Corporate Crime & Compliance UK

  • October 14, 2019

    Soccer Trio Face London Trial On Bribery Charges

    The former assistant manager of English soccer team Barnsley Football Club and two football agents appeared at Southwark Crown Court on Monday to face trial over bribery charges.

  • October 14, 2019

    Pensions Watchdog To Get More Power In Gov't Plan

    The British government plans to give the country's pensions watchdog great powers to crack down with tougher sentences and new offenses for executives, part of a wide-ranging suite of reforms unveiled in the queen’s speech Monday.

  • October 14, 2019

    Barclays Exec 'Fretted' Qatar Fees Looked Like Bribe

    A former Barclays executive told in-house lawyers he was worried that a secret payment to Qatar to secure an investment as part of an emergency fundraising during the financial crisis would be seen as a bribe, prosecutors said at a London fraud trial Monday.

  • October 14, 2019

    Insurers Ask For Exemption From New Tax Rules

    The insurance industry should be exempt from new rules aimed at making sure multinationals cannot avoid taxes in an increasingly data-driven world, a trade group said Monday.

  • October 14, 2019

    Art Investment Firms Shuttered For Running £1M Scam

    A court has wound up two companies allegedly involved in a fraudulent art investment scheme targeting the elderly that took approximately £1 million ($1.3 million) of investors’ money, a government agency said Monday.

  • October 14, 2019

    UK Eases AML Rules For Syndicated Loans

    The U.K. government has approved rules that will relax the money laundering safeguards needed when a borrower takes out a pooled loan with a group of lenders to reduce red tape for syndicated lending, an industry steering group has said.

  • October 11, 2019

    Feds Call Ex-Deutsche Traders 'Emblematic' Of Banking Ills

    Federal prosecutors say two former Deutsche Bank traders’ deserve substantial prison time for Libor rigging as a crime “emblematic” of big banks’ bad behavior, while the traders argue that they had already suffered enough as two of the few to be prosecuted over the international scandal.

  • October 11, 2019

    Boustani Heads To Trial In $2B Mozambique Fraud Case

    The long-awaited trial of Privinvest executive Jean Boustani over his role in a securities fraud, bribery and kickback scheme involving $2 billion in Mozambican government loans is scheduled to commence on Tuesday.

  • October 11, 2019

    Visa, MasterCard, EBay Drop Out Of Libra Association

    MasterCard, eBay and Visa confirmed to Law360 on Friday that they won't be joining the Facebook-led Libra digital currency project, a move that comes one week after PayPal announced it was ending its involvement.

  • October 11, 2019

    Stephenson Harwood Settles £6M Fee Fight With Tchenguiz

    Stephenson Harwood LLP has settled its £6 million ($7.6 million) suit against three funds linked to property tycoon Robert Tchenguiz over unpaid legal fees, according to a London court order.

  • October 11, 2019

    Dechert Can Examine 'Leaked' Docs In Row Over ENRC Probe

    A London judge on Friday told Eurasian Natural Resources Corp. to give Dechert LLP privileged documents allegedly detailing corruption within the mining company, amid allegations a partner at the firm leaked the materials to the news media and law enforcement.

  • October 11, 2019

    UK Bookmaker Fined Over Money Laundering Failures

    Britain's gambling watchdog has slapped bookmaker Betfred with a £322,000 ($407,000) fine over failures in its money-laundering safeguards.

  • October 11, 2019

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

    The past week has seen asset manager BlueCrest drag a U.S. hedge fund into court following its expansion into the U.K., a City watchdog sue a Panamanian connected to an illegal land sale scheme and a Hong Kong food distributor file suit against shipping giant MSC. Here, Law360 looks at those and other new claims in the U.K.

  • October 11, 2019

    FCA To Be ‘Pragmatic’ About Rules In Case Of No-Deal Brexit

    The Financial Conduct Authority said Friday that it will take a “proportionate and pragmatic” approach to reporting rules if the U.K. crashes out of Europe without a deal or transition period on Oct. 31.

  • October 11, 2019

    Ex-Barclays Execs Faked Paper Trail To Hide Fraud, Jury Told

    Barclays executives who conspired to pay £322 million ($396 million) in secret fees to secure capital from Qatar during the financial crisis created a fake “audit trail” to cover their tracks, prosecutors told a London jury Friday during the bankers’ fraud trial.

  • October 11, 2019

    Claims Handler Gets 3 Years For False Insurance Claims

    A claims handler has received a three-year prison sentence for he submitting fraudulent insurance claims and attempting to steal £35,000 ($44, 000) from his employer by diverting money into his own account, police said Friday.

  • October 11, 2019

    Insurance Trade Bodies Set Up Group On Cyberterrorism

    A leading insurance industry think tank is collaborating with the International Forum of Terrorism Risk Reinsurance Pools to form a joint task force on cyberterrorism and warfare, the trade bodies have announced.

  • October 11, 2019

    Tullett Prebon To Pay £15.4M To Settle FCA Trading Probe

    Interdealer broker Tullett Prebon has agreed to pay a £15.4 million ($19.3 million) fine to settle charges that the interdealer broker had lax controls over its traders and failed to be open and cooperative with a regulatory investigation, the Financial Conduct Authority said Friday.

  • October 10, 2019

    HMRC To Provide More Data On Tax-Avoidance Disputes

    The United Kingdom's taxing authority, HM Revenue & Customs, said Thursday it would provide more information on tax disputes stemming from avoidance schemes, in response to recommendations from Parliament on how to better dedicate its resources.

  • October 10, 2019

    Did Citi Dupe DOJ In Forex Investigation?

    A former Citigroup trader acquitted on charges of manipulating foreign exchange markets has accused the bank of fabricating a case for federal prosecutors in order to shield itself from liability, raising eyebrows in the antitrust bar since the government usually goes to great lengths to ensure it’s not being duped.

  • October 10, 2019

    Ex-Quinn Emanuel Partner Opens Boutique Firm In London

    A former Quinn Emanuel white collar partner who left the BigLaw firm earlier this year has launched a London-based boutique shop specializing in financial crime and compliance.

  • October 10, 2019

    1st Circ. Doubts Ex-State Street Exec's Bid To Ax Conviction

    The First Circuit on Thursday tackled for the first time the issue of whether the wire fraud law applies overseas as it voiced some skepticism over a former State Street Corp. executive’s argument that his crimes did not have enough of a tie to the United States to allow his conviction to stand.

  • October 10, 2019

    UK Sanctions Violations Drop In Value Over Past Year

    The U.K.’s sanctions enforcer said Thursday that the estimated value of reported breaches of sanctions has fallen from a peak of more than £1 billion ($1.2 billion) last year to just over £250 million this year.

  • October 10, 2019

    Hiscox Takes $1.8M Fraud Fight Against Ex-CFO To England

    Insurer Hiscox can try to recoup $1.8 million from a former executive who allegedly spent the company's money buying luxury Swiss watches, a London judge has ruled.

  • October 10, 2019

    Ex-Barclays Execs Hid Fees To Protect Share Price, Jury Told

    Barclays executives concealed £322 million ($396 million) in extra fees paid to Qatari investors who helped the bank raise capital during the financial crisis to avoid looking weak to the stock market, a prosecutor told a London jury Thursday during the Serious Fraud Office’s landmark fraud trial.

Expert Analysis

  • PayPal Case Illustrates Difficulty Of Avoiding CMA Penalties

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    The U.K. Competition and Markets Authority's recent fine against PayPal for violating U.K. merger control rules — despite the company's attempts to put safeguards in place — demonstrates how rigid the CMA can be when it comes to initial enforcement orders, say attorneys at Fried Frank.

  • SFO's Cooperation Strategy May Fail To Entice Corporations

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    Serious Fraud Office Director Lisa Osofsky's emphasis on corporate cooperation instead of traditional prosecutions may fail to produce results unless individuals and companies contemplating whether to share information with the SFO can be convinced that the benefits outweigh the risks, says Danielle Reece-Greenhalgh of Corker Binning.

  • The Problem — And Opportunity — Of Implicit Bias In The Bar

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    Law firms are beginning to recognize implicit bias as a problem. But too few recognize that it is also an opportunity to broaden our thinking and become better legal problem solvers, says Daniel Karon of Karon LLC.

  • Opinion

    SFO's Cooperation Guidance Feels Like A Missed Opportunity

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    The Serious Fraud Office's Corporate Cooperation Guidance is arguably less demanding than many would have feared, but some aspects are vague, puzzling or give genuine cause for concern, says Azizur Rahman of Rahman Ravelli.

  • Roundup

    Pursuing Wellness

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    In this Expert Analysis series, leaders at some of the law firms that committed to the American Bar Association's 2018 pledge to improve mental health and well-being in the legal industry explain how they put certain elements of the initiative into action.

  • Opinion

    Unexplained Wealth Orders Unlikely To Curb UK Drug Trade

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    The U.K. National Crime Agency's newly announced strategy of utilizing account freezing, recovery orders and unexplained wealth orders against drug traffickers is arguably misconceived and possibly more of a money-grabbing exercise than anything else, says Jemma Sherwood-Roberts of Corker Binning.

  • Series

    Why I Became A Lawyer: Expanding The Meaning Of Diversity

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    My conservative, Catholic parents never skipped a beat when accepting that I was gay, and encouraged me to follow my dreams wherever they might lead. But I did not expect they would lead to the law, until I met an inspiring college professor, says James Holmes of Clyde & Co.

  • 2 Perspectives On Navigating The Litigation Funding Process

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    Paul Martenstyn of Vannin Capital and Daniel Spendlove of Signature Litigation share their top tips on how to get a case funded, drawing from their respective experience as a funder and a lawyer.

  • UK Unexplained Wealth Orders Are On The Rise

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    U.K. enforcement agencies are growing more comfortable in utilizing unexplained wealth orders and undertaking the complex investigations that follow, but the vast majority of international businesses and private clients in the U.K. with wealth situated overseas should not fear that UWOs will be used against them, says Zoya Burbeza of Zaiwalla & Co.

  • Another Setback To The SFO's Individual Prosecution Efforts

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    As shown by the recent acquittal of three Sarclad employees connected to the Serious Fraud Office's Sarclad deferred prosecution agreement, such agreements are not well suited for holding individuals accountable, but introducing a new form of DPAs specifically for individuals would be a step in the right direction, say Ian Hargreaves and Deirdre Lyons Le Croy of Covington.

  • EU Commission Is Getting Tough On 'Gun-Jumping' Mergers

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    The European Commission's fine against Canon is one of several recent examples of competition law enforcement that should remind merging companies to carefully assess their actions at the crossroads between permissible preparatory measures and premature transaction implementation, says Andrea Pomana of Debevoise & Plimpton.

  • A Look At UK Enforcement Efforts Against Domestic Bribery

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    The U.K. Fraud Advisory Panel's recent report about unchecked domestic corruption is justified to an extent, but it may be too harsh to make a blanket condemnation of U.K. enforcement agencies' approach to tackling economic crime, says Syedur Rahman of Rahman Ravelli.

  • 3 Tech Competition Concerns In Europe

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    Recent cases involving major technology companies and their acquisition of smaller firms have called international attention to the adequacy of competition policy frameworks, and recent proposals in Europe and Australia reveal the onset of an interventionist approach from regulators, say analysts at Cornerstone Research.

  • Lessons From The Global Forestry Investments Scheme

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    The Global Forestry Investments case's progression, from the Insolvency Service's involvement to recent charges by the Serious Fraud Office, indicates that those responsible for serious financial losses may face criminal prosecutions in addition to regulatory penalties, says Maria Theodoulou of Stokoe Partnership Solicitors.

  • Assessing Risk For AI Trained By Tainted Data In The EU

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    In Europe, evaluating the risk of launching an artificial intelligence system trained by tainted data can be challenging, but identifying the relevant rights, possible sanctions and whether the issue is ongoing can put lawyers well on their way to understanding the risk profile, say Toby Bond and Nick Aries of Bird & Bird.