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While UK authorised push payment (APP) fraud losses were down 17% in 2022 year-on-year, they still cost victims GBP485.2 million (USD619 million) and comprised 57% of all reported cases relating to purchase fraud, with case volumes breaking 100,000 for the first time.…

Following the collapse of two high profile cases against mining majors Rio Tinto and ENRC (1), there have been broad calls for the UK’s Serious Fraud Office (SFO) to be reformed to better tackle complex cases. This includes reforms ranging from changing the disclosure regime and its investigative model, to better funding and more cooperation with other enforcement agencies.…

Every new information technology is a potential double-edged sword for committing and detecting financial crime, including money laundering and terror finance, and the development of large language model (LLM) processing AI systems, such as ChatGPT, is no exception.

Experts have already raised concerns about how these systems could be abused by money launderers, as well as how they may help obliged entities, FIUs and related law enforcement agencies fight dirty money flows.…

Gorpcore’ fashion, wearing outdoor functional clothing as fashionable streetwear, is rising in popularity, so much that much specialist apparel specifically designed for mountain environments will “never see a mountain,” a performance clothing designer has told WTiN. 

Their expensive materials and complex designs have “attracted fashion and streetwear to outdoor clothing,” Richard Dannah, an outdoor performance sportwear designer with more than 20 years’ experience in the field, told WTiN.…

The UK Serious Fraud Office (SFO) has shelved investigations into two major mining companies on the eve of a new director’s arrival. Current Assistant Commissioner of the Metropolitan Police Nick Ephgrave takes over at the end of September.

As the term of predecessor Lisa Osofsky expires, the agency (on Aug 23) an announced long running corruption investigations into the Anglo-Australian mining major Rio Tinto Group and Kazakhstan-focused mining Eurasian Natural Resources Corp (ENRC) were being scrapped.…

The metal packaging sector does not only prosper because of its intrinsic self-worth but also because of changes in competing industries such as paper and plastic packaging – and regulation – such as recent single-use plastics bans – can boost the fortunes of can makers and fillers.…

A London-based anti-fraud unit which supports vulnerable victims of fraud has been rolled out to all 43 police forces in England and Wales. The Action Fraud National Economic Crime Victim Care Unit (NECVCU) has been operated until now by the City of London Police – England and Wales’ lead anti-fraud police force – helping London victims of fraud and cybercrime cope and recover from offences.…

Lawyers are calling for His Majesty’s Revenue and Customs (HMRC) to increase reward payments made to UK whistleblowers who come forward and identify tax fraud.

Latest figures released by London law firm Reynolds Porter Chamberlain (RPC) reveal that in the last financial year, HMRC paid out almost GBP510,000 to individuals providing details of tax fraud – up from GBP495,000 the previous year (1).…

Since economic liberalisation and globalisation kicked in major economic growth in China since 1990, China’s food and beverage industry has expanded exponentially, boosting the country’s metal packaging industry (1).
London-based market researcher GlobalData (NOTE TO EDITOR – NO SPACE BETWEEN WORDS IN THIS COMPANY NAME) has forecast that China’s market will purchase more than 1 trillion units in 2024, with rigid metal packaging taking a 10.5% volume share of this vast financial cake (2).…

While The Bahamas has recently been subject to unwelcome publicity about financial crime being committed on its territory, courtesy of the Sam Bankman-Fried scandal, its government has steadily been undertaking solid work to improve its AML/CFT performance.

Bankman-Fried, or SBF as he is widely known, is facing ML charges in the USA, which was part of the reason he was extradited from The Bahamas in December (2022), along with securities and wire fraud charges associated with his stewardship of crypto-exchange FTX (1).…