Fraud and Financial Crime

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The investigation of fraud or alleged offences related to financial activity can be a lengthy and complicated process. It may involve the police obtaining material from banks or other third parties and, in the modern world, resources are limited. This can lead to substantial delays which can cause prejudice. Our clients instruct us when they need expert intervention in this process.

What is fraud and financial crime?

The Fraud Act 2006 was designed to consolidate previous legislation and codify offences generically described as ‘fraudulent’. The reality is that there is a whole raft of legislation which creates offences which could be described as financial crime. The Proceeds of Crime Act 2002, for example, created new money laundering offences and provides the blueprint for the recovery of the alleged proceeds of criminality in both the civil and criminal jurisdictions.

What will happen if I am accused of fraud or financial crime?

The police, or other investigating agency, are likely to wish to interview you under caution (see our page to police investigations and interviews for more information about this). It is possible that the police may seek an Account Freezing Order to suspend the operation of your bank account. They could seek disclosure orders from banks and other financial institutions to get information about certain transactions. The unfortunate consequence of this is that it causes delay.

What will happen after I am interviewed?

You are likely to be released ‘under investigation’ whilst the police continue with their enquiries. It is unlikely that you would be placed on police bail for an allegation of this nature because of the strict time constraints imposed on the police in those circumstances. The length of the investigation will be dictated by the evidence that is required and the resources available to the police.

Is there anything I can do to speed up the process?

Technically, there are no time constraints on the police investigation of fraud and financial crime. All such offences require proof of dishonesty and hence are not classified as ‘summary only’ where statutory time limits apply. Nevertheless, there are important safeguards regarding the retention of property and the need for expedition where court orders are in force for example. Please contact us if you would like to discuss this.