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Corporate Crime & Compliance UK

  • February 28, 2019

    Ex-Charity Boss Accused Of Pensions Fraud Gets Court Date

    The former head of a disability charity accused of defrauding the organization’s retirement fund out of more than £250,000 ($332,000) will appear before magistrates next month, the U.K.'s increasingly robust pensions regulator announced on Thursday.

  • February 27, 2019

    IRS Never Proved Forex Traders' Rates Rigged, DC Circ. Told

    A business partnership that traded in foreign currency derivatives appealed a U.S. Tax Court conclusion that its transactions were a sham, telling the D.C. Circuit on Tuesday that the IRS never proved its trades were rigged.

  • February 27, 2019

    Investors Wanted Extra Deals In Barclays Cash Call, Jury Told

    Investors from Qatar, China and Japan all wanted side deals from Barclays when they participated in the British lender's emergency £11 billion ($14 billion) cash call at the height of the financial crisis, a former executive testified Wednesday at a high-profile London trial.

  • February 27, 2019

    UK Watchdog Moves To Disqualify Real Estate Cartel Directors

    Britain's competition authority on Wednesday said it has moved to disqualify two former directors of real estate companies after an investigation into their role in a scheme to fix minimum commission fees.

  • February 27, 2019

    Jailed UK Expat Sues To Make Dubai Bank Drop $500M Claim

    A British businessman who has been jailed for nearly a decade by Dubai authorities for $430 million in allegedly unpaid debts tied to a purportedly fraudulent investment scheme has asked a London judge to force an Emirates lender to drop its latest collection efforts so that he might go free. 

  • February 27, 2019

    Developer Told To Spruce Up Lloyds Swaps Misselling Suit

    A London court has given a Yorkshire-based property firm just over a month to specify who it thinks lied or behaved fraudulently in its swaps misselling claim accusing Lloyds Bank PLC of forcing the company into administration.

  • February 27, 2019

    Trustee Accused Of Taking £280K From Pensions 'Piggy Bank'

    An accountant was found to be using a pension scheme that he was a trustee and administrator of as his "personal piggy bank," The Pensions Regulator said Wednesday, after he admitted to transferring £280,000 ($373,000) out of the funds to help his own investments.

  • February 27, 2019

    FCA Sets Out Plans For More Power Over Investment Advisers

    The Financial Conduct Authority has said it will work with HM Treasury to extend its regulation of investment consultants, who are responsible for managing £1.6 trillion ($2.1 trillion) of pensions, in a move to stimulate competition within the sector.

  • February 27, 2019

    Regulators Probe Metro Bank Over £900M Accounting Blunder

    Metro Bank PLC has revealed that both the Bank of England’s Prudential Regulation Authority and the Financial Conduct Authority are investigating a £900 million ($1.2 billion) accounting blunder caused when it wrongly calculated the value of loans.

  • February 27, 2019

    Construction Co. Gets Fine Slashed Over Low Asbestos Risk

    The Court of Appeal has more than halved the fine imposed on a construction company convicted of exposing workers to the risk of asbestos, citing expert evidence — which went unchallenged at trial — that the level of minerals risked killing just nine in 10,000 people.

  • February 26, 2019

    Credit Suisse Taps New Compliance, Risk Czars

    Credit Suisse Group has named new top risk and compliance officers as it shakes up its C-suite capping a three-year functional restructuring, it said Tuesday.

  • February 26, 2019

    Ex-Barclays Exec Unaware Of Qatari Advisory Deals, Jury Told

    A former executive at Barclays PLC was unaware that the bank struck two advisory service agreements with Qatar that are at the center of the criminal trial of four former senior Barclays bankers, according to evidence read to a jury at Southwark Crown Court on Tuesday.

  • February 26, 2019

    Latvia Broke EU Law By Suspending Bank Chief, ECJ Says

    Europe's top court on Tuesday reversed Latvia's decision to bar the head of its central bank from his job, saying the country broke European law when it failed to offer evidence supporting its decision to suspend him as it probed bribery allegations.

  • February 26, 2019

    Russian Bank Bailout Suits Face UK Jurisdiction Challenge

    A Russian businessman has challenged two lawsuits brought against him in London by investors claiming approximately $90 million in damages after the bank he founded was forced into administration, telling a court on Tuesday that England lacks the jurisdiction to hear the case.

  • February 26, 2019

    Euribor Submissions Were '1-Minute Job,' Trader Tells Jury

    A former Barclays trader charged with rigging Euribor told a London court Tuesday she spent just a few minutes on submissions used to set the benchmark rate, calling the task that ensnared her in the case only a minor part of her job.

  • February 26, 2019

    Money Launderer Caught In Christie's Sting Gets 9 Years

    A man convicted of channelling more than £6 million ($7.9 million) for criminals through a network of more than 200 bank accounts was sent to prison for nine years by a judge in London on Tuesday for running a "professional and organized" money laundering operation.

  • February 26, 2019

    Swedbank Hires New Auditor To Investigate AML Reports

    Swedbank AB announced Tuesday it has dropped accountancy giant EY and hired new external forensic auditors to investigate allegations linking the bank to a suspected €200 billion ($227 billion) money laundering scandal in the Baltics.

  • February 26, 2019

    UK Gov't Will Allow Vote For Delay To Avoid Hard Brexit

    Theresa May said Tuesday she will accept delaying Brexit to prevent a no-deal departure from the European Union, marking a policy shift that would avert a regulatory vacuum if the prime minister fails to push her withdrawal agreement through Parliament by March 12.

  • February 25, 2019

    UK Regulator Seeks To Shift Focus To Consumer Protection

    The U.K.’s antitrust agency is calling for a major overhaul of its powers, seeking greater authority to impose fines and “interim” measures aimed more explicitly at safeguarding consumers and suggesting some other body take over criminal cartel enforcement, according to a letter made public Monday.

  • February 25, 2019

    German Dialysis Firm Fresenius Notches Deal In FCPA Probe

    German dialysis company Fresenius said it has reached a deal in principle to settle an investigation by U.S. authorities into possible Foreign Corrupt Practices Act violations, after self-reporting the conduct to the U.S. Securities and Exchange Commission and the U.S. Department of Justice.

Expert Analysis

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

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    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

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    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

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    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

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    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

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    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

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    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

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    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

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    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

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    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.

  • Curbing Bribery And Corruption In International Arbitration

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    There are concerns that parties to contracts procured through corruption may choose arbitration because the process is confidential and consensual, and because arbitrators have been traditionally reluctant to investigate corruption on their own initiative. If true, that creates a very real risk, says Mathew Rea, co-head of Bryan Cave’s global international arbitration team.