Financial

Sweden’s Economic Crime Authority (EBM) widened its Swedbank investigation to include suspected fraud following a raid on Wednesday on the Swedish bank’s headquarters in an inquiry into its handling of money laundering allegations.

https://uk.reuters.com/article/us-europe-moneylaundering-swedbank/swedish-authorities-widen-swedbank-inquiry-to-include-suspected-fraud-idUKKCN1R82A5

Fugitive billionaire jeweller Nirav Modi was denied bail in a London court on Friday, following his arrest last week on charges over his alleged involvement in a $2 billion (1.5 billion pounds) fraud at India’s state-run Punjab National Bank.

https://uk.reuters.com/article/uk-punjab-natl-bank-fraud-fugitive/london-court-told-of-death-threat-as-denies-indian-billionaire-bail-idUKKCN1RA1Y5

Most professional bodies for accountants and lawyers in Britain are failing to ensure that members do all they can to help in the fight against money laundering, a senior regulator said on Tuesday.

https://www.reuters.com/article/britain-moneylaundering-regulator/uk-watchdog-hits-out-at-accountants-lawyers-over-anti-money-laundering-idUSL8N20Z3NC

The finance industry prevented £1.66 billion of unauthorised fraud during 2018, effectively stopping £2 in every £3 of attempted unauthorised fraud, according to the latest report, Fraud the Facts 2019, from UK Finance

https://www.finextra.com/pressarticle/77774/criminals-stole-12-billion-from-uk-bank-accounts-in-2018

The FCA welcomes today’s report by the National Audit Office - Regulating to protect consumers: Utilities, communications and financial services markets. The report provides a view of the challenges that regulators, including the FCA, face when measuring their performance and understanding what works well for consumers.

https://www.fca.org.uk/news/statements/fca-response-national-audit-office-report

Two companies involved in a £1.4 million fraudulent art investment have been closed after a brush with the law.

http://onwww.moneyinternational.com/investments/fine-art-scam-shut-by-courts-after-brush-with-the-law/

The Serious Fraud Office, working in conjunction with the Financial Conduct Authority, has opened an investigation into individuals associated with London Capital & Finance Plc.  On 4 March 2019, four individuals were arrested in the Kent and Sussex areas.  All four individuals have been released pending further investigation.

https://sfo.gov.uk/2019/03/18/sfo-opens-investigation-into-london-capital-finance-plc/

Financial firms could be ordered to pay up to £350,000 in compensation by a UK ombudsman in response to complaints raised about their acts or omissions from April this year.

https://www.out-law.com/en/articles/2019/March/fca-confirms-ombudsman-service-compensation-limit/?utm_source=Emerge&utm_medium=Email&utm_content=1e18aac7-f8a7-4f80-9a2d-765ce734e982

LONDON (Reuters) - A long-awaited probe into what Lloyds Banking Group executives knew about one of Britain’s worst ever banking frauds is now not likely to be completed until next year, a source with knowledge of the review said.

https://uk.reuters.com/article/uk-britain-lloyds-probe/inquiry-into-lloyds-handling-of-hbos-fraud-slips-to-2020-source-idUKKCN1QV29M

Huge penalty levied by the watchdog after a whistleblower sounded the alarm and the FCA launched an investigation which found firm failed to train staff to give suitable advice.