We use cookies on this site to enable your digital experience. By continuing to use this site, you are agreeing to our cookie policy. close

Corporate Crime & Compliance UK

  • March 4, 2019

    UK Estate Agents Raided In Money Laundering Crackdown

    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.

  • March 4, 2019

    Barclays Must Preserve Audio For $850M Metals Trading Suit

    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.

  • March 1, 2019

    Shell Says It Awaits Dutch Prosecution Over Nigerian Oil Deal

    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.

  • March 1, 2019

    Objector To $300M Forex Fee Award Must Post Appeal Bond

    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.

  • March 1, 2019

    Bid To Get GC's OK Shows Deals No Crime: Ex-Barclays Exec

    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.

  • March 1, 2019

    Scammer Gets 6 Months For Violating £14M Repayment Order

    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."

  • March 1, 2019

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

    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.

  • March 1, 2019

    EU Rejects Dirty-Money List After US, Saudis Protest

    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.

  • March 1, 2019

    CMA Fines Construction Cos. £7M For Price-Rigging

    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.

  • March 1, 2019

    Iranian Co. Wins $87M Fraud Claim Over Oil Rig Deal

    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.

  • March 1, 2019

    Watchdog Applauds Safeguards Against Push Payment Scams

    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.

  • March 1, 2019

    Director Handed 8-Year Ban For Making 221M Nuisance Calls

    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.

  • February 28, 2019

    UK Accuses Drugmakers Of Anti-Competitive Agreements

    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.

  • February 28, 2019

    5 Explosive Emails In New Claim Of Gov't Role In RBS Unit

    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.

  • February 28, 2019

    Rothschild Bank Pulled Into £637M Watchstone Asset Dispute

    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).

  • February 28, 2019

    'Sham' Qatar Deals Were Real, Ex-Barclays CEO Told SFO

    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.

  • February 28, 2019

    Ex-Barclays Trader Accused Of 'Selective Memory' On Stand

    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.”

  • February 28, 2019

    FCA Gives Businesses 15 Months To Follow 'No-Deal' Rules

    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.

  • February 28, 2019

    UK Agency Seeks Freeze On 95 Bank Accounts In AML Sweep

    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."

  • February 28, 2019

    EU Insurance Watchdog Calls For Global Cyberrisk Strategy

    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.

Expert Analysis

  • Obtaining DPAs In The UK Will Not Be Easy

    Author Photo

    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.

  • Financial Institutions Seem Unprepared For Libor Demise

    Author Photo

    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.

  • An Introduction To The UK's Unexplained Wealth Orders

    Author Photo

    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.

  • A Review Of Cross-Border Investigations In 2017: Part 2

    Author Photo

    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 Review Of Cross-Border Investigations In 2017: Part 1

    Author Photo

    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.

  • Fraud Section Under New Management: Takeaways From 2017

    Author Photo

    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.

  • 5 Things To Watch For In FCPA Enforcement This Year

    Author Photo

    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.

  • Series

    40 Years Of FCPA: Cross-Border Efforts And Growing Risk

    Author Photo

    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.

  • Navigating Whistleblower Protections Across The Atlantic

    Author Photo

    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.

  • Negotiating Interest Rate Provisions As Libor Demise Looms

    Author Photo

    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.