Lisa Osofsky’s new hires at the U.K.’s Serious Fraud Office have signaled the former U.S. prosecutor’s intention to bring a more proactive approach to crime in the U.K. as questions swirl about the agency’s ability to win the biggest cases.
Payment company Wirecard announced Wednesday it has won a €900 million ($1 billion) investment pledge from Japanese technology giant Softbank despite having come under scrutiny by the German financial regulator over allegations of market manipulation.
An executive at a U.K. engineering firm being sued by a New York-based investor over allegations of overstated accounting has added to his defense denying the claims, giving details of a meeting in which he says the ailing health of the company at the heart of the suit became well-known.
A group of investors who have hit HSBC's private banking arm with a proposed class action for allegedly misleading them about a film investment tax relief scheme have said that a third of their money was misspent on business activities that were never designed to return a profit, according to documents filed with a London court.
A court in London has halted proceedings brought by German banking giant Commerzbank against an Iranian and Indian shipping company, which the lender alleges has defaulted on a loan worth nearly $76 million.
A Conservative lawmaker hit back on Wednesday at allegations that he has ties to bankrupt mini-bond provider London Capital & Finance PLC, which collapsed this year, claiming they are part of a "coordinated attempt" to go after him.
A Manhattan federal judge targeted November for Abraaj Group managing partner Mustafa Abdel-Wadood to stand trial on fraud charges, after hearing Tuesday it could take two years for his ex-boss, CEO Arif Naqvi, to be extradited from England.
Data confirmed Tuesday shows the U.K.’s tax authority is focusing more on American companies, with £4.6 billion ($6 billion) in potential unpaid tax due from U.S. multinationals in the 2017-2018 tax year, compared with £3.4 billion the previous year.
A former UBS compliance officer did not provide inside information to her day trader friend and co-defendant, her lawyer told a London jury Tuesday, saying the trader must have received his tips on deals the bank was working on elsewhere.
The Financial Conduct Authority announced Tuesday it would rethink its plans for a “duty of care” rule to protect financial services consumers and would instead focus on revising existing rules to ensure fair treatment.
The Financial Conduct Authority will seek to reduce compliance burdens for U.K. firms and move away from a strictly “rules-based approach” to interpreting European legislation after Britain exits the European Union, the regulator’s chief executive signaled Tuesday.
A British lawmaker was fined £1,500 ($1,900) on Tuesday and sentenced to 50 hours of community service for submitting two false expense claims in a case described by a judge as "shocking."
A court has placed an unauthorized company, which used so-called cold-calling to offer investments in assets, into provisional liquidation after it failed to attend a hearing, the government’s bankruptcy watchdog said on Tuesday.
Britain's pensions regulator warned trustees overseeing workers' retirement schemes on Tuesday that they must write airtight annual statements or face penalties after two fines were recently upheld in court.
The London Metal Exchange launched an initiative on Tuesday that could see it ban or remove from its listings brands that are not responsibly sourced by 2022, as consumers and investors demand more sustainable products.
A British cybersecurity researcher credited with stalling the global WannaCry ransomware worm has pled guilty in Wisconsin federal court to, years earlier, developing malware that could harvest the information of online banking users.
Prosecutors are asking a New York federal judge not to accept a former JPMorgan currency trader’s “redraft” of the indictment charging him with a conspiracy to rig foreign exchange markets.
A New York federal court on Thursday denied a retail foreign exchange dealer’s attempt to skirt a subpoena in a case that accuses foreign banks of manipulating the foreign exchange market, siding with a class of investors that transactional data is needed to determine class members and damages.
A third former executive at defunct Dubai private equity firm Abraaj Group has been accused of participating in a scheme to defraud investors of hundreds of millions of dollars, according to documents unsealed by prosecutors in New York on Friday.
The last week has seen private equity giant Terra Firma sue its former CEO, the FSCS take on shuttered investment manager Bentley-Leek, and an Italian insurer lodge a commercial fraud claim against a financial services firm that lost its U.K. authorization. Here, Law360 looks at those and other new claims in the U.K.
Investors are running out of patience with European banks failing to tackle money laundering allegations head-on, a risky approach that could damage their standing long-term, according to a report published by S&P Global Ratings.
The U.K government has piled pressure on its white collar enforcers to tackle increasingly complex crime while offering few new resources to fund the task — leaving agencies to get creative or risk falling short.
Banks in the U.K. are under pressure to sharpen their compliance procedures after a lender was slapped with an unprecedented fine for handling just £200 ($265) of tainted money linked to Egypt after an assets freeze in Britain.
Just two months after winning powers to become Europe's top anti-money laundering enforcer, the European Banking Authority has already fired a warning shot that should make lenders take notice: A marquee investigation into possible regulatory failures that allowed Danske Bank to process some €200 billion in suspicious transactions over nearly a decade without facing scrutiny.
In the last decade, changes to U.K. law have made it easier to convict large companies of gross negligence manslaughter. Organizations that fail to prevent fatal accidents can expect prosecution and significant fines, while culpable individuals risk imprisonment, say Guy Bastable and Tom McNeill of BCL Solicitors.
The sanctions enforcement action and major settlement with Standard Chartered highlights U.S. and U.K. regulators’ continued focus on compliance, and their specific attention to the lapses in internal controls that led to the alleged violations, say attorneys with Paul Hastings.
In the first case decided under the U.K. Financial Conduct Authority's new partial settlement process, Carphone Warehouse demonstrates not only the possible value of cooperating with authorities but also the cost of failing to right previous wrongs, says Syedur Rahman of Rahman Ravelli Solicitors.
Two years after the European Union implemented its fourth directive on money laundering, an eerie silence surrounds the new rules. Jessica Sobey of Stokoe Partnership examines what might be contributing to the lack of prosecutions, and whether the financial services sector has embraced compliance.
The U.S. Chamber of Commerce is poised to neuter the European Commission's collective action proposal — intended to let EU consumers challenge corporate misconduct — with a series of debilitating amendments that the Council of the EU must fight back against, says Laura Antonini of the Consumer Education Foundation.
Last month, the U.K. House of Lords published a mostly positive review of the Bribery Act but justifiably criticized the slow pace of Serious Fraud Office investigations, says Christopher David of WilmerHale.
If governments are prepared to take radical action to address the tax avoidance practices of many large technology companies, a perfectly legitimate solution could lie in legislation disallowing the use of double tax agreements for tech royalty schemes, says George Turner of Tax Watch UK.
Because the United States scrapped the Joint Comprehensive Plan of Action, large EU companies with substantial U.S. exposure will likely suspend business with Iran, but the European Union's protective measures against U.S. sanctions should provide some comfort to smaller businesses, says Kartik Mittal of Zaiwalla & Co.
There has been considerable anxiety and speculation from companies over the annual transparency statement required by the U.K. Modern Slavery Act, but a recent tender announcement from the U.K. Home Office provides key insights into what to expect, say attorneys with Perkins Coie.
If a no-deal Brexit happens, cross-border trade in financial services between the U.K. and EU will be restricted unless the U.K. meets the EU's recently updated equivalence standards or successfully negotiates for "enhanced equivalence," says Kirsten Lapham of Ropes & Gray LLP.