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Surge in COVID-19 Related Fraud
April 9, 2020, Covington Alert
The COVID-19 crisis has led to a sharp rise in fraud and cybercrime in the UK. Although many of the scams we have seen so far have targeted individuals, there is a growing concern that fraudsters are setting their sights on businesses who may now be more vulnerable to fraudulent schemes as a result of the crisis. The UK government’s imposition of stringent lockdown measures on 23 March 2020 forced many companies to shut their offices and instruct staff to work remotely—a transition that has made it harder for some organisations to maintain adequate anti-fraud systems and controls.
October 26, 2020, Covington Alert
Recent press coverage reports that 2020 has seen a significant drop-off in enforcement activity by the UK’s financial services regulator, the Financial Conduct Authority (the “FCA”) with new enforcement cases against companies down 76 percent and a number of open cases now closed. However, this will likely be a temporary shift only as the FCA pivots to meet the ...
September 4, 2020, Covington Alert
It has been over twenty years since the OECD Anti-Bribery Convention came into force, over a decade since the enactment of the UK Bribery Act, and over three years since the passage of France’s Sapin II law. Alongside those ground-breaking developments have come a host of other measures across the Europe, Middle East, and Africa (“EMEA”) region to strengthen ...
April 6, 2020, Covington Alert
Following a meeting of representatives from all English Premier League (EPL) clubs Friday April 3, it was announced that EPL fixtures were postponed indefinitely and would not be returning in May, as stated previously. The EPL announced that the 2019/20 football season would only resume when “it was safe and appropriate” to do so, subject to Government agreement ...