With the UK Government battling a rising tide of money laundering, a Treasury Committee meeting on economic crime explored ways to increase fraud enforcement funding.
Economic crime is causing increasing disruption to every type of organisation, from established businesses to charities and public sector bodies. The frequency of attacks is rising, and criminals are becoming more sophisticated, supported by advances in technology. In these articles and videos, we explore the latest trends and perspectives on economic crime from around the world, and look at how chartered accountants can help prevent it happening.
A new global network set up to share best practice and tackle crypto fraud has launched in London with Grant Thornton joining forces as the scale of crypto-fraud continues to ramp up.
ICAEW’s Audit and Assurance Faculty highlights key changes from the FRC’s revised standard on the auditor’s responsibilities relating to fraud in an audit of financial statements.
Fraud now costs businesses and individuals in the UK a jaw-dropping £137bn a year, with average losses now hitting 8.58%, new research has found – an 88% increase since 2007.
An explosion in fraud and errors in the Government’s COVID-19 support schemes is expected to cost the taxpayer tens of billions of pounds, according to a report published by the Public Accounts Committee.
In addition to traditional investigations of misused public monies, EU anti-fraud activity last year had to tackle COVID-19 related fraud, from counterfeit personal protective equipment to raising awareness of the risk of fake vaccines.
Chartered accountants have an opportunity to respond to the package of reforms relating to fraud, as recommended by the Brydon Review. What do you think of the government’s proposals?
The Fraud Advisory Panel has outlined five key recommendations to combat social media fraud as online scammer statistics continue to surge.
The European umbrella body has stressed the need for a more holistic approach to tackling fraud, following concerns that a disproportionate focus on auditors will do little to reduce the ever-growing risks.
We speak to Zafar Anjum, founder and chief executive of CRI Group, about the rising levels of fraud during the pandemic, and how his company is using AI to investigate wrongdoing.