Earlier this year, the Government introduced new powers in the form of Unexplained Wealth Orders, which allow the authorities to seize assets valued at more than £50,000 until the owners account for how those assets were acquired. The idea behind these orders is to help curb the UK’s status as a haven for ill-gotten gains. […]
A US research programme run by the Tax Justice Network has found that Switzerland is top of a list of countries that provide ‘assistance’ to money launderers and anyone who seeks to protect “corruptly obtained wealth”. This is the second year running that Switzerland has topped the list entitled Financial Secrecy Index – 2018 and […]
The BBC has recently aired a documentary called Millionaires’ Ex-wives Club, in which the ex-wives of the ultra-wealthy discuss how they fought for what they considered was a fair percentage of their ex-husbands’ respective fortunes. One of the wives interviewed was Michelle Young, ex-wife of Scot Young, who died in mysterious circumstances during the two-year […]
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A “long and complex” investigation into money laundering across the UK has culminated in prison sentences for nine people who preyed on vulnerable elderly victims. The investigation was carried out by the South East Regional Organised Crime Unit’s Regional Fraud Team (SEROCU), who said that it began in 2014. As a spokeswoman for SEROCU said […]
The new BBC series McMafia is about to show viewers how crooks try to hide their ill-gotten gains in shell companies and offshore accounts and ‘clean’ the money in legitimate businesses. However, it will be interesting to see whether it also shows how financial investigators are able to peel back the layers of offshore secrecy. […]
The Vatican has been praised by Council of Europe experts for its updated legislation against money laundering and its vigilance in flagging suspected cases. The Council of Europe’s Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (Moneyval) has released a progress report on the Vatican’s efforts. It commended […]
The Financial Reporting Council (FRC) has decided to build an internal forensic accounting unit and has more than tripled the size of its enforcement team in a bid to demonstrate a “more rigorous approach”. According to the accounting watchdog, it has “invested significantly” in the resources of its enforcement division to enhance its speed and […]
The head of the family court, Sir James Munby, has said that divorce battles among the super wealthy will be heard in separate courts from February next year, making the system quicker and more efficient. These financial remedies courts will allow cases where there are disputes over money to be heard separately from more common […]
In a real-life divorce case brought before the courts earlier this year, a firm of forensic accountants was asked to determine what percentage of the matrimonial assets were contributed over a 29-year marriage by the husband and the wife. In this case, the husband claimed that he had made more of a contribution than the […]
The long-running case between Hewlett-Packard (HP) and executives of British firm Autonomy rumbles on. In 2011, HP acquired Autonomy for £8.3 billion ($11 billion), but it was later forced to write-off around three-quarters of the company’s value after uncovering what it alleged were accounting irregularities that had been perpetrated by Autonomy’s former management team. The Serious […]
The Federal Bureau of Investigation (FBI) and the Financial Conduct Authority (FCA) are investigating links between the Gupta brothers’ activities in South Africa and HSBC and Standard Chartered. Chancellor Philip Hammond said he had passed on concerns raised by MP Peter Hain to the FCA, the Serious Fraud Office (SFO) and the National Crime Agency. […]
A total of 552 sub-masters, some of whom received jail sentences following prosecution, have taken a group legal action against the Post Office over the controversial computer system. The action goes back to 1999, the year when the Post Office installed the Horizon system to run the accounts of local post offices. By 2009, the […]
Following the hacking of computer records at a law firm in Bermuda, some of the UK’s wealthiest individuals are bracing themselves for an investigation by HM Revenue & Customs (HMRC) into their use of a major offshore company. Although the hack happened last year, HMRC is said to have known about it for some time, […]
Many people believe that being investigated for financial wrongdoing automatically means that someone is guilty but, actually, forensic investigations are often used to prove someone’s innocence as well as guilt. This has been demonstrated recently by North Yorkshire Police releasing a man and woman without charge following a “detailed financial investigation”. A Charity Commission investigation […]
Ex-professional footballer, Michael McIndoe, has broken his silence over claims he conned millions of pounds from fellow players, saying he has never run any kind of investment or Ponzi scheme. The former Wolves, Coventry City and Bristol City player was first accused back in 2012 when Scotland Yard investigated him for what was then being […]
Following the massacre in Las Vegas last Sunday, there has been huge speculation about the gunman’s motives and attention has turned to his financial history in a bid to find clues. Apparently, Stephen Paddock sent $100,000 to a Philippines bank account days before he carried out his dreadful crime. The account belongs to Paddock’s long-term […]
After the UK’s Criminal Finances Act comes into force today (30 September), HM Revenue & Customs (HMRC) will be able to pursue money laundering, tax evasion and the possible facilitation of terror financing anywhere in the world. The Act is extremely far-reaching and will put the spotlight on a huge range of businesses. Terror financing […]
Airbus, Europe’s largest aerospace multinational, appears to be facing years of investigation by French and UK authorities amid allegations of corruption over jet sales. The investigation began after Airbus drew the attention of regulators to inaccurate declarations it had made to the export credit finance agency over payments to sales agents. According to the Guardian […]
An investigation into a £10.25 million loan to Northampton Town FC has necessitated the analysis and examination of thousands of financial transactions, more than 500 statements and more than 2,100 exhibits. The case revolves around a loan of more than £10 million by Northampton Borough Council to the football club to enable it to complete […]
… So says a top forensic investigator who has alleged that the UK is at the centre of $3 billion (£2.27 billion) worth of laundered Azerbaijani money. The so-called ‘Azerbaijani Laundromat’ was uncovered in a joint investigation by 17 European media organisations, including the Guardian and Le Monde and was published by the Organised Crime […]
Recent research shows that the number of white collar crime prosecutions in the UK fell by 12 per cent between 2015 and 2016, even though there was a four per cent increase in the number of reported offences. In fact, the number of prosecutions has fallen by 26 per cent since 2011, when there were […]
The heir-apparent to the Samsung business has been jailed for five years for corruption, including bribery, embezzlement and hiding assets overseas. Lee Jae-yong, also known as Jay Y Lee, was arrested in February for bribing Choi Soon-sil, a close friend of South Korea’s impeached president, Park Geun-hye, to secure government support for a business deal. […]
According to a new study of corporate filings, some UK shell companies under offshore control may be skirting new rules that were designed to clamp down on corruption and tax evasion. A shell company is a corporation without active business operations or significant assets that is used to preserve anonymity and, sometimes, illegal activity, such […]
News that Roman Abramovich is about to get divorced for the third time and is facing a hefty payout to his wife is a reminder that when either partner has wealth, the ‘other side’ will want to ensure they are admitting to all of it. Of course, there is no suggestion that the Chelsea owner […]