Amendments to POCA and crypto-related civil recovery powers: all roads lead to recovery?

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Between 2022 to 2023, civil forfeiture and recovery powers under Part 5 of the Proceeds of Crime Act 2002 (POCA) contributed £160.1 million to the public purse. With criminal confiscation powers bringing in £179 million, the amount recouped using civil rather than criminal asset recovery powers equates to just under half of the total asset […]

Supreme Court unanimously upholds appeal in Republic of Mozambique ‘hidden debts’ litigation

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The Supreme Court has today given judgment in The Republic of Mozambique (acting through its Attorney General) (Appellant) v Privinvest Shipbuilding SAL (Holding) and Others (Respondents) [2023] UKSC 32. In a judgment given by Lord Hodge, Deputy President of the Supreme Court, with whom Lord Lloyd-Jones, Lord Hamblen, Lord Leggatt and Lord Richards agree, the […]

Does it matter if Tom Hayes is acquitted?

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He may have served his time, but in an attempt to clear his name, former rates trader Tom Hayes, announced last month that his conviction for manipulating the Libor benchmark rate was being referred to the UK’s Criminal Cases Review Commission. All those accused of Libor rigging in the US, including Hayes, have been acquitted […]

SFO director has work cut out to improve the prosecutor’s status

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Last month, after months of speculation, it was announced that the new director of the Serious Fraud Office (SFO) was going to be Nick Ephgrave. Ephgrave was the former chief constable for Surrey Police, assistant commissioner of the Metropolitan Police Service, and most recently held a role that overlapped with his responsibilities as assistant commissioner, […]

Jonathan Tickner

Peters & Peters and Crowe report shows fraud is costing UK £219 billion a year

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Every year, the UK economy could be losing as much £219 billion to fraud. This colossal figure is one of they key findings of the 2023 Annual Fraud Indicator (AFI), a round-up of the cost of fraud in the UK published by Peters & Peters Solicitors in conjunction with national audit, tax, advisory and risk […]

UK Supreme Court ruling offers clarity for banks

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Earlier this month, the Supreme Court handed down its judgment in Philipp v Barclays Bank UK PLC, which deals with the circumstances in which a bank can be held liable for not preventing a customer from being defrauded. The judgment offered much-needed clarity on the nature of the Quincecare duty and the obligations that banks […]

Dan Hyde

When is ‘green’ a red flag? Identifying eco fraud and supply chain risks

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In March, the UK government released its Green Finance Strategy, setting out plans to attract investment to help achieve the country’s net zero ambitions. Then, a month later, the National Fraud Strategy came out, revealing that fraud is “by far” the UK’s most common crime, representing 40% of offences in England and Wales. However, no […]

Ropey relics and specious speculation – fraud through the ages

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From fake goods, scam emails, counterfeited artwork, mislabelled foods to the perils of falling prey to all those crypto adverts, fraud is everywhere. In this article for Fraud Intelligence, Keith Oliver and Caroline Timoney embark on a whistlestop tour through the history of fraud, uncovering how many old scams have modern versions today. They discuss […]

Peters & Peters

‘Govt’s fraud strategy welcomed but resources boost is crucial to success’

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Fraud now accounts for 40% of all crime and, in May, the government published its national fraud strategy – the latest official document attempting to address this epidemic. The ambition is for fraud to be reduced by 10% by December 2024 on 2019 levels, by “tackling fraudsters head on, protecting the British people’s hard-earned cash […]

Former senior police officer replaces lawyer as SFO director – Neil Swift quoted in the media

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The Attorney General, Victoria Prentis KC MP, has announced that former senior police officer Nick Ephgrave QPM will be the next director at the Serious Fraud Office (SFO). Ephgrave was assistant commissioner of the Metropolitan Police in charge of frontline policing between 2019 and 2022 and, before this, he was the Chief Constable for Surrey […]