We use cookies on this site to enable your digital experience. By continuing to use this site, you are agreeing to our cookie policy. close

Corporate Crime & Compliance UK

  • May 10, 2019

    UK Litigation Roundup: Here's What You Missed In London

    The past week has seen a corporate finance firm take in a British airline, a financial adviser sue a renowned restaurateur and a group of luxury hotels take on Visa and Mastercard over competition claims. 

  • May 10, 2019

    UK Cyber Fraudster Must Pay £2M Or Face More Jail Time

    The mastermind behind one of Britain's biggest cyberscams must pay £2 million ($2.6 million) to compensate his victims within three months or face a further eight years in jail, according to a confiscation order delivered under the Proceeds of Crime Act.

  • May 10, 2019

    Irish Broker Fined €280K For Money Laundering Breaches

    Dublin stockbroker Campbell O’Connor has been hit with a €280,000 ($315,000) fine for multiple anti-money laundering and terrorism financing compliance failures, the Irish Central Bank announced Friday.

  • May 10, 2019

    UK Lawyer Denies Role In $1.9B Danish Tax Fraud

    The former top lawyer at a financial company accused of taking part in a $1.9 billion fraud against the Danish revenue agency has proclaimed ignorance of any wrongdoing, saying he held no tax qualifications and relied on expert colleagues to help him with certain aspects of his job.

  • May 10, 2019

    Payments Watchdog Pushes Back Fraud Safeguard By 9 Mos.

    Britain’s payment regulator has said it will delay imposing tough safeguards on banks for authenticating the identity of customers until December, so it can introduce rules aimed at stopping people being duped into sending money to fraudsters across all banks.

  • May 10, 2019

    Don't Read Docs In $1.9B Embezzlement Suit, PwC Unit Told

    A judge at a London court has ordered a subsidiary of PricewaterhouseCoopers not to read court documents in its possession connected to a $1.9 billion claim for embezzlement filed by a Ukrainian bank against its two former owners.

  • May 10, 2019

    Danske Hires New CEO To Repair Image Amid AML Woes

    Danske Bank said Friday it has appointed a new chief executive to steer it out of a major money laundering scandal that has attracted regulator scrutiny from several jurisdictions in Europe and the U.S.

  • May 9, 2019

    HMRC Updates Email For Comments On Plastic Packaging Tax

    HM Revenue & Customs will solicit comments until May 12 on a proposed tax on plastic packaging made with limited recycled material, according to a consultation updated Thursday to include a new email address for responses.

  • May 9, 2019

    Fraudster Blasts DOJ's 'Bond Villain' Jab In Sentencing Memo

    A former executive of British software company Autonomy convicted of accounting fraud slammed the government’s “draconian” sentencing recommendations Wednesday as well as its characterization of him as a “Bond villain” in a colorfully worded response filed in California federal court.

  • May 9, 2019

    Ex-Autonomy Exec Thought CFO Was Under Founder's 'Spell'

    Attorneys representing Hewlett Packard and Autonomy Corp. founder Mike Lynch clashed in a heated exchange Thursday during Britain’s biggest fraud trial over evidence that a former sales executive at the British software firm believed the company’s ex-finance chief was in thrall to his boss.

  • May 9, 2019

    UBS Worker Kept Notes On Bank’s M&A Clients, Jury Told

    A former UBS compliance officer accused of providing inside information to her day trader friend on potential takeovers the bank was advising on had company documents and handwritten notes about some of the companies involved in the deals at her home, a London jury heard Thursday.

  • May 9, 2019

    Court Hits Social Housing Investment Boss With 14-Year Ban

    A London court has slapped a 14-year ban on the boss of a company for allegedly misleading his clients when offering them investments in Brazilian social housing, the government’s bankruptcy agency said Thursday.

  • May 9, 2019

    Deutsche Bank Denies Bribes, Kickback Claims At €840M Trial

    A lawyer for Deutsche Bank told a London court on Thursday that the lender did not bribe the former treasury manager of a housing association to secure interest rate swaps trades that led to €840 million ($940 million) in losses for the property provider.

  • May 9, 2019

    Developer Says RBS Had No Reason To Deny Refinancing Plan

    A property developer has drilled down on allegations that RBS caved to government pressure to run him out of business, saying there was no logical reason for the bank not to refinance his business when it was making a steady revenue stream off of him.

  • May 9, 2019

    Rita Ora's Ex-Accountant Jailed For 5 Years Over Fraud

    An accountant who made millions of pounds by defrauding celebrities including the pop star Rita Ora has been sentenced to five years and eight months in prison, according to British police and court officials.

  • May 9, 2019

    FCA Fines Firms, Directors For Outsourcing Pension Advice

    The Financial Conduct Authority said Thursday it plans to punish three now-defunct pensions advisers and their former managers with a combined fine of £1.3 million ($1.7 million) for outsourcing oversight of retirement plans to companies that pushed thousands of savers into risky investments.

  • May 9, 2019

    Danske Bank Hires Financial Crime Expert Amid AML Probes

    Danske Bank has hired a financial crime specialist from Morgan Stanley to take the helm of its anti-money laundering unit, the Danish lender has said, as it deals with multiple investigations into transactions of up to €200 billion ($224 billion) at its Estonian branch.

  • May 9, 2019

    Audit Co. Fined, Rebuked Over Work For UK Homeware Chain

    A British financial services company has been fined and "severely reprimanded" over failings in its audit for homeware retailing chain Laura Ashley PLC, the auditing regulator said Thursday, a day after it imposed a £4 million ($5.2 million) penalty on KPMG.

  • May 8, 2019

    Kazakhstan Can't Get Freeze Order Nixed In $506M Award Row

    A Dutch appeals court has affirmed a ruling freezing Kazakhstan's interest in a consortium operating in one of the largest offshore oilfields in the Caspian Sea, according to two Moldovan oil and gas investors looking to collect a more than $506 million arbitral award against the country.

  • May 8, 2019

    UK Antitrust Chief Says New Penalties Aren’t Anti-Business

    The head of the U.K.'s competition authority vigorously defended a set of proposals that would give the watchdog more teeth to use against companies that rip off consumers, arguing in a speech Wednesday that the power to levy more fines and bans would affect only bad actors, not honest firms.

Expert Analysis

  • Legislative Fix For Post-Libor Issues Seems Improbable

    Author Photo

    Because the Libor rate for short-term loans will soon be gone, the U.S. Alternative Reference Rates Committee may seek to amend contracts wholesale through legislation. However, this solution would face serious political and legal obstacles, says Anne Beaumont of Friedman Kaplan Seiler & Adelman LLP.

  • Collective Redress In The EU: Past, Present And Future

    Author Photo

    Legislative processes harmonizing collective redress throughout the European Union have accelerated, leading to a proposed requirement that all member states establish collective action mechanisms, but some worry that the directive lacks sufficient guarantees against abusive litigation, say Philippe Métais and Elodie Valette of White & Case LLP.

  • Lenders Score Major High Court Victory In Foreclosure Case

    Author Photo

    The U.S. Supreme Court's unanimous ruling on Wednesday in Obduskey v. McCarthy & Holthus LLP removes nearly all activities taken by creditors seeking nonjudicial foreclosure of liens and mortgages from the ambit of the Fair Debt Collection Practices Act, says John Baxter of Nelson Mullins Riley & Scarborough LLP.

  • How UK Orgs Can Prepare For EU's New Money Laundering Law

    Author Photo

    The U.K. government will likely adopt the European Union's Fifth Money Laundering Directive even in the event of a no-deal Brexit, meaning U.K. financial services organizations and law firms have under a year to review and possibly update their current policies and procedures, says Joanne Cracknell of Willis Towers Watson PLC.

  • Is New SFO Head A 'Different Kind Of Director'?

    Author Photo

    While sharing some of her predecessor's sentiments, Serious Fraud Office Director Lisa Osofsky has shown decisiveness and independence by closing two of the SFO's largest investigations in her first six months in office, says Ross Dixon of Hickman & Rose Solicitors.

  • Germany's Facebook Decision Likely Won't Be Influential

    Author Photo

    The German Federal Cartel Office's decision last month against Facebook — the first time a competition authority ruled on a privacy-related abuse of dominance — is based on specific German case law and reasoning that seems questionable from an antitrust policy perspective, say Sean-Paul Brankin and Evi Mattioli of Crowell & Moring LLP.

  • Simple Secrets For Writing A Killer Brief

    Author Photo

    These days, the legal profession offers meager opportunity for oral argument, so we need to focus on being better, brighter, tighter writers. And the key to writing a better brief is grabbing your judge's attention with a persuasive, well-crafted story, says Daniel Karon of Karon LLC.

  • 5 UK Privacy And Data Protection Predictions For 2019

    Author Photo

    As regulators start to aggressively enforce the General Data Protection Regulation while also focusing on development of cookie compliance and cybersecurity, Rohan Massey and Edward Machin of Ropes & Gray LLP offer five data protection predictions to watch for this year beyond the changes that Brexit may bring.

  • Takeaways From EU's Latest Anti-Money Laundering Rules

    Author Photo

    The Sixth Anti-Money Laundering Directive recently adopted by the Council of the European Union targets the financing of terrorism and organized crime, which have remained significant problems despite the efforts of previous directives, say Ian Hargreaves and Deirdre Lyons Le Croy of Covington & Burling LLP.

  • The Limits Of UK Double Jeopardy Protection

    Author Photo

    Individuals are sometimes tempted, or advised, to enter into plea negotiations in one jurisdiction on the basis that a guilty plea there will act as a barrier to prosecution elsewhere. Unfortunately, the doctrine of double jeopardy is not always so clear-cut, says Andrew Smith of Corker Binning.