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Corporate Crime & Compliance UK

  • April 29, 2019

    Abraaj Exec Cleared To Leave NY Jail With $10M Bail Deal

    Abraaj Group managing partner Mustafa Abdel-Wadood is on track to exit a Manhattan federal detention center ahead of his trial on charges of lying to the buyout firm's backers, after a judge on Monday approved a $10 million bail package.

  • April 29, 2019

    FCA Raids On City Financial Firms Near-Doubled In 2018

    The number of raids carried out by the Financial Conduct Authority nearly doubled from 2017 to 2018, jumping from 13 to 25, according to data kept by the government watchdog.

  • April 29, 2019

    Fraudster Jailed For Multiple Fake Travel Insurance Claims

    A fraudster who lied about being ill or injured to make fake travel claims to several different insurers for the same family holiday has been sentenced to one year and four months in jail, police in London said Monday.

  • April 29, 2019

    EBA Faces Calls For Revamp After Dropping Danske AML Case

    The European Union’s financial regulation chief has criticized the bloc's top banking watchdog for closing an investigation into a suspected €200 billion ($223 billion) money laundering scandal at Danske Bank, as he called on Monday for an overhaul at the regulator.

  • April 29, 2019

    KPMG To Face Sanctions For Flawed Reports On BNY Mellon

    International auditing giant KPMG and one of its partners will face a disciplinary hearing from the U.K. Financial Reporting Council in May after they admitted misconduct when preparing reports about BNY Mellon, the accountancy watchdog said Monday.

  • April 29, 2019

    Canadian Lender Fined €1.25M For Ireland Rules Breach

    Ireland's central bank said Monday that it has fined a local branch of the Bank of Montreal €1.25 million ($1.4 million) for omitting to file mandatory risk assessment reports and failing to have procedures in place to detect the errors, as it  hands its second penalty to the lender. 

  • April 29, 2019

    7th Alleged Carbon Credit Scammer Charged Day Before Trial

    The last of seven men accused of selling dodgy carbon credit investments to consumers pled not guilty Monday to two counts of conspiracy to defraud, the day before their trial gets under way at a crown court in London.

  • April 29, 2019

    Utility Co. May Face Criminal Probe Over Sewage Plants

    White-collar investigators could wade into a regulatory investigation into how one of England's largest water providers runs its sewage treatment plants after the company told law enforcement agencies about alleged breaches.

  • April 29, 2019

    Global Regulatory 'Sandbox' Accepts First 8 Firms

    A cross-border regulatory testing ground for companies experimenting with new financial projects has taken on its first eight firms, a senior figure at the Financial Conduct Authority said Monday, 12 months after the program was announced.

  • April 26, 2019

    EU Details Reasoning Behind Ruling Against UK Tax Rule

    European Union regulators have said a U.K. scheme to shield some multinational companies from rules meant to deter tax avoidance cannot be justified by either territoriality or the principle of freedom of establishment.

  • April 26, 2019

    Abraaj Group Founder Denied Bail In US Extradition Battle

    A London judge on Friday denied bail to the founder of defunct Dubai private equity firm Abraaj Group, who was arrested on U.S. charges that he defrauded investors of hundreds of millions of dollars by inflating the value of the firm's investments.

  • April 26, 2019

    GE Hits Back At HMRC Suit Over Disclosure To Undo Tax Deal

    The U.K. tax authority’s legal action against several GE Group units to rescind a 2005 tax relief deal is “fundamentally wrong” and misplaced, the conglomerate and its financial subsidiaries said as they filed a counterclaim against the tax authority to keep two agreements propping up the deal in place.

  • April 26, 2019

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

    The past week has seen a former investment banker sue his erstwhile employer, a cloud banking company file suit against investment manager Invesco, and a debt collector for banks and financial institutions target a housing services company. Here, Law360 looks at those and other new claims in the U.K.

  • April 26, 2019

    Tycoon's Son Fights To Keep Yacht In €5M Qatari Bank Row

    The son of a fugitive Indian tycoon has filed a counterclaim to block Qatar National Bank from selling his yacht to settle a €5.2 million ($5.8 million) debt allegedly owed by his father’s company, according to documents filed with the High Court in London.

  • April 26, 2019

    FCA Postpones Policy Outline For Risky CFD Products

    The Financial Conduct Authority said on Friday that it will postpone issuing guidance to U.K. financial institutions on its plans to permanently ban them from selling speculative derivatives products, which cost consumers up to £450 million ($581 million) in annual losses.

  • April 26, 2019

    UK Think Tank Asks EU To Investigate Google Tax Deals

    A British think tank asked the European Union’s competition commissioner on Friday to investigate the tax arrangements of U.S. tech giant Google in the Netherlands and Ireland, claiming that the deals give the company a potentially unfair advantage.

  • April 26, 2019

    Gov’t Pledges Not To Disclose Cyberbreach Info To Watchdog

    The U.K. government’s cybersecurity agency has told companies that it will not disclose information about data breaches to Britain’s privacy regulator as it attempts to persuade businesses to communicate details of cyberattacks and breaches.

  • April 26, 2019

    Ex-Directors Banned By UK Watchdog For Price-Fixing

    Two former directors of a British construction company have been banned from running a business for a total of 14 years after their firm admitted to engaging in a cartel to rig prices for concrete drainage products, the U.K.’s competition watchdog announced Friday.

  • April 26, 2019

    Deloitte Quits Swiss Miner Job Amid Charity Fraud Probe

    A Swiss mining company said on Friday that Deloitte LLP has quit as its auditor amid growing scrutiny into whether funds donated to a charity in Ukraine were misappropriated. 

  • April 25, 2019

    Facebook Facing New Data Probes In New York, Ireland

    The New York Attorney General's Office on Thursday opened an investigation into Facebook's unauthorized collection of 1.5 million users' email contact lists, while Ireland's privacy regulator said it was looking into whether the company broke the law by storing passwords internally in plain text. 

Expert Analysis

  • 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.

  • Obtaining DPAs In The UK Will Not Be Easy

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    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

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    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

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    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

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    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

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    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

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    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.