Britain’s Serious Fraud Office has clarified what companies can expect when they report fraud and corruption, issuing guidance that experts say will help businesses navigate the gap between cooperating with the differing demands of U.S. and U.K. white-collar enforcers.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
The retrial of former Barclays executives accused of fraud over the bank’s fundraising in the era of the financial crisis and the outcome of Britain’s biggest ever fraud trial, between Hewlett Packard and the founder of British software firm Autonomy, are two of the big cases that attorneys are watching in the second half of the year.
Corporations swept up by Europe's year-old data protection law are more comfortable now with their vast compliance obligations than when the law was enacted, but key questions about regulators' expectations and the price of noncompliance still linger as the landmark regulation enters its second year.
The U.K government has piled pressure on its white collar enforcers to tackle increasingly complex crime while offering few new resources to fund the task — leaving agencies to get creative or risk falling short.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.