Author: gracechurchfcp

France deepens probe into Binance over alleged ML

Money Laundering
French authorities have announced their decision to extend the 2023 investigation into Binance, over alleged money laundering accusations. Following this announcement, the French authorities have deepened their investigation into Binance on suspicion that a large cryptocurrency exchange broke European money laundering and terrorist financing laws. The public prosecutor also mentioned that it had opened a judicial investigation into Binance as it was likely to have assisted in habitual money laundering, in particular drug trafficking and tax fraud. The potential offenses were committed in the region of France, but also in all countries of the European Union. France deepens probe into…

Biggest fraud crackdown in a generation

Fraud
Welfare fraudsters who cheated the taxpayer out of £7 billion last year could be banned from driving if they repeatedly fail to reimburse the public and repay their debt.  Welfare fraudsters who cheated the taxpayer out of £7 billion last year could be banned from driving if they repeatedly fail to reimburse the public and repay their debt. As part of new legislation set to be introduced in Parliament today to deliver the biggest fraud crackdown in a generation, benefit cheats could be disqualified from driving for periods of up to two years if they refuse all opportunities to repay…

£1 million fraud at Aberdeen City Council sends a warning across local government

Fraud
All Scottish councils must learn from the weaknesses that allowed an Aberdeen City Council employee’s £1.1 million fraud go undetected over 17 years. Between 2006 and 2023, the employee transferred 655 council tax refund payments totalling £1.109m into his own bank account. Another staff member acted swiftly and alerted senior colleagues when they became suspicious in September 2023. The council expects to be able to recover the lost funds, with no loss to the taxpayers whose accounts were affected. But the Accounts Commission is concerned that whilst the council had a system of controls in place, these were not adhered…

Two Robinhood Broker-Dealers to Pay $45 Million in Combined Penalties for Violating More Than 10 Separate Securities Law Provisions

Law Enforcement, Regulatory Fines
Washington D.C., Jan. 13, 2025 —  The Securities and Exchange Commission today announced that broker-dealers Robinhood Securities LLC and Robinhood Financial LLC (collectively, Robinhood) have agreed to pay $45 million in combined civil penalties to settle a range of SEC charges arising from their brokerage operations. “It is essential to the Commission’s broader efforts to protect investors and promote the integrity and fairness of our markets that broker-dealers satisfy their legal obligations when carrying out their various market functions,” said Sanjay Wadhwa, Acting Director of the SEC’s Division of Enforcement. “Today’s order finds that two Robinhood firms failed to observe…

Global Cryptocurrency Exchange BitMEX Fined $100 Million For Violating Bank Secrecy Act

Law Enforcement, Regulatory Fines
Company Willfully Flouted U.S. Anti-Money Laundering Laws to Boost Revenue Matthew Podolsky, Attorney for the United States, Acting under Authority Conferred by 28 U.S.C. § 515, announced that HDR GLOBAL TRADING LTD., a/k/a “BITMEX”, was sentenced today to a fine of $100 million for violating the Bank Secrecy Act by willfully failing to establish, implement, and maintain an adequate anti-money laundering (“AML”) and know-your-customer (“KYC”) program. Attorney for the United States Matthew Podolsky said: “Anti-money laundering and know-your-customer rules protect Americans from fraud, combat money laundering, and prevent the financing of terrorist activity. It is critical that all financial institutions,…

Greentube Alderney Limited to pay £1m for regulatory failures

Law Enforcement, Regulatory Fines
Online gambling business Greentube Alderney Limited, trading as Admiral Casino, is to pay £1 million after a Commission investigation revealed social responsibility and anti-money laundering failures. The operator, which runs admiralcasino.co.uk, will pay the money to socially responsible causes as part of a settlement with the Commission. Social responsibility failures included: Anti-money laundering failures included: This is the second time Greentube has faced regulatory action – in 2021 the operator paid out £685,000 after a Commission investigation revealed social responsibility and money laundering failures. John Pierce, Commission Director of Enforcement, said:  “This case arose from a follow-up compliance assessment designed to ensure the operator…

UK anti-corruption minister resigns amid Bangladeshi corruption probe into her family

Corruption
Britain’s anti-corruption minister resigned Tuesday following intense media scrutiny over whether she benefited financially from her relationship with her aunt, former Bangladeshi Prime Minister Sheikh Hasina, as well as a flurry of reporting about how London properties she lived in were paid for. Tulip Siddiq had served as the economic secretary to the U.K.’s Treasury after the Labour Party came to power last July. Hasina, whose government collapsed last August after mass student-led protests, is currently the subject of an ongoing embezzlement probe in Bangladesh. In December, Siddiq was named alongside her family in the inquiry and has denied wrongdoing.…

Crypto ‘Laundromat’ Tied to Russian Financial Sector and Cocaine Trade – Police

Digital Currencies, Money Laundering
An international money-laundering ring run out of Moscow and Dubai has been moving billions in cryptocurrency and hard cash for criminal operations, ranging from Russian ransomware attacks to street-level drug deals in the U.K., Britain’s National Crime Agency (NCA) said Wednesday. Several alleged key figures in the money-laundering ring, which the NCA said had “multiple links to the Russian financial sector,” were sanctioned by the U.S. also on Wednesday. They included George Rossi, the Russian-born Ukrainian founder of the TGR group of companies, one of two “criminal enterprises” allegedly running the network. The other group, Smart, was led by Russian…

McKinsey Africa to Pay $122 Million Over Bribery Scheme Involving South African Officials

Bribery, Prosecutions
McKinsey & Company Africa (Pty) Ltd (McKinsey Africa) will pay $122 million to resolve charges of bribing South African government officials in a years-long scheme. The U.S. Department of Justice (DOJ) announced the settlement as part of a coordinated effort with South African authorities, underscoring the growing international push against corporate corruption. Between 2012 and 2016, McKinsey Africa partnered with South African consulting firms to pay bribes to officials at Transnet and Eskom, the state-owned entities responsible for managing South Africa’s infrastructure and energy. These bribes granted McKinsey Africa access to confidential information, helping the firm secure lucrative consulting contracts.…

Senators Demand Accountability from TD Bank Executives as Insider Arrested for Money Laundering

Money Laundering, Prosecutions
Senators Ron Wyden (D., Ore.) and Elizabeth Warren (D., Mass.) are turning up the heat on TD Bank, demanding answers about what its executives and employees knew regarding a sprawling money-laundering operation. This operation, spearheaded by Da Ying Sze—a Queens-based individual—funneled more than $470 million from drug sales through the bank. The senators’ inquiry, detailed in a letter to TD Bank CEO Bharat Masrani, signals ongoing scrutiny despite October’s record-breaking $3 billion settlement with the Justice Department. The senators’ letter, obtained by The Wall Street Journal and dated Monday, presses TD Bank to disclose internal knowledge and accountability for the…

EBA Finds Gaps in Combating Money Laundering & Terrorist Financing, Despite Significant Progress

Money Laundering, Prosecutions
The European Banking Authority (EBA) has unveiled the results of its fourth and final round of reviews, examining how competent authorities across 30 EU/EEA member states are tackling the ever-present risks of money laundering and terrorist financing (ML/TF) in the banking sector. With this report, the EBA has completed its comprehensive assessment of the authorities responsible for AML/CFT supervision, offering a detailed snapshot of the progress made—and the work that remains. Authorities have come a long way since the first round of reviews in 2018. The EBA’s findings point to meaningful steps taken towards implementing a more risk-based approach to…

Violent Albanian criminal group linked to corruption disrupted via SKY ECC analysis

Corruption
On 25 November, Albanian authorities, with the support of Europol, took enforcement actions against 21 individuals, including a former judge, a lawyer a police officer, and two investigative journalists as part of a corruption investigation linked to a high-risk criminal organisation. Over the course of the investigation, an arrest was made in Milan, Italy, thanks to swift operational coordination among the countries involved.The operation, supported by Europol, was launched after the analysis of encrypted communications from the SKY ECC communication platform revealed extensive evidence of corrupt practices, including organised and serious crimes. The suspects are alleged to have played key…

Belgian Money Laundering Investigation Overlaps With Ukraine War Profiteering Probe

Money Laundering
Belgian prosecutors have seized about $2 million as part of an investigation into Iryna Kut and her diamond company. In Ukraine, authorities raided her warehouses while investigating a scandal about food sold to the military at inflated prices. Kut has not been charged in either country, and it’s unclear if the cases are connected. Formed in 1893, the Diamond Club of Antwerp “watches over certain moral values in the sector,” and hosts more than 150 companies in its building. Among them is IKG, a firm at the center of a Belgian money laundering investigation. The jewelry and diamond trading company…

EXCLUSIVE: Singapore Money Laundering Suspects Spent Lavishly on Dubai Real EstateBullion bypass: How Russia circumvents sanctions to export billions of dollars worth of gold through Armenia

Money Laundering
Singaporean authorities have announced 17 new suspects in their sprawling investigation of a money laundering network, which cleaned billions reaped from illegal gambling and cyberfraud. Leaked data shows that three of those suspects bought properties worth at least $28 million in Dubai, which has become a magnet for dirty money from around the world. Courts in Singapore have already convicted 10 members of the money laundering syndicate. They were arrested in August 2023, when more than 400 officers swept in on multiple locations throughout the Southeast Asian island state. Prosecutors said shortly afterwards that they had seized $1.32 billion in…

AAR CORP. & Former Executive Face $55 Million Penalty Over International Bribery Schemes

Bribery, Prosecutions
AAR CORP., a global aerospace and defense aftermarket solutions company, has agreed to pay over $55 million to resolve U.S. charges related to bribery schemes involving officials in Nepal and South Africa. Between 2015 and 2020, AAR admitted to conspiring to pay bribes to government officials to secure business with state-owned airlines in Nepal and South Africa. In Nepal, the company secured a contract for the sale of two Airbus A330-200 aircraft to Nepal Airlines Corporation by offering and paying bribes through intermediary companies. In South Africa, AAR obtained an aircraft component support contract with South African Airways Technical, a…

Gen Digital’s $55.1M Settlement Closes the Curtain on a Decade-Long Fraud Battle

Fraud, Prosecutions
After ten years of legal wrangling, Gen Digital Inc. — the tech giant once known as Symantec Corp. — has paid $55.1 million to settle a False Claims Act case involving overcharges to the U.S. government. The hefty payout, which includes $16.1 million in damages and $36.8 million in civil penalties, wraps up one of the longest-running procurement fraud battles in recent memory. The saga began with a whistleblower’s claims that Symantec had deliberately fudged its pricing disclosures during negotiations for a lucrative General Services Administration (GSA) contract. Those alleged misrepresentations not only secured higher payments than the government should…

EUR 2.7 million seized in European operation against money laundering and cash smuggling

Money Laundering
From 12 to 24 November, Europol supported Customs authorities from 23 EU Member States in a large operation against money laundering, transnational criminal activities and terrorism financing. The operation resulted in over 500 cash movement checks and the subsequent detection of illicit cash flows of almost EUR 2.7 million in cash. This amount is likely to increase in the upcoming months as many discoveries are currently being prosecuted. In addition to cash, authorities also seized valuable items such as gold and jewellery, including 18 gold bars with a value exceeding EUR 1,7 million. The joint action was aimed at identifying…

Global investigation exposes alleged billion-dollar Russian money-laundering network

Money Laundering
Operatives said to be behind a billion-dollar Russian money-laundering network – used by drug dealers, financial criminals and foreign spies – have been sanctioned and arrested in a coordinated international investigation led by the National Crime Agency. The UK law enforcement body, which tackles serious and organised crime, said the actions constituted the “most significant money laundering operation” it had undertaken in the past few years. The operation involved America’s Federal Bureau of Investigation, France’s Direction Centrale de la Police Judiciaire and Ireland’s Garda. The networks are said to have laundered cash and cryptocurrencies for serious and organised crime gangs…

China jails ex-football head coach for bribery

Bribery
The former coach of the Chinese national men’s football team has been sentenced to 20 years in jail for bribery, state media reported.Li Tie, who also played for Everton in the English Premier League, confessed earlier this year to fixing matches, accepting bribes, and offering bribes to get the top coaching job.The case shows how President Xi Jinping’s anti-corruption crackdown has cut through sport, banking and the military.Earlier this week, three former officials from the Chinese Football Association (CFA) were also handed jail sentences for bribery. More than a dozen coaches and players have been investigated.Li, who was the national…

Prime Minister announces new sanctions and £35 million of emergency support for Ukraine as Russia continues to attack critical national infrastructure

Sanctions
The UK has provided £35 million of emergency support to help Ukraine repair its energy grid and support the most vulnerable through a third winter of war, the Prime Minister has announced today. It comes as the UK also reinforces its iron-clad support for Ukraine by launching fresh sanctions targeting Russia’s energy sector. Today’s sanctions target 20 shadow fleet ships carrying illicit Russian oil, including Ocean Faye, Andaman Skies and Mianzimu, which have each carried more than four million barrels of Russian oil in 2024. Key lynchpins in enabling the trading of Putin’s precious oil, 2Rivers DMCC and 2Rivers PTE…

Basel AML Index 2024

Money Laundering, Risk Assessments
This is the 13th annual Public Edition report of the Basel AML Index, an independent, data-based ranking and risk assessment tool for money laundering and related financial crime risks around the world. The Basel AML Index provides risk scores for countries and jurisdictions based on data from 17 publicly available sources such as the Financial Action Task Force (FATF), Transparency International and the Global Initiative against Transnational Organized Crime. The risk scores cover five domains considered to contribute to a high money laundering risk: Quality of AML/CFT/CPF frameworkCorruption and fraud risksFinancial transparency and standardsPublic transparency and accountabilityLegal and political risksThe…

With sharp rise in incorporations, Wyoming cements reputation as US secrecy haven

Tax Avoidance, Tax Evasion
Wyoming — the least populated U.S. state — has overtaken Delaware for the most corporate registrations per capita, cementing the Cowboy State’s reputation as a top secrecy destination for the ultrawealthy, according to new data released today. The analysis, compiled by corporate data firm OpenCorporates and shared with the International Consortium of Investigative Journalists, shows that the number of Wyoming incorporations shot up by 30% in 2023, while Delaware’s rate of growth slowed. The spike in new incorporations has raised concerns in Wyoming about a possible influx of bad actors seeking to exploit the state’s laws that allow anonymous limited…

OCC Issues Cease and Desist Order Against Bank of America for BSA Deficiencies

Money Laundering
WASHINGTON—The Office of the Comptroller of the Currency (OCC) today issued a cease-and-desist order (order) against Bank of America, N.A. (bank) for deficiencies related to its Bank Secrecy Act (BSA) and sanctions compliance programs. The OCC took this action based on violations and unsafe or unsound practices relating to these programs, including a failure to timely file suspicious activity reports and failure to correct a previously identified deficiency related to its Customer Due Diligence processes. The order also identifies deficiencies in the internal controls, governance, independent testing, and training components of the bank’s BSA compliance program. The order requires the…

FCA secures convictions against two individuals for £1.5m fraud

Digital Currencies, Fraud
Between February 2017 and June 2019, Raymondip Bedi and Patrick Mavanga, defrauded at least 65 investors out of £1,541,799. The group cold-called consumers, directing them to a professional-looking website where they were offered high returns for fake investments in crypto. Raymondip Bedi pleaded guilty to conspiracy to defraud, conspiracy to breach the general prohibition under the Financial Services and Markets Act 2000 and money laundering offences at an earlier hearing. Patrick Mavanga pleaded guilty to conspiracy to defraud, conspiracy to breach the general prohibition under the Financial Services and Markets Act 2000 and possession of false identification documents with an…

King Charles’ godson had extensive business ties with a US defense contractor now accused of a massive tax evasion scheme, records show

Tax Evasion
Lord Charles Tryon, who is not accused of wrongdoing, held key positions in several firms prosecutors allege were part of the contractor’s efforts to conceal more than $350 million in profits. A godson of King Charles worked closely with an American financier accused by the U.S. government of evading taxes on more than $350 million in military contract profits, according to corporate documents. Lord Charles Tryon held positions at a number of companies tied to Douglas Edelman, a former defense contractor who was charged in May on 30 counts of tax evasion, conspiracy, and providing false information to U.S. authorities.…

Major Canadian Banks TD and RBC Hold Mortgages for Alleged Toronto Mafia Boss

Money Laundering
Angelo Figliomeni was at the center of a media storm when police brought organized crime and money laundering charges against him in 2019. But the charges were never tried in court, and two top banks continued to do business with him, documents show. With Toronto Dominion Bank already reeling from historic fines in the U.S. for conspiracy to commit money laundering, evidence has emerged that the bank continues to do business in Canada with alleged mafia boss Angelo Figliomeni. Property documents show that Toronto Dominion, better known as TD Bank, continues to provide financing for Figliomeni on two homes in…

Trade-based financial crime accounts for 31% of global fraud costs but just 0.1% of media coverage

Fraud, Trade Based Finance
Trade-based financial crime (TBFC) is responsible for an estimated $1.6 trillion in losses each year, nearly a third of the total cost of global fraud, which stands at $5.127 trillion annually. Yet, despite its massive economic impact, TBFC is alarmingly underreported in the media, making up just 0.1% of all fraud-related mentions in articles over the last year. Meanwhile, other smaller-scale types of fraud like Authorised Push Payment (APP) scams, projected to cost $6.8 billion annually by 2027, receive more media attention. Over the past year, APP scams were mentioned 17,121 times in the media – nearly twice as often…

UK Unleashes Sweeping Sanctions to Target Russia’s War Machine & Shadow Networks Across the Globe

Sanctions
The UK has escalated its pressure on Vladimir Putin, announcing its largest package of sanctions since May. This new wave targets the Kremlin’s sprawling web of military supply chains and the shadowy mercenary groups doing Moscow’s bidding from Ukraine to Africa. With these measures, the UK aims to choke off Putin’s lifelines, hitting Russia where it hurts most: its ability to sustain the prolonged—and increasingly desperate—war in Ukraine. In a statement that underscored the UK’s determination, Foreign Secretary David Lammy said, “Putin is nearly 1,000 days into a war he thought would only take a few. He will fail, and…

OPINION: It’s not the system, it’s the people – TD Bank scandal through a different lens

Money Laundering, Prosecutions
Stop blaming inferior AML software and arrest the individual responsible for the crime, says former federal agent Robert Mazur. TD Bank and its employees had no idea their crimes would be revealed in May of 2021 when Special Agents of the IRS and DEA arrested Da Ying Sze (AKA David). Six years before his arrest, David had began laundering mountains of cash generated from the sale of drugs, including deadly fentanyl, that killed tens of thousands of residents in the United States. Most of the $653m in currency he cleaned went through the TD Bank laundromat, but six other banks…

Bitcoin Fog Operator Sentenced for Money Laundering Conspiracy

Digital Currencies, Money Laundering, Prosecutions
Operator of Notorious Darknet Cryptocurrency “Mixer” Laundered $400M in Cryptocurrency since 2011A dual Russian-Swedish national was sentenced today to 12 years and six months in prison for his operation of the longest-running bitcoin money laundering service on the darknet. According to court documents and evidence presented at trial, from 2011 through 2021, Roman Sterlingov, 36, was involved in operating Bitcoin Fog, the darknet’s longest-running cryptocurrency “mixer.” Over the course of its decade-long operation, Bitcoin Fog gained notoriety as a go-to money laundering service for criminals seeking to hide their illicit proceeds from law enforcement and processed transactions involving over 1.2…

Luxembourg Bank ‘Central’ to Purchase of High-End British Real Estate with Embezzled Azerbaijan Funds, U.K. Police Say

Money Laundering
The U.K.’s National Crime Agency successfully argued in a High Court case in London that accounts at the Banque Internationale à Luxembourg were used to move millions from a high profile embezzlement case in Azerbaijan into expensive properties. Accounts at a major Luxembourg bank played a “central” role in moving funds from an embezzlement scheme that led to the imprisonment of the former chairman of the International Bank of Azerbaijan, Jahangir Hajiyev, according to the U.K.’s National Crime Agency (NCA). The claim by the NCA sheds light on how tens of millions of dollars stolen from Azerbaijan’s most important state-owned…

Telefónica Venezolana to Shell Out $85 Million to Settle U.S. Bribery Probe Amid Venezuelan Currency Scandal

Bribery, Prosecutions
Venezuela’s Telefónica Venezolana—a subsidiary of Spanish telecom giant Telefónica S.A.—has agreed to pay over $85 million to resolve allegations of bribery. The telecom firm admitted to a scheme involving payments to Venezuelan officials to gain preferential access to U.S. dollars through a government currency auction, a critical exchange in a nation with tight foreign currency controls. This DOJ settlement spotlights not only the costs of corporate corruption but also the lengths companies sometimes go to work around challenging market conditions in places like Venezuela. In a deferred prosecution agreement (DPA) filed in New York federal court, Telefónica Venezolana conceded to…

Ukrainian MP’s Family Linked to $1M Dubai Real Estate Amid War

Corruption
Family of Ukrainian MP purchased over $1 million in Dubai real estate as Russia’s invasion intensified, raising questions over funding sources and alleged ties to inflated military contracts. The family of Hennadiy Kasai, a Ukrainian parliament member from President Volodymyr Zelenskyy’s Servant of the People party, secretly acquired over $1 million in Dubai real estate during Russia’s full-scale invasion, the Radio Free Europe/Radio Liberty’s (RFE/RL) Ukrainian service revealed Tuesday in its investigation. Documents from United Arab Emirates public registers, obtained by Schemes, an investigative project from RFE/RL Ukrainian service, and verified with OCCRP, show that Kasai’s daughter and nephew purchased…

Sanctions and Evasion Updates: Insights from OCCRP

Sanctions
At OCCRP, we strive to shed light on the pressing issues surrounding sanctions and sanctions evasion. We are excited to share the latest stories from OCCRP and its partners, along with our efforts at the Global Anti-Corruption Consortium (GACC) to amplify their impact.‍Key Themes from Our ReportingRecent reporting exposed how: ‍ A Cyprus IntermediaryTogether with OCCRP, our partners from the Belarusian Investigative Center (BIC), Schemes (Ukraine), and Belsat (Belarus), uncovered how a mysterious Cyprus-based company with ties to a former Belarusian official is being paid millions of euros by the Belarusian government to facilitate its trade in potash through Russia’s…

Integrity and independence of criminal justice institutions in the Western Balkans

Law Enforcement
Despite reforms, political influence continues to affect prosecutorial and police services across Albania, Bosnia and Herzegovina, Kosovo, Montenegro, North Macedonia, and Serbia (collectively, WB6), hindering effective action against organized corruption. The report provides a detailed examination of police and prosecution services in the region and evaluates the integrity, operational independence, and oversight of these institutions, especially in their role against organized crime and corruption. WB6 countries face challenges like ineffective internal oversight, low conviction rates for high-ranking officials, and limited resources within dedicated anti-corruption divisions within police and prosecution services. This study emphasizes the need for reinforced accountability, resilience, and…

International operation leads to seizure of 2 000 fake works of art with potential losses of EUR 200 million

Art Dealers, Art Market, Fraud
Thirty-eight people have been indicted following an unprecedented operation supported by Eurojust against a criminal network for forging over 2 000 works of contemporary art. A year-and-a-half-long investigation by Italian authorities, in cooperation with Belgian, French and Spanish counterparts, led to the dismantling of the network, which would have caused economic damage of EUR 200 million. Fake art seizedThe fake art recovered by the authorities included forged works by famous artists such as Banksy, Andy Warhol, Pablo Picasso, Joan Miró, Francis Bacon, Wassily Kandinsky, Gustav Klimt, Claude Monet, Vincent van Gogh and Salvador Dalí. Investigations into the fake works revealed…

CTED Trends Tracker | Evolving Trends in the Financing of Foreign Terrorist Fighters’ Activity: 2014 – 2024

Counter Terrorist Financing, Terrorism
In its resolution 2178 (2014), adopted unanimously on 24 September 2014, the Security Council expressed particular concern over the acute and growing threat posed by foreign terrorist fighters (FTFs), in particular those recruited by Islamic State in Iraq and the Levant (ISIL or Da’esh), the Nusrah Front and Al-Qaida. It also underlined the need to disrupt financial flows supporting FTFs, while respecting international human rights law, international refugee law, and international humanitarian law. In that resolution, the Council also directed CTED to identify issues, trends and developments related to FTFs. In this regard, the Trends Tracker offers a brief examination…

Swiss Lawyers Won’t Face Duty to Flag Dirty Money: Minister

Money Laundering
Switzerland’s parliament is unlikely to adopt rules forcing lawyers to fight money laundering as many lawmakers are themselves attorneys, the country’s finance minister said. “It’s very difficult because there are a lot of lawyers in parliament and they really don’t feel that they have anything to do with that,” Karin Keller-Sutter said on Thursday at a Bloomberg event in Zurich. Her comments come as the Swiss parliament debates a draft law that would force companies to declare their real ownership and require lawyers to flag suspect transactions — or face criminal prosecution. With Switzerland’s traditional bank secrecy now notionally a…

New failure to prevent fraud guidance published

Fraud
Today we’ve published guidance that will provide organisations with important advice on the new corporate criminal offence of ‘failure to prevent fraud’, helping make sure they are taking action to prevent fraud. Introduced last year as part of the Economic Crime and Corporate Transparency Act (ECCT), the offence is intended to hold large organisations to account if they profit from fraud. Under the offence, which has cross-Parliament support, large organisations may be held criminally liable where an employee, agent, subsidiary, or other “associated person”, commits a fraud intending to benefit the organisation. Examples may include dishonest sales practices, the hiding…

Commission presents a new study on areas most at risk of corruption

Bribery, Corruption
No area is free from corruption, but certain areas may present higher risks than others. These are areas that involve management of significant public funds or access to critical services, such as health care. On 4 November 2024, the Commission published its study, High-risk areas of corruption in EU Member States: a mapping and in-depth analysis, which was contracted in 2023 to identify areas most at risk of corruption and provide an in-depth analysis of the nature of and reasons behind these risks. Six EU-wide sectors emerged as high-risk areas of corruption where the Commission will be prioritising actions: healthcare,…