Fraud Watch (June 2007)

Welcome to the June edition of Mishcon Fraud Watch, prepared by the Fraud & Insolvency Group at Mishcon de Reya. Its aim is to provide businesses and their advisors with a snapshot of what has been happening in the world of fraud in the last month.

We make no judgement whatsoever as to the morality, legality or appropriateness of the conduct which forms the subject matter of this bulletin. We simply aim to bring these matters to the attention of those involved in the prevention, detection and investigation of fraud.

UNITED KINGDOM

Assets Recovery Agency (ASA)

The ARA has published their 2006/07 Annual Report and 2007/08 Business Plan.

Assets Recovery Agency, 24 May 2007

Banking and Finance

The Financial Services Authority has fined BNP Paribas £350,000 for anti-fraud failures after a senior member of staff transferred £1.4m from clients' accounts without their permission.

The Daily Telegraph, 11 May 2007

Fraud Advisory Panel

The Cybercrime Working Group of the Fraud Advisory Panel has advised the government that it should consider extending legislation to cover web-based virtual communities.

Fraud Advisory Panel press release, 1 May 2007

The House of Lords Select Committee on European Union has published a report on carousel fraud in the EU.

Select Committee report 'Stopping the Carousel: Missing Trader Fraud in the EU', 25 May 2007

The Home Office has published a consultation document on proposals to increase the ability of government to seize criminal assets.

Home Office consultation document 'Organised Crime: revenues, economic and social costs, and criminal assets available for seizure', 24 May 2007

The Home Office has published a consultation document on the Asset Recovery Agency Action Plan.

Home Office consultation document 'Asset Recovery Action Plan, A Consultation Document', 24 May 2007

Government

The House of Lords Select Committee on European Union has published a report on carousel fraud in the EU.

Select Committee report 'Stopping the Carousel: Missing Trader Fraud in the EU', 25 May 2007

The Home Office has published a consultation document on proposals to increase the ability of government to seize criminal assets.

Home Office consultation document 'Organised Crime: revenues, economic and social costs, and criminal assets available for seizure', 24 May 2007

The Home Office has published a consultation document on the Asset Recovery Agency Action Plan.

Home Office consultation document...