The Fraud Board

The Fraud Board

Commentary on current cases, news stories and legal developments in international business crime and regulation

McGuireWoods’ London Government, Regulatory and Criminal Investigations Group

Category Archives: Enforcement

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Civil fraud jurisdiction, Compliance programmes, Due diligence, Enforcement, FCA enforcement, Fraud, Senior Executives

Making Bankers Accountable

The Financial Conduct Authority and the Prudential Regulatory Authority have recently been showing signs of gearing up for the new regime which is intended to have the effect of making senior bankers and other financial services managers accountable for failings within their institutions. The intention, of course, is to avoid the kind of meltdown we all… Continue Reading
Enforcement, Serious Fraud Office

SFO Bashing, Chapter 49.

No one could accuse the Serious Fraud Office of living a charmed life.  It is regularly accused of stupidity and inefficiency by a hostile press, and not infrequently the government weighs in with destabilising tactics, either by slashing its paltry budget, or by planning to redesign the counter fraud landscape. A report this week in… Continue Reading
Corruption, Enforcement, Fraud, Self-reporting

The Director of the SFO criticises corporations which commission internal investigations before self-reporting

The engagement of external lawyers by corporations is still the safest and best option as those external law firms not only have their own firm's professional brand reputation to protect in giving full honest and fair reports, but the lawyers who form those organisations all owe personal duties to the court not to mislead it. Their report would have been prepared in the knowledge that, if disclosed to the SFO as part of a self-reporting procedure, it could end up being scrutinised by the court.… Continue Reading
Corruption, Enforcement, Jurisdiction, Senior Executives, Settlement

The Long Arm of British Anti-Corruption Laws and the impact on individual defendants

The inference to be made from this court order is that the crime of corruption really doesn't pay, especially for board level directors, and that individuals who get involved in (or permit existing arrangements to continue unabated) international corruption are at risk of being prosecuted in one or more jurisdictions around the world and are liable to lengthy terms of imprisonment as well as very substantial penalties and orders for disgorgement of payments… Continue Reading
Compliance programmes, Corruption, Enforcement, Fraud, Whistleblower


Crucially businesses should be confident that reprisals against whistle-blowers are not an issue for them, and that their organisation understands and trusts any whistleblowing policy and procedure they have in place. Deficiencies in these areas may very well lead to a Regulator challenging the overall effectiveness and adequacy of an organisations compliance programme.… Continue Reading
Compliance programmes, Corruption, Deferred prosecution, Due diligence, Enforcement, FCPA, Gifts & hospitality, Guidance, Public officials, Settlement

Weatherford’s “loose controls and anaemic compliance” leads to $253 million bribery and sanctions penalties

This is a salutary tale for any companies, wherever they are situated in the world, which still think that their illegal activities will never be discovered. Usually it is only a question of time, and the penalties can be huge, as well as the impact on the business in sorting it all out.… Continue Reading