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Corporate Crime & Compliance UK

  • April 25, 2019

    Russian Bank Widens Access In Oligarch's £1.3B Asset Freeze

    A London judge on Thursday expanded access to confidential information related to a £1.3 billion ($1.7 billion) freezing order against the brother of a jailed Russian bank boss, despite his contention that it would increase "substantial credible risks" to his safety and property.

  • April 25, 2019

    Glencore Discloses CFTC Foreign Corruption Probe

    A little more than a month after the U.S. Commodity Futures Trading Commission announced it would pursue foreign corruption claims, mining company Glencore disclosed that it is the subject of such an investigation.

  • April 25, 2019

    EU Takes Cautious Antitrust Approach To Loan Syndication

    Big banks can take some solace in the results of the European Commission's long-awaited report on the bloc's $800 billion syndicated loan market that found little reason to suspect misconduct. But the findings do underscore the need for vigilant antitrust compliance as lenders coordinate to fund major projects.

  • April 25, 2019

    Swiss Insurer Pays US $5.1M For Helping Clients Hide Assets

    Zurich Life Insurance Co. Ltd. agreed Thursday to pay the U.S. a penalty of over $5.1 million to avoid prosecution over allegations it assisted U.S. taxpayer customers in evading taxes and reporting requirements through sales of minimal risk insurance policies.

  • April 25, 2019

    Saudi Must Turn Over Docs Ahead Of Real Estate Fraud Trial

    A London judge has told a Saudi Arabian businessman suing his former real estate partner for defrauding him out of £35 million ($45.2 million) on property developments to hand over documents from a criminal probe he initiated in the Middle Eastern country or explain why the information can't be found. 

  • April 25, 2019

    Case Closed As Airport Cash Smuggler's £1.5M Is Confiscated

    Britain's organized crime agency has said it has confiscated £1.5 million ($1.93 million) in cash from a convicted money launderer who tried to board a flight from London to Dubai after checking the illicit funds onto the plane in four suitcases.

  • April 25, 2019

    Swedbank Sets Up Financial Crime Unit In AML Battle

    Troubled lender Swedbank announced Thursday it is setting up a unit to tackle financial crime as it struggles to get to grips with a money laundering scandal that has cost senior managers their jobs and sent its market value tumbling.

  • April 25, 2019

    Boss Of RBS To Step Down, Says 'Right Time To Leave'

    Ross McEwan, chief executive of Royal Bank of Scotland, announced his resignation on Thursday, more than five years after taking the top job and inheriting law suits and investigations dating from the financial crisis.

  • April 24, 2019

    LIA To Pay Opponents' Fees To Continue JPMorgan Fraud Suit

    A London High Court judge has ordered the Libyan Investment Authority to pay a further £450,000 ($501,000) to the court as security for the cost of defending its lawsuit seeking to cancel allegedly fraudulent and corrupt securities issued by a Bear Stearns unit now owned by JPMorgan.

  • April 24, 2019

    Key UK Pension Reforms Delayed By Brexit-Distracted Gov't

    Key U.K. pensions reforms risk long delays as the government is consumed by the protracted Brexit process, with new powers for The Pensions Regulator and plans to centralize workers’ savings data being forced to the legislative back burner.

  • April 24, 2019

    PwC Unit Wins Access To Docs In $1.9B Ukraine Bank Suit

    A PricewaterhouseCoopers unit has been granted access to London court documents filed in PrivatBank’s $1.9 billion lawsuit against two of the bank's former owners on claims of embezzlement, as the accountancy firm fights its own legal battles in Cyprus with ties to the same alleged fraud.

  • April 24, 2019

    Trader Ran High Tab In Outings With UBS Officer, Jury Hears

    A day trader accused of receiving inside information from a former UBS Group AG compliance officer frequently spent thousands of pounds on nights out at Tramp, a private members club in London’s smart Mayfair district, a London jury heard Wednesday.

  • April 24, 2019

    Wirecard Wins $1B Investment As Regulator Seeks Probe

    Payment company Wirecard announced Wednesday it has won a €900 million ($1 billion) investment pledge from Japanese technology giant Softbank despite having come under scrutiny by the German financial regulator over allegations of market manipulation.

  • April 24, 2019

    Exec Defends Accounts In Fight Against PE Co. Fraud Claim

    An executive at a U.K. engineering firm being sued by a New York-based investor over allegations of overstated accounting has added to his defense denying the claims, giving details of a meeting in which he says the ailing health of the company at the heart of the suit became well-known.

  • April 24, 2019

    Investors Say Their Money Was Misspent In HSBC Film Scheme

    A group of investors who have hit HSBC's private banking arm with a proposed class action for allegedly misleading them about a film investment tax relief scheme have said that a third of their money was misspent on business activities that were never designed to return a profit, according to documents filed with a London court. 

  • April 24, 2019

    Commerzbank's £39M Shipping Claim Stayed Until November

    A court in London has halted proceedings brought by German banking giant Commerzbank against an Iranian and Indian shipping company, which the lender alleges has defaulted on a loan worth nearly $76 million.

  • April 24, 2019

    Conservative MP Denies Ties To Failed UK Bond Company

    A Conservative lawmaker hit back on Wednesday at allegations that he has ties to bankrupt mini-bond provider London Capital & Finance PLC, which collapsed this year, claiming they are part of a "coordinated attempt" to go after him.

  • April 23, 2019

    Abraaj Partner To Be Tried Separately From PE Firm's CEO

    A Manhattan federal judge targeted November for Abraaj Group managing partner Mustafa Abdel-Wadood to stand trial on fraud charges, after hearing Tuesday it could take two years for his ex-boss, CEO Arif Naqvi, to be extradited from England.

  • April 23, 2019

    Data Shows UK Tax Authority Increasing Its Focus On US Cos.

    Data confirmed Tuesday shows the U.K.’s tax authority is focusing more on American companies, with £4.6 billion ($6 billion) in potential unpaid tax due from U.S. multinationals in the 2017-2018 tax year, compared with £3.4 billion the previous year.

  • April 23, 2019

    ​​​​​​​Ex-UBS Worker Not Source Of Trader Friend's Tips, Jury Told

    A former UBS compliance officer did not provide inside information to her day trader friend and co-defendant, her lawyer told a London jury Tuesday, saying the trader must have received his tips on deals the bank was working on elsewhere.

Expert Analysis

  • 5 Things To Watch For In FCPA Enforcement This Year

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    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

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    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

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    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

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    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

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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.