Financial

A teenager from Lincolnshire who carried out a 'sophisticated cyber fraud' has had more than £2m of bitcoin and other crypto currency seized by police.

https://www.itv.com/news/calendar/2021-10-26/police-seize-2m-worth-of-bitcoin-from-lincolnshire-teenage-fraudster

The Crown Prosecution Service (CPS), City of London Police and the private sector have worked together, using specialist powers, to achieve the largest ever proceeds of crime forfeiture in the UK.

https://www.cps.gov.uk/cps/news/international-city-businesses-hand-over-eu34m-proceeds-crime-uks-largest-account

When he accidentally became a money mule, “Tom” was only fourteen. A friend transferred him 250£ and asked to withdraw them in cash. Days later “Tom”’s bank closed his account, and he hasn’t been able to open a new one anywhere since.

https://www.cityam.com/tik-tok-fraud-money-mulling/

The Financial Conduct Authority (FCA) has told the government it wants duties on internet companies in the Online Safety Bill to be extended to paid-for advertising as well as covering user-generated content to enhance consumer protection.

https://www.professionaladviser.com/news/4039043/fca-pushes-govt-strengthen-online-safety-protect-consumers

Cryptocurrency fraud reports have more than doubled in the year to June 30, in what was the fourth year of 100 per cent plus increases, according to new data.

https://www.ftadviser.com/regulation/2021/10/25/cryptocurrency-fraud-reports-double-for-fourth-year/

LONDON, Oct 14 (Reuters) - It was an email offering a discount on an electric toothbrush that began the sequence of events that ruined Anna's life.

https://www.reuters.com/world/uk/welcome-britain-bank-scam-capital-world-2021-10-14/

OneCoin shows that cryptocurrency investments are adventures. In the current scenario, there are more than 10k projects to choose from and invest in the crypto market. Such projects can help gain tremendous profits and dramatic losses throughout just 24-hours. It is also worth noting that such projects are sometimes world-changing and sometimes entirely ridiculous. Indeed, the OneCoin Ponzi scheme that posed as a cryptocurrency, launched itself as a self-styled cryptoqueen Ruja Ignatova in 2014.

https://www.thecoinrepublic.com/2021/10/23/onecoin-emerges-as-another-ponzi-scheme/

Action Fraud is warning the public to remain vigilant when making investments, as criminals cheat hundreds of millions of pounds out of victims through cryptocurrency fraud.

https://www.actionfraud.police.uk/news/cryptocurrency-fraud-leads-to-millions-in-losses-so-far-this-year

NatWest bank has admitted failing to comply with anti-money laundering laws over “large cash deposits” into a sole customer’s accounts.

https://uk.finance.yahoo.com/news/natwest-bank-admits-failing-comply-095205634.html?soc_src=social-sh&soc_trk=tw&tsrc=twtr

The UK Treasury has confirmed it is planning to impose a levy on firms subject to anti-money laundering (AML) regulations to fund the UK’s fight against economic crime.

https://www.pinsentmasons.com/out-law/news/uk-government-to-impose-financial-crime-levy-on-regulated-firms