Included in this issue: Two jailed for a total of 9 years in £5 Million money laundering case | London’s money-laundering ‘enablers’ face crackdown | New crime unit to investigate corruption affecting developing countries | Iraqi prime minister unveils anti-corruption measures | FCA secures High Court Judgement awarding injunction and significant penalties against five defendants for market abuse | SFO chief admits agency's future is in doubt | CMA promotes Wilkie to director of Cartel and Criminal Group

Money Laundering

Two jailed for a total of 9 years in £5 Million money laundering case

Following an investigation by City of London Police, two men were found guilty of laundering nearly £5 million of criminal funds.

Mr Talwar received two sentences of eight and three years to run concurrently for laundering £3.5 million of criminal funds over a four month period. Mr Khan was sentenced to one year in prison for laundering £1.4 million of criminal funds.

City of London Police, 10 August 2015

London’s money-laundering ‘enablers’ face crackdown

David Cameron, UK prime minister, cited the Ibori case last week in Singapore when he vowed in a speech to crack down on foreign criminals laundering stolen money through London.

James Ibori, a former Nigerian governor, pleaded guilty to fraud and money-laundering offences worth at least £50 million. Mr Ibori was jailed for 13 years.

The Telegraph, 28 July 2015

Corruption

New crime unit to investigate corruption affecting developing countries

The UK is stepping-up its work to investigate cases of international corruption affecting developing countries through a new specialist unit launched by International Development Secretary Justine Greening.

The Government website, 9 August 2015

Iraqi prime minister unveils anti-corruption measures

Iraqi Prime Minister Haider al-Abadi has won the backing of his cabinet for sweeping reforms, aimed at cutting government spending and tackling corruption. The measures include the abolition of the posts of vice-president and deputy prime minister.

The BBC, 9 August 2015

Financial Regulation

FCA secures High Court Judgement awarding injunction and significant penalties against five defendants for market abuse

The High Court has ordered that the FCA is entitled to permanent injunctions and penalties totalling £7,570,000 against Da Vinci Invest Ltd, Mineworld Ltd, Mr Szabolcs Banya, Mr Gyorgy Szabolcs Brad and Mr Tamas Pornye for committing market abuse.

FCA, 12 August 2015

General

SFO chief admits agency's future is in doubt

David Green says uncertainty hangs over the Serious Fraud Office despite its high-profile success in the trial of Tom Hayes for Libor-rigging and its work on other high-profile corporate cases.

The Guardian, 6 August 2015

CMA promotes Wilkie to director of Cartel and Criminal Group

The Competition and Markets Authority (CMA) has appointed Deborah Wilkie to the newly created role of director of Civil Cartel Enforcement.

The Lawyer, 6 August 2015