Financial crime is a broad term that covers a range of activities involving the misuse and exploitation of financial systems for personal or corporate gain. These crimes are prosecuted under various classifications, all of which fall under the umbrella of financial crime.
The Fraud Act 2006 outlines multiple types of fraud offenses, including:
Fraud can be broadly defined as criminal deception that results in financial gain for an individual or corporation, or financial loss to another party.
Money laundering investigations can target both individuals and corporations. Under Chapter 7 of the Proceeds of Crime Act 2002, money laundering offenses range from concealing assets to facilitate organized crime, to corporate offenses such as failing to disclose suspicious activities or tipping off others in FCA-regulated companies.
At its core, money laundering involves transferring or concealing the origins of illegally obtained funds through banks or legitimate companies. In some cases, sophisticated schemes use a network of seemingly legitimate companies to disguise funds, employing repeated placement and extraction processes, a method known as "layering." This technique aims to make it difficult for authorities or litigants to trace the transactions.
The Bribery Act 2010 makes it an offense to offer, give, or promise—or to request, accept, or agree to accept—a financial or other advantage in exchange for improperly performing a relevant function or activity. The Act also holds corporations liable if they fail to prevent bribery within their organization or by associated persons.
Examples of bribery include:
Corporations that fail to prevent bribery may need to consider self-reporting to the Serious Fraud Office (SFO) or submitting a Suspicious Activity Report (SAR) to the National Crime Agency (NCA). It’s important to note that simply having an Anti-Bribery Corruption policy in place is not a sufficient defense under Section 7 of the Act. Companies must implement and enforce procedures to actively prevent bribery.
Being accused of financial crime can have serious and far-reaching consequences. If you find yourself facing such allegations, it’s essential to act swiftly and seek professional legal advice. An experienced legal team can help you understand the charges, build a strong defense, and guide you through the legal process with the aim of protecting your interests and reputation.
Financial crime cases are complex and can escalate quickly. Taking early action and securing expert legal representation can make a significant difference in navigating these challenges effectively.
