Corporate Crime & Compliance UK

  • May 13, 2021

    SFO Aims To Improve Image And Brand After Difficult Year

    The Serious Fraud Office intends to strengthen its "brand and image" following a "tough year," which included a series of high-profile failures and criticism over its light caseload, the white collar agency said on Thursday.

  • May 13, 2021

    Accounting Firm Denies Blame In Book Publisher's £90M Suit

    Accounting firm Haysmacintyre LLP has argued that a publishing house would have pushed forward with a costly expansion plan independent of the financial statements the firm prepared, pushing back against a £90 million ($126 million) negligence lawsuit.

  • May 13, 2021

    Ex-SFO Chief Defends DPAs Despite Lack Of Convictions

    Britain's former top fraud investigator has defended the Serious Fraud Office's use of deferred prosecution agreements to fine companies for criminal behavior, saying on Thursday that criticism of the U.S.-style settlements is unjustified despite the agency's continued failure to secure convictions.

  • May 13, 2021

    Gov't Moves To Get £120M Compensation To LC&F Investors

    The government has introduced legislation to Parliament that will allow it to pay out approximately £120 million ($170 million) in compensation to investors in London Capital & Finance PLC, the minibond issuer that left 12,000 people out of pocket when it collapsed.

  • May 13, 2021

    Insurers Fight $10M Suit Over Ship Stuck In Venezuela

    Lloyd's of London underwriters have argued that a subsidiary of Crédit Agricole SA cannot claim $10.4 million for a tanker requisitioned by Venezuela because the U.S. has signaled that it could relax sanctions against the nation, which make its return more likely.

  • May 13, 2021

    UK Targets Debt-Dodging Bosses Of Firms Hit By COVID

    Company directors who wind up their businesses to avoid repaying state-backed loans issued during the COVID-19 pandemic and other debts face being banned under draft legislation.

  • May 13, 2021

    UAE Bank Unit Sues Coal Trader Over $20M Finance Fraud

    A subsidiary of Dubai's Rasmala Investment Bank has sued a major commodities trader in London for fraud, accusing the Singapore-based company of deceiving it into providing $20 million to pay off debts.

  • May 12, 2021

    Eni Says Del. Litigation Funder Can't Avoid Sanctions

    Italian energy company Eni SpA has pressed a Delaware federal judge to sanction a litigation funder for failing to comply with discovery orders related to an arbitration against Nigeria, claiming that the funder's misconduct has harmed the oil giant.

  • May 12, 2021

    Amazon Did Not Receive Illegal State Aid, EU Court Says

    Amazon is off the hook for a £250 million ($301 million) tax bill after Europe's second highest court declared Wednesday that the online retailer's tax deal with Luxembourg didn't constitute an illegal loophole.

  • May 12, 2021

    UK Fraudsters Convicted For £36M Carbon Credit Scheme

    Two men were convicted Wednesday of defrauding vulnerable investors out of £36 million ($50.6 million) as part of scam to sell carbon credits, the Crown Prosecution Service said.

  • May 12, 2021

    Suspect In Vatican Extortion Probe Arrested In London

    A London-based Italian broker who was the middleman for the Vatican in a U.K. property investment deal has been arrested in the British capital on fraud and money laundering allegations at the request of Italian authorities.

  • May 12, 2021

    FCA Looks To Challenge Amigo Loans' Restructuring Plan

    Britain's financial services regulator is looking to oppose Amigo Loans Ltd.'s restructuring plan by challenging the subprime lender at a court hearing scheduled to take place next week.

  • May 12, 2021

    FCA To Review Regulatory Extension Scheme After Greensill

    The Financial Conduct Authority told MPs on Wednesday that it plans to review a regime that allowed collapsed Greensill Capital to provide investment services to U.K. investors without itself being regulated.

  • May 12, 2021

    EU Courts Told To Let Iranian Cos. Use Sanction Blocking Law

    Iranian banks and businesses should be allowed to ask European Union courts to invoke a blocking law if they think a company has cut ties over fears of violating U.S. sanctions, a legal adviser told the bloc's top court on Wednesday.

  • May 12, 2021

    Insurers Lose Human Rights Challenge To $1B Oil Spill Suit

    A London court dismissed on Wednesday part of a challenge brought by a club of insurers against the recognition of a Spanish ruling holding it liable for up to $1 billion for a devastating oil spill, tossing the underwriters' human rights arguments.

  • May 12, 2021

    Top EU Court Rules Double Jeopardy Ban Can Halt Arrest

    Individuals prosecuted for crimes in one European Union country should not face arrest in another at the behest of nations outside the bloc — but only if their legal troubles are behind them, Europe's top court ruled Wednesday.

  • May 12, 2021

    Retailers Seek Quick Win In MasterCard, Visa Swipe Fees Suit

    Hundreds of retailers asked a tribunal on Wednesday to rule that Visa and Mastercard overcharged them to process card purchases, arguing that it is bound by a U.K. Supreme Court ruling against the credit card companies over their merchant fees.

  • May 12, 2021

    Pension Introducer Avoids Closures Over Steelworker Scandal

    Two companies linked to an unregulated pension introducer avoided being shut down by the government when a judge ruled Wednesday that there was no evidence they did anything wrong in connection with an investment advice scandal involving steelworkers.

  • May 12, 2021

    UK, Spanish Police Recover €6M For Ponzi Scheme Victims

    An international law enforcement effort has recovered over €6 million ($8.5 million) for more than 200 victims who were duped into investing in a €15 million Ponzi scheme, the European Union's police agency said Wednesday.

  • May 12, 2021

    Victory For Campaigners As Scams Slotted Into Online Bill

    The government published draft digital safety laws on Wednesday aimed at protecting consumers in Britain from fake investment opportunities advertised on social media, after finance trade groups campaigned for technology companies to act against the fraud.

  • May 11, 2021

    FCA Investigates Greensill As Founder Defends Biz Model

    Britain's financial watchdog said Tuesday it is formally investigating collapsed Greensill Capital as the supply-chain company's founder Lex Greensill defended his business model to lawmakers who suggested it resembled a fraudulent scheme.

  • May 11, 2021

    Investigators Reveal Britain's Hot Spots For Car Crash Scams

    Britain's three biggest cities are among the top five areas in Britain worst hit by bogus schemes that involve people deliberately crashing cars in order to make insurance claims, according to figures published Tuesday.

  • May 11, 2021

    Jailed Billionaire Sues Rival Co. Over Alleged Corporate Raid

    A company owned by jailed Russian businessman Ziyavudin Magomedov is suing a rival firm over an alleged corporate raid at transportation giant FESCO, after the shipping company launched a $1 billion arbitration to claw back loans from Magomedov.

  • May 11, 2021

    The Hut Group Ordered To Hand Over PwC Report Into Fraud

    The Hut Group must hand over a PricewaterhouseCoopers report that uncovered fraud in the e-commerce company's accounts in 2011 to a journalist who has been covering its latest efforts to go public, a London court ruled on Tuesday.

  • May 11, 2021

    Markel Settles Surveyor Fraud Row With Farm Lender

    Specialist British insurer Markel struck a settlement with a farm lender over property valuations on the eve of a Court of Appeal hearing on Tuesday, ending a long-running dispute about alleged misrepresentations by a surveying company. 

Expert Analysis

  • UK's Backdoor Cum-Ex Strategy May Shape Int'l Enforcement

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    The U.K. Financial Conduct Authority's recent fine against Sapien Capital for money laundering failures related to the cum-ex trading scandal never actually touched upon the practice's legality, foreshadowing a roundabout strategy regulators outside the affected countries may employ to hold those responsible to account, says Syed Rahman at Rahman Ravelli.

  • Lifting US Sanctions On Iran Would Increase Financial Activity

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    If recent talks for the U.S. to rejoin the Iran nuclear deal pan out, financial activity between formerly sanctioned entities and European counterparties will likely increase, and demand for certain types of legal work may shift, say Kartik Mittal and Stephanie Limaco at Zaiwalla.

  • Financial Sanctions Guidance Shows Subtle Policy Shift

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    Although the U.K. Office of Financial Sanctions Implementation’s recently released guidance seems like a simple policy update, it demonstrates a desire to maximize the reach of its enforcement powers and the intention to take a harder approach going forward, says Syed Rahman at Rahman Ravelli.

  • UK Ruling Shows Tool For Taming Multijurisdictional Disputes

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    In PJSC National Bank Trust v. Mints, the U.K. High Court imposed costs on the prevailing party for failure to notify the court of related proceedings, demonstrating an approach that judges may use to mitigate the risk of discordant outcomes in multijurisdictional litigation, say Thomas Grant at Cambridge University and Scott Kieff at George Washington Law School.

  • Opinion

    DPAs May Not Be Receiving Sufficient Judicial Scrutiny

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    Bribery Act-related deferred prosecution agreements lack sufficient defense analysis, are heard too quickly and may contain defective indictments among other signs that point to insufficient judicial scrutiny of the agreements, says David Corker at Corker Binning.

  • 3 Lessons For UK Litigators In Virtual Trials

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    UK litigators should note several best practices for adapting to the hurdles, and capitalizing on the benefits, of virtual trials, and expect the new hearing format to persist beyond the end of the pandemic, say Christopher Boyne and Emma Laurie-Rhodes at Debevoise.

  • RETRACTED: Considering The Future Of The Serious Fraud Office

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    Editor's note: This guest article has been removed due to the authors' ongoing involvement in the case discussed.

  • Opinion

    UK Law Enforcement Must Resume Cooperation With EU

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    Because Brexit has diminished British law enforcement agencies' influence and downgraded their access to European information exchange systems, the U.K. should negotiate with the EU to restore pre-Brexit cooperation, say Ian Hargreaves and Grace Kim at Covington.

  • SEC Data Transfer Safe Harbor Raises Questions For UK Cos.

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    The U.K. Information Commissioner's Office recently authorized British companies to transfer U.K. subjects’ personal data to facilitate U.S. Securities and Exchange Commission investigations, but companies need more detail on how to invoke the safe harbor or handle EU data subjects, say attorneys at Davis Polk.

  • Analyzing Cost Issues After Top Court MasterCard Ruling

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    The U.K. Supreme Court recently directed MasterCard v. Merricks back to the Competition Appeal Tribunal after clarifying the tests for class action certification, likely resulting in a green light for the action and a review of the regime-specific costs and funding models of the opt-out class action, says Andy Ellis at Practico.

  • When To Refuse Answering A UK Investigator's Question

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    With a recent U.K. Supreme Court decision highlighting the limitations of criminal law enforcement agencies' compulsory powers, now is a good time to understand when the subject of a compelled interview can legally refuse to answer certain questions during an investigation, say Andrew Smith and Anna Rothwell at Corker Binning.

  • Remote Working Tips For Lawyer Trainees And Their Firms

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    The prospect of joining a law firm during the pandemic can cause added pressure, but with a few good practices — and a little help from their firms and supervising attorneys — lawyer trainees can get ahead of the curve while working remotely, say William Morris and Ted Landray at King & Spalding.

  • Mitigate Key FCPA Risks With Tailor-Made Compliance

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    Multinational companies should take a pragmatic approach to Foreign Corrupt Practices Act compliance by being aware of key risk areas — such as inappropriate gift-giving, liability for third-party actions, and countries with recurring corruption issues — and implementing custom-designed procedures that evolve with their operations, says Howard Weissman at Miller Canfield.

  • High Court Ruling Checks Growth Of Bank Protection Duty

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    A number of recent claimant-friendly decisions have considered and broadened a bank's common law duty to refrain from making payments where fraud is suspected, but the High Court's recent judgement in Philipp v. Barclays Bank suggests a turn in the tide, say Paul Brehony and Kate Gee at Signature Litigation.

  • Start Preparing For Germany's Corporate Sanctions Act

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    Germany’s soon-to-be-adopted Corporate Sanctions Act carries a presumption of mandatory prosecution but also a defense in cases where reasonable precautions fail to prevent nonmanagers from committing crimes, so companies should start putting such compliance programs into place now, say attorneys at Arnold & Porter.

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