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Corporate Crime & Compliance UK
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May 23, 2024
Tory Donor Charged In UK With Bribing Foreign Official
An entrepreneur and political donor appeared at a London court on Thursday charged with bribing a public official in the Caribbean to secure contracts for his solar power company, the National Crime Agency said.
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May 23, 2024
UK Antitrust Watchdog To Investigate Veterinary Market
The antitrust regulator said on Thursday it had launched a full investigation into the veterinary sector, after it had provisionally raised concerns about poor competition in pricing and access to medicine for pets.
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May 22, 2024
Assange Appeal May Put US Constitution In UK Crosshairs
Julian Assange's latest appeal, in which he claims he would be denied free speech protection if he is put on trial in the U.S., could break new ground in extradition cases and end up having to be decided by Britain's highest court, legal experts say.
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May 22, 2024
Property Transfer For Tax Break Not Dishonest, UK Court Says
Two liquidated London real estate companies failed to convince the United Kingdom Court of Appeal that their former director behaved dishonestly by transferring their holdings to Jersey trusts for less than market value to obtain a tax advantage, according to a judgment released Wednesday.
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May 22, 2024
DLA Piper Beefs Up White Collar Bench With Former SFO Atty
After leaving her government post in March, one of the most senior officials at the U.K.'s Serious Fraud Office, Judy Krieg, has found a home at DLA Piper LLP as a partner in its Washington, D.C. office, the firm announced Wednesday.
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May 22, 2024
Solicitor Fails To Nix Fake-Employee Fraud Conviction
A solicitor on Wednesday lost her bid to overturn her conviction for pocketing the salary of a fake employee, with a London appellate court ruling her conviction was not unsafe after the solicitor's counsel had argued the trial judge failed warn the jury a witness' evidence should be handled cautiously.
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May 22, 2024
Ex-Goldman Banker Gets Contempt Sentence Suspended
A London appellate court on Wednesday chose "the road of mercy rather than justice" and suspended a prison sentence for a former Goldman Sachs banker who breached court orders to hand over information concerning the financial assets of the wife of an imprisoned Turkish politician.
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May 22, 2024
Hilco Exec Wins £296K After Being Sacked For Whistleblowing
A tribunal has awarded a former Hilco Capital Ltd. HR director almost £296,000 ($377,000) in compensation after she was unfairly sacked for blowing the whistle over alleged banking irregularities.
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May 22, 2024
UK Gov't Calls Elections For July 4 Despite Poor Polls
Prime Minister Rishi Sunak on Wednesday called an early general election to be held on July 4, advancing the electoral timetable even though his Conservative Party lags decisively behind the opposition Labour Party.
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May 22, 2024
City Group Warns Financial Fraud Still Major Problem
A City trade body for financial institutions said Tuesday that payment fraud remains a major problem, with criminals stealing more than £1 billion ($1.27 billion) in 2023, shifting into growth areas such as mobile banking.
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May 22, 2024
Ex-Post Office Boss Didn't Know Business Prosecuted People
Former Post Office boss Paula Vennells denied on Wednesday that she knew the organization conducted its own prosecutions, telling the inquiry into its wrongful prosecution of innocent sub-postmasters she became aware of the power to prosecute only several years after she joined.
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May 22, 2024
Swiss Gov't Adopts Proposals For Tougher AML Laws
Switzerland on Wednesday approved a new anti-money laundering framework that will introduce a register in which companies and other legal entities in the country will have to disclose information on their beneficial owners in a major shift in its anti-money laundering rules.
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May 22, 2024
Chinese Woman Faces Oct. Criminal Crypto Possession Trial
A Chinese woman and her alleged accomplice are scheduled to stand trial in London in October, charged with criminal possession and transfer of cryptocurrency, a judge said Wednesday.
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May 22, 2024
BT Fined £2.8M For Failing EE, Plusnet Customers
The media watchdog said Wednesday it has fined telecoms group BT £2.8 million ($3.6 million) for failing to provide enough information to more than a million customers of mobile phone network EE and internet service provider Plusnet.
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May 22, 2024
Citigroup Fined £61.6M For Trading Systems Failings
Two finance regulators said Wednesday they have fined Citigroup Global Markets Ltd. a total of £61.6 million ($78.4 million) for failures in trading systems that led to the lender mistakenly selling $1.4 billion in equities into European markets.
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May 21, 2024
Leigh Day Considering Legal Action Over UK Blood Scandal
Personal injury and human rights firm Leigh Day said Tuesday that it was considering legal action against the U.K. government on behalf of clients who were given infected blood transfusions over three decades, after a government minister gave a speech outlining how victims will be compensated.
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May 21, 2024
EU Gives Final Approval To World's First AI Rulebook
European Union law negotiators gave the final green light on Tuesday to the first worldwide rules on artificial intelligence across most sectors including financial services, classifying its usage in bank lending risk assessments or insurance underwriting for EU citizens as high-risk.
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May 21, 2024
Post Office Official Told MP About IT Bugs Ahead Of Report
A former Post Office senior official conceded she was the "bearer of bad news" by ensuring an MP was told of bugs in the IT system used to wrongly prosecute innocent people, as she gave evidence to an inquiry Tuesday.
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May 21, 2024
I Am An Honest Man, British Trader Tells £1.4B Fraud Trial
Sanjay Shah, a former hedge fund owner who is accused of defrauding Denmark's tax authority out of £1.4 billion ($1.8 billion), told a London court on Tuesday that he is an "honest man" who traded using a legal "loophole."
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May 21, 2024
Finance Pros 'Too Afraid' To Blow Whistle On Fraud
More than three-quarters of finance professionals in the U.K. stayed silent after spotting or suspecting internal fraud in their workplaces, a survey published on Tuesday showed, with nearly half saying they feared a backlash.
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May 21, 2024
Ex-Insurance Exec's Wife Denies Knowledge Of Illegal Money
The wife of a former executive at Gable Insurance has denied cashing in on unauthorized payments from her husband who, the Liechtenstein insurer alleges, siphoned off millions of pounds from the company to accounts he had links to.
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May 21, 2024
Prince Harry Fails To Drag Rupert Murdoch Into Privacy Claim
Prince Harry and others suing the U.K. arm of Rupert Murdoch's News Corp. failed on Tuesday to drag the media mogul into their claim as a London judge refused to expand their case to include allegations that he was part of an alleged cover-up.
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May 21, 2024
Hayes Gets Lifeline In Bid To Overturn Libor Conviction
An English appellate court on Tuesday opened the door for two traders convicted of manipulating benchmark interest rates to appeal to the U.K.'s top court but said that the justices must decide whether to hear the case.
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May 20, 2024
Arbitrator In $14.9B Malaysia Case Can't Nix Contempt Ruling
Embattled arbitrator Gonzalo Stampa has lost an appeal challenging his conviction in Spain for contempt of court after he ordered Malaysia to pay $14.9 billion to the heirs of the last sultan of Sulu in an unusual, high-stakes arbitration stemming from a 19th-century land deal.
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May 20, 2024
Autonomy CEO Reaped $516M From HP Acquisition, Jurors Told
Ex-Autonomy CEO Michael Lynch took home more than $516 million from the software company's $11.7 billion sale to HP, an FBI agent testified Monday as the government's last witness in a trial over allegations Lynch duped HP into overpaying to buy the company.
Expert Analysis
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Taking Stock Of The Latest Criminal Court Case Statistics
The latest quarterly statistics on the type and volume of cases processed through the criminal court illustrate the severity of the case backlog, highlighting the need for urgent and effective investment in the system, say Ernest Aduwa and Jessica Sarwat at Stokoe Partnership.
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ICO Data Protection Guidance Offers Clarity On Fining Powers
New guidance from the Information Commissioners' Office is designed to offer transparency about its fining powers, and, combined with the office's wide-ranging enforcement authority, clearly intends to ensure breaching companies concentrate on the external harm they cause and not only internal changes, say Robert Allen and Amelia Handoll-Clark at Simmons & Simmons.
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Hugh Grant Case Raises Questions About Part 36 Offers
Actor Hugh Grant's recent decision to settle his privacy suit by accepting a so-called Part 36 offer from News Group — to avoid paying a larger sum in legal costs by proceeding to trial — illustrates how this legal mechanism can be used by parties to force settlements, raising questions about its tactical use and fairness, says Colin Campbell at Kain Knight.
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Investment Security Act Fine-Tune May Help Businesses
Although the government’s recent response to feedback on the National Security and Investment Act regime makes it clear that its approach is one of fine-tuning and substantial reforms will have to wait, there is still room to ease the burden on businesses by issuing guidance and refining the terms of mandatory area definitions, say lawyers at Linklaters.
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How New FCA Rules Strengthen Borrower Protections
The Financial Conduct Authority’s recently published final rules, aimed at strengthening protections for borrowers in financial difficulty by regularizing good practices across the industry, put its previous guidance on a permanent footing and send a clear message to firms that this issue remains a regulatory priority, say James Black, Julie Patient and Mark Aengenheister at Hogan Lovells.
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How Cos. Can Prepare For EU's Forced Labor Regulation
Before a new European Union regulation takes effect banning products made with forced labor from the internal market, economic operators will need to get their supply chain compliance functions ready, familiarizing themselves with international standards and case law, say Vassilis Akritidis and Jean-Baptiste Blancardi at Crowell & Moring.
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Opinion
New Property Category Not Needed To Regulate Digital Assets
The U.K. Law Commission's exploration of whether to create a third category of property for digital assets is derived from a misreading of historical case law, and would not be helpful in resolving any questions surrounding digital assets, says Duncan Sheehan at the University of Leeds.
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FTSE Draft Rules Show Impact Of FCA Listing Reforms
FTSE Russell’s recently published provisional rule changes represent a much-awaited indication of its response to the U.K. Financial Conduct Authority’s proposed listing reforms, providing a level of certainty that will assist issuers and advisers in preparing for the implementation of the regime, say lawyers at Davis Polk.
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FCA Strikes A Balance With 'Finfluencer' Guidance
With financial firms leveraging social media to engage with a broader audience, the Financial Conduct Authority’s recent "finfluencer" guidance signals a recognition of the imperative to adapt regulatory frameworks while maintaining a firm commitment to consumer protection, say David Allinson and Damien O'Malley at RPC.
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Pharma Remains A Key Focus Of EU Antitrust Enforcement
The recently published European Commission report on pharmaceutical sector competition law illustrates that effective enforcement of EU rules remains a matter of high priority for EU and national authorities, say lawyers at Dechert.
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Dissecting Recent Developments Against The Misuse Of NDAs
The U.K. government's recent plans to nullify nondisclosure agreements that prevent victims from reporting crimes should remind lawyers to proactively consider the necessity of such agreements, especially in light of the Solicitors Regulation Authority's warning notice on drafting improper NDAs, say Clare Davis and Macaela Joyes at RPC.
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What UK Energy Charter Treaty Exit Would Mean For Investors
While the U.K.'s recent announcement that it intends to withdraw from the Energy Charter Treaty is a bold political signal, investor protections will remain in place for a significant period of time, ensuring that an element of certainty and business continuity will remain, say Karel Daele and Jessica Thomas at Taylor Wessing.
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Assessing The FCA Data Study's Response To User Concerns
The Financial Conduct Authority’s recently published report on the supply of wholesale financial data differs from others in its exceptional breadth and analysis of an enormous volume of information, but in its reluctance to address market power or pricing directly, the regulator’s approach is still cautious, say Emma Radcliffe and Greg Dowell at Macfarlanes.
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Uber Payout Offers Employer Lessons On Mitigating Bias
Uber Eats' recent payout to a driver over allegations that the company's facial recognition software was discriminatory sheds light on bias in AI, and offers guidance for employers on how to avoid harming employees through the use of such technology, says Rachel Rigg at Fieldfisher.
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Apple Ruling Offers Morsel Of Certainty On Litigation Funding
An English court's recent decision in Gutmann v. Apple, finding that a litigation funder could be paid via a damages award, offers a piece of guidance on the permissibility of such agreement terms amid the ongoing uncertainty around funded group litigation in the U.K., says Mohsin Patel at Factor Risk Management.