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Corporate Crime & Compliance UK

  • May 15, 2019

    Broker Who Paid Exec For Deutsche Deals Claims No Bribery

    A former brokerage firm director testified Wednesday that he "didn’t see it as bribery” when he gave a Dutch housing executive a cut of fees from Deutsche Bank for derivatives deals the company entered into — which ended up costing the property provider €840 million ($940 million).

  • May 15, 2019

    Ex-UBS Worker Says Trader Giving Her Phone Was 'Strange'

    A former UBS compliance officer accused of insider dealing told a London jury Wednesday she found it “very strange” that her day trader friend and co-defendant asked her to only contact him using a disposable phone he gave her.

  • May 15, 2019

    Metal Tech Execs Deny Paying Bribes To Win Steel Contracts

    Three former Sarclad Ltd. executives accused of paying bribes to secure contracts with steel industry clients have maintained that commissions the metals technology provider paid on the contracts are being mischaracterized, a prosecutor for Britain's Serious Fraud Office told a jury Wednesday.

  • May 15, 2019

    UK Regulator Plans Spot-Checks For Pension Law-Breakers

    Britain's pensions watchdog said Wednesday it is cracking down on employers that break the law by flouting their duty to automatically enroll workers in saving schemes, and will carry out a series of targeted inspections over the summer.

  • May 15, 2019

    Regulator Fines Betting Operators £4.5M Over AML Failings

    Britain's Gambling Commission said Wednesday it has slapped four online casino operators with fines totalling £4.5 million ($5.8 million) for failing to protect themselves against money laundering, as the agency continues its investigation into the sector.

  • May 15, 2019

    Police Raid 11 German Banks In Tax Evasion Probe

    German police searched 11 banks and the homes of eight individuals in a sweeping investigation into suspected tax evasion in response to the Panama Papers documents leak, the Frankfurt prosecutor’s office said Wednesday.

  • May 14, 2019

    WhatsApp Says Hackers Used Security Flaw To Spy On Users

    WhatsApp is urging its 1.5 billion users to update their software after a security flaw allowed attackers to remotely snoop on users, including reportedly a human rights lawyer, with government-grade surveillance.

  • May 14, 2019

    UK Lawmakers Urge Gov't To Impose Russia Sanctions

    More than 50 U.K. lawmakers accused the government on Tuesday of using Brexit as an “excuse” to not levy sanctions against individuals accused of violating human rights, despite Russian agents carrying out a nerve-agent poisoning attack on British soil.

  • May 14, 2019

    Bribed Housing Exec Hid Deutsche Deal Risk, Ex-Chief Says

    The only employee at a Dutch housing organization who knew how exposed its investment portfolio had become was an executive Deutsche Bank allegedly bribed to secure derivatives deals that cost the property provider €840 million ($940 million), the group's former head testified in London on Tuesday.

  • May 14, 2019

    Gov't Balks At Call To Let More Prosecutors OK New Cases

    The U.K. government on Tuesday defended a requirement that only directors at the top white-collar enforcement agencies can sign off on new prosecutions, telling senior lawmakers reviewing anti-corruption legislation that the rule doesn't hinder crime-fighting. 

  • May 14, 2019

    Ex-Danske Bank Exec Under Investigation In AML Scandal

    A former Danske Bank senior executive has confirmed he has been accused of wrongdoing in connection with the money laundering case against the bank as it faces preliminary charges in Denmark.

  • May 14, 2019

    'Dirty Money' Powers Need Case Law, UK Crime Agency Says

    More case law is needed to establish precedent before economic crime bodies can feel confident using new anti-corruption powers to force individuals to explain the source of their suspect wealth, the head of Britain’s crime-fighting agency said Tuesday.

  • May 14, 2019

    NCA Chief Calls For Extra £2.7B To Fight Organized Crime

    The National Crime Agency is lobbying the British government to hand it an extra £2.7 billion ($3.5 billion) to fight serious organized crime, as it warned on Tuesday that the country will "feel the consequences" if it does not get the money.

  • May 14, 2019

    EU Opens Antitrust Probe Into Irish Insurance Data Pooling

    The European Union’s antitrust regulator said Tuesday it has opened an investigation into whether Ireland’s top insurance lobby breached the bloc’s competition rules by restricting access to claims data.

  • May 13, 2019

    Ex-Autonomy CFO Gets 5 Years For Fraud In Sale To HP

    A California federal judge sentenced Autonomy Corp.'s former chief financial officer on Monday to five years in prison and $4 million in fines for orchestrating an accounting fraud scheme that led Hewlett-Packard to overpay for the British software company by billions.

  • May 13, 2019

    Tech Workers OK'd Bribes To Win Business, SFO Tells Jury

    Three former employees at Sarclad Ltd. conspired to pay bribes to sales agents to secure contracts in the metals industry while working for the small U.K. technology firm, prosecutors for Britain's Serious Fraud Office told a London jury on Monday.

  • May 13, 2019

    Ex-Retail Chief Charged With Tax Evasion, Money Laundering

    The former owner of collapsed retail chain BHS Ltd. has been charged with tax evasion and money laundering connected to allegations he purchased two yachts using profits from a separate business he skipped paying taxes on, the Crown Prosecution Service confirmed Monday.

  • May 13, 2019

    Lotto Winner Forfeits Assets In UK Money Laundering Probe

    A lottery winner who scored £2.5 million ($3.2 million), a practicing legal counsel and a property developer have been ordered to hand over millions of pounds worth of assets as part of an international money laundering probe, Britain’s National Crime Agency said Sunday.

  • May 13, 2019

    UK Antitrust Watchdog Bans 3 Directors For Rigging Bids

    Britain’s competition watchdog has banned three former directors of office fit-out businesses from running companies after it found they were involved in rigging the price of approximately £19 million ($25 million) in bids as part of a criminal cartel.

  • May 13, 2019

    Swedish Prosecutor Reopens Julian Assange Rape Case

    Sweden is reopening an investigation into rape allegations against WikiLeaks founder Julian Assange, prosecutors said Monday, potentially complicating U.S. efforts to extradite him for leaking classified documents.

Expert Analysis

  • When UK Cos. Are Criminally Liable For Fatal Accidents

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    In the last decade, changes to U.K. law have made it easier to convict large companies of gross negligence manslaughter. Organizations that fail to prevent fatal accidents can expect prosecution and significant fines, while culpable individuals risk imprisonment, say Guy Bastable and Tom McNeill of BCL Solicitors.

  • A Reminder To Address Sanctions Compliance Shortfalls

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    The sanctions enforcement action and major settlement with Standard Chartered highlights U.S. and U.K. regulators’ continued focus on compliance, and their specific attention to the lapses in internal controls that led to the alleged violations, say attorneys with Paul Hastings.

  • Lessons From Carphone Warehouse's Partial FCA Settlement

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    In the first case decided under the U.K. Financial Conduct Authority's new partial settlement process, Carphone Warehouse demonstrates not only the possible value of cooperating with authorities but also the cost of failing to right previous wrongs, says Syedur Rahman of Rahman Ravelli Solicitors.

  • Are The EU's 2017 Money Laundering Rules Effective?

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    Two years after the European Union implemented its fourth directive on money laundering, an eerie silence surrounds the new rules. Jessica Sobey of Stokoe Partnership examines what might be contributing to the lack of prosecutions, and whether the financial services sector has embraced compliance.

  • Opinion

    Amended EU Class Action Proposal Is A Loss For Consumers

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    The U.S. Chamber of Commerce is poised to neuter the European Commission's collective action proposal — intended to let EU consumers challenge corporate misconduct — with a series of debilitating amendments that the Council of the EU must fight back against, says Laura Antonini of the Consumer Education Foundation.

  • House Of Lords' Bribery Act Report Asks The Right Questions

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    Last month, the U.K. House of Lords published a mostly positive review of the Bribery Act but justifiably criticized the slow pace of Serious Fraud Office investigations, says Christopher David of WilmerHale.

  • Opinion

    Governments Could Effectively Tax Tech Profits

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    If governments are prepared to take radical action to address the tax avoidance practices of many large technology companies, a perfectly legitimate solution could lie in legislation disallowing the use of double tax agreements for tech royalty schemes, says George Turner of Tax Watch UK.

  • How EU Businesses Are Responding To US Sanctions On Iran

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    Because the United States scrapped the Joint Comprehensive Plan of Action, large EU companies with substantial U.S. exposure will likely suspend business with Iran, but the European Union's protective measures against U.S. sanctions should provide some comfort to smaller businesses, says Kartik Mittal of Zaiwalla & Co.

  • UK's New 'Name And Shame' Approach To Anti-Trafficking

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    There has been considerable anxiety and speculation from companies over the annual transparency statement required by the U.K. Modern Slavery Act, but a recent tender announcement from the U.K. Home Office provides key insights into what to expect, say attorneys with Perkins Coie.

  • EU Access To UK Financial Services May Tighten After Brexit

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    If a no-deal Brexit happens, cross-border trade in financial services between the U.K. and EU will be restricted unless the U.K. meets the EU's recently updated equivalence standards or successfully negotiates for "enhanced equivalence," says Kirsten Lapham of Ropes & Gray LLP.