Corporate Crime & Compliance UK

  • February 21, 2020

    EU Fines Spanish Hotel Co. $7.2M Over Antitrust Violation

    The European Commission said Friday it has fined Spanish hotel group Melia Hotels International SA — Spain's largest hotel chain — €6.7 million ($7.2 million) for breaching European Union antitrust rules by restricting tour operators’ travel packages based on where consumers live.

  • February 21, 2020

    DOL Judge Kills Ex-Morgan Stanley Atty Whistleblower Case

    A U.S. Department of Labor judge has thrown out a former Morgan Stanley attorney’s claims that he was pushed out of his job after he brought up ethical concerns, finding he isn’t protected by the retaliation provision of a U.S. anti-fraud law because he worked in Hong Kong.

  • February 21, 2020

    Ukrainian Oligarch Fights Jurisdiction In $27M Fraud Case

    A Ukrainian oligarch is launching a bid to get High Court claims accusing him of pocketing $10.9 million from a business partner tossed out, arguing that English courts do not have jurisdiction to hear the case.

  • February 21, 2020

    Ex-Unaoil Exec Says Payments Went For Security, Not Bribes

    A former Unaoil executive accused of conspiring to bribe an official at an Iraqi state-owned oil company believed that the money was for security to insure the man could safely conduct business during the country’s turbulent post-war period, his lawyer told a London jury Friday.

  • February 21, 2020

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

    The past week in London has seen a premium payment card provider drag an exiled Ukrainian politician to court, an investment company sue Cuba for unpaid government debt and lenders offering unregulated finance take action against The Times newspaper. ​​​​​​​Here, Law360 looks at these claims and more. 

  • February 21, 2020

    Iran Blacklisted By Global Money-Laundering Watchdog

    A global anti-money laundering watchdog told countries on Friday to protect their financial systems from dealing with Iran, as it blacklisted the country for failing to improve its safeguards against terrorist financing.

  • February 21, 2020

    London Insurers Disappointed With FCA Bullying Censure

    A trade body for the Lloyd’s of London insurance market has said it was disappointed after the Financial Conduct Authority criticized the institution for being rife with both bullying and financial inefficiencies.

  • February 21, 2020

    Danske Shareholders Target Ex-CEO In 4th AML Lawsuit

    An investment recovery consultancy representing 155 Danske Bank institutional investors said Friday it has filed a complaint related to anti-money laundering lapses that seeks 2.7 billion Danish kroner ($390 million) in damages from the lender’s former chief executive.

  • February 20, 2020

    Swiss Prosecutors File Charges In FIFA World Cup Bribe Case

    Swiss prosecutors said Thursday they have brought criminal charges against the president of French soccer club Paris St-Germain and a former FIFA official following an investigation into the sale of media rights for various international tournaments.

  • February 20, 2020

    Swiss Watchdog Bans Julius Baer From M&A After AML Woes

    Switzerland’s financial regulator said Thursday it has temporarily banned Julius Baer from completing large acquisitions and forced it to appoint an independent auditor after finding that the Swiss private bank had significant shortcomings in its anti-money laundering safeguards for nearly a decade.

  • February 20, 2020

    Minibonds Victims Take Legal Fight To Compensation Scheme

    Law firm Shearman & Sterling has begun legal action on behalf of London Capital & Finance victims disputing a decision by the Financial Services Compensation Scheme to only award automatic compensation to around 159 shareholders.

  • February 20, 2020

    FCA Strips License From Adviser Tied To British Steel Scandal

    A financial adviser with links to the British Steel pensions scandal has appealed a Financial Conduct Authority ruling that last year saw it stripped of its regulatory permissions.

  • February 20, 2020

    Lloyds Bank Sets Aside £2.45B For Final Misselling Claims

    Lloyds Bank said Thursday that its profits before tax dropped by 26% in 2019 as it set aside £2.45 billion ($3.15 billion) to deal with the last batch of compensation claims from customers for improperly sold payment protection insurance.

  • February 20, 2020

    Audit Firms Face Review Of Climate Change Risk Reporting

    The U.K.’s audit watchdog announced plans Thursday to review how companies and auditors assess climate change to ensure they are adequately reflecting the financial risks to investors. 

  • February 19, 2020

    3 Takeaways From $50B Yukos Oil Decision

    A Dutch appeals court has revived $50 billion in arbitral awards issued to former Yukos Oil Co. shareholders who accused Russia of dismantling the company to crush a political rival of President Vladimir Putin. Here are three takeaways from the blockbuster decision.

  • February 19, 2020

    Dutch Gov’t Sharing Crypto Probe Info, Tax Official Says

    The Netherlands is collaborating with other countries’ tax enforcement departments to share information that the Dutch government gathered from its investigation into a cryptocurrency website that allowed users to conceal money flow, a Dutch tax official said Wednesday.

  • February 19, 2020

    LC&F Seeks Costs After Forcing Trustee To Bow Out

    Counsel for scandal-plagued London Capital & Finance asked a London judge Wednesday for an award of its legal costs after it succeeded in removing Global Security Trustees Ltd. as the collapsed bond firm's trustee because of concerns over conflicts of interest.

  • February 19, 2020

    Crypto Soccer Exchange Faces $2.2M Bill In Old Tokens Fight

    A Swiss businessman has accused a U.K.-based soccer stock exchange and cryptocurrency group of defrauding him out of $2.2 million after they failed to issue his oil company with new digital tokens.

  • February 19, 2020

    EU Watchdog Warns Of Cyberattack Risk To Financial System

    A well-planned cyberattack on a major financial institution could trigger a liquidity crisis that may then spiral into a global financial crisis, a European regulator warned in a report Wednesday.

  • February 19, 2020

    Anti-Corruption Groups Question Size Of SFO's Airbus DPA

    Anti-corruption campaigners have questioned whether the €3.6 billion ($3.9 billion) penalty Airbus SE paid to three global enforcers after admitting to a string of bribery and corruption offenses properly reflected the profits the European aerospace giant made from its wrongdoing.

  • February 19, 2020

    Ex-Serco Execs Face 2021 Trial Over Gov't Contract Fraud

    Two former executives at private security company Serco will face trial in January 2021 on fraud and false accounting charges brought by Britain’s Serious Fraud Office as part of its investigation into a scandal over the company’s electronic prison tagging contract with the government.

  • February 18, 2020

    Alleged Ponzi Scheme Operators Ordered To Pay £8.6M

    A judge Tuesday ordered two men charged in connection to an alleged forestry investment scam to pay more than £8.6 million ($11 million) under a deal they previously reached to resolve civil proceedings brought by liquidators for the companies they allegedly defrauded.

  • February 18, 2020

    EU Adds Cayman Islands, 3 Others To Tax Haven Blacklist

    The European Union Tuesday added the Cayman Islands and three other jurisdictions to the list of countries it considers uncooperative on tax matters, ending days of speculation about which territories would be on the updated blacklist. 

  • February 18, 2020

    Belgian Watchdog Won’t Push Antitrust Fine Over Jet Deal

    Belgian competition authorities said a deal for Brussels Airlines to buy jets from Thomas Cook while blocking other tour operators from booking airplane seats violated antitrust law, but it won’t require fines because Thomas Cook went bankrupt.

  • February 18, 2020

    Credit Suisse Hit With Costs In Ex-Director's Suit

    A judge ordered Credit Suisse to pay some of a former employee's costs on Tuesday after he largely fended off a bid to pare down his £46 million ($60 million) lawsuit over his imprisonment in Romania on espionage charges while working for the lender.

Expert Analysis

  • 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.

  • UK 'Free Ports' May Heighten Risk Of Economic Crime

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    It may be sensible for the U.K. to introduce free ports — government-designated areas of little or no tax — to boost trade with other countries, but they could also create opportunities for major financial crime, says Stephen Baker of Baker & Partners.

  • UK Account Freezing Orders Have Quietly Made An Impact

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    Account freezing orders, one of the enforcement powers introduced by the U.K.'s Criminal Finances Act, are not as well-known as unexplained wealth orders but have arguably been a more effective weapon against economic crime and will be increasingly deployed by enforcement agencies in the future, says Ross Dixon of Hickman & Rose.

  • Why SFO Closed Its Libor Manipulation Investigation

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    Despite ongoing civil claims, the Serious Fraud Office has most likely closed its investigation into Libor rate manipulation due to the comparative difficulty of securing criminal convictions, and is unlikely to bring further charges unless significant new evidence comes to light, says Anthony Hanratty of BDB Pitmans.

  • What's Next For Ad-Tech After EU Data Privacy Investigation

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    The European Commission's competition regulator has launched an investigation into Google's data collection practices, indicating a continued focus on the advertising technology sector amid growing public concerns over privacy, says Elizabeth Kilburn of Wedlake Bell.

  • Surefire Marketing Methods To Build Your Legal Practice

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    Attorneys who take the time and the risk to showcase their talents through speaking, writing and teaching will find that opportunities will begin building upon themselves, says Daniel Karon of Karon LLC.

  • When A Deferred Prosecution Agreement Isn't The Best Option

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    While deferred prosecution agreements can seem attractive, the recent acquittal of Guralp executives accused of conspiracy to make corrupt payments shows that such deals may not always be in a company’s best interests, says Aziz Rahman of Rahman Ravelli.

  • What UK Panel's Cryptoasset Update Does And Doesn't Clarify

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    A recent legal statement from the U.K. Jurisdiction Taskforce clearing up the status of cryptoassets and smart contracts reaffirms the flexibility of English law, but leaves matters of data protection and treatment of related assets in question, say Mark Dawkins and Jenny Arlington of Akin Gump.

  • How English Courts Approach Comity When Laws Conflict

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    Two recent cases from the High Court of Justice and the Court of Appeal shed light on how English appeals courts consider the principle of comity when one jurisdiction exposes a person to criminal prosecution for conduct required by the law of another jurisdiction, says Nick Barnard of Corker Binning.

  • Key Risks And Developments For UK Law Firm Culture In 2020

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    In 2020, law firms throughout the U.K. will be increasingly reshaped by rapid changes in societal expectations and advances in technology, say Helen Rowlands and Niya Phiri of Clyde & Co.

  • 5 Things To Watch In Litigation Finance This Year

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    As 2020 arrives, we may see new products and initiatives in litigation finance that we can’t imagine yet, but one thing is clear — this industry is well past its earliest stage and is entering a very active growth spurt, says Ralph Sutton of Validity Finance.

  • #MeToo Pressure On UK Businesses Is Set To Rise

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    Recent declarations by the Financial Conduct Authority and Prudential Regulation Authority indicate that sexual harassment in the U.K.'s financial services industry may lead to consequences under the newly expanded Senior Managers and Certification Regime, and other sectors are facing growing scrutiny as well, say attorneys at Covington.

  • Key Developments In 2019 Anti-Corruption Enforcement

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    As another year draws to a close, Aisling O'Shea and Nicholas Brechbill at Sullivan & Cromwell take a look at some of the most important U.S. anti-corruption enforcement trends.

  • How English Law Liability Frameworks May Apply To AI

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    Although English civil and criminal liability frameworks that apply to artificial intelligence systems seem likely to be reformed in the near future, those operating in the AI space should manage existing legal risks in the meantime, say Ben Hughes and Russell Williamson of Bird & Bird.

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