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Corporate Crime & Compliance UK

  • April 24, 2019

    Wirecard Wins $1B Investment As Regulator Seeks Probe

    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.

  • April 24, 2019

    Exec Defends Accounts In Fight Against PE Co. Fraud Claim

    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.

  • April 24, 2019

    Investors Say Their Money Was Misspent In HSBC Film Scheme

    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. 

  • April 24, 2019

    Commerzbank's £39M Shipping Claim Stayed Until November

    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.

  • April 24, 2019

    Conservative MP Denies Ties To Failed UK Bond Company

    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.

  • April 23, 2019

    Abraaj Partner To Be Tried Separately From PE Firm's CEO

    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.

  • April 23, 2019

    Data Shows UK Tax Authority Increasing Its Focus On US Cos.

    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.

  • April 23, 2019

    ​​​​​​​Ex-UBS Worker Not Source Of Trader Friend's Tips, Jury Told

    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.

  • April 23, 2019

    FCA Drops Plans For 'Duty Of Care' Rule

    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. 

  • April 23, 2019

    FCA To Seek To Lower Compliance Burdens After Brexit

    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.

  • April 23, 2019

    MP Gets Fine, Community Service For Falsifying Expenses

    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."

  • April 23, 2019

    Court Forces Unauthorized Investment Co. Into Liquidation

    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.

  • April 23, 2019

    UK Regulator Warns Pension Plans Over Statement Lapses

    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.

  • April 23, 2019

    UK Exchange Could Delist 'Irresponsible' Brands By 2022

    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.

  • April 22, 2019

    UK Man Who Stopped WannaCry Admits Developing Malware

    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.

  • April 22, 2019

    Feds Say Ex-JPMorgan Trader Can’t 'Redraft' Rigging Case

    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.

  • April 19, 2019

    Forex Dealer Can’t Dodge Document Request In Rigging Suit

    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.

  • April 19, 2019

    Third Abraaj Group Exec Arrested, Charged With Fraud

    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.

  • April 19, 2019

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

    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.

  • April 18, 2019

    Europe’s Banks Must Step Up Policy On Financial Crime: S&P

    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.

Expert Analysis

  • When UK Cos. Are Criminally Liable For Fatal Accidents

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    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.

  • A Reminder To Address Sanctions Compliance Shortfalls

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    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.

  • Lessons From Carphone Warehouse's Partial FCA Settlement

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    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.

  • Are The EU's 2017 Money Laundering Rules Effective?

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    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.

  • Opinion

    Amended EU Class Action Proposal Is A Loss For Consumers

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    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.

  • House Of Lords' Bribery Act Report Asks The Right Questions

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    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.

  • Opinion

    Governments Could Effectively Tax Tech Profits

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    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.

  • How EU Businesses Are Responding To US Sanctions On Iran

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    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.

  • UK's New 'Name And Shame' Approach To Anti-Trafficking

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    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.

  • EU Access To UK Financial Services May Tighten After Brexit

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    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.