and effective. Money service business activity in remote and non-remote casinos Risk information Some remote and non-remote casinos offer money service business (MSB) facilities, which include: foreign currency exchangethird-party cheque cashingthird-party money transfer (into and out of the casino)We are aware of casino…

Operation Henhouse: 433 arrests and £7.5m seized in national crackdown on fraud

Fraud
433 people have been arrested in a UK-wide campaign against fraud, coordinated by the National Economic Crime Centre and City of London Police. The activity, which was the fourth iteration of the multi-agency Operation Henhouse, ran across February 2025 and resulted in: 433 arrests156 voluntary interviews471 cease and desist noticesaccount freezing orders against £4mseizures of cash and assets worth £7.5m Fraud is the most prevalent crime in the UK, causing victims long-lasting emotional and psychological harm as well as financial loss. It accounts for approximately 41% of all crime reports, and costs an estimated £6.8bn each year in England and…

UK, France, & Switzerland Join Forces in New Anti-Corruption Taskforce Amid U.S. FCPA Pause

Bribery, Corruption
Key Takeaways New Anti-Corruption Taskforce: The UK’s Serious Fraud Office, France’s Parquet National Financier, and Switzerland’s Office of the Attorney General have formed a taskforce to strengthen collaboration and tackle international bribery and corruption. Timely Announcement: The taskforce was announced amid the U.S. decision to pause FCPA enforcement for 180 days, creating potential shifts in global anti-corruption efforts and enforcement priorities.Cross-Border Cooperation: The three agencies will work together more closely, leveraging their expertise and jurisdiction to target cross-border corruption and financial crime.Commitment to Combating Crime: Officials from the UK, France, and Switzerland emphasized the importance of international partnerships in tackling…

Proposed Law Would Attract Dirty Money to Northern Cyprus, Experts Warn

Money Laundering
A draft law allowing offshore funds to be brought into northern Cyprus with little oversight could turn the breakaway territory into a money laundering hub, experts warn. The draft law was discussed on Tuesday by the assembly that governs the territory, which is recognized as a state only by Turkey. The proposed legislation — which would charge 3 percent interest on imported funds until the end of 2025 — still needs to be voted on by the Turkish Cypriot assembly. But the proposal has already raised concerns. “Once the 3 percent tax is paid and the money is deposited in…

Arms Dealer Dadak Indicted in New York for Fraud

Fraud
French-Polish arms dealer Pierre Konrad Dadak, previously exposed for fraudulent arms schemes, has been indicted in the U.S. for allegedly running a luxury goods scam and extortion scheme, using stolen identities to fund his lavish lifestyle. Pierre Konrad Dadak, 48, was indicted by a grand jury in New York’s Southern District for an alleged scheme in 2021 and 2022 that saw him impersonate an unnamed luxury goods retailer, tricking customers to send him money into a bank account that he opened using a stolen identity. He allegedly spent the proceeds on himself, including a diamond-encrusted watch and a vintage 1960s-era…

Now Live – Updates to the Land Conversion and Financial Crime Risk Assessment

Counter Terrorist Financing
Cattle-laundering, conflict, and terrorist financing in the Lake Chad Basin Recent reports have found that cattle rustling – the forceful theft of livestock for illicit commercial gain – has become increasingly prevalent in the Lake Chad Basin in Africa, linking the cattle industry with conflict and terrorist financing. Between 2015 and 2024, the incidences of cattle rustling by Boko Haram at the borders of Cameroon and Chad have increased nearly 800%, from two incidences reported in 2015 to 158 in 2024. These incidences have also been accompanied by increased fatalities, with 20 deaths linked to cattle rustling in 2024. According…

Ukrainians Linked to $13M International Crypto Fraud Scheme

Digital Currencies, Fraud
Ukrainian law enforcement, working with international agencies, have uncovered a scheme in which suspects convinced people to invest in a fake cryptocurrency mining project, officials said Wednesday. Three Ukrainian nationals allegedly helped orchestrate the scheme, which defrauded victims of about $13 million in the United States, Latvia, Israel, Malta, Spain, and other countries, according to Ukraine’s National Police. Since early 2021, the suspects had advertised cryptocurrency “cloud mining” services, mainly targeting European internet users. Victims were persuaded to pay to rent computing power from third-party companies, which were supposedly generating virtual assets to be paid out as dividends. The group…

‘Several people’ arrested in EU bribery investigation linked to Huawei

Bribery
Several people have been arrested and homes searched as part of an investigation into alleged bribery and corruption at the European parliament relating to the Chinese technology giant Huawei, Belgian prosecutors have said. The investigating judge in charge of the case has asked for seals to be fixed to the offices of two European parliament assistants alleged to be involved. “The alleged bribery is said to have benefited Huawei,” Belgium’s federal prosecutor said in a statement on Thursday afternoon, after an earlier statement that did not mention the company. The first statement said that several individuals had been arrested for…

No action against ex-Tory worker in £1m VAT scam

Fraud, Money Laundering
A former Conservative party branch treasurer involved in a £1m VAT fraud and money laundering scheme will have no further action taken against him. Malcolm Macaskill – who has a brain tumour and was unfit to stand trial – filed bogus forms to HMRC which grossly overstated the sales from his sandwich businesses to reclaim more than £800,000. He also laundered £200,000 through his local Conservative parties in Glasgow and Rutherglen, Lanarkshire where he was treasurer as well as deputy chairman. Further money was then funnelled through the bank accounts of his current and ex-wives. Because of Macaskill’s illness, an…

UK Art Businesses Fined for Money Laundering Compliance Failures

Art Dealers, Art Market, Money Laundering
Nearly 50 UK art businesses have landed on a newly published list of Art Market Participants (AMPs) that failed to comply with money laundering regulations, according to a disclosure by HM Revenue & Customs (HMRC) last week. The fines were first reported by the Art Newspaper. Galleries such as Opera and Carl Kostyál made the HMRC list, as did a fundraising initiative led by White Cube. The penalties, issued between January 1 and September 30, 2024, average over £3,000 and peak at £13,000. All stemmed from failure to register by the June 2021 deadline. One gallerist, speaking anonymously to the…

Penalty issued against subsidiary of major law firm for breaches of sanctions linked to Russia’s invasion of Ukraine

Regulatory Fines, Sanctions
The Office of Financial Sanctions Implementation (OFSI) has imposed a monetary penalty against Herbert Smith Freehills CIS LLP (“HSF Moscow”) for breaches of UK financial sanctions imposed on Russia, linked to its illegal invasion of Ukraine. HSF Moscow was the subsidiary office to the UK registered Herbert Smith Freehills LLP (“HSF London”) until its closure by HSF London on 31 May 2022 as a consequence of Russia’s invasion of Ukraine in February 2022. The monetary penalty relates to six payments made by HSF Moscow with a collective value of £3,932,392.10 to designated persons subject to an asset freeze. The designated…

2025 International Narcotics Control Strategy Report

Money Laundering
he 2025 International Narcotics Control Strategy Report (INCSR) is an annual report by the Department of State to Congress prepared in accordance with the Foreign Assistance Act. It describes the efforts of key countries to attack all aspects of the international drug trade in Calendar Year 2024. Volume I covers drug and chemical control activities. Volume II covers money laundering and financial crimes. Article Credit: https://www.state.gov/2025-international-narcotics-control-strategy-report

Combatting insurance fraud together

Fraud
As the newly appointed head of the City of London Police’s Insurance Fraud Enforcement Department (IFED), I am eager to continue our strong partnership with the ABI and its members. By working together, we will advance our strategic priorities of enforcement, disruption, protection and prevention. IFED tackles all forms of insurance fraud, including motor, commercial and public liability. We tackle threats such as illegal insurance intermediaries, also known as ghost brokers. We are committed to bringing organised criminal groups and opportunistic fraudsters to justice. Achieving these goals relies on strong collaboration and partnership with the insurance industry. IFED serves as…

Seized golf course and home up for sale for £19.5m

Asset Seizure, Fraud
A Berkshire golf club and Knightsbridge house forfeited by a jailed banker’s wife have been put up for sale for a total of £19.5m. Zamira Hajiyeva agreed to give up Mill Ride Golf Club in Ascot and the home, which is on the market for £14.75m, external, after a six-year National Crime Agency (NCA) fraud investigation. It resulted in the UK’s first unexplained wealth order and a trustee was appointed by the High Court to sell the assets in the autumn. Online adverts for them went live last month. Mrs Hajiyeva’s husband, Jahangir, was the chairman of the state-controlled International…

The EBA consults on new rules related to the anti- money laundering and countering the financing of terrorism package

Law, Regulation & Guidance
The European Banking Authority (EBA) launched today a public consultation on four draft Regulatory Technical Standards (RTS) that will be part of the EBA’s response to the European Commission’s Call for Advice. These technical standards will be central to the EU’s new AML/CFT regime and will shape how institutions and supervisors will comply with their AML/CFT obligations under the new AML/CFT package. The consultation runs until 6 June 2025. The proposed RTSs focus on the following aspects for which the EBA is providing its advice: the way the new EU Authority for Anti-Money Laundering and Countering the Financing of Terrorism…

FCA bans former Credit Suisse executives following US criminal convictions

Bribery, Corruption, Money Laundering
The FCA has banned Andrew Pearse and Surjan Singh from the UK financial services industry. The former Credit Suisse managing directors have been banned for lacking integrity, following US convictions for arranging corrupt loans to the Republic of Mozambique. In July 2019, Mr Pearse pleaded guilty in the US for his role in the conspiracy to commit money laundering and wire fraud, which included him accepting over US$45m in unlawful kickbacks in connection with the loans. In September 2019, Mr Singh also pleaded guilty in the US for his role in the conspiracy to commit money laundering, which included him…

Former Art Advisor Lisa Schiff Sentenced To 30 Months In Prison For Defrauding Clients

Art Dealers, Art Market, Fraud
Matthew Podolsky, the Acting United States Attorney for the Southern District of New York, announced today that LISA SCHIFF, a Manhattan-based art advisor focused on contemporary art, was sentenced today to 30 months in prison by U.S. District Judge J. Paul Oetken for perpetrating a multi-year scheme in which she defrauded the clients of her art advisory business of approximately $6.5 million in connection with the purchase and sale of approximately fifty-five artworks. Acting U.S. Attorney Matthew Podolsky said: “For five years, Lisa Schiff breached the trust of her art advisory clients by diverting millions of dollars to pay her…

HSBC and the Salameh affair: alarm bells ignored for a decade

Corruption
Facing prosecution in a dozen countries including Switzerland, Riad Salameh is suspected, in collaboration with his brother Raja, of having defrauded the Central Bank of Lebanon (BDL), which he headed from 1993 until 2023, of hundreds of millions of dollars. In Geneva, allegedly illegal funds amounting to almost 330 million dollars have been identified in accounts at HSBC Private Bank (Switzerland). Public Eye has obtained unpublished court documents showing that, for more than a decade, the bank chose to ignore all the warnings issued by its own compliance department. This case clearly highlights the flaws in the Swiss anti-money-laundering system.The…

Switzerland fines former Credit Suisse executive over Mozambique case

Regulatory Fines
ZURICH (Reuters) – Switzerland’s finance ministry has fined Lara Warner, former compliance chief of collapsed lender Credit Suisse, 100,000 Swiss francs ($114,000), according to a Swiss government order seen by Reuters on Wednesday. The bank executive failed to notify Switzerland’s anti-money laundering authorities of a suspicious 2016 transaction for 7.9 million francs handled by Credit Suisse and involving the finance ministry of Mozambique. The case related to the $1.5 billion-plus “tuna bond” scandal that triggered a default crisis in Mozambique, the order said. Warner, who worked at Credit Suisse between 2015 and 2021, is challenging the fine and assumed the…

Mastercard Launches Tool to Help Firms Trace Money Laundering

Money Laundering
Mastercard is bringing its TRACE financial crime-fighting and anti-money-laundering tool to the Asia-Pacific region. TRACE uses “timely and large-scale payments data from multiple financial institutions” to provide intelligence beyond a “financial institution’s siloed view,” allowing financial crime tracing across payment networks, according to a Thursday (Feb. 13) news release. Consumers and businesses in APAC are increasingly using real-time payments to settle accounts within seconds rather than days, per the release. “However, this speed has also made it a target for money launderers and ‘mules,’ who try to evade detection by moving funds rapidly between multiple accounts,” the release said. “Oftentimes,…

Canadian Businessman Sentenced for Obstruction of Justice for Hiding and Laundering Millions After His 2020 Money Laundering Conviction

Fraud, Prosecutions
Firoz Patel, 50, of Montreal, Canada, was sentenced to 41 months in federal prison today in connection with his efforts to conceal and launder 450 Bitcoin, currently valued at over $43 million, that he hid from the U.S. District Court handling his 2020 conviction and sentencing for conspiring to operate an unlicensed money transmitting business and to commit money laundering. The sentence was announced by U.S. Attorney Edward R. Martin, Jr., HSI Acting Special Agent in Charge Kai Wah Chan of Homeland Security Investigation’s Washington, D.C., Field Office. Patel plead guilty on September 17, 2024, to one count of obstruction…

Guidance on the failure to prevent fraud offence (ECCTA 2023)

Fraud, Law, Regulation & Guidance
Section 199 of the UK’s Economic Crime and Corporate Transparency Act 2023 sets out a corporate criminal offence for failure to prevent fraud. UK Finance has developed financial services guidance on behalf of our members to supplement guidance issued by the Home Office under section 204 of the Act. This UK Finance sector-specific guidance is not statutory guidance and is advisory only. If there is a conflict between this sector-specific guidance and the Home Office guidance, the Home Office guidance will take priority. The document sets out sector-specific guidance for the purposes of interpretation of the failure to prevent fraud…