Corporate Crime & Compliance UK

  • August 21, 2019

    PPI Tops Watchdog's Complaints As Clock Ticks On Claims

    Complaints about improperly sold payment protection insurance made up the majority of claims consumers made to the Financial Ombudsman Service between April and June as the deadline for filing grievances looms.

  • August 21, 2019

    Global 20: Paul Hastings

    Paul Hastings LLP has reached new heights with a milestone expansion in its London office and exponential growth in its Brazil outpost while deftly steering clients through global business and political transitions in Europe, Latin America and Asia, landing the firm a spot on Law360’s Global 20 list.

  • August 21, 2019

    Market Watchdogs Look Closer At EU Crypto Asset Rules

    Europe’s financial watchdogs have said they will assess how member states plan to monitor "stablecoins" such as Facebook's proposed Libra currency after the European Commission raised questions about regulating crypto assets.

  • August 21, 2019

    Norway's DNB Chided For 'Deficiencies' In AML Defenses

    Norway's DNB bank on Wednesday blamed evolving tactics used by money launderers after being rebuked by the country's top financial regulator for failing to address gaps in its internal controls, saying it is investing more resources to counter the problem.

  • August 21, 2019

    Top EU Data Privacy Watchdog Buttarelli Dies

    Giovanni Buttarelli, who as Europe's data protection supervisor was an influential adviser in shaping the bloc's privacy laws, has died at the age of 62, his office said Wednesday.

  • August 21, 2019

    Minibond Provider Closed To New Biz After FCA Steps In

    Blackmore Bond has closed to new investors after the Financial Conduct Authority contacted the investment company that allowed the unregulated minibond provider with links to scandal-hit London Capital & Finance PLC to do business, the watchdog confirmed Wednesday.

  • August 20, 2019

    Denmark Can't Be Countersued In $2.8B Tax Fight, Court Told

    A group of U.S. pension plans targeted by the Danish tax authority in a $2.8 billion refund suit cannot countersue the authority for denying tax refund applications, the agency has told a New York federal court.

  • August 20, 2019

    2nd Ex-JP Morgan Metals Trader Cops To Spoofing

    A former JPMorgan Chase metals trader pled guilty in Brooklyn federal court Tuesday to spoofing commodities transactions for most of his 12-year career, making him the second trader at the bank to admit to such a scheme.

  • August 20, 2019

    Global 20: Mayer Brown

    Mayer Brown LLP retained its spot on Law360’s Global 20 list with another banner year that included guiding France’s Societe Generale to a favorable settlement ending Libor-rigging investigations and advising some of the world's most influential companies on multibillion-dollar deals.

  • August 20, 2019

    Account-Takeover Fraud Totals On the Rise, KPMG Reports

    The amount of money criminals plundered from bank and credit card accounts rose 57% in the first half of this year, bucking a trend for falling sums in other kinds of fraud, according to a report published Tuesday.

  • August 20, 2019

    Pensions Watchdog Gets Tougher With Information Requests

    The Pensions Regulator forced businesses to hand over data on their retirement plans 162 times last year, the highest number of requests in a decade, and is more likely to challenge companies that do not comply, according to the results of a freedom of information request.

  • August 20, 2019

    Property Boss Gets 5-Year Ban For Cold Calls, Unpaid Tax

    The director of a property firm has been hit with a five-year order banning him from holding a senior position at a company after failing to pay £250,000 ($300,000) in taxes and allowing employees to make more than 110,000 nuisance phone calls, a government regulator said Tuesday.

  • August 19, 2019

    HMRC Seeks Digital Tool To Help Officers Detect Fraud

    HM Revenue & Customs has issued a preliminary request for proposals to gauge potential vendors’ ability to supply a “digital notebook application” that would enable revenue officers in the field to record evidence and data while they investigate fraud.

  • August 19, 2019

    Ex-Alstom Exec Can't Dodge Charges Despite 'Close' Call

    A former Alstom SA executive lost a bid to dismiss foreign bribery charges on Monday over years of delay, although a Connecticut federal judge said the case was a "close" one that illustrates the difficulty of deciding when a case is so old that it violates a defendant's right to a speedy trial.

  • August 19, 2019

    Feds Beef Up Boustani Indictment Before Dismissal Args

    Federal prosecutors filed a new indictment in the Mozambique corruption case against Lebanese salesman Jean Boustani on Monday, days ahead of a hearing on Boustani’s claim that the case should be dismissed for lacking a connection to the U.S.

  • August 19, 2019

    Global 20: Cleary

    Cleary Gottlieb Steen & Hamilton LLP represented a slew of prominent international companies in a variety of legal actions around the world this past year, including nabbing a victory for Robert Bosch in a suit over emissions-cheating software, earning the firm a spot on Law360's Global 20 list for the ninth straight year.

  • August 19, 2019

    ​​​​​​​A&O Fraud, Banking Head Makes Move To Milbank

    A fraud expert at Allen & Overy has been poached by Milbank LLP as the U.S. rival expands its London office with its second high-profile hire from the Magic Circle firm in as many months.

  • August 19, 2019

    Customers Of Failed Danish Insurer To Be Compensated

    Britain's financial compensation scheme said Monday it will compensate homeowners who took out policies with failed Danish insurer Alpha Insurance after a deal to secure replacement cover collapsed.

  • August 19, 2019

    EU Looks To Renew Dirty Money Blacklist Of Territories

    The European Union will attempt to revive a blacklist of foreign countries that pose money laundering risks at a meeting of the bloc’s finance ministers in October after a previous attempt was scuttled by national governments, a European Commission spokesman confirmed Monday.

  • August 19, 2019

    Redress Probe Into Investment Manager Pushed Back Again

    The Financial Services Compensation Scheme said Monday that it needs more time to decide whether customers who were defrauded by the chief executive of a wealth management company qualify for redress.

  • August 19, 2019

    EU Tells Firms To Ready Products For Benchmark Switch

    The European Central Bank handed detailed guidance to financial on Monday aimed at smoothing the transition of more than €100 trillion ($110 trillion) of financial products underpinned by Europe’s EONIA interest-rate benchmark to a new unsecured overnight borrowing rate by January 2022.

  • August 16, 2019

    Aviation Magnate Hits UAE Fund With Hacking Countersuit

    Aviation magnate Farhad Azima filed a $16.7 million counterclaim in England's High Court on Friday against an Emirati state-owned investment authority he alleges hacked his email accounts and leaked details about him on the internet.

  • August 16, 2019

    Shuttered Investment Co.'s Libor Claims Against UBS Tossed

    A New York federal court on Friday dismissed antitrust claims against UBS in a proposed class action over alleged Libor rigging, finding that a defunct investment company didn't transfer the rights to pursue the claims before it dissolved.

  • August 16, 2019

    Injunction Needed To Protect $14M Awards, Court Told

    A  man whose companies won $14 million in arbitral awards against his childhood friend over unpaid loans has pressed a New York federal court for an injunction, asserting that his former schoolmate is shuffling assets around to avoid paying up.

  • August 16, 2019

    Global 20: Orrick

    Helping companies in 30 countries raise more than $14 billion in funding and advising on the largest power plant development in Africa’s history have helped Orrick become the third-most active law firm in venture capital and land a spot on Law360’s Global 20 list.

Expert Analysis

  • 3 Tech Competition Concerns In The EU And Australia

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    Recent cases involving major technology companies and their acquisition of smaller firms have called international attention to the adequacy of competition policy frameworks, and recent proposals in Europe and Australia reveal the onset of an interventionist approach from regulators, say analysts at Cornerstone Research.

  • Lessons From The Global Forestry Investments Scheme

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    The Global Forestry Investments case's progression, from the Insolvency Service's involvement to recent charges by the Serious Fraud Office, indicates that those responsible for serious financial losses may face criminal prosecutions in addition to regulatory penalties, says Maria Theodoulou of Stokoe Partnership Solicitors.

  • Assessing Risk For AI Trained By Tainted Data In The EU

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    In Europe, evaluating the risk of launching an artificial intelligence system trained by tainted data can be challenging, but identifying the relevant rights, possible sanctions and whether the issue is ongoing can put lawyers well on their way to understanding the risk profile, say Toby Bond and Nick Aries of Bird & Bird.

  • Helpful Insights On Arbitration Jurisdiction From UK Court

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    The U.K. Commercial Court's recent decision on arbitration jurisdiction in Minister of Finance v. International Petroleum Investment makes clear that the court will not unnecessarily interfere with arbitration proceedings, but it will be ready to intervene where appropriate, say Ioannis Alexopoulos and Nikoletta Beneki of Signature Litigation.

  • Record GDPR Fine Marks New Data Privacy Enforcement Era

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    A record $230 million General Data Protection Regulation fine issued to British Airways by the U.K. Information Commissioner’s Office shows just how far the GDPR is meant to reach and that not having a robust information technology security program is no longer an option, say Cynthia Cole and Sarah Phillips of Baker Botts.

  • Pros And Cons Of UK Deferred Prosecution Agreements

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    Since deferred prosecution agreements were introduced in 2014, the Serious Fraud Office has initiated five DPAs that have received formal declarations from the court. Opinions are divided as to whether these agreements improve long-term compliance or allow corporates to pay their way out of prosecution, says Perveen Hill of BDB Pitmans.

  • Perspectives

    2nd Circ.'s Approach To Bail Is Backward

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    The Second Circuit's decision in United States v. Boustani correctly identifies the dangers of a "two-tiered" bail system, but the proper solution is to make bail more accessible to everyone, not to fewer people, says Alexander Klein of Barket Epstein.

  • 3 Steps To Calculating Damages For Unnecessary Injunctions

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    A recent Cayman Islands case, Ennismore v. Fenris, sheds light on the process for assessing how much plaintiffs should pay to defendants if they called for a pretrial injunction that the court later finds should not have been granted, say Nicola Roberts and Laura de Heer of Harney Westwood.

  • How New EU Cyber Sanctions Compare To US Policy

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    The Council of the European Union recently adopted new cybersecurity legislation that imposes sanctions on people and entities responsible for cyberattacks rather than on states. Attorneys with Crowell & Moring discuss the scope of the new EU sanctions regime, how it is similar to U.S. cyber sanction policy, and its potential impact.

  • UK Financial Orgs Could Face Cyber Enforcement On 2 Fronts

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    A recent uptick in cyberincident reports in the U.K., combined with the Information Commissioner's Office and Financial Conduct Authority's joint approach to General Data Protection Regulation enforcement, suggests that U.K. financial services firms could be at high risk for simultaneous enforcement actions from the two regulators, say Rob Dedman and Kim Roberts of King & Spalding.

  • Key Reforms In UK Anti-Money Laundering Proposal

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    In response to concerns about an excess of suspicious activity reports, the U.K. Law Commission recently published a report recommending improvements to the U.K.'s anti-money laundering regime. The proposed reform is welcome, but may have missed an opportunity to advocate for some additional changes, says Jonah Anderson of White & Case.

  • A Timely Review To Enhance UK’s Company Register

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    The U.K. government's review of its company and persons of significant control registers, which have struggled with information reliability issues, will provide a useful yardstick on the progress of fighting money laundering and other nefarious activities, say Ian Hargreaves and Deirdre Lyons Le Croy of Covington.

  • Answers To Key Legal Finance Ethics Questions

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    While there is discussion in some quarters about new regulations on commercial legal finance, the hands-off approach taken by the majority of courts and legislatures is an implicit recognition that it is already sufficiently regulated, says Danielle Cutrona of Burford Capital.

  • Perspectives

    Addressing Modern Slavery Inside And Outside The UK

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    As the problem of modern slavery persists, U.K. companies must take a broad approach when rooting out slave labor in their supply chains, and should not ignore the risk posed by suppliers within the U.K., says Maria Theodoulou of Stokoe.

  • Why Data Breach Group Litigation Remains Rare In The UK

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    While the General Data Protection Regulation would seem to create a fertile area for group litigation, U.K. data breaches have not resulted in much litigation so far, say Oran Gelb and Sarah McAtominey of Bryan Cave.