Corporate Crime & Compliance UK

  • April 09, 2020

    All Rise? How The UK Is Coping With Remote Hearings

    With the fast spread of the coronavirus, courts across London are quickly moving legal proceedings out of the courtroom and into the virtual world in a remarkably speedy — though not gaffe-free — transition.

  • April 09, 2020

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

    The past week in London has seen a major Portuguese bank join the queue of lenders suing Mozambique in the wake of a $2 billion fraud scandal. Russia's sovereign wealth fund target another news outlet over coverage and BP add to the legal woes for its rival Glencore. Here, Law360 looks at those and other new claims in the U.K.

  • April 09, 2020

    Financial Adviser Gets Lifetime FCA Ban After £4.5M Fraud

    The Financial Conduct Authority has banned a financial adviser from carrying out regulated activities for life after he showed a “serious lack of honesty and integrity” when he used a £4.5 million ($5.6 million) fraud to fund his extravagant lifestyle.

  • April 09, 2020

    Ex-RBS Manager Loses Legal Fee Challenge In Tax Suit

    A former Royal Bank of Scotland manager has lost his fight over the legal fees he owes Fieldfisher LLP for his now-settled £14 million ($17.3 million) lawsuit against a financial adviser over tax advice, after a judge ruled that the appeal has no chance of success.

  • April 09, 2020

    Healthcare Provider Pushed Into Administration Amid Probe

    Troubled hospitals operator NMC Health PLC was placed into administration by a court on Thursday after failing to win support from its creditors following a regulatory probe and reports of financial turmoil.

  • April 08, 2020

    Hogan Lovells Shakes Up Firm Structures With CEO Change

    Hogan Lovells is planning to reorganize its practice groups and reshuffle its international leadership when its next global CEO and deputy CEO take over in July, the firm said Wednesday.

  • April 08, 2020

    EU Open To 'Comforting' Drugmakers Cooperating Amid Virus

    European Union antitrust officials issued new guidance Wednesday aimed at helping companies know the types of coordination permitted to combat the COVID-19 pandemic, with a particular emphasis for drugmakers who got a "comfort letter" on generic-drug cooperation.

  • April 08, 2020

    Antitrust Regulator Suspends Drug Price Probes Amid Virus

    Britain’s antitrust watchdog said it has suspended two investigations into pharmaceutical companies that it suspects of illegally colluding on the price of drugs, saying the cases are still open but resources have been reallocated to “urgent work” during the coronavirus pandemic.

  • April 08, 2020

    FCA Says Parking Cos. Accused Of Scam Are Playing Dumb

    The Financial Conduct Authority has hit back at claims that its lawsuit accusing a group of airport parking companies of running unauthorized investment schemes is “too vague,” arguing the companies know more than they are letting on.

  • April 08, 2020

    EU Lowers Collateral Bar To Help Banks Borrow Money

    The European Central Bank said it has adopted “unprecedented” measures to make it easier for eurozone banks to borrow money during the coronavirus crisis by easing the requirements for what they can put down as collateral.

  • April 08, 2020

    Judge Nixes Wealth Order Against Ex-Kazakh Prez's Family

    A judge on Wednesday scrapped the unexplained wealth orders used by the National Crime Agency to seize three London homes worth £80 million ($99 million) owned by relatives of Kazakhstan’s former president, delivering a blow to the agency's use of the new anti-corruption powers.

  • April 07, 2020

    US Financial Crime Compliance Costs Top $26B For 2019

    The U.S. spent a projected $26.4 billion in 2019 on financial crime compliance, third behind the United Kingdom at $49.5 billion and Germany at $47.5 billion, according to a new report that surveyed nearly 900 compliance professionals worldwide. 

  • April 07, 2020

    Irish Watchdog Warns Of Ad Giants Culling Health Sites' Data

    Visitors to Irish health care websites may inadvertently be sharing details of their illnesses and other sensitive information with online advertising juggernauts Google and Facebook, a new report from Ireland's Data Protection Commission has found.

  • April 07, 2020

    Tesco Loses Bid To Upend Expired Food Prosecution

    The High Court has rejected retailer Tesco's bid to knock out 22 charges brought by a U.K. council for selling food past its use-by date, ruling that marketing unsafe produce is a criminal offense under English and European Union law.

  • April 07, 2020

    Supreme Court Won't Touch PrivatBank's $1.9B Fraud Suit

    Two former PrivatBank owners will have to face a $1.9 billion fraud lawsuit in London after the U.K.’s top court refused to look at whether English courts have jurisdiction over the case.

  • April 07, 2020

    Coordination, Not Collusion: Threading The COVID-19 Needle

    Antitrust authorities worldwide want to facilitate short-term, limited cooperation to ensure health care, grocery, transportation and other companies can get people and supplies where they’re needed, all while issuing strongly worded warnings against price collusion and other clear competitive abuses to pad the bottom line.

  • April 07, 2020

    NatWest Must Hand Over Docs In Nursing Home Swap Row

    NatWest must hand over an official review of an interest rate swap sold to a nursing home after a London judge ruled Tuesday that the materials may be relevant at an upcoming trial over whether the financial product was improperly sold.

  • April 07, 2020

    Ex-CEO Of Wind Farm Says Execs Exploited $700M Share Sale

    The former owner of a Thai wind energy company accused its current executives of “covertly” profiting from the illegal $700 million sale of his shares, expanding his London lawsuit to claim they intentionally sold stakes in the company for next to nothing.

  • April 07, 2020

    HSBC Fined In Hong Kong Over Missed Interest Payments

    Hong Kong’s securities regulator said Tuesday that it has fined HSBC HK$3.5 million ($450,000) for failing to pay interest to 53 funds managed by the lender’s local branches in breach of cash management rules.

  • April 07, 2020

    Private Health Group Faces Court Battle Over Administration

    One of NMC Health’s biggest bank creditors will ask a London court on Thursday to forcibly place the private hospital company into administration so it can investigate alleged unauthorized financial conduct.

  • April 07, 2020

    FCA To Focus On Pandemic Relief And Fraud in 2020

    The Financial Conduct Authority set out plans on Tuesday to help ease the burden of COVID-19 on small and midsized businesses, raise fees for bigger businesses and protect consumers from fraud.

  • April 07, 2020

    Banks Failing To Fully Refund Scam Victims, Regulator Says

    Banks are reimbursing victims of payment fraud at a lower rate than watchdogs expected under a voluntary industry code, the payments regulator has warned as it tackles scammers taking advantage of the coronavirus pandemic.

  • April 06, 2020

    Interpol Warns Hospitals Of Spike In Ransomware Attacks

    Cybercriminals are targeting overburdened hospitals during the COVID-19 pandemic by trying to lock them out of critical systems and extort them into paying ransoms, the international crime-fighting agency Interpol warned over the weekend.

  • April 06, 2020

    VTB Capital Sues Mozambique For $670M Amid Fraud Fallout

    The British arm of a Russian lender has sued Mozambique in London for more than $670 million sunk into maritime projects alleged to have been fronts for a massive bribery and corruption scandal that has toppled politicians and bankers.

  • April 06, 2020

    Dechert Attys Accused Of Pressuring UAE Political Prisoner

    A former executive at a United Arab Emirates investment fund has accused three prominent white-collar attorneys in London of violating his human rights while he was held prisoner and tortured after becoming targeted during a political purge.

Expert Analysis

  • Latest UK Sanctions Breach Fine May Signal New Era

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    The £20.47 million penalty that the Office of Financial Sanctions Implementation imposed on Standard Chartered Bank on Tuesday is unprecedented, and this case could represent the start of a new era of sanctions enforcement in the United Kingdom, say attorneys at Kirkland.

  • Responding To DOJ's Increasing Int'l Antitrust Extraditions

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    The U.S. Department of Justice's recent extradition of a Korean auto parts executive — the third extradition based solely on an antitrust charge — reveals the difficult choices individuals face in deciding whether to defend themselves in a foreign land, but defendants in these cases have other options, say attorneys at BakerHostetler.

  • UK Gambling Regulator's AML Action Is A Warning To All Cos.

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    The U.K. Gambling Commission's recent anti-money laundering fine against online gambling giant Betway illustrates that companies subject to the U.K. Money Laundering Regulations must adopt a risk-based compliance approach that concentrates resources and focus into their highest-risk areas, say attorneys at Cadwalader.

  • A Few Unexplained Wealth Orders Don't Solve Fraud Issues

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    While the National Crime Agency has paraded a few high-profile unexplained wealth orders, like those the U.K. Court of Appeal recently upheld against Zamira Hajiyeva, the hype still fails to match their limited usefulness in combating illicit money thus far, says Bambos Tsiattalou at Stokoe.

  • Regulating Cryptoassets May Be Harder Than FCA Expects

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    The Financial Conduct Authority's director of retail and regulatory investigations recently painted a hopeful picture of plans to regulate cryptoassets, but obstacles such as weak links in the global regulatory chain and resistance to compliance may be more challenging than anticipated, says Anna Gaudoin of WilmerHale.

  • Opinion

    SFO Must Radically Overhaul Prosecution Approach

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    The Serious Fraud Office's recent failure to convict three Barclays executives for fraud is the latest evidence that the agency's real issue is its tendency to seek prosecution without a realistic chance of conviction, says Bambos Tsiattalou at Stokoe.

  • Aviation Watch: Airbus Gets Off Easy In Bribery Settlement

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    The $4 billion settlement Airbus recently agreed to pay to the U.S., U.K. and France over foreign bribery charges is merely a cost of doing business for the aircraft manufacturer, and suggests that there is no effective deterrent to corruption when companies are too big to prosecute, says Alan Hoffman, a retired attorney and aviation expert.

  • Conviction Toss Reinforces FCPA’s Jurisdictional Constraints

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    A Connecticut federal court's recent decision in Lawrence v. Hoskins, throwing out a foreign national's conviction for Foreign Corrupt Practices Act violations, is a potent reminder of the FCPA's limited reach and provides defense counsel with a powerful new precedent, say attorneys at Fried Frank.

  • UK Group Data Breach Claims Pose Big Financial Risks

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    Recent English court decisions appear to make it easier for data breach victims to bring collective actions, and consequently companies may find they are liable for huge sums in addition to fines under the General Data Protection Regulation, say attorneys at Morrison & Foerster.

  • Corporate Self-Reporting Won't Guarantee SFO Leniency

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    While self-reporting corporate crime can generally help U.K. companies get more lenient treatment from the Serious Fraud Office, two companies that were formally prosecuted nonetheless demonstrate that self-reporting should be backed by proper cooperation, reform and caution, says Azizur Rahman at Rahman Ravelli.

  • Assessing Trump's Conditional Pardon Offer To Assange

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    President Donald Trump's reported offer to pardon Julian Assange, if Assange denied that Russians hacked into the Democratic National Committee database, was constitutionally risky and highlights the danger of presidential power wielded for personal goals, says Harold Krent at Chicago-Kent College of Law.

  • Legacy Contracts Complicate Libor Transition

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    As firms prepare for Libor cessation by the end of next year, one of the more difficult challenges may be dealing with legacy contracts, which could cause significant market disruption and litigation if not successfully renegotiated, say Abdulali Jiwaji and Johnny Shearman at Signature Litigation.

  • SFO Compliance Evaluation Guidance Is Insubstantial

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    The Serious Fraud Office's new guidance explaining how it assesses companies' compliance programs is laudable, but does not provide enough solid advice, says Azizur Rahman of Rahman Ravelli.

  • Rebuttal

    AI Can't Accurately Predict Case Length And Cost — Yet

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    A recent Law360 guest article argued that artificial intelligence can precisely estimate the length and cost of a new case, but several limitations will likely delay truly accurate predictions for years to come, says Andrew Russell at Shaw Keller.

  • What To Expect During The Brexit Transition Period

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    While all formal ratification procedures for the U.K.'s departure from the European Union have been completed, the transitional period will bring an enormous range of trade, customs and regulatory issues, say attorneys at Mayer Brown.

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