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Financial Crime

Financial crime is a broad term that encompasses a number of activities. In short, it refers to the deliberate misuse and abuse of financial systems for personal or corporate gain. As such, it tends to be prosecuted under a variety of different classifications, all of which can broadly be termed financial crime.

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Financial Crime Services

Fraud

There are various types of offences under the Fraud Act 2006, including fraud by false representation, fraud by failing to disclose information, and fraud by abuse of position. Fraud can be defined as criminal deception which results in financial gain to a person or corporate or loss to another.

Money laundering

Money laundering investigations can be targeted towards individuals and/or corporations. Chapter 7 of the Proceeds of Crime Act 2002 captures money laundering offences, ranging from the concealment of assets to facilitate organised crime through to corporate offences such as failing to disclose and tipping off for FCA regulated companies.

Money laundering in its simplest terms can be defined as transferring or concealing the origins of illegally obtained funds, by means of transfers involving banks or legitimate companies. In certain cases, money laundering schemes use a web of seemingly legitimate companies to disguise the origins of illegitimate funds, using placement and extraction repeatedly; this is called layering. This activity is designed to prevent authorities or litigants from the tracing the transactions.

Bribery

The Bribery Act 2010 makes it an offence to offer, give, promise or; request, accept or agree to accept, a financial or other advantage in exchange for improperly performing a relevant function or activity. The Act also makes it an offence for a corporation that fails to prevent bribery within its organisation or associated persons.

Examples of bribery might include the following:

  • Payments made to gain an advantage in a public procurement process.
  • Gifts, entertainment, or hospitality to try to influence a contractual or legal decision.
  • From a corporate perspective, failing to prevent examples 1 and 2 may result in a corporation giving consideration to self-reporting to the SFO or making a SAR to the NCA. If a corporation did not have adequate procedures in place to prevent bribery, it could fall foul of section 7 of the Act. A corporate simply holding an Anti-Bribery Corruption policy is not a sufficient defence to section 7.

What to do if you’re accused of financial crime?

If you’ve been accused of financial crime, the consequences can be serious. If you find yourself in this position, it’s important to seek legal advice as soon as possible.

Prevention is better than a cure

How Richardson Lissack can help

Richardson Lissack is regularly instructed in some of the most complex financial crime cases.

We strive for excellence and provide our clients with access to a team of diligent, experienced lawyers who are able to provide unrivalled, discrete representation with an emphasis on protecting you or your company’s reputation.

We are regularly instructed by company directors who have been contacted by various government agencies in respect of a criminal or civil investigations.

Our lawyers are available to assist you and provide legal advice.

Contact London 020 3753 5352 or Manchester 0161 834 7284. Alternatively you can email info@richardsonlissack.co.uk

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Ben Richardson
Managing Director
Ben Richardson

“The professionalism throughout was exemplary, I felt I was always able to make contact and receive feedback from the start to the end of the process. Ben was a much needed calming influence throughout.”

Andy Lynch
Senior Associate
Andy Lynch
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