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Corporate Crime & Compliance UK

  • March 6, 2019

    UK Farms Bank Misconduct Fight To US, Watchdog Says

    Bribery and fraud laws in the U.K. are weak and have forced the country's white collar cops to outsource criminal cases against bankers and financial institutions to law enforcement authorities in the United States, according to a corruption watchdog group. 

  • March 6, 2019

    Credit Union Regulator Wants Out Of $590M In Libor Deals

    The National Credit Union Administration board has asked a New York federal court to overlook its tardiness and exclude it from $590 million in settlements with Barclays, Citigroup, Deutsche Bank and HSBC over allegations the banks schemed to manipulate Libor for short-term loans.

  • March 6, 2019

    EU Gov'ts Agree To Smaller Companies Going Public

    European Union governments reached a political agreement with the bloc’s lawmakers on Wednesday about draft rules designed to help smaller companies raise money by listing on specialist stock exchanges, the European Commission announced.

  • March 6, 2019

    All Talk, No Action So Far For UK Under New AML Rules

    Not a single person was prosecuted under key U.K. anti-money laundering laws during the first 16 months following their introduction in 2017, new data revealed on Wednesday, raising questions about Britain's campaign against dirty money.

  • March 6, 2019

    BNP Paribas Exec Claims Harassment After Blowing Whistle

    A manager at BNP Paribas suing the French bank for sex discrimination told a tribunal in London on Wednesday that her career has been “irretrievably damaged” after she was continually victimized and harassed for raising gender pay disparity within the company.

  • March 6, 2019

    Investors Can Tap Clydesdale Bank For Property Fraud Scam

    Defrauded investors can recoup the money they sunk into a sham property scheme from Clydesdale Bank, a London appeals court said on Wednesday as it ruled that the lender had breached contractual obligations by dispersing the money without permission.

  • March 6, 2019

    Barclays Attys 'Knew' Of Qatari Side Deal, Jury Hears

    In-house lawyers at Barclays knew an advisory deal the bank struck with Qatar was a mechanism to pay the Gulf state additional fees to secure its participation in the lender’s crisis-era fundraising, a London jury weighing a landmark fraud trial against four former executives heard Wednesday.

  • March 6, 2019

    MPs Back Plans To Stop Firms Burying Harassment Claims

    Influential lawmakers have swung behind proposals by the U.K. government to prevent corporations from using non-disclosure agreements and confidentiality clauses in their employment contracts to discourage staff from reporting harassment to the police.

  • March 5, 2019

    Ex-Barclays Trader's Sudden Acquittal Sends Shock Waves

    A judge’s unexpected decision to acquit a former Barclays foreign currency options trader and say prosecutors had “completely overreached” in the case dealt a blow to the U.S. Department of Justice’s Fraud Section and may have a ripple effect.

  • March 5, 2019

    Investors Accuse BofA, RBS Of Eurozone Bond Price-Fixing

    A U.S. pension fund filed a putative class action against Bank of America and the Royal Bank of Scotland on Monday for allegedly conspiring to rig the prices of sovereign debt issued by European central banks between 2007 and 2012, in light of tentative accusations made by the European Commission in January.

  • March 5, 2019

    Dodgy Fee For Qatari PM Concerned Barclays Exec, Jury Hears

    A former Barclays executive on trial for fraud was concerned about advisory service agreements the bank used to pay Qatari investors additional fees in its efforts to raise billions of pounds during the financial crisis, a London jury heard Tuesday.

  • March 5, 2019

    Financial Sector Sees Spike In Cyberattacks, Poll Says

    More than two-thirds of financial organizations surveyed in a poll released Tuesday reported an increase in cyberattacks within the past year, while reports of the most damaging type of attack — aimed purely at destroying records — spiked by 160 percent.

  • March 5, 2019

    Nigerian Oil Co. Fights Lender’s $6.1M Loan Suit Amid Probe

    A Nigerian oil company run by the country's former energy minister has hit back at a U.K. lawsuit seeking roughly $6.1 million that Access Bank PLC said is due under an import finance loan, citing a criminal fraud probe of the lender. 

  • March 5, 2019

    Art Dealer In Fraud Suit Must Submit To Cross Or Face Jail

    An art dealer who fled to Spain after facing legal action in the U.S. and U.K. for allegedly selling works used as loan collateral was ordered by a London judge on Tuesday to submit to cross-examination about his assets — or face possible prison time.

  • March 5, 2019

    EU Gov'ts, Lawmakers Divided On Whistleblower Protection

    European Union governments and the bloc’s lawmakers are squabbling over the best way to protect whistleblowers, with member states seeking to delay informants before they go public, EU officials told Law360 on Tuesday.

  • March 5, 2019

    EU Hits Car-Part Makers With €368M Price-Fixing Fine

    The European Commission said on Tuesday it has fined two auto-parts manufacturers a total of €368 million ($416 million) after they admitted to coordinating the prices of steering wheels, seat belts and airbags sold to European carmakers over four years.

  • March 4, 2019

    Ex-Barclays Exec Too Nervy To Email Side Deal, Jury Told

    A former Barclays PLC executive felt nervous about emailing a draft version of a side deal the bank struck with Qatar because it looked like the Gulf state was being paid additional fees to bail out the British lender in 2008, a London jury heard Monday.

  • March 4, 2019

    Legal Aid Org. May Seek £750K From Atty Convicted Of Fraud

    The U.K.’s Legal Aid Agency told a London judge Monday it may seek to recover about £750,000 ($988,450) from a solicitor convicted of defrauding the program, a process that could require getting information from the criminal case.

  • March 4, 2019

    Traders Abused Barclays' Euribor Role To Rig Rate, SFO Says

    Three former Barclays PLC traders on trial for allegedly rigging a key European interest rate benchmark used the bank’s “privileged position” to make money for its swaps traders, the Serious Fraud Office told a London jury during closing arguments Monday.

  • March 4, 2019

    Ex-Barclays Forex Chief Cleared By Judge Amid Trial

    A federal judge in San Francisco ruled on Monday to acquit a former trader at Barclays PLC of manipulating the price of foreign currency options to defraud the bank's customer Hewlett-Packard Co., saying that no reasonable jury could convict based on the evidence prosecutors offered at trial.

Expert Analysis

  • Why English Courts Are Prepared To Assist Cyber Victims

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    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

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    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

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    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

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    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

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    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

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    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

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    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

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    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

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    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.

  • A Missed Opportunity For Whistleblower Protections In UK

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    U.K. financial regulators recently decided the first test case under the country’s whistleblower protection provisions in a matter involving Barclays CEO Jes Staley. The decision not to take action against Barclays calls into question the extent to which regulators will give teeth to the protections, say Lynne Bernabei and Kristen Sinisi of Bernabei & Kabat PLLC.