September 2009

16.09.09 Four arrested connection with a £9m mortgage fraud

40 police officers have been involved in the operation in the South-East of England which has led to a number of co-ordinated searches on four houses, the business unit of a gaming company and a solicitor’s office. Police officers have seized documents from the sites searched. As a result of the raids police have arrested four men on charges of conspiracy to defraud.

14.09.09 HM Revenue and Customs officers arrested 21 people in raids in a multi million pound construction industry fraud.

HM Revenue and Customs officers arrested 21 people in raids in a multi million pound construction industry fraud.

The arrests were made on suspicion of conspiracy to cheat the public revenue and money laundering offences under the Proceeds of Crime Act 2002. The Act was designed to take the profit out of crime, making it harder for money to be laundered and depriving criminals of their illicit wealth.

10.09.09 Serious Fraud Office (SFO) launches investigation into JJB and Sports Direct

Following an OFT investigation into the sports retail market, it has been announced that the Serious Fraud Office (SFO) has now begun its own investigations into JJB Sports and Sports Direct.

JJB Sports revealed that it had stated its concerns about possible cartel activity in its market to the OFT which in turn has been granted immunity from any financial penalty in the event that competition rules have been broken.

09.09.09 Proposed amendments to Jersey’s Anti-Money Laundering Legislation

The Jersey Financial Services Commission has published a consultation paper concerning proposed amendments to the ‘Money Laundering (Jersey) Order 2008’.

The Money Laundering (Jersey) Order 2008’ requires Regulated businesses to apply policies and procedures for the prevention and reporting of money laundering. These include policies and procedures for customer due diligence, record keeping, and reporting ‘suspicious activity concerning money laundering and terrorist financing.

08.09.09 Accountant jailed for eight years for tax fraud

John Warman who holds no qualifications to be an accountant, operated a sole practitioner practice dealing with the affairs of a number of clients. He conspired to steal £2.5m from HMRC was told by the Judge that he lived in a ‘fantasy world’ as he jailed him for eight years. John Warman drove a £165,000 Bentley Arnage and led a lifestyle of the pretence that he had substantial capital in the bank.