Criminal Finances Bill-Home Office Assessment
The Home Office has published its impact assessment of the Criminal Finances Bill from a regulatory and business perspective.
It provides an overarching assessment of the Bill itself in addition to issues such as disclosure orders, information sharing and unexplained wealth orders.
The Home Office, 15 November 2016
FCA Head of Financial Crime Department gives speech on the watchdog's financial crime priorities
Rob Gruppetta, Head of the Financial Crime Department at the FCA, has given a speech encouraging industry, the regulators, and the government to work together to combat financial crime.
He has highlighted the "unintended consequences" of the anti-financial crime regime, for example the high costs of running the U.K.-wide anti-money laundering regime, and indicated the importance of minimising these consequences wherever possible.
To aid this process, Mr Gruppetta advocated a risk-based approach to regulation, focusing resources where risk is perceived to be greatest and working with the industry to develop more innovative ways of tackling financial crime. Initiatives, such as the financial crime data return (to be a requirement for a number of firms at the end of this year), were perceived as assisting this process.
FCA News, 10 November 2016
Home Secretary gives speech to the FCA's Financial Crime Conference
Home Secretary, Amber Rudd, addressed the FCA's annual crime conference in order to outline the threats economic crime pose to the UK, her ambitions for the future, and the changes that need to be made to protect the UK's financial markets.
Highlights included updates on the Criminal Finances Bill which is currently being considered in Parliament, and the anti-money laundering and counter-terrorist financing action plan.
Gov.uk, 14 November 2016
Bribery and Corruption
Founder and creator of Arboretum Sports ordered to pay confiscation
David Dixon, founder and creator of Arboretum Sports (UK) Limited and Arboretum Sports (USA) has been ordered to pay a confiscation offer of £275,000. Through these vehicles, Mr Dixon was responsible for attracting investors to what was touted as a "no-risk gambling syndicate" with potential for excellent returns. Actually, Mr Dixon used the front to appropriate the funds of his investors.
As a result of an investigation by the Serious Fraud Office and Hampshire Police, Mr Dixon was charged and sentenced to three years and 10 months' custody on each count, as well as being banned from directorships for ten years. The confiscation amount will be distributed evenly between those known victims of the scheme.
SFO News Releases, 14 November 2016
Police begin football corruption investigation
It has been reported that "Police have opened a criminal investigation into an allegation of bribery after reviewing material from the Daily Telegraph's investigation into suspected corruption in football."
It is understood that former England manager Sam Allardyce "is not part of the investigation" and that the FA, English Football League and Premier League intend to also carry out their own inquiries, which are likely to be carried out once the criminal investigation has concluded.
BBC News, 11 November 2016
South Africa's Opposition files complaint against Zuma over corruption
South Africa's main opposition party, the Democratic Alliance (DA), filed a criminal complaint this week accusing President Jacob Zuma of corruption following the publication by an anti-corruption agency that detailed allegations of "influence-peddling in his government".
President Zuma has denied any wrongdoing.
New York Times, 15 November 2016
Malaysian lawmaker given 18 months in Malaysia
A prominent Malaysian lawmaker, Rafizi Ramli, was sentenced to 18 months in jail this week for leaking one page of a classified document on state investment fund 1MDB.
The 1MDB fund has been the subject of U.S. investigations into a global embezzlement and money-laundering scheme.
Asahi Shimbun, 15 November 2016
Cyber fraudster who dodged computer restrictions sent back to prison
Jay Moore, a convicted cyber fraudster released from prison in 2013, was sentenced this week to six months imprisonment after he was found to have used an undeclared laptop and three virtual private servers to flout a Serious Crime Prevention Order (SCPO).
Following conviction for his part in a fraud worth £27 million, and his subsequent release, Moore had his access to computers, mobile phones and bank accounts restricted by a SCPO. He was caught by Border Force officers with the undeclared laptop after a return flight from Dubai.
NCA News, 15 November 2016
Dark web hackers foresaw Tesco Bank thefts
It is reported that CyberInt, a cybersecurity company, revealed this week that it had discovered posts on dark web forums describing Tesco Bank as "easy to cash out", months before the bank reported losing £2.5 million in an attack.
BBC News, 14 November 2016
Two major Russian banks report cyber attacks
Sberbank and Alfa Bank, two of the most prominent banks in Russia, say they have recently been hit by cyber-attacks from unknown sources.
It was reported that cybersecurity firm, Kaspersky Lab, had said the attacks represented the first major assaults on Russian banks this year and that at least five of the country's biggest banks had been targeted.
New York Times, 11 November 2016
Fiat Chrysler and Cummins reject diesel cheating suit
Fiat Chrysler Automobiles NV and Cummins Inc. have said they intend to contest class-action proceedings brought against them in the U.S. District Court in Detroit.
The class action alleges they cheated on diesel emissions tests. Lawyers representing owners of older 2500 and 3500 Dodge Ram trucks allege that emissions catalysts are not durable and do not meet emissions standards, asserting the companies "conspired to knowingly deceive consumers and regulators…".
Reuters, 14 November 2016
Office of Financial Sanctions Implementation publishes revised list of targets
In light of Russia's intervention in the Ukraine and subsequent destabilisation, the Office of Financial Sanctions Implementation has brought out a new consolidated list of targets for sanctions, and a further list of persons subject to restrictive measures.
Gov.uk, 15 November 2016
Gov.uk, 15 November 2016
Health and Safety
One dead and 22 in hospital after ammonia leak at Carlsberg factory
An ammonia gas leak at a Carlsberg factory in Northampton has left a 40-year-old man dead and another man in a serious condition. Eleven members of staff, two police officers and nine firefighters were all taken to hospital following the leak.
The ammonia gas was being used to cool down the site during the production process.
SHP Online, 11 November 2016
Rail accident Investigation Branch publishes interim report into Croydon tram accident
The Rail Accident Investigation Branch (RAIB) has released its interim report into the fatal tram accident that occurred in Croydon on 9 November. The RAIB's investigation is ongoing, and a final report will be released on its conclusion.
The RAIB's investigation is running separately from those of the British Transport Police, the Office of Rail and Road, and the industry, and will not apportion blame. The investigation has not yet uncovered any brake defects in the run-up to the accident, which took place on a curved part of the track. It does however state that the tram was travelling at 70 km/h (43.5 mph) when it entered the curve, around which speed is restricted to 20 km/h (12.5 mph).
Gov.uk, 16 November 2016