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Corporate Crime & Compliance UK

  • February 19, 2019

    Trio Pleads Not Guilty To UK Money-Laundering Charges

    Three men involved in a money service business that British prosecutors said was used to illegally transfer tens of millions of pounds of criminal proceeds, pled not guilty to money laundering charges in a London court Tuesday.

  • February 19, 2019

    Ex-Barclays Chair Feared Capital Plans Looked 'Too Clever'

    The man who chaired Barclays PLC during the financial crisis told a jury in London on Tuesday that he was concerned the bank could appear "too clever by half" in its attempts to raise capital from a group of investors as it sought to avoid a bailout by the U.K. government.

  • February 19, 2019

    Estonia Orders Danske Bank To Exit Country Amid AML Probe

    Estonia’s financial regulator ordered Danske Bank A/S on Tuesday to shut down its operations in the country within eight months after revelations that the Baltic state was at the center of the lender’s alleged €200 billion ($226 billion) money laundering scandal.

  • February 19, 2019

    Money Launderer Convicted After Auction House Fraud Fails

    A prolific fraudster who allegedly processed more than £6 million ($7.8 million) of dirty cash using devices described as a “money launderer’s treasure trove” has been convicted after an attempted hack on a top auction house, a U.K. law enforcement agency has said.

  • February 19, 2019

    EU Probes Denmark, Estonia For Danske Regulatory Failures

    Europe’s top banking watchdog announced Tuesday it is investigating whether Danish and Estonian banking regulators failed in their obligations to properly supervise Danske Bank A/S, which is currently embroiled in one of the world’s largest money laundering scandals.

  • February 18, 2019

    Travel Agent Boss Banned After Misusing Funds On FX Trades

    The former finance director of a travel agency has been disqualified for 11 years after he misappropriated more than £700,000 ($905,000) of company cash to pay for loss-making bets in foreign-exchange markets, a government agency said on Monday.

  • February 18, 2019

    UK Lawmakers Brand Facebook 'Digital Gangsters' In Report

    U.K. lawmakers labeled Facebook and its executives as "digital gangsters" in a scathing report issued Monday and called for regulators to police social media companies to stop fake news from skewing public perception of issues of national importance, including the Brexit campaign.

  • February 18, 2019

    Playboy Star Sentenced For Hiding Fraud From New Insurers

    An actress who starred in a Playboy film has been sentenced for fraud after failing to disclose a previous conviction for falsely claiming £44,000 ($57,000) in benefits when she applied for multiple new insurance policies, City of London Police said Monday.

  • February 18, 2019

    GDPR Prompts New Deal Between UK Data, City Watchdogs

    The U.K.'s data protection and financial watchdogs revised their promise to work together on Monday, agreeing to share information that either agency uncovers during an investigation as long as it complies with new European data protection rules. 

  • February 18, 2019

    German Watchdog Issues Short-Selling Ban For Wirecard

    Germany’s financial regulator introduced a two-month short-selling ban on shares in Wirecard AG on Monday after reports about alleged fraud committed at its Singapore arm sent the payments company's stock plummeting, threatening to destabilize the broader German stock market.

  • February 18, 2019

    EU To Allow UK CCPs To Clear Euro Trades In No-Deal Brexit

    The European Union’s top securities regulator said on Monday that it will allow three British-based securities clearinghouses to continue serving the bloc’s financial businesses for a year in the event of a “no deal” Brexit on March 29, in a move aimed at containing potential market turmoil.

  • February 15, 2019

    Ponzi Scammers Say Lavish Life Left Nothing To Confiscate

    Two men convicted of stealing nearly £80 million ($102 million) from London investors — money they spent on boats, property and cars — tried to convince a London judge Friday that none remained to be confiscated, with one defense attorney saying his client “was not reticent” in his spending.

  • February 15, 2019

    Banker's Fake Doc Didn't Cinch Feds' Forgery Extradition Bid

    A Polish banker accused of submitting a phony letter exonerating himself in order to avoid being extradited from the U.S. to face forgery charges in Poland won a month's delay from a Brooklyn federal magistrate judge on Friday, with the court asking Polish prosecutors to be a bit more clear about their evidence first.

  • February 15, 2019

    UK Trader Denied Relief For Part In $22.5M VAT Scheme

    A British currency trader convicted of conspiracy to launder money in a scheme that defrauded foreign tax authorities of £17.5 million ($22.5 million) was not entitled to relief on a confiscation order, an English appeals court said Friday.

  • February 15, 2019

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

    The last week has seen the European arm of a Japanese investment bank sue a Saudi billionaire, the former prime minister of Qatar face action involving a pricey mansion and a Swiss bank file claims against executives of a defunct business group being investigated by the U.K.'s fraud watchdog. Here, Law360 looks at those and other new claims in the U.K.

  • February 15, 2019

    Water Tank Maker Can't Escape Cartel Fine In UK Appeal

    An English appeals court on Friday upheld the Competition and Markets Authority’s £130,000 ($167,000) fine against a steel water tank manufacturer for illegally exchanging price information, saying it could find no basis for criticizing the penalty that the CMA had imposed.

  • February 15, 2019

    Asset Manager Can't Escape Restrictions In Forex Fraud Suit

    A London judge refused on Friday to lift restrictions on a U.K. asset manager that prevent it from defending itself against allegations it defrauded a unit of a property investment group in the Czech Republic, calling its excuses for failing to meet a court order “highly unsatisfactory.”

  • February 15, 2019

    Gov't Invests In AI Project To Detect Bogus Insurance Claims

    The U.K. government said Friday it will invest £13 million ($16.6 million) into dozens of new artificial intelligence and data analytics projects that include efforts to tackle the billions of pounds' worth of insurance fraud that takes place in the country each year.

  • February 15, 2019

    German Watchdog Widens Deutsche Bank AML Investigation

    Germany’s financial regulator announced Friday it has ordered an independent investigator to subject Deutsche Bank’s role in a money laundering scandal involving Danish lender Danske Bank to closer scrutiny.

  • February 14, 2019

    UK Exec Can’t Stall £79M Ponzi Case Confiscation Hearing

    A British judge on Thursday refused to postpone closing arguments in a confiscation proceeding against two company executives who operated a Ponzi scheme that bilked London investors out of nearly £80 million ($102 million).