Corporate Crime & Compliance UK

  • October 15, 2021

    UK Litigation Roundup: Here's What You Missed In London

    This past week in London has seen another Italian region in a lawsuit over derivatives contracts, the U.K.'s high-speed railway project facing a fresh legal challenge, and a British chain of discount retail stores suing Shoosmiths. Here, Law360 looks at those and other new claims in the U.K.

  • October 15, 2021

    Reality TV Star, Others Acquitted As £3M Fraud Trial Collapses

    A former British reality TV star and five other people were acquitted of fraud charges over an alleged £3 million ($4.1 million) diamond scam on Friday after the Crown Prosecution Service's case collapsed mid-trial as it emerged that prosecutors had failed to disclose evidence to the defense.

  • October 15, 2021

    Clyde & Co Hit With £9M Negligence Suit By Nigerian Biz

    Two Nigerian maritime companies have sued Clyde & Co for almost £9 million ($12.4 million), saying the law firm made them settle a dispute over corporate ownership in the face of "blackmail" and "coercion."

  • October 15, 2021

    UK Class Action Regime Picks Up Speed With BT Ruling

    Britain's emerging class action regime has picked up speed with the recent approval of a £589 million ($810 million) claim against BT that lawyers say will pave the way for more opt-out collective proceedings.

  • October 15, 2021

    Ex-Compliance Chief Denies Misdirecting Crypto-Funds

    A former compliance officer at a cryptocurrency company has claimed he was pressured into sidestepping rules on safeguarding electronic money after being accused in an English lawsuit of misappropriating funds.

  • October 15, 2021

    FCA Fines, Bans Pensions Adviser Over Reckless Guidance

    The City watchdog said on Friday that it has handed a former financial adviser a £116,000 ($160,000) fine and given him a lifetime ban from working in the industry for providing reckless and unsuitable pension-switching recommendations to vulnerable consumers.

  • October 15, 2021

    FCA Chair Charles Randell To Step Down In 2022

    The chairman of the Payment Systems Regulator and the Financial Conduct Authority has resigned, the government said on Friday, as the City watchdog continues with a major internal transformation. 

  • October 15, 2021

    Most FCA Complaints About Online Ads, Watchdog Finds

    The City watchdog said on Friday that 69% of the complaints it received about financial promotions in the past quarter were about online advertisements or those that appeared on social media, as authorities push for more power to tackle scams. 

  • October 14, 2021

    Greenberg Traurig Nabs London Disputes Team From Mishcon

    Law firm Greenberg Traurig has poached seven senior lawyers from rival Mishcon de Reya to join its disputes team in London as part of its bid to expand its litigation practice.

  • October 14, 2021

    German Regulator Probes Operator Of Bitcoin Buyer Platform

    Germany's financial regulator has launched an investigation into the operator of trading platform Bitcoin Buyer, which it said is not authorized to provide financial services.

  • October 14, 2021

    Latest Wave Of PPI Claims Has Come Too Late, RBS Says

    The Royal Bank of Scotland urged the Court of Appeal on Thursday to stop consumers from launching a new wave of payment protection insurance claims, saying the historic credit agreements paid off more than a decade ago cannot be recovered.

  • October 14, 2021

    HSBC Fights Cayman Fund's Expanding $2B Madoff Claim

    An HSBC subsidiary urged the highest court for overseas British territories on Thursday to block a Cayman Islands investment fund from pressing new arguments in its long-running lawsuit seeking $2 billion in damages following losses from Bernie Madoff's massive Ponzi scheme.

  • October 14, 2021

    One In Three UK Judges Hit With Penalty Pensions Tax Rate

    A retirement savings threshold that penalizes higher earners hit more than 1,000 U.K. judges in the wallet last year, a 239% jump on the 303 who were affected in the 2016 tax year, according to data published on Thursday.

  • October 14, 2021

    G-7 Aims To Help Central Banks Create Digital Currencies

    Finance ministers from the world's largest economies set out guiding principles on Thursday for countries planning to develop digital forms of central bank money as they seek to ensure that transactions are efficient and secure.

  • October 14, 2021

    SFO Shelves Probes Into Watchstone Group, Tata Steel

    The Serious Fraud Office has closed three investigations in the past two days, including long-running probes into insurance and technology provider Watchstone and a company owned by Indian Indian-British steel magnate Sanjeev Gupta's GFG Alliance.

  • October 14, 2021

    Solicitor Watchdog Sees 33% Jump In AML Breach Reports

    The solicitors' watchdog has said it received 273 reports of potential anti-money laundering breaches in the last year, a 33% rise, resulting in fines for 14 firms totaling £160,000 ($220,000).

  • October 13, 2021

    Saudi Diplomat Faces 'Slavery' Claim At UK Top Court

    A Saudi Arabian diplomat accused of trafficking a domestic servant into appalling working conditions cannot hide from litigation because diplomatic immunity doesn't apply to "modern slavery," a lawyer for the worker told the U.K.'s top court on Wednesday.

  • October 13, 2021

    Informatica's Former VP Loses Fight Over Corruption Policy

    A former top sales executive at Informatica was not unfairly fired for violating the software developer's anti-corruption policy after paying for a senior official with Highways England to go on a California golfing trip, a London tribunal ruled Wednesday.

  • October 13, 2021

    Gibraltar Trustees Escape Investors' Pension Losses Case

    Dozens of investors lost their chance to sue a pension scheme trustee for recommending "inappropriate" investments after an English judge ruled on Wednesday that the lawsuit should have been brought in Gibraltar.

  • October 13, 2021

    AXA Escapes Claim For £3M Over Exec Tied To 1MDB Scandal

    A judge has rejected a London property developer's attempt to force AXA to cover water damage, ruling that the policy was void because the builder should have disclosed that its director was a former Goldman Sachs executive involved in the 1MDB scandal.

  • October 13, 2021

    Lloyds Bank Faces CMA Supervision After Disclosure Failings

    Britain's antitrust watchdog said on Wednesday that it is monitoring Lloyds Banking Group after finding that the lender broke British retail banking rules by failing to publish information about small business loans on a page of its website.

  • October 13, 2021

    KPMG Accused Of 'Untruthful Defense' In Silentnight Case

    KPMG and a partner advanced an "untruthful defense" by claiming that the insolvency of bedding company Silentnight was inevitable during a probe into conflicts of interest, the accounting watchdog said Wednesday after fining them a total of £13.5 million ($18.4 million).

  • October 12, 2021

    Advocacy Group Tells UK To Review Anti-Avoidance Loan Tax

    A group representing low-income Britons urged the U.K. government to consider suspending implementation of a charge to employers that disguise workers' pay to avoid income tax and social insurance contributions, saying few people are poised to comply with the provision.

  • October 12, 2021

    EU Watchdog Raids Wood Pulp Makers Over Cartel Worries

    The European Union's antitrust watchdog raided several companies in the wood pulp industry across the bloc on Tuesday as it acted on concerns about a cartel involving suppliers to paper product producers.

  • October 12, 2021

    Stokoe Nabs 2 New Criminal Defense Lawyers

    Boutique law firm Stokoe Partnership Solicitors has hired two new criminal defense lawyers from Reeds Solicitors and Leslie Franks as it continues to build its criminal expertise.

Expert Analysis

  • Complex Fraud Ruling Clarifies Abuse Of Process Jurisdiction

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    The U.K. Court of Appeal’s recent judgement in Regina v. Jones — allowing prosecution of the complex fraud case to continue — provides important guidance on trial judges’ proper use of the abuse of process jurisdiction in the context of private prosecution, says David Corker at Corker Binning.

  • What AML Initiatives In EU Mean For UK Financial Industry

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    Even though the European Commission’s recent anti-money laundering legislation won’t apply in the U.K., financial services firms operating there will need to be alert to imminent divergence between regulatory regimes, say Kerstin Wilhelm and Clare McMullen at Linklaters.

  • UK Focus On Int'l Data Transfers Shows Appetite For Reform

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    Recent U.K. public consultations on international transfers of personal data and structural amendments to the country's General Data Protection Regulation illustrate the post-Brexit appetite for reform and signal changes to the international data transfers regime, say Kate Brimsted and Tom Evans at BCLP.

  • Policyholder Outlook Following UK Biz Interruption Test Case

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    In the nine months since the U.K. Supreme Court ruled in favor of policyholders in the Financial Conduct Authority’s test case on insurance coverage for COVID-19 businesses interruption claims, similar lawsuits filed against insurers show that a positive outcome for insureds is not guaranteed, say Peter Sharp and Paul Mesquitta at Morgan Lewis.

  • What The Future Holds For UK Auditing Reform

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    The U.K.'s Financial Reporting Council has shown itself to be an increasingly effective and proactive regulator in its final months, and the greater powers of its incoming replacement — the Audit, Reporting and Governance Authority — will likely continue an era of heightened scrutiny for auditors, say Paul Brehony and Kate Gee at Signature Litigation.

  • Comparing 'Ultimate Beneficial Owner' Rules In EU And US

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    The European Union's efforts to improve transparency in company ownership have created an uneven patchwork of so-called ultimate beneficial owner rules, and recently introduced U.S. regulations will add another layer of complexity for global companies, says Rodrigo Calleja at TMF Group.

  • How UK Data Breach Ruling May Rein In Insurance Claims

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    The recent U.K. High Court ruling in Warren v. DSG Retail, which held that claimants can only pursue personal data claims provided for in data protection legislation, narrows the basis upon which claims can be made following a data breach, and could make lower-cost recovery of after-the-event insurance premiums a thing of the past, say attorneys at Jenner & Block.

  • Takeaways On Noncompete Pacts From UK Top Court Ruling

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    The recent U.K. Supreme Court holding in Harcus Sinclair v. Your Lawyers provides a helpful synopsis of factors to be considered in determining whether the beneficiary of a restraint of trade undertaking has legitimate interests to protect, say David Fisher and Pooja Dasgupta at CM Murray.

  • Challenges Await Proposed EU Anti-Money Laundering Body

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    Practical hurdles facing the European Union's proposed anti-money laundering authority include the creation of workable measures for countries with varying criminal codes, the role of national supervisory authorities and U.K.-EU cooperation, say Ian Hargreaves and Mia Neafcy at Covington.

  • SEC Cyber Disclosure Actions Point To Merciless Scrutiny

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    Recent U.S. Securities and Exchange Commission actions over cyber-related disclosure failures show what to expect from a newly invigorated SEC and offer fresh insights on how to counter potentially unmerciful post-breach scrutiny from the agency, even in immaterial, nonfraudulent matters, says cybersecurity consultant John Reed Stark.

  • 2nd Circ. Ruling May Help Foreign Nationals Fight Extradition

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    The Second Circuit recently ruled in United States v. Sindzingre & Bescond that foreign defendants facing U.S. criminal charges should be permitted to challenge a U.S. court's jurisdiction over them without having to submit to that court's jurisdiction or be considered fugitives, which should cause more defendants to fight extradition rather than waive their rights, say attorneys at Dechert.

  • CPS Money Laundering Liability Theory On Shaky Ground

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    The Crown Prosecution Service's recently amended guidance on money laundering liability could lead to conviction for failure to report suspicions even when money laundering did not in fact occur — a remarkable and questionable conclusion, says Andrew Smith at Corker Binning.

  • Prospects Look Strong For UK Class Actions

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    Class actions have become more commonplace in the U.K. and elsewhere in Europe amid high returns, and the trend is expected to continue in areas as diverse as competition, environmental, data privacy and securities, with some busy years ahead, say Edward Coulson and Rachel Ziegler at BCLP.

  • What The Financial Markets Might Look Like After Libor

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    As the long-awaited transition out of Libor via alternative reference rates such as the Sterling Overnight Index Average edges closer, several long-term uncertainties and inherent litigation risks remain, with legacy contracts and misseling claims among the key areas of concern, say Alexander Edwards and Hannah Sharp at Rosling King.

  • First 2021 Corporate FCPA Case Offers Compliance Reminders

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    Foster Wheeler's recent Foreign Corrupt Practices Act settlement — the first corporate enforcement action since President Joe Biden took office — highlights the FCPA risks related to public contracting and tenders, the use of third-party agents, successor liability following M&A activity, and the U.S. authorities' aggressive assertion of jurisdiction in international corruption cases, says Robert Johnston Jr. at Lowenstein Sandler.

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