Corporate Crime & Compliance UK

  • July 03, 2020

    No Plans To Revise Bankruptcy Scheme Levy, FCA Says

    The Financial Conduct Authority has said it does not plan to revisit how the national bankruptcy compensation program is funded, despite concerns being raised about the rising cost of the levy for regulated companies.

  • July 03, 2020

    SFO Must Ask Ex-Staff About Private Phone Use In ENRC Suit

    The Serious Fraud Office must ask its former employees whether they used personal mobile phones when doing work for the agency as part of ENRC's lawsuit accusing it of colluding with the Kazakh mining giant's former law firm, a judge said on Friday.

  • July 03, 2020

    FCA To Fine Ex-Spreadbetting Boss For Market Abuse

    Britain's financial watchdog said Friday it intends to slap the former boss of a failed spread-betting company with a fine of £659,000 ($821,000) for engaging in market abuse before it was floated on the London Stock Exchange in 2007.

  • July 03, 2020

    Producer Fights Off Objections To Amend Tax Fraud Suit

    A judge has allowed a French movie producer to amend his fraud suit against nearly a dozen financial advisers and former HSBC bankers, dismissing objections on Friday from some of the defendants that the proposed changes "significantly disfigure the claim."

  • July 03, 2020

    Regulators Urged To Swap Info On Pending Bank AML Fines

    National financial services watchdogs should exchange information on penalizing banks and their compliance with rules on financial crime, according to recommendations by the Basel Committee on Banking Supervision.

  • July 03, 2020

    6 Wirecard Units Follow Parent Into Insolvency Proceedings

    Six German subsidiaries of payments company Wirecard AG have applied for insolvency proceedings as administrators prepare to sell off assets to dismantle the group amid a fraud investigation. 

  • July 03, 2020

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

    The last week has seen a competition suit against Royal Mail, a Saint-Gobain unit lodge a patent claim against 3M and a Russian bank file another suit against Mozambique and one of the state-owned entities embroiled in a $2 billion bribery scandal. Here, Law360 looks at those and other new claims in the U.K.

  • July 02, 2020

    Will Libra's Compliance Efforts Be Enough To Sway Critics?

    The planned Libra digital currency faced such unrelenting backlash that the group behind it modified its underlying structure and packed leadership positions with compliance experts in recent months. But whether these changes will allow the project to realize its ambitions remains uncertain.

  • July 02, 2020

    Investors Must Disclose Advice History In Tax Relief Suit

    A group of investors suing financial advisers, accountants and banks over their alleged role in a failed film tax relief scheme operated by Ingenious Media must disclose other investments they made and advice they received, a London judge ruled Thursday.

  • July 02, 2020

    Ex-Barclays CEO Defends Qatar Dealings At Fraud Trial

    Barclays' former chief executive defended payments made by the bank to Qatar as it sought to raise capital in 2008, arguing at PCP Capital's £1.6 billion ($2 billion) fraud trial on Thursday that they were a legitimate part of a long-term strategy to generate more business.

  • July 02, 2020

    EU Takes 3 Member States To Top Court Over AML Failings

    The European Commission announced plans on Thursday to take legal action against Austria, Belgium and The Netherlands for failing to fall into line with bloc-wide regulations against money laundering and financing of terrorism.

  • July 02, 2020

    EU Tells Belgium To Amend Anti-Tax Avoidance Rules

    The European Commission told Belgium on Thursday to amend its use of a European Union law against tax avoidance, citing three areas that the country should revise.

  • July 02, 2020

    Depp Libel Trial To Go Forward Despite Withheld Texts

    A judge has refused to toss out Johnny Depp's libel suit against the publisher of The Sun newspaper after the actor's legal team failed to disclose text messages about his drug use, saying on Thursday that he accepted it was done in error.

  • July 01, 2020

    Europol Breaks Group Accused Of Evading $10.9M In VAT

    An international law enforcement operation smashed a syndicate accused of defrauding the Hungarian government of €9.7 million ($10.9 million) in value-added tax, Europol announced Wednesday.

  • July 01, 2020

    UK Watchdog Calls For New Tech Platform Regulatory Regime

    The U.K.'s competition authority called on the government Wednesday to set up a new regulatory system to help rein in the power of Facebook, Google and other major technology platforms that generate money through digital advertising.

  • July 01, 2020

    European, UK Groups Clash Over Bourse Trading Hours

    Shortening trading hours could be bad for investors and create an uneven playing field for markets, the Brussels-based Federation of European Securities Exchanges has said, rejecting calls by British-based trade associations to make the working day shorter.

  • July 01, 2020

    Mozambique Can Tweak ID Of Privinvest Co. In $2B Fraud Suit

    A London judge agreed Wednesday to let Mozambique amend its lawsuit against a United Arab Emirates shipbuilder in its dispute with Credit Suisse over a $2 billion fraud and bribery scheme, rejecting claims the country had sued a company that no longer existed.

  • July 01, 2020

    UK Watchdog Fines Eye Care Cos. £1.2M For Price-Fixing

    The U.K.'s antitrust regulator on Wednesday said it has fined a private hospital group and several eye disorder specialists more than £1.2 million ($1.4 million) total for colluding for almost two years to raise prices for initial consultations.

  • July 01, 2020

    Investors Claim G4S Execs Turned Blind Eye To Overcharging

    Senior managers at G4S PLC "turned a blind eye" to the security and outsourcing giant's long-running practice of overcharging the British government for electronic tagging of offenders, institutional investors have alleged in a lawsuit claiming the group inflated its share price.

  • July 01, 2020

    Wirecard Offices Raided Again As Fraud Probe Widens

    Police and prosecutors raided Wirecard's head office in Germany and four other properties on Wednesday in a widening investigation into alleged fraud linked to €1.9 billion ($2.1 billion) missing from the company's accounts.

  • July 01, 2020

    Regulator Sees Surge In Crypto-Investments Despite Risks

    The number of people in the U.K. who have invested in cryptocurrencies has risen, even though they appear to be aware of the lack of regulatory protection and high volatility associated with digital money, research from the Financial Conduct Authority has shown.

  • July 01, 2020

    What To Look For During The FCA's Biz Insurance Showdown

    Thousands of small businesses across the U.K. could see their financial futures turn on a High Court test case brought by the Financial Conduct Authority later this month, an action that could set new precedents for insurance law and the speed of the legal process.

  • June 30, 2020

    Ex-Indivior CEO Cops To Misdemeanor In Opioid Case

    Former Indivior CEO Shaun Thaxter pled guilty in Virginia federal court Tuesday to a misdemeanor for failing to prevent the company from giving misleading safety statistics to Massachusetts officials as part of a marketing campaign for one of the company's opioid addiction treatments.

  • June 30, 2020

    Dechert Atty's Evidence Errors Can't Reopen UAE Fraud Suit

    A London judge has refused to reconsider his ruling that aviation magnate Farhad Azima defrauded an Emirati state-owned fund, saying Tuesday that a Dechert attorney's incorrect testimony at trial did not alter the substantive findings against the Arab-American businessman.  

  • June 30, 2020

    Lloyds Hits Back At £8.5M Claim Over Libor Swaps

    The former chairman of a British-based mining investment company does not have a right to sue Lloyds Bank PLC over millions of pounds worth of swaps linked to Libor, the lender argued as it denied engaging in deceit or misrepresentation.

Expert Analysis

  • SFO's Tendency To Abandon Investigations Holds Strong

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    The Serious Fraud Office's decision to end its investigation into De La Rue relatively quickly marks its latest failure to bring charges or secure a conviction, raising questions about the agency's capacity and willingness to hold large corporations accountable, says Neil Williams at Rahman Ravelli.

  • Post-Pandemic Litigation To Expect In England And Wales

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    Globally, we are already starting to see insolvency-related claims and a number of insurance, breach of ‎contract, employment and securities class actions across numerous sectors. These and other claims will likely increase for U.K. businesses, say Tracey Dovaston and Fiona Huntriss at Boies Schiller.

  • UK Should Consider Germany's Model For Criminal Justice

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    With jury trials and hearings in the U.K. postponed or not starting at all, and the criminal justice system effectively ground to a halt, it may be time to consider a different case management model — for example, Germany is making headlines for its robust pandemic response, say members of Clyde & Co and Kipper + Durth.

  • Opinion

    Reflections On The UK Bribery Act 10 Years On

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    While the U.K. Bribery Act has been positive overall, regulators should seek urgent reform to better enable the investigation and prosecution of companies and individuals for economic crimes, especially in cases directly harming people and the environment, says Chris Phillips at Alvarez & Marsal.

  • UK Lawyers Can Adapt Due Diligence To Screen New Clients

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    As COVID-19-related fraud gains pace, U.K.-based practitioners should help combat money laundering by using alternative methods to verify that new clients are who they say they are, says Christopher Convey, a barrister at 33 Chancery Lane and chair of the Bar Council's Money Laundering Working Group.

  • A Post-COVID-19 Road Map For UK Financial Services

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    From setting realistic recovery expectations to anticipating regulatory zeal to strategizing internal operations, attorneys at King & Spalding offer a road map for U.K. financial services stakeholders attempting to return to "normal" when the pandemic subsides.

  • FCA Has Strong-Arm Lending Tactics Under The Microscope

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    Even by the usual standards of a "Dear CEO" letter, the Financial Conduct Authority's April 28 letter is strongly worded — signaling no tolerance for banks using their corporate clients' cash-flow problems as leverage to obtain roles on equity mandates they otherwise would not have obtained, says Claire Cross at Corker Binning.

  • A Powerful Lesson In UK Data Protection Law Restrictions

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    While data protection laws are not naturally associated with efforts to impede the use of the death penalty, a recent U.K. Supreme Court ruling related to the U.S. investigation of an ISIS militant has implications for authorities seeking to transfer data to international counterparts, as well as private data controls generally, says David Rundle at WilmerHale.

  • A Look Forward To UK Banking Litigation In The 2020s

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    With an eye on the impact of COVID-19 and the evolving threat of financial crime, Christa Band and Jane Larner at Linklaters provide an overview of the near-future challenges financial institutions should expect.

  • High Court Ruling May Impede Unexplained Wealth Order Use

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    The High Court’s analysis in National Crime Agency v. Baker, of legislative provisions as they relate to offshore and complex structures, paves the way for a less responsive approach to unexplained wealth orders, say David Rundle and Josef Rybacki at WilmerHale.

  • Ukraine's Litigation Funding Push May Help Fight Corruption

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    Ukraine’s new third-party litigation funding initiative for civil cross-border actions may significantly strengthen the country's fight against corruption by helping with costs for proceedings against foreign criminals, says Oleg Shaulko at Kobre & Kim.

  • Time To Prepare For New US-UK Data Sharing Rules

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    The cross-border data sharing agreement between the U.S. and U.K. that takes effect in July will likely have a greater impact on communication service providers that store data in the U.S., and the number of disclosure requests coming from the U.K. might outstrip requests from the U.S., say attorneys at Morgan Lewis.

  • Pandemic Brings New Fraud Risks For UK Cos.

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    COVID-19 has created new opportunities for all kinds of fraud — from investment fraud to bogus equipment sales to hackers impersonating software engineers — and U.K. companies must conduct investigations despite the challenges posed by remote working arrangements, says Azizur Rahman of Rahman Ravelli.

  • UK Data Breach Ruling Clarifies Employers' Vicarious Liability

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    The U.K. Supreme Court's decision in the WM Morrison Supermarkets data breach group action confirms that employers cannot be held liable for employee actions related to a personal vendetta against the company, but most vicarious liability cases may not be as clear-cut, say attorneys at Covington.

  • Limits Of FCPA Jurisdiction Over Foreigners After Hoskins

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    The prosecution of former Alstom executive Lawrence Hoskins and other recent cases illuminate the outer limits of the Foreign Corrupt Practices Act’s jurisdiction over foreign persons, but many issues remain to be litigated, and a circuit split may yet need to be resolved, say Jason Linder and William Sinnott at Mayer Brown.

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