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Corporate Crime & Compliance UK
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March 22, 2024
EU Watchdog Fines Ratings Firm €2M For Conflict Of Interest
The markets watchdog of the European Union said Friday that it has fined German credit ratings agency Scope Ratings GmbH €2.2 million ($2.4 million), and issued a public notice after it failed to avoid potential conflicts of interest.
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March 22, 2024
The Two Phone Calls That Left SFO Facing A Huge ENRC Bill
As the SFO and Dechert head to court on Monday to learn exactly how much they owe ENRC for breaching its confidentiality, Law360 looks at how two pivotal phone calls exposed the white-collar agency to potentially tens of millions of pounds in damages.
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March 21, 2024
Autonomy Jury Hears Of 'Handshake Deal' To Pad Revenue
A onetime Autonomy Corp. customer took the stand Thursday in the California federal criminal trial of former CEO Michael Lynch, describing a "handshake" deal to pay the company $7.5 million with the understanding the funds would be returned — part of an alleged plot to fraudulently inflate Autonomy's revenues.
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March 21, 2024
LC&F Was 'Doomed From The Start,' Administrator Tells Trial
An administrator of London Capital & Finance said on Thursday that the mini-bonds provider was "doomed from the start," as he gave evidence at the £237 million ($300 million) investment scandal trial at a London court.
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March 21, 2024
Prince Harry Says Tabloids Bugged Landlines In Privacy Claim
Prince Harry urged a London judge Thursday to allow him to add new allegations in his legal claim against News Group Newspapers Ltd., which include that journalists and private investigators working for the publisher invaded his privacy by bugging landline phones, among other alleged unlawful activities.
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March 21, 2024
HSBC Settles Investors' £240M Claim Over Disney Tax Scheme
HSBC has settled a £240 million ($304 million) claim brought by more than 100 investors alleging that the bank misled them to finance a Disney film tax relief scheme it developed which turned out to be worthless.
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March 21, 2024
Ex-OneCoin Attorney Says 1 Year In Prison Is Enough
A Bulgarian woman who held the title of legal and compliance executive at the fraudulent OneCoin cryptocurrency exchange asked a Manhattan federal judge to credit her for the year she'd spent in prison in harsh conditions and not sentence her to any more jail time.
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March 21, 2024
Alleged Modern Slavery Victim Sues Farm For Mistreatment
A migrant fruit picker who is a suspected victim of modern slavery has sued a multinational farming company for unpaid wages, harassment, discrimination and victimization after she went on strike, her trade union representatives said on Thursday.
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March 21, 2024
Influencer Denies Contempt Charge Over 'Lavish Lifestyle'
The founder of a French startup argued against accusations of contempt of court on Thursday after his former company accused him of "flagrantly" breaching a worldwide freezing order by continuing to live a "lavish lifestyle."
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March 21, 2024
British Safety Council Calls For A Minister For Well-Being
The British Safety Council has urged the government to appoint a well-being minister to promote welfare in the workplace at a time when illness is at a 10-year high and recent surveys suggest high stress levels and burnout among workers.
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March 21, 2024
FCA Tells Consumer Lenders To Detect Financial Crime Better
The City watchdog has warned chief executives of consumer lending firms that they must improve on their detection of financial crime.
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March 20, 2024
UK Pension Fraud Fund To Pay Out £416M To Victims By 2026
The U.K.'s pension lifeboat scheme said Wednesday it expects to pay up to £416.7 million ($530 million) in compensation to members of pension schemes that have been hit by scams.
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March 20, 2024
Russian F1 Driver's EU Sanctions Over Oligarch Father Lifted
A Formula One racing driver and son of a Russian oligarch has won his fight to lift European Union sanctions, with a court ruling Wednesday there was insufficient evidence to prove that his business interests were benefiting from his fathers' wealth.
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March 20, 2024
Belarusian Tire Maker Wins EU Sanctions Challenge
The European Union unlawfully imposed sanctions on a state-owned Belarusian tire business because it failed to prove that the company was supporting the country's president, a European court ruled Wednesday.
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March 20, 2024
Ex-Russian Minister Fails To Renew Bid To Jail Deripaska
The Court of Appeal dismissed on Wednesday an attempt by Vladimir Chernukhin, a former Russian minister, to have his ex-business associate Oleg Deripaska jailed for contempt of court, finding that a judge had been entitled to conclude the case had not met the criminal standard of proof.
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March 20, 2024
EU Commission Builds 'Toolkit' To Fight Counterfeiting
The European Commission has adopted new measures to crack down on counterfeiting aimed at strengthening intellectual property rights by increasing the sanctions for criminal offenses while also designating a single contact point for enforcement issues.
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March 20, 2024
Prince Harry, Others Bid To Pull Murdoch Into Privacy Claim
Prince Harry and other claimants urged a London court on Wednesday to allow them to add allegations about the use of private investigators to their claim against tabloid publisher News Group, saying that leading figures in the company including Rupert Murdoch were involved in an alleged cover-up.
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March 20, 2024
AI Misuse Will Drive Cyber Insurance Demand, Actuary Says
The use of artificial intelligence by criminals and other evolving threats will boost demand for cyber-insurance for at least the next decade, according to analysis published Wednesday by actuarial consultancy OAC.
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March 20, 2024
Journalist Can Sue UAE Over Alleged Hacking, Court Says
A court has given a British journalist the green light to sue the United Arab Emirates over its alleged use of spyware to infiltrate her mobile phone, in the first U.K. case of its kind, lawyers for the reporter said on Wednesday.
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March 20, 2024
Hemp Co. Wins Bid To Reverse 'Irrational' UK Gov't CBD Ban
A hemp company has won its bid in a London court for permission to challenge the U.K. government's decision to ban imports of its cannabis-derived products based on a trace of a controlled chemical.
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March 20, 2024
UK Gov't Launches Plan To Reverse Litigation-Funding Fallout
The government has published a two-clause bill designed to overturn a ruling by Britain's Supreme Court that threatened the status of many litigation-funding agreements, ending most of the speculation about how the effects of the decision will be nullified.
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March 20, 2024
EU Insurers Warn Regulators Of Gaps In Greenwashing Rules
European insurers have urged the bloc's insurance and pensions watchdog to be consistent and clear with its greenwashing rules for investment products, pointing to discrepancies between jurisdictions and inconsistencies with other sustainability frameworks.
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March 20, 2024
Dentons AML Ruling Deals Blow To SRA's Enforcement Plans
The failure by the Solicitors Regulation Authority to secure a sanction against Dentons over the firm's handling of anti-money laundering checks on a former client is a blow to the regulator's enforcement ambitions which – if upheld – could prompt caution in future prosecutions, lawyers say.
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March 20, 2024
Ex-LC&F Chief Says SFO And FCA 'Wrecked' His Career
A former director of London Capital & Finance had his career "wrecked" by the finance regulator and fraud investigation agency when they forced the investment company into administration without reason, his lawyers said at his trial Wednesday.
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March 20, 2024
Woman Guilty Of Laundering Proceeds Of £5B Bitcoin Fraud
A British-Chinese woman has been convicted of money laundering in London over allegations that she helped a fugitive Chinese national launder bitcoin converted from a £5 billion ($6.3 billion) investment fraud, it can now be reported.
Expert Analysis
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How EU Sustainability Directive Will Improve Co. Reporting
The need for organizations to make nonfinancial disclosures under the recently adopted EU Sustainability Reporting Standards will significantly change workforce and human rights reporting, and with the objective of fostering transparency, should bring about an increased focus on risks, policies and action plans, say Philip Spyropoulos and Thomas Player at Eversheds Sutherland.
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PPI Ruling Spells Trouble For Financial Services Firms
The Supreme Court's recent decision in Canada Square v. Potter, which found that the claimant's missold payment protection insurance claim was not time-barred, is bad news for affected financial services firms, as there is now certainty over the law on the postponement of limitation periods, rendering hidden commission claims viable, say Ian Skinner and Chris Webber at Squire Patton.
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Extradition Ruling Hints At Ways Around High Burden Of Proof
The U.K. Supreme Court's recent ruling in Popoviciu v. Curtea De Apel Bucharest confirmed that, in a conviction extradition case, the requested person must establish a flagrant violation of their right to a fair trial, but the court's reasoning reveals creative opportunities to test this boundary in the U.K. and Strasbourg alike, says Rebecca Hughes at Corker Binning.
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What Lawyers Can Learn From FDI Screening Report Findings
The recent European Commission report on the screening of foreign direct investments into the EU reveals how member states need to balance national security concerns with openness, and with more cross-border transactions subject to screening, lawyers must be alert to jurisdictional variances, says Jonathon Gunn at Faegre Drinker.
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Why Law Firms Should Heed Calls To Put ESG Over Profit
According to Deloitte’s recent survey, the majority of Gen Z and millennials remain unimpressed with businesses’ societal impact, and junior lawyers in particular are increasingly expecting the legal profession to shift to a business model that prioritizes sustainability above profitability, says Dana Denis-Smith at Obelisk Support.
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UK Review May Lead To Lower Investment Screening Burden
The government’s current review of national security investment screening rules aims to refine the scope of mandatory notifications required for unproblematic deals, and is likely to result in much-needed modifications to minimize the administrative burden on businesses and investors, say lawyers at Simpson Thacher.
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What Prince Harry Privacy Case May Mean For Media Ethics
An English High Court recently allowed the privacy case brought by Prince Harry and six other claimants against the Daily Mail publisher to proceed, which, if successful, could embolden other high-profile individuals to bring claims and lead to renewed calls for a judicial public inquiry into British press ethics, says Philippa Dempster at Freeths.
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Economic Crime Act Exposure: What Companies Can Expect
The intention of the Economic Crime and Corporate Transparency Act is to make it easier to attribute criminal liability to companies if a senior manager has committed an offense, but the impact on corporate criminal convictions depends on who qualifies as a senior manager and the evidential challenges in showing it, say Hayley Ichilcik and Julius Handler at MoFo.
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How European Authorities Are Foiling Anti-Competitive Hiring
Lawyers at Squire Patton discuss key labor practice antitrust concerns and notable regulation trends in several European countries following recent enforcement actions brought by the European Commission and U.K. Competition and Markets Authority.
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FCA Promotions Review Sends A Strong Message To Firms
The recent FCA review into firms' compliance with the rules on promoting high-risk investments to retail clients clarifies that it expects the letter and the spirit of the rules to be followed, and given the interplay with the consumer duty, there are wider implications at stake, say Marina Reason and Chris Hurn at Herbert Smith.
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When Can Bonuses Be Clawed Back?
The High Court's recent decision in Steel v. Spencer should remind employees that the contractual conditions surrounding bonuses and the timing of any resignation must be carefully considered, as in certain circumstances, bonuses can and are being successfully clawed back by employers, say Merrill April and Rachael Parker at CM Murray.
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The State Of UK Litigation Funding After Therium Ruling
The recent English High Court decision in Therium v. Bugsby Property has provided a glimmer of hope for litigation funders about how courts will interpret this summer's U.K. Supreme Court ruling that called funding agreements impermissible, suggesting that its adverse effects may be mitigated, says Daniel Williams at DWF Law.
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UK Shareholding Report A Missed Opportunity For New Tech
The recommendations in the U.K. Digitization Taskforce's recent report on digitizing and improving the U.K. shareholding framework are moderate but not revolutionary, and its failure to recommend digital ledger technology will impede a full transformation of the system, say Tom Bacon and Andrew Tsang at BCLP.
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What Lawyers Need To Know About The UK Online Safety Act
The recently passed U.K. Online Safety Act requires regulated providers to take action to assess and mitigate user risks, and counsel for these companies should take advantage of Ofcom’s clear desire to have a collaborative relationship and improve governance, say Rachael Annear and Tristan Lockwood at Freshfields.
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Trial By AI Could Be Closer Than You Think
In a known first for the U.K., a Court of Appeal justice recently admitted to using ChatGPT to write part of a judgment, highlighting how AI could make the legal system more efficient and enable the judicial process to record more accurate and fair decisions, say Charles Kuhn and Neide Lemos at Clyde & Co.