Corporate Crime & Compliance UK

  • February 23, 2024

    FCA Fires Warning Shot Over City's Consumer Duty Failings

    The Financial Conduct Authority has sent out a fresh warning to financial services companies highlighting how some of them are failing to comply with its Consumer Duty regime. But experts have told Law360 that the expectations are unclear.

  • February 22, 2024

    Spain Allowed To Reclaim Illegal Aid Given To Ship Buyers

    Spain can reclaim the financial benefits given to beneficiaries of a tax scheme that gave illegal state aid to purchasers of ships built in Spanish shipyards, the European Union's General Court has ruled.

  • February 22, 2024

    Upcoming Election Hampering Net-Zero Progress, MPs say

    A looming general election is hindering attempts by policymakers to introduce or consult on green policies, while risking Britain's broader transition to an environment-friendly economy, a cross-party group of MPs said Friday.

  • February 22, 2024

    Frankfurt Wins Bid For EU's New AML Center

    The European Union's new authority to fight money laundering and terrorist financing will be in Frankfurt, Germany, the European Commission announced Wednesday.

  • February 22, 2024

    NatWest Settles £60M VAT Fraud Case Ahead Of Retrial

    NatWest Markets PLC and liquidators for several defunct trading companies have settled a £60 million ($75.9 million) dispute over whether the bank is liable for a huge value-added tax fraud scheme ahead of a retrial.

  • February 22, 2024

    Transneft Ordered To Halt Bid To Block $14B Conspiracy Claim

    The world's largest oil pipeline company has been ordered by a London court to pause its legal action trying to force an imprisoned Russian oligarch to drop his $13.8 billion claim alleging his business empire was unlawfully seized in a sprawling Russian state conspiracy.

  • February 22, 2024

    Gang Jailed For 'Industrial Scale' Money Laundering Operation

    Four members of a gang that sent £26 million ($33 million) in dirty money to Dubai by depositing illegal cash at banks have been jailed for a combined 22 years, the U.K.'s tax authority said Thursday.

  • February 22, 2024

    Gov't Sets Out New Law To Clear Post Office Scandal Victims

    The government promised on Thursday to introduce "unprecedented" legislation before the end of July to exonerate hundreds of innocent people wrongly convicted in the Post Office IT scandal.

  • February 22, 2024

    ECJ Told Personal Data Can Be Sold In Enforcement Cases

    An adviser to the EU's top court wrote Thursday that selling a database containing personal information without the subjects' consent does not breach the bloc's privacy rules if it's carried out in the context of enforcement proceedings.

  • February 22, 2024

    Lloyds Sets Aside £450M For FCA Car Finance Probe

    Lloyds Banking Group said Thursday that it has set aside £450 million ($570 million) for potential legal expenses and compensation costs from a Financial Conduct Authority investigation into its past car-financing practices.

  • February 21, 2024

    Money Laundering Checks No Evidence Of Crime, Court Hears

    A British-Chinese woman accused of laundering bitcoin converted from a £5 billion ($6.32 billion) investment fraud made several online searches about money laundering after being stopped by customs officials, a London jury heard on Wednesday.

  • February 21, 2024

    SRA Fines Law Firm £16K For 'Reckless' AML Breaches

    The Solicitors Regulation Authority has fined a law firm that falsely declared it was complying with laws on money laundering and terrorist financing when it had failed to take any steps to identify potential exposure to such misconduct.

  • February 21, 2024

    Assange Extradition Not Political, US Gov't Says

    Julian Assange faces criminal charges in the U.S. for the "unprecedented" theft of military secrets that were published online rather than for his political views, lawyers for the American government said at his extradition appeal in London on Wednesday.

  • February 21, 2024

    EU Enforcers Detain 4 In €4.5M Money Laundering Swoop

    European law enforcement agencies said on Wednesday that they have arrested four suspects in Latvia as part of a multinational operation against a Russian-Eurasian criminal network and a finance company based in Malta that allegedly laundered €4.5 million ($4.9 million).

  • February 21, 2024

    Finance Firms Shuttered For £3M Loan Notes Fraud

    Two financial firms have been wound up after misleading investors into putting at least £3 million ($3.8 million) into an unprotected bond scheme, according to the Insolvency Service.

  • February 21, 2024

    Satoshi Associates Deny Wright's Claim To Be Bitcoin Creator

    Two cryptocurrency specialists who had interactions with the pseudonymous inventor of bitcoin in the 2000s told a London court on Wednesday that they do not believe Craig Wright's claims to be the elusive Satoshi Nakamoto.

  • February 21, 2024

    SFO Launches £140M Property Fraud Probe With Raids

    The Serious Fraud Office raided three homes and made four arrests on Wednesday in a criminal investigation into property manager Signature Group over a suspected £140 million ($177 million) investment fraud.

  • February 20, 2024

    Wells Fargo Says SEC Has Closed Hiring Practices Probe

    Wells Fargo said Tuesday that the U.S. Securities and Exchange Commission has closed an investigation into the bank's hiring practices, following allegations that some bank managers conducted sham interviews to meet a diversity quota, while Barclays PLC has said it no longer faces an investigation into its anti-money laundering compliance.

  • February 20, 2024

    Dutch Court Rejects Russia's Appeal Of $50B Yukos Awards

    Russia on Tuesday lost its last-ditch appeal to overturn $50 billion in arbitral awards issued a decade ago to former shareholders of Yukos Oil Co., once the country's largest oil company, after it was seized by the Kremlin amid allegations of allegedly phony tax debts.

  • February 20, 2024

    HMRC's Civil Tax Avoidance Case Investigations Fall By Half

    HM Revenue & Customs investigated nearly half as many potential civil tax avoidance cases in the 2022-23 tax year as it did in 2018-19, including an even bigger drop in cases opened by its team investigating offshore, corporate and wealthy taxpayers, two local news agencies said.

  • February 20, 2024

    Banking Oligarch's Wife Loses Russian Sanctions Challenge

    A Ukrainian-Russian tycoon's wife lost a bid on Tuesday to lift sanctions imposed on her after Russia invaded Ukraine, with a London court finding they strike a fair balance between the U.K.'s foreign policy objectives and her individual rights.

  • February 20, 2024

    Ransomware Group LockBit Hit By Coordinated Crackdown

    Two suspects linked to LockBit have been arrested and dozens of servers taken down as part of a global operation to disrupt the Russia-based ransomware group's activities, law enforcement agencies said Tuesday.

  • February 20, 2024

    EU Drops 4 Jurisdictions From Tax Haven Blacklist

    The European Union removed four jurisdictions Tuesday from its list of noncooperative jurisdictions for tax purposes, the Council of the EU announced, saying the jurisdictions had either resolved their deficiencies or were waiting for a review of improvements made.

  • February 20, 2024

    Senior SFO Exec Appointed To Run Judicial Office

    A senior executive at the Serious Fraud Office has been appointed as the next chief executive of the Judicial Office, the Courts and Tribunals Judiciary said on Tuesday.

  • February 20, 2024

    Liquidators, Claiming Fraud, Blast Tycoon's Bid To Keep $1B

    Liquidators of U.K. companies that allege a diamond and jewelry tycoon swindled over $1 billion from banks have denied forming trumped-up fraud accusations to destroy his business, telling a London court the businessman has suffered as a "consequence of his own orchestration."

Expert Analysis

  • Ruling In FCA Case Offers Tips On Flexible Work Requests

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    In Wilson v. Financial Conduct Authority, the Employment Tribunal recently found that the regulator's rejection of a remote work request was justified, highlighting for employers factors that affect flexible work request outcomes, while emphasizing that individual inquiries should be considered on the specific facts, say Frances Rollin, Ella Tunnell and Kerry Garcia at Stevens & Bolton.

  • EU Vote Delay Puts Course Of Sustainability Directive In Doubt

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    With time to adopt the proposed EU Corporate Sustainability Due Diligence Directive during this Parliamentary term running out, and with upcoming elections threatening political uncertainty, the degree of compromise that may be needed to secure a "yes" vote now could undermine the shift the legislation seeks to achieve, say lawyers at Simpson Thacher.

  • Full EU Import Border Controls Pose Hurdles For UK Cos.

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    The U.K.’s long-anticipated introduction of full border controls on imports of goods from the EU, due to complete by the end of 2024, brings the system broadly into line with goods imported from the rest of the world, but may result in delays, increased costs and disruption as businesses adapt, say Ben Chivers and Jonathan Rush at Travers Smith.

  • Cos. Should Review Cookie Compliance After ICO Warnings

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    The Information Commissioner's Office recently restated its intention to take enforcement action on the unlawful use of nonessential cookies, and with the additional threat of public exposure and reputational damage, organizations should review their policies and banners to ensure they comply with data protection legislation, says Murron Marr at Shepherd & Wedderburn.

  • New Fraud Prevention Offense May Not Make Much Difference

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    By targeting only large organizations, the Economic Crime Act's new failure to prevent fraud offense is striking in that, despite its breadth, it will affect so few companies, and is therefore unlikely to help ordinary victims, says Andrew Smith at Corker Binning.

  • Mitigating And Managing Risks Of AI Use In Private Equity

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    While generative artificial intelligence has the ability to transform private equity firms and their portfolio companies, its deployment brings inherent risks, including those presented by the forthcoming EU AI Act, requiring appropriate risk management strategies, processes and policies to be adopted, says Barry Fishley at Weil.

  • Vodafone Decision Highlights Wide Scope Of UK's FDI Rules

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    The U.K. government’s recently imposed conditions required for its approval of Vodafone and Etisalat’s strategic relationship agreement under its National Security and Investment Act jurisdiction, illustrating the significance of the act as an important factor for transactions with a U.K. link, says Matthew Hall at McGuireWoods.

  • Decoding UK Case Law On Anti-Suit Injunctions

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    The English High Court's forthcoming decision on an anti-suit injunction filed in Augusta Energy v. Top Oil last month will provide useful guidance on application grounds for practitioners, but, pending that ruling, other recent decisions offer key considerations when making or resisting claims when there is an exclusive jurisdiction clause in the contract, says Abigail Healey at Quillon Law.

  • Consultation Docs Can Help EU Firms Prep For Crypto Regs

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    Firms providing crypto services should note two recent papers from the European Securities and Markets Authority defining proposals on reverse solicitation and financial instrument classification that will be critical to clarifying the scope of the regulatory framework under the impending Markets in Crypto-Assets Regulation, say lawyers at Hogan Lovells.

  • A Closer Look At Novel Jury Instruction In Forex Rigging Case

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    After the recent commodities fraud conviction of a U.K.-based hedge fund executive in U.S. v. Phillips, post-trial briefing has focused on whether the New York federal court’s jury instruction incorrectly defined the requisite level of intent, which should inform defense counsel in future open market manipulation cases, say attorneys at Lankler Siffert.

  • Investors' Call For Voting Changes Faces Practical Challenges

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    A recent investor coalition call on fund managers to offer pass-through voting on pooled funds highlights a renewed concern for clients’ interests, but legal, regulatory and technological issues need to be overcome to ensure that risks related to the product are effectively mitigated, says Angeli Arora at Allectus.

  • Litigation Funding Implications Amid Post-PACCAR Disputes

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    An English tribunal's recent decision in Neill v. Sony, allowing an appeal on the enforceability of a litigation funding agreement, highlights how the legislative developments on funding limits following the U.K. Supreme Court's 2023 decision in Paccar v. Competition Appeal Tribunal may affect practitioners, say Andrew Leitch and Anoma Rekhi at BCLP.

  • EU Product Liability Reforms Represent A Major Shakeup

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    The recent EU Parliament and Council provisional agreement on a new product liability regime in Europe revises the existing strict liability rules for the first time in 40 years by easing the burden of proof to demonstrate that a product is defective, a hurdle that many had previously failed to overcome, say Anushi Amin and Edward Turtle at Cooley.

  • Amazon's €32M Data Protection Fine Acts As Employer Caveat

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    The recent decision by French data privacy regulator CNIL to fine Amazon for excessive surveillance of its workers opens up a raft of potential employment law, data protection and breach of contract issues, and offers a clear warning that companies need coherent justification for monitoring employees, say Robert Smedley and William Richmond-Coggan at Freeths.

  • What Extension Of French FDI Control Means For Investors

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    The recently published French order on foreign investment control expands the regime's application to more sectors and at a lower threshold of share ownership, illustrating France's determination to maintain sovereignty over its supply chains in sensitive sectors, and adding new considerations for potential investors in these areas, say lawyers at Linklaters.

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