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Corporate Crime & Compliance UK
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May 14, 2025
Watchdog Probes 10 Charities Over £22M In Cashed Checks
The English charity regulator announced Wednesday that it has launched a probe into a group of charities amid "serious concerns" after discovering they cashed £22 million ($29 million) of checks.
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May 14, 2025
HP's $4B Fraud Case To Resume After Mike Lynch's Death
A London court unjammed Hewlett Packard's $4 billion fraud case against Mike Lynch on Wednesday by approving an administrator to his estate, reactivating the case after the technology entrepreneur died when a yacht he was aboard sank in the Mediterranean Sea.
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May 13, 2025
Victims Call For Punishment Of Post Office Lawyers In Report
Victims of the Post Office Horizon IT scandal have called for lawyers to be held to account for their roles in facilitating one of the biggest miscarriages of justice in English legal history, a study by academics has revealed.
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May 13, 2025
FRC Alleges Ex-Finance Head Obstructed Accounting Probe
The U.K. accounting watchdog accused a former finance executive of failing to cooperate with its investigation into suspected accounting "irregularities" at a collapsed pipeline company at a tribunal hearing in London on Tuesday.
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May 13, 2025
Sheikh Fights Liability Over Share Transfer At Top UK Court
An Arab tycoon told Britain's top court Tuesday that he did not breach a fiduciary duty to his former company by transferring shares out of it after it went into liquidation, because he was no longer its director by that point.
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May 13, 2025
FCA Reports Progress On Misconduct MoU With China
The City watchdog has said it is working on a memorandum of understanding with the National Financial Regulatory Administration in China to help detect misconduct early.
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May 13, 2025
JPMorgan Challenges VTB's Russian Suit Over Frozen $156M
JPMorgan Chase & Co. asked a London court on Tuesday to prevent Russian state-owned VTB Bank PJSC from bringing a $156 million case in Russia over allegedly frozen funds, arguing that it had launched its claims in breach of an agreement to arbitrate in England.
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May 12, 2025
10 Convicted For Roles In €2.9B VAT Fraud, Prosecutors Say
A Portuguese court convicted 10 people for their roles in a massive value-added tax fraud scheme involving sales of electronic goods, with overall damages believed to approach €2.9 billion ($3.2 billion), the European Public Prosecutor's Office said Monday.
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May 12, 2025
Wells Fargo Whistleblower Claims Redundancy Was A Sham
A former compliance officer at Wells Fargo asked the Employment Tribunal on Monday to order the bank to reinstate him, based on what he described as clear evidence that he was dismissed after he blew the whistle on alleged market abuse.
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May 12, 2025
ICBC Bank Sued Over €795K Fraudulent Transfer By Hacker
A company has sued ICBC Standard Bank for allegedly transferring €795,000 ($894,000) out of its account on the instructions of an alleged hacker impersonating its director, saying that the lender is liable to refund it in full.
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May 12, 2025
Bulgarians Get 50 Years For Spying In UK For Russia
Six Bulgarians were sentenced to a combined total of 50 years in prison on Monday for taking part in a U.K.-based spy ring that conducted surveillance operations on high-profile targets across Europe on behalf of Russia.
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May 12, 2025
Investment Biz Boss Sues Refinitiv Over Incorrect KYC Info
The chief executive of an investment business has sued data and analytics giant Refinitiv for allegedly holding inaccurate information on its "know-your-client" database that incorrectly stated that her company was associated with a sanctioned individual.
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May 09, 2025
Ex-Meinl Bank CEO Extradited To US On $170M Odebrecht Rap
The former CEO of Austrian lender Meinl Bank AG was extradited from the U.K. and pled not guilty Friday to money laundering charges, stemming from allegations that he helped Odebrecht SA hide $170 million in funds used to bribe officials around the world and defraud the Brazilian government.
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May 09, 2025
Brokerage Risk Pro Loses Early Battle In Whistleblowing Case
An employment judge has rejected a compliance manager's bid for interim relief in a row with her former employer because he did not consider it likely that a tribunal will decide she was fired from the brokerage for making protected disclosures.
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May 09, 2025
Businessman Says $43M Debt Claim Is Plot To Seize Shares
A businessman can intervene in a 194 million Romanian leu ($43 million) debt claim he alleges is part of a fraudulent scheme to acquire his shares in a scrap-metal trading company for free, an appeals court has ruled.
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May 09, 2025
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen a subsidiary of State Street Corp. sue British sports betting giant Entain, Manolete Partners and HSBC tackle action just weeks after signing a £17 million revolving credit facility agreement, and a commercial fraud claim launched by EFG Bank against Mirabaud & CIE.
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May 09, 2025
Dyson Loses Bid To Take Forced Labor Claim To UK Top Court
Dyson will fight claims in England that it did nothing about allegations of forced labor at Malaysian factories making components for the appliance manufacturer after the U.K.'s highest court refused it permission to challenge jurisdiction in the case any further.
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May 09, 2025
Nigeria Can Argue £15M Award Was Obtained By Fraud
Nigeria can attempt to set aside a $15 million award in favor of a businessman who was the target of an undercover operation by the country's state security, after a London judge dismissed his bid to strike the case out.
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May 09, 2025
Brothers Plead Guilty To FCA Insider Dealing Charges
Two brothers admitted on Friday to using inside information to profit from dealing in shares over four years, following a prosecution brought at a criminal court in London by the Financial Conduct Authority, the watchdog said.
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May 09, 2025
EU Fund Managers Call To Simplify EU Sustainability Package
Europe's fund managers on Friday backed the European Union's bid to streamline the bloc's sustainability regulations, but warned "excessive" reductions in reporting requirements could limit investors' access to crucial environmental, social, and governance data.
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May 09, 2025
'Bargain Hunt' Art Expert Pleads Guilty To Terrorist Financing
An art gallery founder and reality TV art expert pleaded guilty to terrorist financing offenses at a London criminal court Friday.
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May 08, 2025
Court Upholds CMA's £99M Thyroid Drug Price Fines
A U.K. appellate court has not only upheld a finding that drug company Advanz excessively inflated the price of its thyroid tablets for the National Health Service but also reimposed fines against the company's former owner that a lower tribunal had cut by almost a third.
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May 08, 2025
'Bargain Hunt' Art Dealer Charged Under Terror Financing Law
Police charged an art dealer who featured in a hit BBC show under laws against financing terrorism on Thursday, making him the first person ever to face charges in the U.K. for allegedly failing to make obligatory regulatory disclosures.
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May 08, 2025
UK Watchdog Fines Fuel Trader For Ignoring Info Request
The U.K. government body responsible for implementing and enforcing financial sanctions said Thursday that it has fined a British shipping company for ignoring a request to provide information relating to a "large and complex investigation" involving Russia's largest shipping company.
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May 08, 2025
Crypto Traders Seek To Revive Part Of £10B Binance Claim
A group of investors asked the Court of Appeal on Thursday to revive their claims against Binance on the basis that its delisting of a cryptocurrency caused them damage, saying a lower tribunal was wrong to toss out its "loss of chance" argument.
Expert Analysis
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Implications Of EU Network Directive For Data Center Owners
With the October implementation deadline of the EU’s new cybersecurity regime under the Network Systems Directive fast approaching, data center owners and operators need to consider compliance steps, and U.K. companies providing services in the EU should take note, say lawyers at Bird & Bird.
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New EU Guidelines Provide Insights On Global AI Regulation
The European Data Protection Supervisor’s first guidelines on artificial intelligence only apply to governmental bodies, but together with the EU AI Act they demonstrate a strong and prescriptive policy, and offer a glimpse into what could be the next phase in world AI regulation, says Kevin Benedicto at Redgrave.
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Boeing Plea Deal Is A Mixed Bag, Providing Lessons For Cos.
The plea deal for conspiracy to defraud regulators that Boeing has tentatively agreed to will, on the one hand, probably help the company avoid further reputational damage, but also demonstrates to companies that deferred prosecution agreements have real teeth, and that noncompliance with DPA terms can be costly, says Edmund Vickers at Red Lion Chambers.
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Keeping Up With Carbon Capture Policy In The US And EU
Recent regulatory moves from the U.S. Environmental Protection Agency and the European Commission in the carbon capture, sequestration and storage space are likely to further encourage the owners and operators of fossil fuel-fired power plants to make decisions on shutdowns or reconfiguration to meet the expanding requirements, say Inosi Nyatta and Silvia Brünjes at Sullivan & Cromwell.
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How AI Treaty Will Further Global Governance Cooperation
The EU’s recently adopted treaty on artificial intelligence represents a significant step toward global cooperation in AI governance in emphasizing human rights obligations, although additional guidance and clarity would be beneficial to minimize varied interpretations at national level, say lawyers at Eversheds Sutherland.
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EU Investor-State Dispute Transparency Rules: Key Points
The European Union's recent vote to embrace greater transparency for investor-state arbitration will make managing newly public information more complex for all parties in a dispute — so it is important for stakeholders to understand the risks and opportunities involved, say Philip Hall, Tara Flores and Charles McKeon at Thorndon Partners.
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How Regulation Of Tech Providers Is Breaking New Ground
The forthcoming EU regulation on digital operational resilience and the U.K. critical third-party regime, by expanding the direct application of financial services regulation to designated technology providers, represent a significant development that is not to be underestimated, say David Berman and Emily Lemaire at Covington.
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Takeaways From EU's Initial Findings On Apple's App Store
A deep dive into the European Commission's recent preliminary findings that Apple's App Store rules are in breach of the Digital Markets Act reveal that enforcement of the EU's Big Tech law might go beyond the literal text of the regulation and more toward the spirit of compliance, say William Dolan and Pratik Agarwal at Rule Garza.
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Why Trustees Should Take Note Of Charity Code Consultation
The Charity Governance Code Steering Group's recently launched governance code consultation is unlikely to result in a radical overhaul, but with the bigger issue being awareness and application by smaller underresourced charities, trustees should engage with the process to help shape the next iteration of this valuable tool, says Chris Priestley at Withers.
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What EU Net-Zero Act Will Mean For Tech Manufacturers
Martin Weitenberg at Eversheds Sutherland discusses the European Council’s recently adopted Net-Zero Industry Act and provides an overview of its main elements relevant for net-zero technology manufacturers, including benchmarks, enhanced permitting procedures and the creation of new institutions.
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Complying With EU Commission's Joint Purchasing Rules
One year after the European Commission released its revised guidelines on horizontal cooperation agreements, attorneys at Crowell & Moring reflect on the various forms such agreements can take, and how parties can avoid structuring arrangements that run afoul of competition law.
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Tips For Implementing EU Sustainability Reporting Guidance
Lawyers at Sullivan & Cromwell discuss the European Financial Reporting Advisory Group’s recently published guidance on double materiality assessments and offer takeaways on achieving a sustainability directive-compliant process that could enhance clarity and consistency among multinational stakeholders.
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How CMA's AI Strategic Update Addresses Industry Risks
The Competition and Markets Authority’s recent artificial intelligence strategic update, setting out the regulator’s understanding of AI risks and how it intends to address them, is indicative of its focus on incumbent technology organizations, although future political developments in the U.K. may also shape the CMA's approach, say Christopher Foo and Carol Slattery at Ropes & Gray.
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Labour's 'Fresh Approach' To Tackling Financial Crime
Given newly elected Prime Minister Sir Keir Starmer’s background as a criminal defense lawyer and director of public prosecutions, an administration with strong views on financial crime can be expected, and revenue raising and proceeds of crime recovery are likely to be at the forefront, says Matthew Cowie at Rahman Ravelli.
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What UK Digital Markets Act Will Mean For Competition Law
The new Digital Markets Act’s reforms will strengthen the Competition and Markets Authority's investigatory and enforcement powers across its full remit of merger control and antitrust investigations, representing a seismic shift in the U.K. competition and consumer law landscape, say lawyers at Travers Smith.