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Latest Corporate Crime News

Corporate Crime weekly highlights—21 November 2024

This week's edition of Corporate Crime weekly highlights includes analysis of the recently released statutory guidance on the failure to prevent fraud offence and the procedures that companies are expected to implement in order to comply, of the UK and EU approaches to sanctions enforcement which shows that the UK is making progress when it comes to effective sanctions enforcement and of the ASA’s use of AI to monitor adverts to proactively pursue so-called ‘greenwashing’ claims. Also included is news of upcoming changes to sanctions legislation, including the expansion of reporting obligations to cover additional sectors, of the public call for evidence to support the work of the independent sentencing review and of a company being fined £1.28m after an employee was crushed to death by a lorry. All this, and more, in this week’s Corporate Crime highlights.

HM Treasury issues advisory on Oil Price Cap evasion tactics

HM Treasury (HMT)and the Office of Financial Sanctions Implementation (OFSI) have released an advisory concerning the Oil Price Cap (OPC) regime. The guidance specifically addresses evasion strategies involving the manipulation of product origin through the use of fabricated and falsified Certificates of Origin (CO). This advisory aims to alert relevant parties to the risks associated with such practices and to enhance compliance efforts within the oil trade sector.

All eyes on the SFO after LC&F Ponzi scheme ruling

Law360, London: Damning findings in civil litigation that the directors of London Capital & Finance (LC&F) ran the bonds company as a Ponzi scheme could foreshadow the Serious Fraud Office's (SFO) parallel criminal investigation into the failed £237m investment business, lawyers say.

FCA initiates criminal proceedings against four for fraud related to failed credit union

The Financial Conduct Authority (FCA) has started criminal proceedings against Terry Dodd, John Riley, Brian Flanagan, and Terry MacPherson, who have been charged with conspiracy to commit false accounting under section 1(1) of the Criminal Law Act 1977. In addition, Terry Dodd, John Riley and Brian Flanagan have been charged with fraudulently abusing their positions as directors of the Dial-A-Cab Credit Union under sections 1(1) and 4 of the Fraud Act 2006. The FCA alleges that over a 6-year period between 1 September 2012 and 4 September 2018, the four individuals transferred funds out of the credit union for the benefit of themselves and their families.

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