Corporate Crime & Compliance UK

  • July 30, 2021

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

    This past week in London has seen Cantor Fitzgerald & Co. sue an Indian bank, eight insurers go after British construction giant John Wood, and Visa and MasterCard face new competition claims. Here, Law360 looks at those and other new claims filed in the U.K.

  • July 30, 2021

    Amazon Hit With €746M Privacy Fine From EU Regulators

    Luxembourg's data protection regulator has fined Amazon a record €746 million ($884.9 million) for allegedly violating the European Union's stringent data protection rules through its collection and use of personal data.

  • July 30, 2021

    Ex-SFO Official Says ENRC Was On Course For Charges

    A former Serious Fraud Office investigator testified Friday that Eurasian Natural Resources Corp. was heading toward criminal charges after a Dechert attorney revealed suspicions that the mining company had breached sanctions and bribed African officials.

  • July 30, 2021

    FCA Probes Monzo Bank Over Potential AML Breaches

    Online lender Monzo said on Friday that the Financial Conduct Authority has launched a probe into its compliance with anti-money laundering rules after it revealed £130 million ($180 million) in losses for the financial year to February.

  • July 30, 2021

    Binance Crypto-Exchange Winds Down Derivatives In Europe

    Cryptocurrency firm Binance announced on Friday that it is winding down its futures and derivatives product offerings across Europe, where it has been coming under increasing regulatory scrutiny amid concerns about compliance and protection for investors.

  • July 30, 2021

    Bank Loses Privilege Fight Over PwC Report In Qatar Fight

    A private Luxembourg bank must give Qatar a report compiled by PricewaterhouseCoopers that examines allegations that it manipulated international financial markets to crash the Middle East country's economy, as a London court ruled Friday that the document is not legally privileged.

  • July 30, 2021

    FCA Wins Order To Block Illegal Lender's Property Claims

    The Financial Conduct Authority has obtained a court order to nullify hundreds of claims secured over properties by an illegal moneylender after he took ownership of his victims' homes when they could not pay their debts.

  • July 29, 2021

    HSBC Says Data Gaps Make FX Rigging Suit Impossible

    HSBC argued at a London court Thursday that a lack of trading data means it is almost impossible for a U.K. currency firm to prove allegations the bank's traders routinely rigged foreign exchange markets in a bid to make dishonest profits.

  • July 29, 2021

    Eversheds Sutherland Hires 1st Chief Transformation Officer

    Eversheds Sutherland has tapped information technology leader Ronan Hanrahan as its first chief transformation officer.

  • July 29, 2021

    Exiled Mining Tycoon Loses Bid To Retake Gold-Mining Biz

    An exiled Turkish tycoon has failed in his latest attempt to take control of his family's gold mining business, as a London court ruled that trustees appointed by the government following a failed coup had authorization to run the company.

  • July 29, 2021

    City Regulator Warns Banks To Watch For COVID Loan Fraud

    The U.K. financial watchdog has warned banks that a government-backed COVID-19 lending program is vulnerable to fraud, including applications from fake businesses set up by criminals or ineligible borrowers.

  • July 29, 2021

    EX-SFO Official Denies Dishonest Plot To Delete ENRC Emails

    A former SFO investigator testified Thursday that he had to "double delete" his emails because the agency lacked storage capacity, denying accusations that he tried to conceal communications with a Dechert attorney running an internal corruption probe into mining giant ENRC.

  • July 29, 2021

    Three Firms Fined £100M For Overpriced Thyroid Drug

    Britain's antitrust watchdog said Thursday it has hit Advanz and two other companies with more than £100 million ($140 million) in fines after finding that the drugmaker had inflated the price of tablets for a thyroid condition by 1,110%.

  • July 29, 2021

    Google Hit With £920M Antitrust Suit Over App Store Charges

    Google has been hit with a £920 million ($1.3 billion) lawsuit on behalf of more than 19 million Android users in Britain for allegedly abusing its market dominance by charging "excessive" commissions on app sales, Hausfeld & Co LLP said on Thursday.

  • July 29, 2021

    Credit Suisse Blames Archegos Loss On Management Failures

    Credit Suisse said on Thursday that its managers failed to properly monitor risks that ultimately led to 5 billion Swiss francs ($5.5 billion) in losses at the Swiss lender when Archegos Capital imploded — contributing to a 78% profit drop in its results for the second quarter.

  • July 28, 2021

    Ex-SFO Official Says He Was Unaware Of Peers' ENRC Chats

    A former Serious Fraud Office investigator testified Wednesday that he was kept in the dark by the agency's then director and an investigator about private meetings they had with a Dechert LLP attorney running an internal corruption probe into mining giant ENRC.

  • July 28, 2021

    Ukrainian Businessman Loses $82.5M Row With Ex-Partner

    A Ukrainian businessman cannot claw back $82.5 million spent buying a stake in a major industrial steel manufacturer, a London appeals court ruled on Wednesday, saying that the deal did not include interest in two luxury hotels and other assets.

  • July 28, 2021

    Chelsea FC Owner's Libel Case Over Putin Book Begins In UK

    A lawyer for Roman Abramovich fought claims Wednesday that the Chelsea Football Club owner's lawsuit against HarperCollins is an attack on free speech, arguing that a book chronicling the rise of President Vladimir Putin contains defamatory passages.

  • July 28, 2021

    Head Of Mortgage Broker Appeals FCA Fine And Lifetime Ban

    The director of a mortgage broker is appealing a lifetime ban and a £25,000 ($35,000) fine from the Financial Conduct Authority, the watchdog said on Wednesday, as it alleged that he had inadequate means to prevent financial crime.

  • July 28, 2021

    Ireland To Tighten Exec Accountability At Finance Firms

    The Irish government is drafting legislation that will allow regulators to hold senior executives at banks, insurers and investment firms to account for mistakes and failings that take place at their firm.

  • July 28, 2021

    Cum-Ex Deals Are Criminal Tax Evasion, German Court Says

    Claiming capital gains taxes that were not withheld via dividend trading arrangements known as cum-ex constitutes criminal tax evasion, Germany's highest criminal court said on Wednesday as it upheld a lower court ruling from March 2020.

  • July 27, 2021

    Credit Suisse Appoints Goldman Partner To Head Up Risk

    Following a pledge from Credit Suisse's chairman to reassess risk after a pair of scandals bled the Swiss institution of billions, the bank announced Tuesday it has appointed a Goldman Sachs partner as its new chief risk officer.

  • July 27, 2021

    Lynch Extradition Battle Puts SFO Sway In The Spotlight

    Former Autonomy chief Mike Lynch's uphill battle to challenge his extradition to the U.S. for fraud over the $11.7 billion sale of his software firm to Hewlett-Packard is poised to test the influence of the Serious Fraud Office and other U.K. enforcers in such legal fights.

  • July 27, 2021

    PwC Hit With £41M Negligence Suit In Car Dealership Collapse

    The administrators of a classic car retailer have sued PricewaterhouseCoopers for £41.3 million ($57.3 million) for giving the dealership a clean bill of health even though its books contained fake car sales and overstated its revenue.

  • July 27, 2021

    Ransomware Attacks Drive Up Cyber Insurance Prices

    An increase in attacks on IT systems and accompanying ransom demands from hackers is continuing to push up prices for cyber insurance around the world, insurance broker Marsh said on Tuesday.

Expert Analysis

  • First 2021 Corporate FCPA Case Offers Compliance Reminders

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    Foster Wheeler's recent Foreign Corrupt Practices Act settlement — the first corporate enforcement action since President Joe Biden took office — highlights the FCPA risks related to public contracting and tenders, the use of third-party agents, successor liability following M&A activity, and the U.S. authorities' aggressive assertion of jurisdiction in international corruption cases, says Robert Johnston Jr. at Lowenstein Sandler.

  • How UK Binance Ban Is Putting Cryptocurrency On Notice

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    The U.K. Financial Conduct Authority's ban on Binance Group, following concerns about insufficient oversight, conveys a significant warning that regulatory scrutiny on cryptocurrency exchanges is increasing and also that crypto users should exercise caution in their transactions, says Josie Welland at Rahman Ravelli.

  • AmEx Fine Offers Lessons For Navigating UK Privacy Laws

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    The U.K. data protection regulator's fine against an American Express division for unsolicited marketing emails serves as a handy reminder that the General Data Protection Regulation isn't the only game in town — a separate directive regulates all electronic direct marketing whether personal data is processed or not, say Matthew Getz and Michael Smyth at Boies Schiller.

  • The UK Bribery Act At 10, And What's Next

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    Lauded as a gold standard that put the U.K. in step with modern commercial practices, the Bribery Act turns 10 years old with just a few unmet goals, mostly at the prosecutorial end — and those charged with enforcement will likely face some real tests in the next decade, says Anneka Randhawa at White & Case.

  • The Risky Reality Of GDPR Noncompliance

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    With the General Data Protection Regulation remaining in force in the post-Brexit European Union, businesses should be aware not only of the increasing fines levied for noncompliance, but also of the expenses incurred for lost management time, the professional costs and the reputational damage, says Alexander Egerton at Seddons Law.

  • Risk Management Lessons From Recent Finance Co. Failures

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    Investor exposure to Archegos Capital and Greensill Capital before their high-profile collapses earlier this year show puzzling lapses in internal controls and highlight key risk management considerations for investors, says Benedict Roth at Martello Financial Services.

  • What New UK Money Laundering Law Means For Fintech

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    New U.K. money laundering legislation will likely benefit electronic money and payment institutions, but an increase in state forfeiture powers and a lingering possibility of a broad failure-to-prevent offense leave the fintech industry's regulatory future uncertain, say Andrew Herd and Helena Spector at Red Lion Chambers.

  • Warnings And Guideposts From EU Sanctions Blocking Case

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    An advocate general's recent opinion in Bank Melli Iran v. Telekom Deutschland, a European Union sanctions blocking case, highlights serious new international regulatory compliance risks but also presents helpful guidance for navigating conflicting EU and U.S. rules, say Thomas Grant at Cambridge University and Scott Kieff at George Washington University.

  • UK Bill Must Navigate Crosscurrents Of Internet Regulation

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    The U.K.'s draft Online Safety Bill seeks to regulate a broad swath of online content and internet services but faces a number of potential implementation challenges, including balancing digital safety with freedom of expression and administering regulatory goals with frequently opposing objectives, say Ben Packer and Jemma Purslow at Linklaters.

  • Serco Exec Acquittals Are Fueling Criticism Of SFO

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    The recent collapse of the U.K. Serious Fraud Office's case against two former Serco Geografix Ltd. directors underscores the SFO's continued challenges in turning lucrative deferred prosecution agreements into the guilty verdicts it seeks, raising concerns about the agency's success rates, say Richard Sallybanks and Alex Swan at BCL Solicitors.

  • How Fraudsters Have Abused UK's Pandemic Relief Efforts

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    The COVID-19 pandemic has provided many new opportunities for fraudsters to exploit resulting assistance measures or changes in victims' behavior, and the U.K. government's efforts to combat fraud and recover public funds may be insufficient, say Cameron Brown at Red Lion Chambers and Kabir Sondhi at 9 Bedford Row.

  • FCA's NatWest Scrutiny Suggests Enforcement Sea Change

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    The U.K. Financial Conduct Authority’s recent criminal proceedings against NatWest over Money Laundering Regulation compliance failures show how the regulator may be positioning itself to take on a more active role as a prosecutor, says Jemma Sherwood-Roberts at Constantine Law.

  • Asset Disclosure Can Help Claimants Enforce Judgments

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    Amid the economic turmoil of COVID-19, a proactive approach to asset disclosure should be central to a strong strategy for enforcing judgments, enabling civil fraud claimants to identify and freeze all manner of assets while applying pressure and gaining information, say Kate Gee and Olivier Swain at Signature Litigation.

  • 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.

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