Missing trader fraud (also called missing trader intra-community, MTIC, or carousel fraud) is the theft of Value Added Tax (VAT) from a government by organised crime gangs who exploit the way VAT is treated within multi-jurisdictional trading where the movement of goods between jurisdictions is VAT-free. This allows the fraudster (person who commits fraud) to…

Organisers of the 2015 Rugby World Cup are warning that there has been a huge rise in the circulation of fake tickets for the upcoming games. Those wishing to attend the finals are to be reminded that on tickets bought from official sources will be valid. Tickets for the general public can only be obtained…

The on-going investigations by US prosecutors revolving around both “entities and individuals” have suggested that they will soon be making a fresh wave of arrests as more and more evidence of potential serious crime comes to light. Michael Luaber, the Swiss attorney general confirmed that a contract involving the sale of a lucrative TV rights…

People are been targeted as part of a reshipping scam, which involves unsuspecting people handling goods to other countries. Individuals are often recruited though fake advertisement or dating websites, whereby they are convinced into having items delivered to their address and then forwarding them onto another, they themselves paying for the price of postage. The…

So far 2015 has seen a number of changes to the Proceeds of Crime Act 2002 (POCA) including provision for a new offence of ‘assisting an organised crime group’. Restraint orders are now available pre or post-charge where there are ‘reasonable grounds to suspect’ that an alleged offender has benefitted from his or her criminal…

The institute has welcomed the Government’s announcement that it will be pressing ahead with the introduction of a new ‘strict liability’ offence for offshore tax evasion and the stated intention of the new laws to target tax evaders accused of only the most serious tax crimes The Government announced on 16 July that it will…

The government released a policy paper earlier this year addressing the various tax evasion and avoidance issues currently facing HMRC. One of the areas the policy paper highlighted was dealing with the tax affairs of wealthy individuals. In an attempt to cut down on fraud and maximize the amount of tax collected the High Net…

Former multi millionaire and ex-banker Jonathan Weal was accused of hiding valuable art works including a JMW Turner painting worth £20 million during a £290,000 bankruptcy hearing the Inner London Crown Court has heard. Mr Weal declared his assets were “worthless” in 2012 (he even listed his underpants). However the painting entitled “fishing boats in…

The City of London Police recently considered asking the Bank of England and financial regulators to make individuals – rather than banks – liable for fraud losses, according to an article in the Telegraph. With the advent of online banking many banks now offer advice to their customers regarding online security. Much of this is…

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