New research has revealed that UK Crown Courts have heard a total of 122 alleged fraud cases worth more than £100k in the first half of this year, up from 105 during the same period in 2023.

According to KPMG’s mid-year Fraud Barometer, published on 28 August 2024, money laundering has been the most common fraud type by value in the last six months, with nine cases heard by the Courts so far this year collectively worth £128.2m.

The uptick in the number of prosecutions has been described as a “positive milestone” for the UK’s fight against money laundering.

“With the UK regularly cited as a hub for illicit finance, it is positive that more suspected perpetrators of this crime are appearing to be prosecuted,” said the report.

However, despite the rise in the number of overall cases, the total value of fraud has decreased in the first six months of this year compared to the same period last year.

Total fraud value for January to June 2024 was just over £305m, a 14% drop compared to the first six months of the previous year, when the total fraud value stood at £354.2m.

The government and the public have borne the brunt of fraud in the year to date. KPMG’s Fraud Barometer reveals that the Crown Courts have heard 26 fraud cases totalling £193.4m related to the government, an increase of 30% compared to the same period in 2023.

The UK public also continues to be duped by the fraudsters, with 41 cases totalling £33.2m being prosecuted in the courts during the first half of 2024.

Partner and Head of UK Investigations at KPMG in the UK, Roy Waligora, believes that the increase in the number of cases going to court may be due to the UK’s enforcement approach.

“Greater focus on fraud in the public sector may have contributed to more effective identification and prosecution of fraudulent activities against the government,” he said.

“This proactive approach to tackling fraud may also result in a higher number of similar cases being seen during the second half of the year.

“Money laundering continues to be a problem in the UK due to the complexity and sophistication of financial systems that can be exploited for illegal activities,” said Waligora.

“It will be interesting to see if the relatively new requirement for overseas entities to be registered at Companies House will result in even more of these cases reaching the courts soon,” he continued.

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