Financial

A man from Surrey convicted for running schemes to help criminals launder their cash is wanted by the National Crime Agency after he failed to turn up to a sentencing hearing.

Lenn Mayhew-Lewis, a 68-year-old Jamaican national from Oxted, Surrey, played a leading role laundering money for organised criminals and was arrested in July 2020.

https://nationalcrimeagency.gov.uk/news/wanted-money-launderer-who-ran-professional-services-for-organised-crime-groups

Two prolific fraudsters have been jailed for their involvement in the sale of shares in a fictitious cryptocurrency.

Ross Jay, 33, and Michael Freckleton, 37, were found guilty of conspiracy to defraud and sentenced today at Southwark Crown Court to six years and three months and six years and six months, respectively, following a five week-long trial.

As the Financial Conduct Authority’s purview increases through the proliferation of disrupters such as cryptocurrencies and AI, the National Audit Office has launched a review to assess the organisations readiness.

The National Audit Office (NAO) has launched an investigation of Financial Conduct Authority’s effectiveness and ability to manage a growing list of responsibilities, including the overseeing of online fraud, crypto and risks surrounding artificial intelligence.

Banks will not face extensive new duties to prevent authorised push payment (APP) fraud after the Supreme Court sided with Barclays in a closely watched case.

The ruling means banks will not be held liable for fraudulent transactions requested by customers, avoiding a potential wave of fraud litigation.

Andrew and Peter Currie have been sentenced to a combined eight years in prison for “fleecing” consumers through the Collateral P2P platform, the Financial Conduct Authority has announced.

https://www.ftadviser.com/your-industry/2023/07/17/p2p-investment-directors-sentenced-to-combined-8-years-in-prison/

A fraudster who conned elderly people out of £160,000 to fund his gambling habit has been jailed.

In 2015, Max Evans, 30, persuaded someone he knew to give him access to their money which he claimed he would move to a savings account so it could accrue interest.

HUNDREDS of businesses fined a total of £3.2 million for breaching anti-money laundering rules have been named by HM Revenue and Customs (HMRC).

The 240 supervised businesses named today were fined between 1 July and 31 December 2022 by HMRC for breaching Money Laundering Regulations aimed at preventing criminals from exploiting illicit cash.

LONDON (Reuters) - British banks are gearing up to share more data with their peers on suspected serious economic crime as part of wider efforts to stem dirty money flows into the country from Russia and elsewhere, four sources with knowledge of the matter told Reuters.

https://uk.investing.com/news/stock-market-news/uk-banks-to-ramp-up-data-sharing-in-dirty-money-crackdown-3059886

A fugitive who ran a Ponzi-style investment scam worth £70 million in the City of London has been given jailed after going on the run.

Anthony Constantinou, 41, ran Capital World Markets (CWM) which offered investors returns of 60 per cent per year on allegedly risk-free foreign exchange markets.

Amoney-launderer acting as a ‘treasurer’ for criminals who conned elderly and vulnerable people out of £350,000 in the space of two months at the start of the pandemic has been jailed.

The judge told Luke Barling that although he wasn’t directly involved in scamming the 16 victims, his role cleaning the dirty cash by moving it through several bank accounts was ‘critical’ to the fraud.

https://www.msn.com/en-gb/news/world/money-launderer-for-gang-that-conned-vulnerable-people-out-of-%C2%A3350000-is-jailed/ar-AA1cltOB