SFO closes Forex investigation
The SFO has closed its investigation into allegations of fraudulent conduct in the foreign exchange market (Forex). The SFO has concluded that there is insufficient evidence for a realistic prospect of conviction. The investigation commenced in July 2014 following the referral of material to the SFO by the FCA. The SFO is continuing to liaise with the US Department of Justice (DoJ) over their ongoing investigation.
NCA SARs Annual Report 2015
The National Crime Agency has published the Suspicious Activity Reports (SARs) Annual Report 2015. The report outlines key statistics from the reporting period including:
- key statistics from the SARs regime;
- outcomes of refused consent requests;
- outcomes of granted requests;
- consent requests refused; and
- intelligence shared with and received from international financial intelligence units.
The report also focuses on how the UK Financial Intelligence Unit (UKFIU) contributes to the UK's response to money laundering, other serious and organised crime and terrorist financing.
Unauthorised financial adviser sentenced for failing to pay confiscation order
An unauthorised financial adviser has been sentenced to 730 days' imprisonment by Southwark Crown Court for failing to satisfy the full value of a confiscation order made against him. The sentence is in addition to the term of 10 years’ imprisonment that Philip Boakes received on 6 March 2015. Mr Boakes previously pleaded guilty to two counts of fraudulent trading, three counts of using a forged instrument and one count of accepting deposits without authorisation as is said to have defrauded investors out of at last £3.5 million.
Former equities trader pleads guilty to insider dealing
A former equities trader has pleaded guilty at Southwark Crown Court to nine counts of insider trading. The trader admitted dealing on the basis of information about significant corporate events detailed during the course of his employment. He is alleged to have made over £155,000 in profits from the transfers in question. He will be sentenced on 13 June 2016.
Tom Hayes denied leave to appeal to Supreme Court and ordered to pay confiscation order of £878,806
The Court of Appeal has denied Tom Hayes, the former UBS and Citigroup yen derivatives trader, leave to appeal to the Supreme Court against his conviction for conspiring to manipulate the London Interbank Offered Rate (LIBOR).
Mr Hayes is now expected to take his case to the Criminal Cases Review Commission (CCRC), which looks at miscarriages of justice.
Southwark Crown Court has ordered Mr Hayes to pay a confiscation order of £878,806. Mr Hayes must satisfy the order within a specified period or incur a default prison sentence of three years.
OECD Anti-bribery ministerial declaration
The OECD has published a declaration by the ministers and representatives from the 41 state parties to the OECD Anti-Bribery Convention reaffirming their commitment to continued implementation of the Convention and calling for robust enforcement of anti-foreign bribery laws. The ministerial meeting also formally launched the fourth phase of country evaluations by the OECD Working Group on Bribery at the OECD Anti-Bribery Ministerial meeting.