Overview

How a few months can change the perception in business to the risk of fraud. It does not seem long ago that, in relation to fraud issues, the main topic of conversation in City regulatory practices was the risk of US investigations and the threat of extradition of UK businessmen. Shortly before that, businesses had been dealing with the Money Laundering Regulations 2007 and ensuring their compliance.

Several months later and the world has changed. A severe banking crisis coupled with global recession has seen the emergence of massive frauds around the world. As the liquidity in the marketplace dried up, the fraudsters were exposed. The result was the catastrophic failure of once highly regarded businesses and the fall from grace of some very senior figures.

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