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Corporate Crime & Compliance UK

  • March 11, 2019

    Russian Bank Asks ECJ To Review Ukraine Sanctions Ruling

    Moscow-based lender VTB Bank is asking the European Court of Justice to reverse a ruling upholding sanctions against it in the wake of Russia's military intervention in Ukraine, saying the EU's General Court erred in ruling the restrictions were "appropriate and proportional" for achieving the stated peacekeeping goals.

  • March 11, 2019

    Prosecutors Win Bid To Boost Forfeiture In Tax Evasion Case

    A criminal appeals court in London has upped the sum a convicted money launderer must return to authorities for evading income taxes for a decade to include £38,000 ($49,000) he gave his girlfriend to buy a house, while ruling the decision doesn't have to make her homeless.  

  • March 11, 2019

    Troubled FRC To Be Axed As New Audit Watchdog Gets OK

    Britain's accounting watchdog will be shut down and replaced with a new audit regulator following criticism of the embattled organization after a string of high-profile scandals at large-listed companies, the U.K. government said Monday.

  • March 11, 2019

    London Hires: Howard Kennedy, Fox Williams, Cooley

    Several law firms are touting recent attorney hires in London: Howard Kennedy LLP nabbed a new financial services regulation specialist from Reynolds Porter Chamberlain LLP, Fox Williams LLP landed a securities litigation ace from Stewarts Law LLP, and Cooley LLP scored a capital markets lawyer pro from Latham & Watkins LLP.

  • March 11, 2019

    BoE Cracks Down On Visa Europe After IT Outages

    The Bank of England has said it is using its regulatory powers to force Visa Europe to step up protection for its IT systems after a technical glitch in June 2018 left the company's customers unable to complete 2.4 million transactions.

  • March 8, 2019

    UK Tax Authority Sues GE To Undo Deal Over Misrepresentations

    Britain's tax authority has sued several GE Group units in a bid to rescind a 2005 tax relief deal with the conglomerate and its financing subsidiaries because the companies allegedly misrepresented their corporate arrangements and omitted key information during the talks.

  • March 8, 2019

    Stephenson Harwood Demands £5.6M In Fees From Tycoon

    Lawyers at Stephenson Harwood LLP suing three trusts connected to real estate mogul Robert Tchenguiz for approximately £5.6 million ($7.29 million) in unpaid legal fees have told a London judge that they never agreed to hinge repayment on the success of legal fights they didn't work on. 

  • March 8, 2019

    Denmark Bolsters $1.9B Tax Fraud Suit Against UK Financier

    Denmark’s tax authority has fortified its London suit accusing dozens of individuals and companies of taking part in a multinational tax fraud to scam the Danish government out of roughly $1.9 billion, including zeroing in on a British-born financier.

  • March 8, 2019

    Taylor Wessing Drops Kazakh Co. Units In Suit-Funder Case

    A London judge allowed law firm Taylor Wessing to withdraw as counsel for two subsidiaries of Kazakhstan Kagazy PLC in a litigation funder’s lawsuit accusing the paper and packaging company of reneging on a funding agreement for a fraud case after winning more than $300 million.

  • March 8, 2019

    FCA Directory Will Let Consumers Check Bankers' Records

    The U.K.'s City regulator finalized plans on Friday for a public directory to help consumers spot financial professionals banned from the industry and protect banks and insurers from hiring questionable staff beginning from March 2020.

  • March 8, 2019

    JPMorgan Told To Pay Nigeria Legal Fees In $875M Oil Suit

    A judge in London ordered JPMorgan Chase Bank on Friday to pay Nigeria £375,000 ($490,000) in legal fees run as the lender unsuccessfully attempted to stop the country's lawsuit over $875 million in public funds the bank transferred to a shell company run by a corrupt former oil minister.

  • March 8, 2019

    Ombudsman Can Make Banks Hike Redress, FCA Says

    The Financial Ombudsman Service will be able to force banks and insurers to pay out up to £200,000 ($260,000) extra in compensation to every consumer or business they have cheated, the Financial Conduct Authority said on Friday.

  • March 8, 2019

    MPs Demand Overhaul Of UK's 'Fragmented' AML Defenses

    A panel of influential lawmakers published a detailed report on Friday describing the U.K.'s anti-money laundering enforcement as “highly fragmented” and recommended broad reforms to bolster the fight against financial crime.

  • March 7, 2019

    Libya Told To Deposit Defense Funds In JPMorgan Fraud Suit

    A London judge has ordered the Libyan Investment Authority to set aside funds to cover potential defense costs in the sovereign wealth fund's lawsuit seeking to cancel $180 million in allegedly fraudulent and corrupt securities issued by now-JPMorgan unit Bear Stearns.

  • March 7, 2019

    Just ‘Show Up,’ 6th Circ. Tells Fugitive In Rolls-Royce Case

    The Sixth Circuit told a businessman residing in China Thursday that courts don’t have to play “catch me if you can” with him as he ignores an arrest warrant and refuses to appear for a criminal case accusing him of helping a Rolls-Royce Group PLC subsidiary bribe foreign officials to win government contracts.

  • March 7, 2019

    Company Bringing Libor Suit 'Does Not Exist,' UBS Says

    UBS is urging a New York federal judge to bar a defunct investment company from allowing the outfit that bought its assets to take over as the last plaintiff in a proposed class action over alleged Libor rigging, calling the move an “attempt at sleight of hand” by an enterprise that no longer exists.

  • March 7, 2019

    BNP Paribas Blasts Harassment Claims In Employment Suit

    A lawyer for BNP Paribas on Thursday rebutted an employee's claims that the bank's human resources department took part in a campaign to push her out of the firm, telling a London tribunal that the allegation was "extremely unfair" and unfounded.

  • March 7, 2019

    Ex-Barclays Trader Calls SFO's Euribor-Rig Case Half-Baked

    Counsel for a former Barclays trader on trial for allegedly rigging a key interest rate benchmark told a London jury on Thursday that the Serious Fraud Office had not backed its case with evidence, comparing it to competing in a bake-off without half the ingredients.

  • March 7, 2019

    SFO Failed To Obtain Key Legal Docs In Barclays Fraud Probe

    The Serious Fraud Office failed to obtain key documents from the law firm that represented Qatar as the agency investigated side deals used by Barclays PLC to pay Qatari investors additional fees as it tried to raise billions of pounds in the financial crisis, it emerged at a London court on Thursday.

  • March 7, 2019

    EU Rejects Move To Blacklist Saudi, US Territories Over AML

    A European Union money laundering and terrorist-financing blacklist that would have included Saudi Arabia and four U.S. territories was unanimously rejected by member states on Thursday, after being criticized for lacking transparency and motivation for those territories to act.

Expert Analysis

  • Worldwide Freezing Orders Can Backfire Without Proper Care

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    Worldwide freezing orders, which preserve a respondent's assets until the outcome of the substantive case, are an important weapon in the arsenal of a commercial litigant. However, as FSDEA v. Dos Santos demonstrates, courts lay heavy obligations upon WFO applicants, says Nicola McKinney of Grosvenor Law Ltd.

  • UK Litigation And Guidance Highlight Cybersecurity Risk

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    Recent developments in the United Kingdom emphasize the importance of companies implementing cybersecurity measures proactively both to prevent incidents and to argue in mitigation when, not if, the company does suffer a data breach, say Guillermo Christensen of Ice Miller LLP and Anupreet Amole of Brown Rudnick LLP.

  • 7 Questions To Add To Your Lateral Partner Questionnaire

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    Law firms should redesign the vetting process for lateral candidates so it directly addresses sexual harassment and assault issues, says Howard Rosenberg of Decipher.

  • Do UK Territories Need Beneficial Ownership Info Registers?

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    The U.K.'s Sanctions and Anti-Money Laundering Act proposes introduction of publicly accessible registers of beneficial ownership information on companies in U.K. overseas territories. There is a chance that these registers may cause more trouble than they are worth, says Aki Corsoni-Husain of Harney Westwood & Riegels LLP.

  • 2 BVI Cases Explore Scope Of Proper Purpose Test

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    Two recent cases in the Eastern Caribbean Court of Appeal have presented British Virgin Island courts an opportunity to develop a local jurisprudence regarding the BVI Business Companies Act and provide guidance on how the proper purpose test is to be applied, says Rosalind Nicholson of Walkers Global.

  • Attorney-Client Privilege Must Be Reclaimed In The UK

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    The House of Lords' landmark decision in Three Rivers v. Bank of England significantly undermined confidentiality of communications between lawyers and clients. The U.K. Supreme Court should review this case as soon as possible, says Quentin Bargate of Bargate Murray Ltd.

  • 2018 In Review: Significant White Collar Developments At DOJ

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    As the year comes to a close, attorneys at King & Spalding LLP look back at a few of the most notable developments at the U.S. Department of Justice, including corporate monitor guidance, a False Claims Act policy shift, foreign exchange prosecutions, cryptocurrency fraud and international cooperation developments.

  • Opinion

    Why We Need Anti-Money Laundering Whistleblower Awards

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    The recent Mossack Fonseca indictments and Deutsche Bank raid would not have been possible without the whistleblower behind the Panama Papers leak. But there is no incentive for rooting out the type of criminal money laundering revealed here, creating a large enforcement gap, say Eric Havian and Michael Ronickher of Constantine Cannon LLP.

  • What To Expect From Serious Fraud Office In 2019

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    The coming year looks to be an interesting one for the U.K. Serious Fraud Office. With new Director Lisa Osofsky firmly in post, expectations are high that she will shake things up in the next few months, say Anna Gaudoin and Alison Geary of WilmerHale.

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

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    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.