A Blomberg’s article “Dirty Money Spotlights Role of Family Offices as Enablers” identifies a Guernsey trust company in the web of structures involving Jahangir Hajiyev and his wife, Zamira who is subject to the UKs first UWO • https://www.bloomberg.com/news/features/2019-07-30/dirty-money-spotlights-role-of-family-offices-as-enablers THE Blomberg’s story provides the following facts and observations: Introduction 1. Jahangir Hajiyev was convicted of […]

A Jersey trust firm [Volaw Trust and Corporate Services] will have to hand over documents relating to its dealings with a Norwegian oil baron as part of a probe into suspected fraud, after the Attorney General won a landmark battle. The decision – handed down this week by the Privy Council, Jersey’s highest court of […]

A DISGRACED financial adviser has been jailed for seven years for charges related to selling fraudulent investments. Christopher Paul Byrne was initially due to be sentenced earlier this month but the hearing was abruptly adjourned when the 50-year-old’s advocate, Olaf Blakeley, said his client was helping Guernsey authorities with their investigations into a company that […]

THE finances of Jersey Mutual Insurance Society are being investigated by the police after ‘potential fraudulent activity’ spanning a number of years came to light. On Thursday, the organisation, which has served the Island for just under 150 years, sent a letter to all of its members informing them of the situation and confirmed that […]

Fraud in the UK hit its highest level in 15 years in 2017, according to a new analysis, with financial services frauds quadrupling year-on-year. The total value of large reported frauds reached £2.11bn during the last year, according to accountants BDO. The research found a total of 577 cases in 2017, almost triple the 212 […]

The U.S. Securities and Exchange Commission urged a federal judge on Wednesday to appoint a trustee to manage the Woodbridge Group of Companies, a bankrupt property developer the regulator accused of being a $1.2 billion Ponzi scheme. Woodbridge filed for bankruptcy in December and weeks later the SEC sued to freeze its assets, accusing it […]

Fraudsters are tricking victims into handing over personal details by sending fake texts which appear to be genuine NatWest messages – and have used the sophisticated scam to steal more than £100 from one woman. Scammers are able to make the fake texts appear in the same message chain as previous, genuine messages from NatWest […]

Artificial intelligence will be used to clamp down on fraudsters claiming millions of pounds of bogus benefit payments. The Department of Work and Pensions (DWP) said its new state-of-the-art algorithms can detect a number of identity cloning techniques which have been commonly used by organised criminal gangs committing mass-scale benefit fraud. Under the system, investigators […]