What a forensic investigation means
19 Feb 2018A new show is about to start on BBC1 called Murder, Mystery and My Family. The show will re-examine cold cases through a modern forensic prism and find out if people who were convicted and executed for murder were actually guilty or whether the evidence had been purely circumstantial. This might seem an odd thing […]
War on illicit wealth
12 Feb 2018Earlier 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. […]
Switzerland top of the money laundering world
02 Feb 2018A 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 […]
Sharp rise in bank card fraud reported in latest industry survey
26 Jan 2018A sharp rise in card fraud has been reported in the latest survey of bank customers by a leading payment system company. According to the survey of over four thousand people across fourteen countries by ACI Worldwide, one third of UK customers, that's an estimated fourteen and a half million people, have been a victim […]
50 per cent is worth finding
26 Jan 2018The 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 […]
Long and complex investigation
16 Jan 2018A “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 […]
McMafia shows us how to hide the money
05 Jan 2018The 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. […]
Vatican boosts its financial investigation unit
22 Dec 2017The 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 […]
Robust response requires forensic investigators
18 Dec 2017The 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 […]
Financial details of divorce to be heard in new courts
11 Dec 2017The 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 […]
Judge sides with husband in dispute over matrimonial assets
27 Nov 2017In 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 […]
Former Autonomy CFO loses bid to escape fraud charges
21 Nov 2017The 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 […]
Joint FBI and UK investigation launched
13 Nov 2017The 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. […]
Forensic accountants investigating Horizon computer system
07 Nov 2017A 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 […]
Potential investigations into offshore usage
02 Nov 2017Following 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, […]
Detailed investigation clears couple
27 Oct 2017Many 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 […]
Michael McIndoe breaks his silence over alleged fraud
17 Oct 2017Ex-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 a grisly trail
06 Oct 2017Following 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 […]
Tracking the smallest financial anomalies
29 Sep 2017After 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 […]
Lengthy investigation
25 Sep 2017Airbus, 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 […]
Trawling through the evidence
19 Sep 2017An 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 […]
The UK’s lightly regulated corporate landscape allows money laundering…
12 Sep 2017… 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 […]
White collar crime prosecutions fall although offences are up
05 Sep 2017Recent 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 […]
Samsung heir found guilty of bribery and hiding assets
01 Sep 2017The 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. […]