The Serious Fraud Office has significantly increased its conviction rate in cases brought before the courts in the past year, according to figures it is releasing in advance of its annual report which will be published in the summer.

The conviction rate, measured as defendants convicted over the number tried, has risen from 78% the previous year to 91%. At the same time the agency achieved a 100% success rate in trials where at least one defendant was convicted. The previous year this was measured at 94%.

Success in trials has been matched by the SFO’s increasing ability to secure assets from fraudsters and return money to victims. Some £4 million has been paid in compensation directly to victims. The figure was significantly less than a million pounds last year. Fines against companies amounted to nearly £12 million pounds this year, having risen from zero the year before. The agency has managed to seize nearly a quarter of a million pounds in cash since November 2009, using new powers to be able to carry out searches for cash and retain the money as an investigation continues.

Thursday’s Top News Stories

April 29, 2010

Swiss MPs to vote on new ex-dictator cash law
The Associated Press, April 28, 2010

Tax Havens: Depriving the developing world?
MoneyWeb (South Africa), April 29, 2010

Corruption and cronyism are sinking Greece
The Salt Lake Tribune, April 29, 2010

Top Kenya officials due in court for ‘cemetery scam’
BBC News, April 29, 2010

Bribes and corruption claims over 2010 in EC
The Dispatch (South Africa), April 29, 2010

Corruption ‘Taints Iran’s Judiciary’
Radio Free Europe, April 28, 2010

Ogbulafor faces N100m fraud charge
NEXT, April 27, 2010

Government’s anti-corruption campaign
The Nigeria Guardian, April 29, 2010

Seven Deutsche Bank Workers Targeted in CO2 Tax Probe
Bloomberg News, April 29, 2010

IPL’s deceptive money trail
The Economic Times, April 29, 2010

Senate Considers Bill on Combating Terrorism
This Day (Nigeria), April 29, 2010

Pressure mounts on foreign energy firms in Burma to come clean
Mizzima (Thailand), April 28, 2010

Wednesday’s Top News Stories

April 28, 2010

Swiss Banks Get Tough on Tax-Dodgers
The Wall Street Journal, April 28, 2010

Trip to tax havens in govt crosshairs
The Economic Times, April 28, 2010

Indonesia chafes at graft ’safe haven’ in Singapore
AFP, April 28, 2010

Feature: Transparency In Ghana’s Extractive Industry
Joy Online, April 28, 2010

Budget Accountability Must Be Strengthened to Advance Human Rights in Africa
The Huffington Post, April 27, 2010

Thai Protests About More Than Thaksin
Voa Naews, April 28, 2010

Home ministry officer held on corruption charges
One India, April 28, 2010

Indian cricketer Dravid says league will survive corruption scandal
GMA News, April 28, 2010

Starting point key question on Greek deficit goal
Reuters, April 28, 2010

Tuesday’s Top News Stories

April 27, 2010

Billions ’syphoned away’
The Times, April 27, 2010

New ‘tool box’ to counter opaque tax havens
India Express, April 27, 2010

Govt opens I-T units in S’pore, Mauritius; 8 more on the way
Business Standard (India), April 27, 2010

A JPC on tax havens
DNA India, April 26, 2010

Indonesia launches special jail for the corrupt
Reuters, April 27, 2010

Feds pursue claims of US oil bribes in Venezuela
The Associated Press, April 26, 2010

Afghan court jails Briton on bribery charges
BBC News, April 27, 2010

CAN Tasks Jonathan On Corruption
This Day (Nigeria), April 25, 2010

Freedom Day pointless if corruption persists
The Times (South Africa), April 27, 2010

Hungary eyes tax reform to boost employment
Reuters, April 27, 2010

Govt seeking FATF membership to check terror funding
Business Standard (India), April 27, 2010

Hong Kong to Consult on Cross-border Currency Movement Controls
Bloomberg News, April 27, 2010

Noriega Is Extradited to France, Faces Money-Laundering Charges
Bloomberg News, April 27, 2010

Tin Has Trained Over 7,000 Individuals, CSOs – Nwagwu
The Daily Independent, April 26, 2010

New York Times: Dummy Corporations Could Derail Campaign Finance Transparency

April 22, 2010

Post Citizens-United, Congress is working to craft tough finance disclosure laws to force corporations to disclose their political spending. The New York Times says,

WASHINGTON — The White House and leading Democrats in Congress are close to proposing legislation that would force private companies and groups to disclose their behind-the-scenes financial involvement in political campaigns and advertising, officials involved in the discussions said Monday.

One provision would require the chief executive of any company or group that is the main backer of a campaign advertisement to personally appear in television and radio spots to acknowledge the sponsorship, the officials said.

This is reasonable, and Constitutional, in order to force corporations to be somewhat accountable for the speech that they create and fund. Without disclosure, corporations could spend untold amounts of money to attack any politician who supports issues which would negatively affect their bottom line, and no one would have any idea who is doing the attacking.

Thursday’s Top News Stories

April 22, 2010

European Commission to help developing nations fight tax evasion
Business Day (South Africa), April 21, 2010

Ghana, Others Lose $1 Trillion
Business Guide (Ghana), April 19, 2010

Egypt to charge Brotherhood leaders with money laundering
Bikya Masr (Egypt), April 22, 2010

Egypt court ‘to try Islamists for money laundering’
AFP, April 21, 2010

NY man sentenced in terrorism financing case
The Associated Press, April 20, 2010

Democrats Push to Require Campaign Disclosure
The New York Times, April 12, 2010

Swiss Court Limits UBS Clients Who Can Block Tax Data Transfers
Bloomberg News, April 22, 2010

Daimler bribery scandal
Punch Nigeria, April 21, 2010

Lalit Modi questioned by joint ED-IT team
Hindustan Times, April 22, 2010

Alcoholic beverage industry intoxicated by tax evasion
Today’s Zaman, April 22, 2010

IMF Bank Tax Proposals Face Huge Hurdles
Forbes Magazine, April 22, 2010

INTERVIEW – Europe must rethink aid approach – development chief
Reuters, April 22, 2010

Europe Wakes Up To The Power of Tax Against Poverty
Christian Aid Press Release, April 21, 2010

Mayor Bloomberg’s Offshore Banking

April 21, 2010

The New York Observer published today an intriguing article on New York City Mayor Michael Bloomberg’s $1.8 billion Bloomberg Family Foundation. The article states:

By the end of 2008, the Bloomberg Family Foundation had transferred almost $300 million into various offshore destinations—some of them notorious tax-dodge hideouts. The Caymans and Cyprus. Bermuda and Brazil. Even Mauritius, a speck of an island in the Indian Ocean, off the coast of Madagascar. Other investments were spread around disparate locations, from Japan to Luxembourg to Romania.

Why was the mayor’s flagship foundation sending hundreds of millions of dollars offshore? Neither the charity nor the mayor will explain. What is clear is that the issue could get prickly for Mr. Bloomberg, in part because his investment strategies have been so closely associated with Steve Rattner, the onetime boy wonder financier who remains under investigation by Attorney General Andrew Cuomo for his involvement in a state pension controversy. Last week, Mr. Rattner’s former firm, Quadrangle Group, took the extraordinary step of excommunicating him, saying in a statement that it “wholly disavow[ed]” Mr. Rattner over his role in securing state pension contracts—conduct the company called “inappropriate, wrong, and unethical.”

His investments, represented graphically:

Wednesday’s Top News Stories

April 21, 2010

R175bn syphoned away
The Times (South Africa), April 20, 2010

Bloomberg’s Offshore Millions
The New York Observer, April 20, 2010

IRS Targets Taxpayers Hiding Income in Offshore Accounts
Fox News, April 21, 2010

I-T probes if Shilpa & hubby’s RR stake came via tax haven
The Economic Times, April 21, 2010

The Long Arm of Justice
The Huffington Post, April 13, 2010

Corruption fuelling terrorism in Indonesia: think tank
AFP, April 20, 2010

HP reveals SEC corruption probe over ’small’ projects
BBC News, April 21, 2010

Foreign firms pledge not to give bribes in Russia
BBC News, April 21, 2010

Doubts over fight against corruption
The Financial Times, April 21, 2010

Nigerian leader urges swift passage of anti-money laundering law
AFP, April 21, 2010

Rwanda: Revenue Authority Decries Tax Fraud
The New Times (Rwanda), April 21, 2010

Ghana: Eiti Board Extends Validation Deadline for Country and 15 Others
Public Agenda (Ghana), April 19, 2010

Wednesday’s Daily News Round-Up

April 14, 2010

Africa: Jonathan Jolted By New Graft Report On Nigeria’s Leaders
The Daily Independent (Lagos), April 13, 2010

Curbing illegal financial flows from Africa
The Nigeria Guardian, April 14, 2010

UBS chief apologises for bank’s role in tax evasion
AFP, April 14, 2010

Swiss Lawmakers Bow to Bankers Urging UBS Settlement (Update1)
Bloomberg News, April 14, 2010

Former UBS Client Pleads Guilty to Hiding Assets in Secret Offshore Bank Accounts
Department of Justice Press Release, April 13 2010

Top U.S. Bribery Prosecutor to Join Paul Weiss
The Wall Street Journal, April 14, 2010

Changing Attitudes To Corruption
The Jamaica Gleaner, April 14, 2010

Corruption, ethnic distrust threaten Nigeria – Bola Ajibola
The Sun News (Nigeria), April 14, 2010

Nigerian youths protest corruption, insecurity
AFP, April 14, 2010

Greeks Strike Ahead of Key Tax-Reform Vote
Dow Jones Newswire, April 14, 2010

World Bank Encourages Candidate Countries to Complete EITI Validation Process
Penki News, April 14, 2010

India identifies 9 special tax havens
India Express, April 14, 2010

Tuesday’s Daily News Round-Up

April 13, 2010

The art of throwing money away
The Sun News (Nigeria), April 13, 2010

Lehman Channeled Risks Through ‘Alter Ego’ Firm
The New York Times, April 12, 2010

Swiss party to back UBS deal, for bonus curb
Reuters, April 13, 2010

UBS Client Pleads Guilty to Failing to Report Over $1 Million in Swiss Bank Accounts
Department of Justice Press Release, April 12, 2010

China Gets Aggressive Over Transfer Pricing Documentation
China Briefing, April 13, 2010

Texas hosts ten tons of gold, silver, gemstones forfeited in international drug money laundering
Washington Examiner, April 13, 2010

Angola must improve anti-corruption fight: rights group
AFP, April 13, 2010

Corruption in Kabul
Gulf Daily News (Bahrain), April 13, 2010

Afghan officials want to direct more foreign aid
The Associated Press, April 13, 2010

Avon suspends China staff on bribery investigations
Reuters, April 13, 2010

Moment of truth for drive to tackle oil’s power to corrupt
The Financial Times, April 13, 2010

EU Lawmakers To Mull New Deal On Non-EU Hedge Funds
Dow Jones Newswires, April 13, 2010

Lethal Weapon 2 Explains Money Laundering

April 12, 2010

Leo Getz (played by Joe Pesci) explains in Lethal Weapon 2 how he managed to launder 500 million dollars,

Leo’s money laundering scheme was possible thanks to a “dummy finance company”, which these days would probably be created in Delaware, online, in about thirty minutes. His dummy corporation allowed him to hide dirty money because he did not have to declare a beneficial owner. Otherwise, Leo’s activities would be transparent, and law enforcement would arrest him.