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Corporate Crime UK

  • January 16, 2019

    ECB Toughens Conflict-Of-Interest Rules For Top Officials

    The European Central Bank revealed on Wednesday that it has extended its rules on good conduct to subject its supervisory board and policymakers to a common code, as it attempts to beef up its governance framework.

  • January 16, 2019

    Ex-Barclays Traders 'Tainted' Euribor Rates, Court Told

    Three former Barclays PLC traders were part of a conspiracy to cheat the financial system that “tainted” the integrity of a key interest rate benchmark used to price trillions of dollars of financial products, prosecutors told a London jury on Wednesday.

  • January 16, 2019

    Banks, Insurers Eye The Door As UK Reaches Brexit Deadlock

    Britain's financial services have lost patience with the stalled political process and are transferring assets out of the U.K. regardless of what kind of Brexit deal, if any, the government seals with the European Union, their legal advisers said Wednesday.

  • January 16, 2019

    UK's May Survives No-Confidence Vote After Brexit Defeat

    British Prime Minister Theresa May narrowly survived a vote of no confidence brought by the opposition Labour Party on Wednesday, a day after lawmakers overwhelmingly rejected her proposed deal to leave the European Union.

  • January 15, 2019

    AIG Must Pay Investors £3M In Italy Vacation Home Scam

    A London judge has ordered AIG to pay up to £3 million ($3.83 million) to investors who deposited millions for holiday homes in southern Italy that were never built, saying the insurer's decision to pay for the defense of the firm overseeing the mafia-linked development led to higher legal fees. 

  • January 15, 2019

    Brazil Says Aviation Insurers Have Been Swapping Info

    Brazil’s antitrust authority has launched an investigation into whether American International Group Inc. and 10 other companies in the aviation and aerospace insurance industry affected competition in the country by sharing sensitive pricing information.

  • January 15, 2019

    Ex-Barclays Bankers On Trial Again In Euribor Rigging Plot

    Prosecutors opened their second trial in London on Tuesday of three former Barclays PLC employees accused of participating in a conspiracy to rig global interest rates to rip off counterparties that did business with them.

  • January 15, 2019

    UK Lawmakers Reject Gov't Brexit Deal In A Landslide

    The U.K. Parliament overwhelmingly rejected the government’s draft agreement for leaving the European Union on Tuesday, pitching the Brexit process deeper into disarray and raising questions about whether the March 29 departure date can still be met.

  • January 15, 2019

    London Lawyer 1st Fined Over Panama Papers Revelations

    A partner at London law firm Child & Child on Tuesday became the first English lawyer to be punished as a result of revelations from the Panama Papers scandal after he was fined £85,000 ($109,000) by a U.K. disciplinary tribunal for failing to carry out money laundering checks.

  • January 15, 2019

    FCA Defends Probe Of Credit Suisse Over $2B African Fraud

    The Financial Conduct Authority is considering taking action against Credit Suisse for possible failures of its internal controls over an alleged $2 billion loan scandal in Africa, as well as against individual bankers, the head of the regulator told lawmakers Tuesday.

  • January 14, 2019

    £1.2M Diamond Ring Linked To 1st UK 'Wealth Order' Seized

    U.K. police said Monday that they've seized a Cartier diamond ring worth £1.19 million ($1.53 million) from a jailed Azerbaijani banker whose wife became the first suspect targeted using new anti-corruption powers allowing investigators to probe how individuals acquired large amounts of unexplained money.

  • January 14, 2019

    Attorney Remains Banned Over Dubious Immigration Cases

    A London judge on Monday upheld sanctions imposed on the co-founder of an immigration law firm castigated for filing hopeless appeals, finding that as compliance officer he ignored court criticism and warning signs that attorneys were filing weak cases to intentionally delay deportation proceedings.

  • January 14, 2019

    Money, Cash, Woes As Jay-Z's Music Biz Is Probed In Norway

    A music streaming service owned by rapper Jay-Z is being investigated over claims that some of its listening numbers have been fudged, the Norwegian police’s economic crime unit said Monday.

  • January 14, 2019

    EU Bank Regulators Adopt Data Swap Rules In AML Fight

    Europe’s banking regulators agreed on rules on Monday that they said will help them to cooperate and exchange information on “weak links” in their fight against money laundering in the bloc.

  • January 14, 2019

    UK's May Predicts No Brexit If Lawmakers Reject Her Deal

    Prime Minister Theresa May predicted on Monday that Brexit could be abandoned if MPs reject her draft Withdrawal Agreement as anticipated on Tuesday, as she warned that Parliament risks being thrown into “paralysis.”

  • January 14, 2019

    UK Gov't Joins Fight Against £14B Cost Of Financial Crime

    The government has joined forces with the financial services industry on a new taskforce to battle economic crime such as money laundering and fraud, which costs the U.K. £14.4 billion ($18.5 billion) each year, the Treasury said Monday.

  • January 11, 2019

    British Hacker Gets Nearly 3 Years In Liberian Telecom Attack

    A British hacker was sentenced to 32 months in prison at a London criminal court on Friday for computer attacks that temporarily left Liberia without internet, after being extradited from Germany in connection with attacks on major banks. 

  • January 11, 2019

    Deutsche Bank Sued By Rival For €46M Over Tax Bill

    Hamburg-based M.M. Warburg & Co. said it has sued to force Deutsche Bank to pick up a €46 million ($53.04 million) tax bill that should have been paid to German tax authorities for controversial trades that have sparked an industrywide investigation into a massive tax avoidance scheme.

  • January 11, 2019

    Insurance Fraudster Sentenced For Bogus Car Crash Scheme

    An insurance fraudster has been handed a suspended jail sentence at an English court after an investigation by the insurance industry and police linked him to more than 20 claims for car crashes that never took place.

  • January 11, 2019

    Banking Giants Hit With UK Suit Over Forex Rigging

    Hundreds of institutional investors have accused Barclays, HSBC and four other banking giants in London's High Court of conspiring to rig the foreign exchange market, seeking billions of dollars in damages for antitrust violations.

Expert Analysis

  • A Long Accountability Journey For Financial Cos. Post-GDPR

    James Drury-Smith

    The EU General Data Protection Regulation's accountability principle obligates organizations to provide evidence of compliance — one of the biggest changes brought about by the GDPR. Though the concept is simple, embedding accountability into financial services firms' operations and culture will not be achieved overnight, say experts at PricewaterhouseCoopers.

  • Why English Courts Are Prepared To Assist Cyber Victims

    Fiona Cain

    This year, a number of cases have illustrated how English courts are dealing with legal hurdles for cybercrime victims and making it easier to obtain a freezing order or injunction under such circumstances, says Fiona Cain of Haynes and Boone LLP.

  • Illegality Defense Developments In UK And Cayman Islands

    James Elliott

    Recent cases in the United Kingdom and Cayman Islands show that the broader test for application of the illegality defense endorsed in Patel v. Mirza appears to be more suitable than the previous Tinsley test, but it is now harder to predict the outcome of individual cases, say James Elliott and William Peake of Harney Westwood & Riegels LLP.

  • A Victory For Legal Privilege In Cross-Border Investigations

    Antonia Apps

    The U.K. Court of Appeal's recent decision in Serious Fraud Office v. Eurasian Natural Resources is a substantial step toward confirming the application of legal privilege in internal investigations, and has significantly reduced the divergence in U.K. and U.S. privilege law, say attorneys with Milbank Tweed Hadley & McCloy LLP.

  • UK Unexplained Wealth Orders: More Bark Than Bite So Far

    Fred Saugman

    This month, the U.K. National Crime Agency successfully resisted a challenge to its first unexplained wealth orders. This is a victory, but the agency has some way to go to show that UWOs will be a meaningful tool in the U.K.'s anti-money laundering arsenal, says Fred Saugman of WilmerHale.

  • UK Ruling Signifies Greater Cross-Border Sharing Of Data

    Andrew Smith

    In KBR v. SFO, the U.K. High Court confirmed that the Serious Fraud Office can require foreign companies to produce documents held outside the U.K. as long as there is a sufficient connection between the company and the jurisdiction. This judgment will embolden other agencies with similar compulsory document production powers, says Andrew Smith of Corker Binning.

  • Structuring Investigations In Light Of UK Privilege Case

    Mark Beeley

    The English Court of Appeal's much-anticipated decision in Eurasian Natural Resources Corporation means that companies will continue to face difficulties in obtaining the information they need to investigate suspected wrongdoing, without losing the benefit of legal advice privilege under English law, say Mark Beeley and Rebecca Dipple of Orrick Herrington & Sutcliffe LLP.

  • Relief For Cos. Conducting UK Internal Investigations

    Simon Airey

    After almost a year and a half of uncertainty, the U.K. Court of Appeal has restored the eminently sensible position that documents created in an internal investigation are capable of being covered by litigation privilege when a criminal investigation or prosecution is in prospect, say Simon Airey and Joshua Domb of Paul Hastings LLP.

  • Opinion

    UK 'Unexplained Wealth Orders' Will Discourage Investors

    Simon Bushell

    The United Kingdom has taken the unusual step of introducing significant retrospective powers that could unravel acquisitions and transactions from decades ago. The government's intentions are laudable, but its new "unexplained wealth orders" cast doubts on the U.K.'s appetite for foreign investment and may hurt national interests, says Simon Bushell of Signature Litigation LLP.

  • FCA Enforcement Strategy May Influence Litigation Privilege

    Abdulali Jiwaji

    The U.K. Financial Conduct Authority's recently published annual business plan and mission statement indicate an uptick in enforcement activity. Alongside this, the past year has seen a number of interesting court decisions dealing with claims for litigation privilege, say Abdulali Jiwaji and Elliott Fellowes of Signature Litigation LLP.