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Corporate Crime & Compliance UK

  • May 8, 2019

    €840M Bribery Suit Against Deutsche Bank Kicks Off In UK

    A Dutch housing association accused Deutsche Bank of supporting the bribery of its former treasury manager to secure dozens of interest rate swaps, during opening arguments Wednesday in the organization’s €840 million ($940 million) case.

  • May 8, 2019

    Daimler Can't Escape Liability In UK Truck Cartel Suit

    The U.K.'s competition tribunal on Wednesday struck out an early attempt by Daimler AG to dodge liability in a group action stemming from the European Commission's 2016 €2.93 billion ($3.23 billion) fine against several truck producers for participating in a price-fixing cartel.

  • May 8, 2019

    Spanish Police Break Cryptocurrency Laundering Ring

    Police in Spain have frozen cryptocurrency storage units that received transfers of €9 million ($10 million) while rounding up a criminal gang that used virtual currencies to launder money, the European Union’s police agency said Wednesday.

  • May 8, 2019

    Investment Firm Execs Banned Over Tax Scheme Withdrawals

    Three company directors behind a failed £70 million ($91 million) unregulated investment scheme have been disqualified after a probe found they had withdrawn millions in contested tax from an arrangement being investigated by HM Revenue & Customs, a government agency said Wednesday.

  • May 8, 2019

    FCA Turns To Tech To Ease Reporting, Compliance Burdens

    The Financial Conduct Authority said on Wednesday that it is turning to technology to help it review the 500,000 regulatory reports that financial services companies file each year and to ensure the sector consistently complies with its rulebook.

  • May 8, 2019

    McDonalds Pension Trustees Fined Over Omissions

    Britain's pensions regulator said Wednesday it has fined the trustees managing numerous McDonald's retirement plans £103,750 ($135,000) for failing to audit its accounts and omitting details on how much members can expect to save, the first-ever penalties for such breaches. 

  • May 8, 2019

    UK Gov't Reject Plans For Central 'Dirty Money' Register

    A parliamentary committee criticized the government on Wednesday for failing to create a register of individuals linked to corruption to help reduce the amount of dirty money flowing through Britain's financial system.

  • May 8, 2019

    UBS Faces €83M Fine In German Tax Evasion Probe

    The German subsidiary of Swiss investment giant UBS Group AG faces a fine of €83 million ($93 million) for allegedly helping clients to evade taxes, prosecutors in Germany have said.

  • May 8, 2019

    Regulator Fines KPMG £4M Over Flawed Co-op Audit

    Britain's accounting watchdog said Wednesday it has fined KPMG £4 million ($5.2 million) for misconduct over its audit of The Co-operative Bank PLC after the lender's doomed merger with one of the U.K.'s largest building societies.

  • May 7, 2019

    Ex-Autonomy Exec 'Worth Suing,' UK Court Told

    An ex-Autonomy Corp. executive who cut a deal with the U.S. government to testify against his former boss decided to give evidence to save his own skin, lawyers representing Autonomy founder Mike Lynch said Tuesday at the biggest fraud trial in UK history.

  • May 7, 2019

    Compliance Pro Overstepped In Database Use, UBS Exec Says

    A senior UBS executive told a London jury Tuesday that a former compliance officer accused of passing confidential information to a trader friend should not have been using the bank’s internal database to look at client deals she wasn’t involved with.

  • May 7, 2019

    Carbon-Credit Investor Lost Inheritance To Scam, Jury Hears

    An investor testified Tuesday against eight men accused of running a £7 million ($9.2 million) carbon-emission credits scam, telling a London jury he lost £50,000 he expected would fund eco-friendly projects.

  • May 7, 2019

    Libyan Businessman Says Bribery Suit Is Abuse Of Process

    A Libyan businessman with supposed ties to the Moammar Gadhafi regime that was toppled in 2011 tried to toss a bribery and corruption suit brought against him and JPMorgan by the country’s sovereign wealth fund on Tuesday, claiming the suit is an abuse of process and should be struck out.

  • May 7, 2019

    UK Law Firms Face Punishment Over AML Failings

    The Solicitors Regulation Authority has referred 26 U.K. law firms for disciplinary action after finding they are not doing enough to prevent money laundering, the watchdog said on Tuesday as it warned that some are falling “seriously short” of required standards.

  • May 7, 2019

    UK Tax Agency Told To Delete 5M Files After GDPR Breach

    Britain’s data regulator has ordered HM Revenue and Customs to delete the voice records of five million taxpayers that it collected in breach of the European Union’s sweeping General Data Protection Regulation.

  • May 7, 2019

    ICO Fines PPI Claims Co. £120K For 3.5M Nuisance Texts

    The U.K.’s Information Commissioner’s Office on Tuesday hit a company that manages consumers' claims over missold payment protection insurance with a £120,000 ($156,700) fine for sending 3.5 million text messages advertising its services without permission. 

  • May 7, 2019

    Watchdog Halts Action Against Ex-Software Co. Finance VP

    Britain's accounting watchdog said Tuesday that it has put proceedings against the former vice president of a scandal-hit software company on hold as it awaits the outcome of criminal charges against him in California, including 15 counts of fraud.

  • May 7, 2019

    HSBC Says Fraud Claims 'Hopeless' In Movie Tax-Relief Row

    The private banking arm of HSBC has rejected claims that it misled investors about a scheme to claim tax relief on film investments, describing the allegations as “unfocused” and “hopeless” in a defense filed at a London court.

  • May 6, 2019

    Banks Can Redact Only Some Docs In Gold Price-Fixing Suit

    Though a New York federal judge is letting two of the four banks on the line in a gold price-fixing suit redact customer data from discovery production, the ruling applies only to certain documents and shoots down a sweeping bid for mass redaction.

  • May 6, 2019

    HMRC Tax Task Force Nets £5.4M Targeting Illicit Puppy Sales

    An initiative from HM Revenue & Customs to combat fraudulent puppy sales has brought in £5.4 million ($7.1 million) in lost taxes, the agency recently said.

Expert Analysis

  • What 2019 Has In Store For UK Data Protection

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    Many of the big data protection compliance themes of 2018 will continue on this year, including even General Data Protection Regulation preparation, but the possibility of a no-deal Brexit may complicate matters, says Stewart Room of PwC LLP.

  • British Overseas Territories Can Benefit From Transparency

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    British overseas territories have pushed back against a recent U.K. measure requiring them to create publicly accessible registers of companies' beneficial owners. However, considering global trends toward transparency, perhaps the territories should embrace the new rules as a force of good, says Simon Airey of Paul Hastings LLP.

  • Opinion

    Deferred Prosecution Agreements Are Unfair To Individuals

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    The recent deferred prosecution agreement between the U.K. Serious Fraud Office and Tesco Stores Limited provides a glaring example of how a DPA can result in real injustice to individuals and how the statutory DPA regime fails to provide them with any remedy, says Richard Sallybanks of BCL Solicitors LLP.

  • Why Is The UK's Criminal Law Disclosure Process Failing?

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    A decade of funding cuts to the U.K.'s police, prosecution and defense has severely strained the criminal justice system, and the failing disclosure system is just one symptom of a deeper malaise that must be remedied by adequate investment in training and staffing, says Marlon Grossman of Stokoe Partnership Solicitors.

  • Opinion

    Corps. Resisting Tax Disclosure On Wrong Side Of History

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    A new report for the Tax Justice Network details the extent to which many U.S. multinationals have flaunted the United Kingdom’s legal requirements for tax disclosure. Alex Cobham of Tax Justice Network and Andrew Belnap of UNC discuss the dismal findings.

  • The Lawyer's Daily

    How To Requalify As A Lawyer In Canada

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    Becoming a lawyer in Canada is a challenging experience for foreign qualified lawyers. In addition to the bar exam, hurdles include obtaining certification from the National Committee on Accreditation, and complications from moving to Canada halfway through the process, says Kyle Abrey, in-house counsel at the Royal Bank of Canada.

  • Legal Technology Is Likely To Flourish In The UK

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    The U.K. may soon surpass the U.S. in legal technology, thanks to regulatory reform, law firm investment and an entrepreneurial environment, says Bridget Deiters of InCloudCounsel.

  • Opinion

    Legal Operations Teams Are Gaining Popularity In EU

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    As the European and global economies continue to change, any legal department that does not want to get outflanked by faster, more agile competitors should consider the value that legal operations teams have to offer, says Hans Albers, president of the Association of Corporate Counsel Europe.

  • Why Proper Document Redaction May Be An Ethical Duty

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    Paul Manafort's attorneys recently filed a court document containing incompletely redacted information, highlighting the need for attorneys to become competent at redaction — or at least at verifying that redaction has been performed correctly. Failure to do either could be construed as legal malpractice, says Byeongsook Seo of Snell & Wilmer LLP.

  • Series

    Why I Became A Lawyer: A Refugee's Journey Of Firsts

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    Even as a child in war-torn Iran, I began to develop a sense of justice and a desire for equality and the rule of law. These instincts ultimately guided me to become a federal prosecutor, and now a partner in private practice, says Raymond Aghaian of Kilpatrick Townsend & Stockton LLP.