SERIOUS FRAUD OFFICE

AML / KYC

UK Tables Amendment to Introduce ‘Failure to Prevent Fraud’ Offence

By Editors | 13/04/2023

Prosecutors will be able to hold large companies to account if they do not have reasonable measures in place to prevent fraud by an employee.

Enforcement

UK Steel Traders Jailed for $500m Trade Finance Fraud

By Mark Johnston | 05/04/2023

Three senior executives of Balli Steel were sentenced to prison for using fake documents and contracts to obtain loans.

AML / KYC

UK Economic Crime Bill to Include New ‘Failure to Prevent’ Offences

By Manesh Samtani | 31/01/2023

Failure to prevent fraud, false accounting, and money laundering will become new corporate criminal offences in the UK.

AML / KYC

UK Court Orders Glencore to Pay Over $300m for Africa Oil Bribes

By Editors | 08/11/2022

The SFO found that Glencore funnelled about $29mn worth of bribes between 2011 and 2016 to gain access to oil rights across Africa.

Enforcement

New York Court Dismisses Tom Hayes LIBOR Rigging Case

By Editors | 01/11/2022

US prosecutors had filed a motion to dismiss the case after two other traders were acquitted in January. Hayes is still trying to get his UK conviction overturned.

Enforcement

FCA Seeks £50m Penalty from Barclays for 2008 Deals

By Editors | 24/10/2022

Barclays did not disclose payments made to Qatari entities for their participation in two capital raisings during the GFC in 2008.

AML / KYC

Glencore Facing Investor Lawsuits Following Bribery Conviction

By Editors | 14/10/2022

Sovereign wealth funds from the UAE, Kuwait and Norway, along with Abrdn, HSBC, Standard Life and others are among the claimants.

AML / KYC

UK Sanctions More Russians, Restricts More Belarusian Trade

By Editors | 06/07/2022

Last week, the UK Parliament’s Foreign Affairs Committee published a report calling on the government to “act now” to tackle the flow of illicit finance through London.

AML / KYC

Glencore to Pay $1.5b to Settle Bribery & Manipulation Probes

By Manesh Samtani | 26/05/2022

The civil and criminal penalties and forfeitures will resolve a decade-long scheme to bribe foreign officials in seven countries and an oil price manipulation conspiracy.