Financial

A network for crypto-related fraud has been launched by a group of law firms, including Grant Thornton, in a bid to make the UK a global centre for crypto dispute resolution, amid a rise in scams.

https://www.cityam.com/london-law-firms-launch-first-global-crypto-fraud-network/

The Financial Conduct Authority (FCA) has banned jailed adviser David King who is currently serving a six-year and four-month sentence for crimes of fraud and theft.

https://www.professionaladviser.com/news/4034884/fca-bans-jailed-adviser-fraud-conviction

The risks of trusting a recommendation of a celebrity regarding investment opportunities has been highlighted yet again by the Daily Mail and the Sun revealing that a fraudulent Forex trader allegedly called Josh Chandler paid Katie Price to promote a scam Forex scheme to her followers on Instagram.

https://www.giambronelaw.com/site/news-articles-press/library/articles/celebrity-endorsement-by-katie-price-promotes-scam?utm_source=Mondaq

In what Google described as a “significant additional measure” to protect both its users and legitimate advertisers, and to prevent scammers exploiting its various platforms, the multinational tech giant recently announced its intention to clamp down on financial fraud by forcing all financial services advertisers to demonstrate that they are authorised by the Financial Conduct Authority (FCA).

New guidance issued by HM Revenue & Customs (HMRC) emphasises the increased focus of law enforcement agencies to disrupt the use of the art market as a vehicle for money laundering, an expert in white collar crime and investigations has said.

https://www.pinsentmasons.com/out-law/news/hmrc-identifies-aml-risks-facing-the-art-market

HSBC currency traders in London have been accused of routinely fronting run client orders for extra profits as part of a “blatant and indefensible” fraud by investment manager ECU lawyers.

https://www.cityam.com/hsbc-accused-of-blatant-forex-fraud-by-former-client/

Detectives have made the UK’s largest cryptocurrency seizure worth nearly £180million, superseding the previous record set by the Met just weeks ago.

https://news.met.police.uk/news/detectives-break-record-in-new-cryptocurrency-seizure-worth-nearly-ps180million-431112?mkt_tok=NDEwLUhZTC01NzkAAAF-jZG3nipy8ccT2qwhIsng1KQjXcLtOCBUjMJmhouXMlF0jDp2ol7I8nk962hNuDbeJSaOQOuhS_UVGW9UuTtbDUH5A8Mrf7-FYtIyaS2sTpg-

Cryptocurrencies are an increasingly popular investment option for both professional and retail investors. However, trading in them remains risky as criminal authorities and regulators play catch-up with fraudsters who try to exploit this new infrastructure.

https://www.shlegal.com/insights/cryptocurrency-fraud-recent-decisions-and-remedies?29072021121609

Convictions for investment fraud in England and Wales have slumped to their lowest level since 2007, with just one in 700 incidents convicted in 2019.

https://uk.finance.yahoo.com/news/investment-fraud-convictions-slump-lowest-060000761.html?soc_src=social-sh&soc_trk=tw&tsrc=twtr

The UK’s Financial Conduct Authority (FCA) has published its business plan for 2021-22, setting out its priorities for the coming year as the regulator seeks to keep up with changes in technology and adjust to economic challenges.

https://www.pinsentmasons.com/out-law/news/fca-business-plan-innovative-assertive-adaptive-future