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21 January 2014
Issue: 7591 / Categories: Legal News
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Rise in dirty money

£288m laundered in the UK last year

Money laundering tripled in value in the UK last year, as part of an overall rise in financial services fraud.

According to the BDO FraudTrack Report, £288m was laundered in reported cases in the UK last year, compared to £70m in 2012—a surge of 309%.

Some £170m of this was laundered through a bureau de change in the west London neighbourhood of Notting Hill, while an East Midlands courier laundered £52m and £20m was laundered through a bogus marriage ring in London.

Kaley Crossthwaite, head of fraud at BDO and author of the report, says the rise “may be partly down to an increase in organised crime activity, however the demand for transparency in the financial services sector is also surely playing a part.”

She said increased legislation and compliance “imposed on largely unsuspecting businesses” operating in the financial services sector was “uncovering increasing numbers of illegal transactions that may have historically been swept under the carpet”.

Financial services industry fraud now accounts for just over half of all reported fraud, and rose from 122 offences worth £473m in 2012 to 132 worth £532m last year.

However, the total amount of fraud in the UK fell last year, from £1.37bn to £1.05bn.

Issue: 7591 / Categories: Legal News
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MOVERS & SHAKERS

London Solicitors Litigation Association—John McElroy

London Solicitors Litigation Association—John McElroy

Fieldfisher partner appointed president as LSLA marks milestone year

Kingsley Napley—Kirsty Churm & Olivia Stiles

Kingsley Napley—Kirsty Churm & Olivia Stiles

Firm promotes two lawyers to partnership across employment and family

Foot Anstey—five promotions

Foot Anstey—five promotions

Firm promotes five lawyers to partnership across key growth areas

NEWS
Freezing orders in divorce proceedings can unexpectedly ensnare third parties and disrupt businesses. In NLJ this week, Lucy James of Trowers & Hamlins explains how these orders—dubbed a ‘nuclear weapon’—preserve assets but can extend far beyond spouses to companies and business partners 
A Court of Appeal ruling has clarified that ‘rent’ must be monetary—excluding tenants paid in labour from statutory protection. In this week's NLJ, James Naylor explains Garraway v Phillips, where a tenant worked two days a week instead of paying rent
Thousands more magistrates are to be recruited, under a major shake-up to speed up and expand the hiring process
Three men wrongly imprisoned for a combined 77 years have been released—yet received ‘not a penny’ in compensation, exposing deep flaws in the justice system. Writing in NLJ this week, Dr Jon Robins reports on Justin Plummer, Oliver Campbell and Peter Sullivan, whose convictions collapsed amid discredited forensics, ‘oppressive’ police interviews and unreliable ‘cell confessions’
A quiet month for employment cases still delivers key legal clarifications. In his latest Employment Law Brief for NLJ, Ian Smith reports that whistleblowing protection remains intact even where disclosures are partly self-serving, provided the worker reasonably believes they serve the ‘public interest’ 
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