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Corporate Crime & Compliance UK

  • June 20, 2019

    Banned Boss Sentenced After Breaching Director Restrictions

    A disgraced former company director has been spared jail after he was found to be running a business illegally while serving a six-year disqualification order, a government agency said Thursday.

  • June 20, 2019

    PE Fund Fights Claim £15.2M Fraud Suit Was Too Late

    A private equity real estate fund has argued it didn't wait too long to sue the founder of a large U.K.- based nursing care provider for concealing the company's financial struggles before the fund put more than £15.2 million into the health care provider. 

  • June 20, 2019

    Regulators Vow To Watch Lloyd's After Harassment Claims

    Britain's financial regulators will be scrutinizing Lloyd's of London for signs of improvement in its culture after female employees said they had been bullied and sexually harassed, a senior Bank of England executive has warned.

  • June 20, 2019

    SFO Probe Into Mini-Bond Scandal Leads To 5th Arrest

    The founder of a marketing company that urged investors to buy into London Capital & Finance PLC has been arrested as an investigation by the Serious Fraud Office into the failed mini-bond firm continues.

  • June 20, 2019

    FCA Warns Its Reach Has Limits After Bond Provider Collapse

    The Financial Conduct Authority has set out which activities carried out by authorized financial services companies it does and does not regulate in a move to inform consumers about the protection available if providers go bust, after a mini-bond issuer collapsed in January.

  • June 19, 2019

    Albania Must Pay $125M In Claim Over TV Station

    An international tribunal has ordered Albania to pay an Italian businessman and several co-claimants €111 million ($124.6 million) for expropriating their investments in a television station.

  • June 19, 2019

    Credit Suisse Hit With Disclosure Fine In Hong Kong

    Hong Kong's securities watchdog said Wednesday it has fined Credit Suisse for failing to comply with disclosure requirements in reports released by the investment bank focusing on Hong Kong-listed securities.

  • June 19, 2019

    Broker Worried Over Woodford Fund Since 2017, CEO Says

    Hargreaves Lansdown has revealed that nearly a quarter of its clients have more than £1.6 billion ($2 billion) combined trapped in Neil Woodford’s suspended equity fund, claiming in a letter to lawmakers published Wednesday it first raised concerns about the fund’s exposure to unlisted assets 18 months ago.

  • June 19, 2019

    Traders' Euribor Messages Were 'Inappropriate,' Jury Told

    The former head of global trading at Deutsche Bank told a London jury on Wednesday it was "inappropriate" for traders at the bank to ask colleagues working on its cash desk to influence a key interest rate benchmark.

  • June 19, 2019

    Danske Bank, Ex-Execs Want Suit Over Estonia Scandal Axed

    Danske Bank and its former leadership fired back at an investor suit on Tuesday, saying the European money-laundering scandal miring the Danish bank has little to do with securities and nothing to do with fraud.

  • June 19, 2019

    Ex-Deutsche Exec Denies Kickback Knowledge At €840M Trial

    A former Deutsche Bank AG executive testified Wednesday that she was unaware of kickbacks that a broker paid by the bank gave to a Dutch housing association client, during the nonprofit’s €840 million ($941 million) bribery trial against the bank.

  • June 19, 2019

    Fraud Dispute Over £35M In Developments Settles Midtrial

    A midtrial settlement was hammered out Wednesday in a London court case brought by a Saudi Arabian businessman who accused his former partner of defrauding him out of £35 million ($44 million) in property developments.

  • June 19, 2019

    Nigerian Oil Co., Lender Settle $6.1M Loan Suit Out Of Court

    A Nigerian oil company run by the country’s former energy minister has settled a U.K. lawsuit brought against it by Access Bank PLC, seeking roughly $6.9 million allegedly outstanding under an import finance loan, new court documents reveal.

  • June 19, 2019

    UK Dependencies Will Reveal Biz Owners To Stop Tax Havens

    Crown dependencies Jersey, Guernsey and the Isle of Man on Wednesday committed to making public the true owners of companies registered in their jurisdictions, as required under Europe’s latest money-laundering directive to fight tax evasion and the flow of dirty funds.

  • June 19, 2019

    Insurance Fraud Lands Boss 12-Year Bankruptcy Restrictions

    A company director who submitted fraudulent insurance claims for stolen agricultural equipment worth almost £35,000 ($44,000) has been handed a 12-year bankruptcy restrictions order, a government agency said Wednesday.

  • June 19, 2019

    FCA Defends Record On Overcharging By Lenders, Insurers

    The Financial Conduct Authority on Wednesday defended its record on clamping down on lenders and insurers that overcharge loyal customers, after coming under pressure from lawmakers and another regulator to do more to make the markets more fair.

  • June 18, 2019

    Suspect Says US Can’t Charge Him With $2B Fraud In Africa

    A Lebanese salesman told a New York federal judge that the U.S. government has yet to show how it is related with $2 billion in allegedly fraudulent loans backed by the government of Mozambique.

  • June 18, 2019

    FCA Launches Investigation Into Suspended Woodford Fund

    Britain's financial watchdog confirmed Tuesday that it has opened an investigation into the events surrounding the suspension of Neil Woodford’s flagship fund, which has prevented investors from accessing their accounts for more than two weeks.

  • June 18, 2019

    Antitrust Watchdog Accuses Drug Suppliers Of Market Fixing

    Four pharmaceutical companies broke U.K. competition law when they agreed to fix the quantities and prices of the supply of an antidepressant drug, which caused the National Health Service's spending on the tablets to peak to £38 million ($47.7 million), Britain's antitrust regulator said Tuesday.

  • June 18, 2019

    Old Mutual Sacks CEO Over Dividend Policy Dispute

    Old Mutual said Tuesday that it has sacked its chief executive after he was unable to provide the financial company with an “acceptable explanation” for a conflict of interest over an investment group that he founded.

  • June 18, 2019

    Swedbank Suspends Execs At Estonia Unit Amid AML Probe

    Troubled lender Swedbank has suspended the chief executive and finance director of its Estonian operations as an internal investigation into compliance with money laundering rules at the bank sees more senior staff depart.

  • June 18, 2019

    Frankfurt Prosecutors Search Home, Offices In Tax Probe

    Prosecutors in Frankfurt said they have searched three sites in the German city in connection with eight individuals accused of wrongdoing in a probe into an extensive tax evasion scheme that has dragged in Deutsche Bank, one of the country's biggest lenders.

  • June 18, 2019

    UK To Let Watchdog Fine Cos. Scamming Loyal Customers

    The U.K. government floated plans on Tuesday to allow regulators to bypass the courts and fine mortgage lenders and insurers directly to stop them hitting existing customers with secret, higher fees.

  • June 18, 2019

    UK Gov't Settles £1.25B Iranian Bank Claim Over Sanctions

    The U.K. government has settled a £1.25 billion ($1.6 billion) lawsuit brought against it by Bank Mellat over damages related to its enforcement of nuclear sanctions, which were later struck down, lawyers for the Iranian bank told a London court Tuesday.

  • June 17, 2019

    Law Watchdog Pushes Reforms To Suspicious Money Reports

    Efforts to tackle money laundering in the U.K. are being hampered because of the volume of low-quality reports that banks make, a legal watchdog said Tuesday, calling for reforms to improve the value of information available to crime fighters.

Expert Analysis

  • Norwich Pharmacal Orders Remain Vital In The Internet Age

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    Norwich Pharmacal orders, which can require third parties to reveal vital information despite duties of confidentiality, have proven to be a versatile remedy in a wide range of cases over the decades. Today, they remain relevant because websites provide platforms for anonymous wrongdoing, says Simon Bushell of Signature Litigation.

  • New FCA Regime Will Emphasize Individual Accountability

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    The Financial Conduct Authority's Senior Managers and Certification Regime, which will take effect this December, seeks to increase personal accountability within regulated firms and will introduce changes relevant to all FCA-authorized financial services firms, say Rosemarie Paul and Kirsten Lapham of Ropes & Gray.

  • 8 Ukrainian Arbitration Claims In The Wake Of Crimea Events

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    Eight arbitration claims have been filed under the 1998 investment treaty between Russia and Ukraine in connection with the 2014 incorporation of Crimea into Russia. Nicholas Peacock and Paula Cala of Herbert Smith discuss these claims' unusual background and how they might develop.

  • Cannabis Investors Should Beware Money Laundering Risk

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    Even if marijuana-related businesses are in compliance with local laws, their investors are not free of legal risk so long as cannabis remains a controlled drug in other countries, such as the U.K., say Robert Dalling and Wade Thomson of Jenner & Block.

  • Do Fines Really Discourage Banks From Breaking The Law?

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    Recent fines imposed against Standard Chartered by both U.K. and U.S. regulators raise questions about whether banks are now viewing anti-money laundering enforcement fines as a day-to-day cost of doing big business, says Syedur Rahman of Rahman Ravelli.

  • Key Issues For Energy Cos. In EU Cybersecurity Guidance

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    The European Union's recently issued recommendations on energy sector cybersecurity are valuable input for industry stakeholders with a presence in the EU, because they take into account the sector's real-time requirements, the risks of cascading effects and the combination of legacy systems with new technologies, say Diletta De Cicco and Charles Helleputte of Mayer Brown.

  • The Uncertain Future Of Gov't Investigations Post-Deutsche

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    A New York federal judge's recent decision in the Deutsche Bank Libor-rigging case U.S. v. Connolly threatens to upend decades of established cooperation practice in government investigations, a fact to which the opinion makes only a passing reference, say attorneys at Arnold & Porter.

  • Opinion

    Deferred Prosecution Agreements Are Not Unfair

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    The recent collapse of the Serious Fraud Office’s prosecution of former Tesco managers has led many commentators to denounce the deferred prosecution agreement regime. To understand why this criticism is flawed, compare the different lenses through which a prosecutor and a judge examine the evidence in a DPA, says Andrew Smith of Corker Binning.

  • 3 Key Issues In UK's 'Online Harms' Regulatory Framework

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    A recent white paper from the U.K. home secretary and culture secretary outlines a proposed regulatory framework for tackling harmful and illegal online content. Regulation of this space must walk a fine line between protecting the public and preserving the U.K.'s reputation as an attractive place of business, says Anna Gaudoin of WilmerHale.

  • Real-Life Lessons For Lawyers From 'Game Of Thrones'

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    What lessons can the various hands, maesters, council members and other advisers in "Game of Thrones" impart to real-life lawyers? Quite a few, if we assume that the Model Rules of Professional Conduct were adopted by the Seven Kingdoms, says Edward Reich of Dentons.

  • UK Firms Should Be Prepared For Government Raids

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    Recent enforcement activity from the Financial Conduct Authority and other regulators highlight the penalties firms face for procedural breaches, and the value in ensuring that employees are well-equipped to handle unannounced inspections, say James Marshall and Sonja Hainsworth of Bryan Cave.

  • Opinion

    SRA Should Not Condemn Lawful Tax Avoidance

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    In suggesting that solicitors who facilitate tax avoidance breach its code of conduct, the Solicitors Regulation Authority fails to distinguish between legal tax avoidance and illegal tax evasion, says attorney Martin Kenney.

  • Series

    Why I Became A Lawyer: Completing The Journey Home

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    My mother's connection to her Native American heritage had a major influence on my career — my decision to enter the legal profession was driven by the desire to return to my tribal community and help it in any way I could, says Jason Hauter of Akin Gump.

  • UK Confiscation Order Ruling Is A Win For Prosecutors

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    Prosecutors will be glad that an English appeals court's recent judgment in Fulton v. Regina joins other Proceeds of Crime Act decisions in confirming that a court does not need to show leniency or resolve ambiguities in favor of an offender when making a confiscation order, says Nick Barnard of Corker Binning.

  • Where The Post-Libor Litigation Tsunami Will Hit

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    The permanent cessation of the Libor rate in 2021 will likely trigger a flood of litigation over many existing contracts that lack effective replacements. Marc Gottridge of Hogan Lovells identifies the types of products that may be most susceptible to disputes.