Achived News Continued

8 August 2013

The Serious Fraud Office has published a statement admitting to losing 32,000 document pages, 81 audio tapes and electronic media obtained in the course of its closed investigation into BAE systems. Despite the conclusions reached by Peter Mason CBE who was appointed to carry out an independent review, that the incident was an accident, this will come as little comfort to those entities currently under similar investigations. Read more ..
 

25 April 2013

The Crime and Courts Act 2013 receives Royal Assent and introduces a number of new provisions into the criminal and civil jurisdiction, making amongst other things, substantial amendments to the Proceeds of Crime Act 2002.
Deferred Prosecution Agreements are made part of UK law, enabling the Director of Public Prosecutions or the Director of the Serious Fraud Office to reach agreements with corporate bodies to suspend prosecutions for certain offences conditional on requirements such as financial penalties or the implementation of compliance programmes. The amendments to the Proceeds of Crime Act stop short of allowing restrained funds to be used to fund a defendant’s own defence and merely allow contribution to legal aid from the restrained funds. The Act also re-establishes the civil recovery position prior to Perry & Ors (No. 2) v SOCA [2012] UKSC 35.
 

28 February 2013

The Financial Action Tax Force (FATF) publishes Guidance on Anti-Money Laundering and Terrorist Financing Measures and Financial Inclusion. Half of the world's adult population lack access to a formal bank account. Officially recorded flows of remittances, through various remittance systems, to developing countries are expected to grow at a continued rate of 7-8% and reach annually, USD 467 Billion by 2014. It is estimated that if informal and underreported flows of migrant remittances were included then the amounts might be two to three times higher. Read the full report here

 

14 January 2013

During its second reading, the Government announced its intention to table amendments to the Crime & Courts Bill that "will restore the civil recovery scheme under Part V of POCA 2002 to the position it was commonly understood to be in prior to the Supreme Court’s decision last summer in the case of Perry" [
Perry & Ors (No. 2) v SOCA [2012] UKSC 35]. After SOCA obtained a worldwide property freezing order, the appeals concerned whether a civil recovery order could only be made in respect of property which was within the territorial jurisdiction of the court making it, and whether a disclosure order could be addressed to persons who were not within the UK. Allowing both appeals the Court held that the scheme only applied to property within the jurisdiction of the UK courts.
 

21 November 2012

HM Treasury today issued a new direction to all UK credit and financial institutions requiring them to cease all business with banks incorporated in Iran and their branches and subsidiaries, wherever located including the Central Bank of Iran and unless licensed to do so by the Treasury. This reflects the serious concern that Iranian banks play a crucial role in providing financial services to individuals and entities within Iran's nuclear and ballistic missile programmes. The restrictions are contained in the Financial Restrictions (Iran) Order 2012.

 

30 October 2012

Leave to appeal to the Supreme Court was granted today where Morgan Rose questions an issue of Specialty under the UK/US Extradition Treaty 2003. This concerns the construction ss 148-152 of the Extradition Act 2003 and whether it prohibits the imposition of a penalty for contempt for breach of restraint order, in circumstances where the Appellant was not extradited for that reason.

 

"PAC Report Fraud in Contracted Employment Programmes"
 

Transparency International UK publishes a report into Defence Companies Anti-Corruption Index concluding that two thirds of the world’s biggest defence companies do not provide enough information about how they fight corruption.
 

The Serious Fraud Office today issued a press notice about its revised policies on facilitation payments, business expenditure (hospitality) and corporate self-reporting.
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