The National Crime Agency report that three drugs smugglers were intercepted by the border agency trying to import one and a half tonnes of cannabis have been jailed for a total of 27 years on 13 August. It is estimated the haul would have had a street value of around £4.5 million. 3 October 2014 […]

Japan Moves to Close Loopholes Following Incidents at Major Banks – Japan says it is moving to close loopholes in regulations on terror and criminal financing amid growing international concerns about the country’s financial oversight following a series of high-profile incidents at major Japanese banks. The move also comes as the Group of Seven leading […]

The Law Society’s practice note highlights the warning signs of mortgage fraud and outlines how you can protect yourself and your firm from being used to commit mortgage fraud. The following is an extract What is the issue? Criminals will exploit weaknesses in lending and conveyancing systems to gain illegitimate financial advantage from the UK […]

The Sentencing Council’s Guideline for sentencing individuals and corporate offenders convicted of fraud, bribery and money laundering offences comes into effect on 1 October 2014 as part of a package to support the introduction of Deferred Prosecution Agreements (“DPAs”). DPAs are an alternative to criminal prosecution, and are intended to address the commission of “economic […]

Swiss private bank Julius Baer is cooperating in a French investigation into suspected money laundering and tax fraud by a former client involved in the European carbon allowances market, a spokeswoman said, following French media reports. News agency AFP said last week the bank is suspected of receiving funds in a Swiss account that were […]

Joshua Vandyk, an investment advisor, was sentenced today to serve 30 months in prison for conspiring to launder monetary instruments, the Justice Department and Internal Revenue Service (IRS) announced. Vandyk, a U.S. citizen, and Eric St-Cyr and Patrick Poulin, Canadian citizens, were indicted by a grand jury in the U.S. District Court for the Eastern […]

There seems an increased use of undercover agents by the IRS and other tax authorities in offshore jurisdictions. US v. Robert Bandfield, et al. The indictment in September 2014 of a Belize corporate service provider (CSP) and investment management company in the US is evidence of this trend. In the case US v. Robert Bandfield, […]

Maxim Chukharev leaded guilty to conspiring to operate an illegal unlicensed money transmitting business. The head of technology for Liberty Reserve, an alternative digital currency used in what authorities called a massive global fraud scheme, has pleaded guilty to criminal charges. Maxim Chukharev, 28, of Costa Rica, pleaded guilty on Tuesday in a United States […]