Financial

Convicted boiler room fraudster, Jeffrey Revell-Reade, 53, has had his default prison sentence of 4 years activated by Westminster Magistrates’ Court for failure to pay a £7,535,802 confiscation order.

https://www.sfo.gov.uk/2018/06/27/wolf-of-wimbledon-fraudster-receives-additional-jail-term/

Lloyds Banking Group is facing more pressure over its handling of a fraud at its HBOS Reading business that took place more than a decade ago, with the chair of Britain’s Treasury Committee calling for “maximum transparency” over the affair.

https://uk.reuters.com/article/uk-lloyds-report-lawmakers/british-politicians-step-up-pressure-on-lloyds-bank-over-hbos-fraud-idUKKBN1JM35O

The Banking Protocol, a ground-breaking rapid response scheme, has led to six arrests and prevented £282,210 of attempted fraud in Nottinghamshire.

https://westbridgfordwire.com/over-280000-fraud-prevented-by-new-scheme-in-nottinghamshire/

The Fifth AML Directive is a response to the recent terrorist attacks across the EU and the offshore leaks investigated in the Panama papers. It introduces 4 key changes to the AML regime.

https://www.whitecase.com/sites/whitecase/files/files/download/publications/adoption-of-fifth-anti-money-laundering-directive_0.pdf

The FCA on good practice for how banks should handle the financial crime risks posed by these products

https://www.fca.org.uk/publication/correspondence/dear-ceo-letter-cryptoassets-financial-crime.pdf

A South Korean cryptocurrency exchange said it suffered a “cyberintrusion,” prompting bitcoin prices to fall sharply toward year lows.

https://www.wsj.com/articles/bitcoin-falls-sharply-after-another-cryptocurrency-exchange-is-hacked-1528681094?mod=djemCIO_h

A man and woman were sentenced at Luton Crown Court for laundering money through their bank accounts, in order to help facilitate the operations of four ‘boiler room’ operations.

http://news.cityoflondon.police.uk/r/1051/two_more_people_jailed_for_laundering_money_to_fa

MPs are calling for an investigation into potential criminality regarding the handling by Lloyds Banking Group of a fraud at its HBOS Reading unit more than a decade ago and into the role of auditor KPMG.

http://www.cityam.com/288028/draft-project-lord-turnbull-report-mps-call-serious-fraud

An internal Lloyds Banking Group report written by a former manager at the bank alleges serious misconduct by the lender over the handling and disclosure of a fraud at its HBOS Reading unit.

https://uk.reuters.com/article/us-lloyds-report/report-claims-britains-lloyds-misled-investors-over-hbos-fraud-idUKKBN1JF135

Almost 200 arrested and £25m of scams prevented under initiative

https://www.ft.com/content/32749936-7561-11e8-aa31-31da4279a601