RegulationCorporate GovernanceRed tape holds up EU fraud investigations

Red tape holds up EU fraud investigations

Legal and political red tape are holding up UK fraud investigations in Europe says departing economic crime police chief

Financial crime investigations are being delayed because of outdated rules on
cross-border policing and a lack of co-operation between police in the European
Union, the outgoing head of the economic crime department of the City of London
police has said.

Speaking in the Financial Times on his last day in the force after
34 years, Ken Farrow said ‘an awful lot’ needed to be done to speed up fraud
investigations across the EU.

The detective chief superintendent said that legal hurdles were preventing
British police from pursuing cases to other countries, and hampering
evidence-gathering.

‘If something happens in London this afternoon and the money arrives in
Frankfurt, we have to go to the Crown Prosecution Service with a letter of
request that gets passed to the Home Office and then to the German government,’
he said. ‘Maybe six months down the line we can go to Frankfurt and ask
questions. That is absolute lunacy.’

Farrow said the economic crime department found it easier to communicate with
the US, where UK requests were handled by the Federal Bureau of Investigation.

He said the police have been pushing to improve ties with Europe but have
been hampered by political and legal disagreements among EU members.

Related Articles

Corporate governance: staying ahead in accountancy

Corporate Governance Corporate governance: staying ahead in accountancy

3m Alia Shoaib, Reporter
One in 20 audit firms quit as market evolves

Audit One in 20 audit firms quit as market evolves

1y Kevin Reed, Writer
Colin: #EURef bankers a problem

Business Regulation Colin: #EURef bankers a problem

1y Taking Stock
PwC and Deloitte chiefs sign Remain letter

Business Regulation PwC and Deloitte chiefs sign Remain letter

1y Kevin Reed, Writer
Leader: Audit competition drives change, not necessarily quality

Accounting Firms Leader: Audit competition drives change, not necessarily quality

1y Kevin Reed, Writer
EU audit reform to open up £10bn market for firms

Accounting Firms EU audit reform to open up £10bn market for firms

1y Richard Crump, Writer
Best Practice: Saffery Champness managing partner Rob Elliott

Accounting Firms Best Practice: Saffery Champness managing partner Rob Elliott

2y Calum Fuller, Reporter
Standard Life Investments opposes EY's appointment as Shell auditors at AGM

Accounting Firms Standard Life Investments opposes EY's appointment as Shell auditors at AGM

2y Richard Crump, Writer