On 30 March 2021 the Crown Prosecution Service (‘the CPS’) launched its new strategy and announced plans to combat economic crime fraud costing society billions of pounds each year.

Economic crime fraud attacks a wide range of assets including money, finance and assets of every description causing loss to the victims of those seeking illegal financial gain.    

Sukhdip Randhawa of Kangs Solicitors considers the CPS proposals designed to increase the number of prosecutions in an attempt to control financial fraud of this nature.  

If you are affected or are concerned by issues raised in this article then please feel free to contact us immediately for expert legal advice.

Kangs Solicitors is recognised as one of the leading criminal defence firms in the country and is top ranked in both the leading legal directories, Chambers and Partners and the Legal 500.

Our team can be contacted for initial advice as follows:      

Economic Crime | Kangs Serious Fraud Defence Solicitors

Nature of the crime

The level of such financial crime is vast running into billions of pounds every year where:

  • it is believed that 86% of reported fraud is now estimated to be cyber enabled, fuelled by advances in technology,
  • criminals now have opportunities exploiting the COVID-19 pandemic by targeting the huge increase in the level of the population now working from home who are potentially vulnerable to computer driven fraud
  • fraudsters are exploiting the various Government financial support packages including the ‘bounce back loan scheme’.
  • organised crime gangs are involved in activities such as:
    • investment fraud
    • mass-marketing fraud
    • payment-order fraud
    • procurement rigging
    • terrorist financing
    • market and regulatory abuse
    • bribery and corruption
    • the laundering of proceeds of crime.

Tackling Economic Crime

Generally, allegations of financial fraud are difficult to prosecute because detection is frequently far from easy and the complexity and time required to pursue investigations are enormous.

Accordingly, economic crime is a very attractive activity for organised crime groups.

A lack of awareness on the part of victims and low risk perception by those groups targeted for fraud are enabling factors for most types of fraud.

The new strategy to be adopted by the CPS includes a range of commitments including:

  1. ensuring that there are sufficient resources in the right place,
  2. supporting more ‘Virtual Hearings’ for economic crime cases, to help reduce the backlog in cases,
  3. recovering the proceeds of crime, depriving criminals of their gains and seeking compensation for victims,
  4. harnessing the opportunities of technology to support effective economic crime prosecutions,
  5. the creation of the first ever ‘Economic Crime Court’ and the use of ‘Nightingale Courts’ for fraud cases.

Max Hill, Director of Public Prosecution, said:

 ‘this is a serious and growing area of criminality, which is why we have developed a focused plan to help combat it’.

Who Can I Contact For Help? | Kangs Financial Fraud Defence Solicitors

If you are subject to an investigation by the Economic Crime Unit, the Police, the National Crime Agency or are subjected to any other form of investigation, it is essential that you seek expert advice and assistance immediately.  

Please do not hesitate to contact the team at Kangs Solicitors through any of the following who will be pleased to help you:

Hamraj Kang
hkang@kangssolicitors.co.uk
07976 258171 | 020 7936 6396 | 0121 449 9888

John Veale
jveale@kangssolicitors.co.uk
0161 817 5020  | 020 7936 6396 07989 521 210

Sukhdip Randhawa
srandhawa@kangssolicitors.co.uk
0121 449 9888 | 020 7936 6396