Corporate Crime & Compliance UK

  • November 26, 2020

    Bank Says $86M Win Against Oil Co. Wasn't A 'Mini Trial'

    A Puerto Rican lender has urged a London court to prevent Petroleos De Venezuela SA from appealing her findings that U.S. sanctions did not bar the state-run oil company from repaying some $86 million owed under a loan agreement.

  • November 26, 2020

    Ex-Trader Says Exit Package Didn't Cover Libor Fight Costs

    A former trader has alleged that a termination package paid to him by Rabobank did not cover the legal costs that he later racked up when fighting Libor-rigging investigations in the U.S. and Britain, which regulators ultimately dropped.

  • November 26, 2020

    Audit Watchdog Warns Of 'Box-Ticking' Governance Reports

    The Financial Reporting Council on Thursday called on businesses to provide "meaningful explanations" about their shareholders and operating systems after it found that many companies are leaving out crucial details in their corporate governance reports.

  • November 26, 2020

    OECD To Deliver Cryptoasset Reporting Standard In 2021

    The Organisation for Economic Cooperation and Development will probably complete an information standard on crypto-assets next year, the top tax official for the 37-nation standards setter told Law360 Thursday.

  • November 26, 2020

    Car Dealer Sets Aside £10.4M For Possible FCA Fine

    A British car dealership has posted a £45.5 million ($60.7 million) loss for 2019 and set aside £10.4 million to cover fallout from a Financial Conduct Authority investigation into accounting fraud.

  • November 25, 2020

    Ex-Credit Suisse Regulatory Head Joins Libra Networks As GC

    The Libra Association has brought aboard a former Credit Suisse managing director and banking regulator to serve as general counsel for its operating subsidiary Libra Networks LLC as the organization pushes forward on its digital currency initiative.

  • November 25, 2020

    FCA Charges Broker With Money Laundering

    Britain's Financial Conduct Authority said Wednesday it has charged a stockbroker with money laundering following a joint investigation with the City of London Police.

  • November 25, 2020

    FCA Gets Final Charging Order In Pensions Investment Suit

    Two men accused by the Financial Conduct Authority of giving unauthorized and misleading pensions advice cannot delay handing over £2.5 million ($3.3 million) each in the regulator's case against them, a judge said on Wednesday, as they appeal the underlying ruling.

  • November 25, 2020

    Ex-Credit Suisse Banker Can Add £20M To Espionage Claim

    A former Credit Suisse director can increase the amount he is seeking in his multimillion-pound lawsuit against his former employer for damages suffered after he was imprisoned in Romania on espionage charges over his work for the Swiss lender, a London judge ruled Wednesday.

  • November 25, 2020

    Ex-Soccer Exec May Face Jail And Sanctions Over Tweets

    A former executive at Fulham Football Club faces sanctions and possible jail time after a judge ruled on Wednesday that he had breached an injunction against disparaging the Premiership soccer team, which he had accused of corruption on Twitter. 

  • November 25, 2020

    EU Derivatives Traders Told To Stay Inside Bloc After Brexit

    The European markets regulator said on Wednesday that derivatives traders in Britain will have to clear their swaps within the European Union after the Brexit transition period ends on Dec. 31.

  • November 25, 2020

    British Man Denies Obstructing FCA Fraud Case

    A British man accused of helping a businessman hide his U.K. assets pleaded not guilty to obstructing a Financial Conduct Authority fraud investigation when he made a virtual appearance at a London court on Wednesday.

  • November 25, 2020

    EU Missed Red Flags In Vetting BlackRock For Green Contract

    The European Commission must improve the way in which it tenders for new contracts, the European Ombudsman has said, criticizing the executive body for failing to check the impartiality of BlackRock before hiring the asset manager to help develop green banking rules.

  • November 25, 2020

    Law Firms Warned About Making AML Compliance Cutbacks

    The Solicitors Regulation Authority has warned law firms against compromising on anti-money laundering standards because of the COVID-19 lockdowns, and has urged bosses not to ax staff in compliance departments.

  • November 24, 2020

    NY Judge 'Surprised' By Fee Application In Libor Rigging Case

    A New York federal judge wasn't happy with the amount of hours or law firms on the attorney fee bill she received in the wake of a $187 million deal with JPMorgan and other major financial institutions over claims of interbank rate rigging, but on Tuesday she granted $45 million in fees anyway.

  • November 24, 2020

    Film Distributor Gets OK To Add Monex Execs To £18M Suit

    Film distributor Entertainment One won permission Tuesday to add allegations to its £18 million ($24 million) suit against Monex claiming that the foreign exchange firm's top bosses knew of bribes being paid to secure foreign exchange trading business.

  • November 24, 2020

    Fraud Suspect Can't Get Funds To Pay Off BMW, New Kitchen

    Appellate judges in London on Tuesday barred an investment adviser accused of scamming investors as part of a £15.25 million ($20 million) Ponzi scheme from using frozen funds to pay off his BMW or refurbish a Spanish holiday home as he awaits trial.

  • November 24, 2020

    Thai Bank Can't Trim Ex-Wind Exec's $700M Fraud Claim

    A judge refused on Tuesday to pare down accusations that a Thai lender conspired to seize control of a $700 million major wind energy company from its owner, saying the bank will have to argue at trial that it has no presence in England.

  • November 24, 2020

    KPMG Partner Accuses FRC Of Running 'Witch Hunt' At Trial

    A KPMG partner accused of misconduct while arranging the sale of a British bed manufacturer to U.S. buyout firm HIG Capital in 2011 told a tribunal on Tuesday that he is the victim of a "witch hunt" by the audit watchdog.

  • November 24, 2020

    FCA Warns Insurance Bosses Over COVID-19 Claims

    The Financial Conduct Authority said it will hold senior bosses of Lloyd's of London insurers directly to account if it finds evidence that customers with claims from the pandemic have been treated unfairly. 

  • November 24, 2020

    EU Insurers Protest At New VAT For Financial Services

    European insurers hit back at the European Commission on Tuesday over proposed changes to the value-added tax regime in the bloc, saying the system is outdated and threatens the EU's capital markets union.

  • November 24, 2020

    Telecom Firms Face £100K Daily Fine For Security Breaches

    Telecoms businesses that use services from risky sources such as Huawei could face penalties of £100,000 ($133,000) a day under draft legislation published by the government on Tuesday.

  • November 24, 2020

    German DAX Index Gets Refit After Wirecard Collapse

    Companies planning to list shares on Germany's DAX index will face tougher criteria, the exchange's operator said on Tuesday, with an overhaul that comes after the blue-chip index dropped payments company Wirecard when it collapsed with a €1.9 billion ($2.2 billion) hole in its books.

  • November 23, 2020

    UK's CMA Mulling Complaint Over Coming Google Changes

    The U.K.'s competition enforcer said Monday it is reviewing a complaint from a coalition of online marketers contending that changes Google plans to implement to its browser will further cement the search and advertising giant's "dominance of online business."

  • November 23, 2020

    Forex Rigger Katz On Track For $400-Per-Hour Consult Gig

    A Manhattan federal judge showed little inclination Monday to stop convicted forex rigger Jason Katz from earning $400 per hour as consultant for investors seeking to hold 16 big banks liable for price-fixing, but the judge suggested capping the former government cooperator's pay.

Expert Analysis

  • Response Options For Danish Cum-Ex Interview Targets

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    As the Danish tax authority prepares for the first of a three-part U.K. trial involving cum-ex fraud, U.K. recipients of interview requests from the Danish prosecutorial agency should neither automatically accept, nor ignore the invitations, despite that agency's seeming lack of power to compel their attendance, says David Corker at Corker Binning.

  • What UK Corporate Criminal Liability Reform Might Look Like

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    The Law Commission's recently announced review of Britain's corporate criminal liability laws could lead to reform options such as the introduction of a strict liability offense, which would be sure to improve prosecutorial chances of corporate convictions, says Aziz Rahman at Rahman Ravelli.

  • Increasing Investment Scams Can Implicate Lawyers, Too

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    With the pandemic serving as a catalyst for increased financial fraud, it's important to recognize that these scams are not only devastating for victims, they also pose a significant threat to law firms and individual solicitors who fail to do their due diligence, say James Darbyshire at the Financial Services Compensation Scheme and Heather Clark at Burness Paull.

  • UK's Sanctions Regime Requires Unique Compliance Efforts

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    When the U.K.'s transition out of the European Union ends on Dec. 21, its own sanctions regime will come into effect, and though it will initially be similar to the European Union's, important differences and potential future divergences mean that the U.K. rules should be considered separately, say attorneys at Linklaters.

  • Divergent Paths To Open Banking In UK And US

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    As open-banking fintech models proliferate, regulators in both the U.S. and the U.K. appear to be embracing technology, albeit in different ways, say attorneys at Latham.

  • Compliance Hurdles For UK Cannabis Investors

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    Nicola Finnerty and Tom Surr at Kingsley Napley discuss the legal barriers U.K. investors face in reaping the rewards of cannabis legalization in Canada and the U.S., and what recent developments may mean for the future of U.K. cannabis enforcement.

  • Perspectives

    Finding A Path Forward To Regulate The Legal Industry

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    Gerald Knapton at Ropers Majeski analyzes U.S. and U.K. experiments to explore alternative business structures and independent oversight for law firms, which could lead to innovative approaches to increasing access to legal services.

  • G4S Deferral Agreement Illustrates SFO's Enforcement Focus

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    The Serious Fraud Office’s recent deferred prosecution agreement with multinational security services company G4S suggests the agency’s approach to compliance, program remediation and corporate renewal is evolving to favor parent company involvement and the appointment of independent compliance monitors, say Chris Roberts and James Ford at Mayer Brown.

  • Perspectives

    Law Commission's New Idea For Confiscation Orders Is Unfair

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    The recent proposal by the Law Commission of England and Wales to recall prisoners who fail to settle their confiscation orders when they have already served a sentence for nonpayment would, in effect, punish them twice for the same act, says Brian Swan at Stokoe Partnership.

  • Enforcement Numbers Offer Insight Into FCA Priorities

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    Financial crime, insider dealing and whistleblowing figured prominently in the U.K. Financial Conduct Authority's recent enforcement report, suggesting these areas may be a critical focus for the regulator going forward, say Tracey Dovaston and Michael Jacobs at Boies Schiller.

  • Nigerian Oil Spill Ruling Shows Limits Of UK Class Actions

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    The High Court of Justice of England and Wales recently required thousands of Nigerians suing Shell in London over an oil spill to provide individual evidence of damage and individual defenses in Jalla v. Shell, illustrating how U.K. class action claimants must truly have a common interest, say attorneys at Signature Litigation.

  • Is It Better To Face Prosecution In The US Or UK?

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    A Unaoil executive's recent decision to plead guilty to Foreign Corrupt Practices Act violations in the U.S. rather than facing bribery prosecution in the U.K. highlights strategic considerations for individuals facing criminal charges in multiple jurisdictions, says Joshua Ray at Rahman Ravelli.

  • Why Cum-Ex Tax Fraud Probes Are On The Rise

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    ​​​​​​​Neil Williams at Rahman Ravelli outlines why European regulatory investigations into cum-ex — a 1990s-era dividend arbitrage trading practice involving tax rebate claims worth tens of billions of euros — are gaining momentum years after the activities that sparked them, and who should be concerned.

  • Competing Libor-Transition Proposals Create More Problems

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    While the U.S., U.K. and EU have proposed legislation in anticipation of the approaching Libor end date, the multiplicity of their approaches gives rise to uncertainty for market participants rather than eliminating it, say Anne Beaumont at Friedman Kaplan and Janine Alexander and Audrey Favreau at Collyer Bristow.

  • Comparing UK's Foreign Investment Bill To US Law

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    The U.K.'s forthcoming National Security and Investment Bill differs significantly from the Committee on Foreign Investment in the United States' framework for reviewing potentially dangerous foreign investment transactions by establishing nonmandatory notifications and a six-month time limit for formal review, say Angella Castille and Jonathon Gunn at Faegre Drinker.

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