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Corporate Crime UK

  • January 9, 2019

    FCA Warns Firms About Misleading Financial Adverts

    Financial Conduct Authority executives warned senior managers on Wednesday they will be reprimanded if their companies are found to be issuing misleading material about financial promotions.

  • January 9, 2019

    Ex-Premier League Star Fights Money Laundering Charges

    A former Premier League star told a London jury Wednesday that he didn't launder money, saying that the thousands of pounds he received from his brother was just an example of the "really, really regular" cash transfers his family members frequently made among themselves.

  • January 9, 2019

    EU Regulator Calls For Bloc-Wide Regulation Of Cryptoassets

    Consistent Europe-wide regulation of cryptoassets is needed to give greater protection to consumers and prevent criminals from exploiting the patchwork of rules across the bloc, the European Securities and Markets Authority warned Wednesday.

  • January 9, 2019

    Pensions Cold Callers Face £500K Fine Under Ban, Gov't Says

    British companies face fines of up to £500,000 ($636,000) from Wednesday if they make unsolicited phone calls seeking pensions business, HM Treasury said, as a long-awaited ban to tackle "devastating" savings fraud entered into force.

  • January 8, 2019

    UK Legislators’ Tax Law Ups Pressure To Avoid No-Deal Brexit

    A U.K. finance bill amendment passed Tuesday would limit the government’s ability to tweak tax legislation after Brexit, in a bid to discourage the government from leaving the European Union without a transitional trade agreement.

  • January 8, 2019

    Home Secretary To Mull Extradition For Cricket Match Fixer

    A London judge has asked Britain’s home secretary to decide whether to order the extradition of an Indian businessman accused of helping fix cricket matches involving South Africa’s team, paving the way for the British citizen to face criminal charges in India. 

  • January 8, 2019

    Britain Plans Tweaks To Financial Benchmark Laws For Brexit

    The U.K. government on Tuesday set out its latest contingency plans to keep financial benchmarks alive for the country's financial institutions after Brexit, including a two-year transition period aimed at guaranteeing the legal framework for the market remains effective after Britain leaves the European Union in March.

  • January 8, 2019

    Zurich Gets Probation Service Data In £4.8M Dispute

    British probation authorities must disclose information to Zurich Insurance PLC about an alleged “shadow director” of a waste management company that has sued the Swiss insurance giant for £4.8 million ($6.1 million), a London court has ordered.

  • January 8, 2019

    UK Floats Rules For Fulfilling Existing EU Financial Contracts

    The Financial Conduct Authority on Tuesday began consulting on Brexit preparations that it said will ensure that the bloc's financial firms can fulfill existing cross-border contracts if the U.K. exits the European Union without a transition period.

  • January 8, 2019

    Gang Jailed For UK 'Crash For Cash' Insurance Scam

    Sixteen members of a U.K. gang linked to dozens of deliberate car crashes and almost £1.2 million ($1.5 million) in fraudulent insurance claims have been sentenced for their roles in the so-called crash-for-cash scam, with eight getting prison sentences, an insurance industry body has said.

  • January 8, 2019

    UBS Insider Trading Case Gets April London Trial Date

    A former compliance officer with UBS Group AG and her day trader friend, who are both accused of insider dealing by the Financial Conduct Authority, will face a retrial in April after a jury failed to reach a verdict in the original trial, it was confirmed at a hearing at a London court on Tuesday.

  • January 8, 2019

    Hard Brexit May Hike Transfer Costs, Bank Scams, UK Says

    Payments received by U.K. businesses from credit cards issued by European Union banks are likely to become costlier if Britain leaves the bloc without a transition deal, the British government warned on Tuesday.

  • January 7, 2019

    NCA Can't Seize Assets In £6.5M Mortgage Fraud Suit

    A London judge has refused to let the National Crime Agency seize some £6.5 million ($8.3 million) in property in connection to an alleged mortgage fraud scheme involving a Hong Kong company, ruling that central questions tied to ownership and payment for the assets will have to be decided by a jury. 

  • January 7, 2019

    Google Shifted $22.8B To Bermuda Via Shell Co., Filing Says

    Google Inc. used a legal mechanism to transfer €19.9 billion ($22.8 billion) through a Dutch shell company to a Bermuda-registered entity in 2017 for tax purposes, according to financial records filed recently with a quasi-public body in Amsterdam.

  • January 7, 2019

    SFO Trims Bribery Probe Into Rolls-Royce Employees

    The U.K.'s Serious Fraud Office said Monday that it's no longer investigating several former Rolls-Royce employees in connection with a worldwide scheme to bribe government officials, though some individuals are still being probed. 

  • January 7, 2019

    EU Regulators Report Rapid Growth In Fintech Testing

    Most European Union financial regulators have launched programs to test new financial technology products offered by banks and insurance companies but are concerned they could be creating a two-tier market for fintech products, according to a report published Monday by the bloc’s top supervisors.

  • January 7, 2019

    London Trial Of Ex-Barclays Execs Over Qatari Funds Starts

    The long-awaited criminal trial of four former Barclays PLC directors began on Monday over charges connected to a £12 billion ($15.3 billion) rescue package that the bank secured from investors including Qatar at the height of the financial crisis.

  • January 7, 2019

    Watchdog, Cops Probe UK Lawyer After £22M Legal Aid Fraud

    The Solicitors Regulation Authority said Monday that it could discipline the former head of a major law firm after a London judge ordered it to repay more than £22 million ($28 million) of public money fraudulently claimed in legal aid.

  • January 7, 2019

    FCA Tells Europe's Cos. To Seek Temporary UK Permission

    The Financial Conduct Authority told Europe’s banks and insurance companies on Monday that they can start applying for temporary permission to continue providing financial services in Britain for a limited period after Brexit if the U.K. leaves the European Union without securing a transition agreement.

  • January 4, 2019

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

    The last week has seen Natixis sue a Nigerian oil refinery, a Qatar Insurance unit lodge a commercial fraud claim, and Allianz Global Investors take on some of the same major banks the institutional investor has already sued for foreign exchange manipulation in the U.S. Here, Law360 looks at those and other new claims in the U.K.

Expert Analysis

  • Negotiating Interest Rate Provisions As Libor Demise Looms

    Charles Guerin

    As Libor’s discontinuation comes closer, lawyers will grapple with interest rate language in current and proposed commercial loan documents. Charles Guerin of Munsch Hardt Kopf & Harr PC offers some suggestions to help meet parties’ expectations, match industry practice and avoid disputes.

  • 2nd Circ. Libor Ruling Won’t Slow Cross-Border Enforcement

    Jason Linder

    Many commentators predict the Second Circuit's Allen decision last week will substantially chill the government's cross-border law enforcement efforts, but the truth is that the government won't have to make major changes to its increasingly robust coordination with foreign law enforcement to avoid similar problems in the future, say Jason Linder and John Long of Irell & Manella LLP.

  • 2nd Circ. Libor Ruling Helps Subjects In Int'l Investigations

    Gregory O’Connell

    The Second Circuit's Allen decision Wednesday tilts the scales toward subjects and targets in multinational investigations. U.S. prosecutors could be forced to get involved in international investigations earlier than they might like, say Gregory O’Connell and Peter Sluka of De Feis O’Connell & Rose PC.

  • Get Ready For The UK's New Unexplained Wealth Order

    Gerrard, Neil.jpg

    The U.K. Criminal Finances Act 2017 allows for court orders requiring individuals and companies to explain the origin of assets in the U.K. and beyond that appear disproportionate to their known incomes. But the controversial nature of the new orders means that legal challenges are likely, say attorneys from Dechert LLP.

  • The UK's New Suspicious Activity Reporting Regime: Part 1

    Neil Gerrard

    The U.K. Criminal Finances Act 2017 introduces major changes to the regime for suspicious activity reports. To minimize the risk of serious business disruption, financial services firms, accounting firms and law firms doing business in the U.K. must be prepared to take a more considered approach to analyzing whether a suspicious activity report is genuinely required, say attorneys with Dechert LLP.

  • What Cos. Need To Know About The UK Criminal Finances Act

    Neil Gerrard

    The U.K.'s Criminal Finances Act 2017 creates a new offense of failure to prevent the facilitation of tax evasion. The extraterritorial effect of the offense means that entities doing business in the U.K. will be criminally liable even if an associated person commits tax evasion in another jurisdiction. The potential impact is far-reaching and burdensome, say attorneys with Dechert LLP.

  • A Review Of Recent Cases Against Execs: Part 2

    Lauren Briggerman

    In the second half of their summary of major government investigations affecting corporate executives this spring, attorneys with Miller & Chevalier Chtd. highlight key developments that affect executives beyond the investigation phase, including noteworthy sentencings, judicial rulings, and government policies and guidance.

  • UK Leads Anti-Corruption Enforcement: Implications Of UWOs

    Ian Hargreaves

    As it is unlikely there will be significant opposition to the Criminal Finances Bill in the House of Lords, it is likely to become law during the mid to late part of 2017. "Unexplained wealth orders" will be a new and powerful tool available to U.K. criminal authorities to seize assets, says Ian Hargreaves of Covington & Burling LLP.

  • English RBS Privilege Ruling Affects Internal Investigations

    Mary Pat Brown

    The English High Court's recent RBS decision has major implications for the way in which internal investigations with any connection to the U.K. are to be conducted and recorded, say Mary Pat Brown and David Foster of O’Melveny & Myers LLP.

  • Prosecution Of Corporate Execs: The Latest Developments

    Dawn E. Murphy-Johnson

    During the last quarter of 2016, the U.S. Department of Justice announced several significant guilty pleas and indictments against corporate executives that may provide some clues about where the prosecution of executives is headed this year, say attorneys with Miller & Chevalier Chtd.