Tax inspectors have raided 50 real-estate agents across England in a week-long investigation into money laundering in the property sector, HM Revenue and Customs said Monday.
London’s High Court has ordered Barclays Bank PLC to retain some audio data held by its so-called custodian banks under disclosure requirements for a $850 million lawsuit filed by hedge fund Red Kite Management Ltd. for alleged manipulation of the copper market.
Royal Dutch Shell PLC said Friday that prosecutors in the Netherlands are likely to criminally charge the oil giant related to long-running issues around a Nigerian oil block that has spawned lawsuits and accusations of massive corruption.
A New York federal judge has ordered that an objector to a $300 million attorney fees award in sprawling litigation that claims 15 banks plotted to rig benchmarking rates in the foreign exchange markets must post a bond for the appeal.
Former executives' efforts to get Barclays' legal team to sign off on lucrative advisory deals with Qatari investors are proof the agreements are not the sham prosecutors have made them out to be, one ex-executive told investigators in an interview.
A London judge on Friday sentenced a man behind a land investment scam to six months imprisonment for circumventing a court order that aimed to recoup the more than £14 million ($18.4 million) victims lost to the fraud, citing the "deliberateness of the breaches."
The last week has seen Mozambique sue Credit Suisse amid a $2 billion loan scandal that has sparked criminal charges in the U.S., a claim filed against a tax expert at Berkshire Wealth LLP, and Swiss digital payments provider Inatec sue a rival merchant. Here, Law360 looks at those and other new claims in the U.K.
European governments have refused to back plans for a blacklist of countries with lax anti-money laundering and terrorist financing controls including Saudi Arabia and some U.S. territories, lawmakers in the bloc said on Friday.
The U.K.’s antitrust agency slapped five construction companies with fines totaling £7 million ($9.3 million) on Friday after they admitted to engaging in a criminal cartel to rig the prices they would bid for contracts.
A judge in London handed a victory to an Iranian oil and gas engineering company on Friday, accepting its claim that it was a victim of fraud after a $87 million payment it made in an agreement to acquire an oil rig in Turkey was misappropriated.
The Payment Systems Regulator has welcomed measures aimed at safeguarding consumers against so-called authorized push payment scams, in which banks will compensate victims of fraud if customers have taken reasonable steps to protect themselves.
The director of two financial services companies that made almost 221 million nuisance calls to consumers offering to help them claim compensation over potentially missold insurance products has been banned from running a business for eight years, two U.K regulators said Friday.
Actavis illegally made monthly payments to Waymade to not enter the market for a generic hormone-replacement treatment and then charged the country’s national health care provider excessive prices for the drug, the U.K.’s antitrust regulator said Thursday.
An updated suit over the Royal Bank of Scotland's controversial restructuring unit includes potentially damaging new emails suggesting the government propped up the bank during the last financial crisis at the expense of small businesses. Here, Law360 looks at some of the most damning exchanges.
A Rothschild unit has been ordered to turn over information in Slater & Gordon LLP's suit accusing insurance technology provider Watchstone Group of misrepresenting the financial health of a unit whose practices attracted criminal scrutiny just months after the law firm bought it for £637 million ($844 million).
Former Barclays PLC boss John Varley believed £322 million ($427 million) the bank paid in fees to Qatari investors under two advisory deals in 2008 was appropriate and was not conditional on the Gulf state taking part in the British lender’s crisis-era cash call, a jury heard Thursday in a landmark criminal trial.
A former Barclays PLC trader on trial in London for allegedly rigging a key European interest rate benchmark bristled Thursday at a prosecutor’s suggestion that she exhibited a “selective memory” on the witness stand, shooting back, “I’m not lying.”
The Financial Conduct Authority said on Thursday that it will give banks and insurers 15 months from March to follow regulatory rules that will apply to them if the U.K. leaves the European Union without a deal, in a bid to ensure that British businesses have enough time to transition out of the bloc.
British investigators are seeking court orders to freeze 95 bank accounts at Barclays PLC holding £3.6 million ($4.8 million) in suspected illicit funds, the National Crime Agency said Thursday in what it called a "day of action."
Europe’s top insurance regulator has called on lawmakers to agree on a worldwide strategy to combat global cyberrisk, which it says should include plans to make insurers develop more stringent cover to protect businesses against threats.
In a recent speech, the U.K. Serious Fraud Office's joint head of bribery and corruption, Camilla de Silva, made it clear that deferred prosecution agreements will not be given out to each and every company seeking one. Self-reporting, internal investigation, cooperation and reform are all factors that the SFO assesses to determine which companies deserve DPAs, says Azizur Rahman of Rahman Ravelli Solicitors.
We recently polled some of our financial clients to determine the state of their preparations for the end of Libor, and the results indicate that there is widespread awareness of the rate's phaseout by 2021. However, the survey results do not indicate anything is actually being done, says Kevin Trabaris, chairman of the financial services group at Culhane Meadows PLLC.
Unexplained wealth orders, introduced in the U.K. this January, will allow authorities to ask individuals to explain the source of their assets. UWOs will put a new emphasis on the importance of following best practices in relation to know-your-client and anti-money laundering procedures, say Konstantin Kroll and Matthew Lawson of Orrick Herrington & Sutcliffe LLP.
Global authorities are taking an increasingly coordinated approach toward the investigation and prosecution of economic misconduct. Further significant developments in 2018 will likely refine the manner in which such investigations are approached, say attorneys with Cleary Gottlieb Steen & Hamilton LLP.
A number of significant corporate resolutions were reached in 2017, which have provided guidance on the level of cooperation expected by criminal and civil authorities, primarily in Europe. Meanwhile, the divergent approaches to legal privilege taken by courts in different jurisdictions provide significant challenges to those conducting cross-border internal investigations, say attorneys with Cleary Gottlieb Steen & Hamilton LLP.
The U.S. Department of Justice’s "Fraud Section Year in Review" report provides a useful overview of what the Criminal Division’s largest litigating section accomplished in 2017, comparisons to years past, and important hints at what the future holds for individuals and entities whose activities come within the Fraud Section’s broad reach, say Kevin Muhlendorf and Madeline Cohen of Wiley Rein LLP.
After much hand-wringing in 2017 about whether Foreign Corrupt Practices Act enforcement would diminish radically under President Donald Trump, it’s now safe to say that all signs point toward continued and vigorous enforcement, say attorneys with Foley & Lardner LLP.
The U.S. agencies’ increasing coordination with their foreign partners has led to more potent Foreign Corrupt Practices Act investigations — in terms of both their scope and settlement cost, say Patrick Stokes, former chief of the FCPA Unit at the U.S. Department of Justice, and Zachariah Lloyd of Gibson Dunn & Crutcher LLP.
Both the Dodd-Frank Act in the U.S. and rules under the Financial Conduct Authority in the U.K. provide whistleblower protections for financial industry employees who report fraud and regulatory breaches. Whereas the specific protections in the U.S. and U.K. differ somewhat, many of the protection mechanisms are remarkably similar, say Lynne Bernabei and Kristen Sinisi of Bernabei & Kabat PLLC.
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.