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Corporate Crime & Compliance UK
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December 15, 2025
UK Trader Couldn't Have Known Of VAT Fraud, Court Says
Despite its "cavalier approach to due diligence," a scrap metal trader in the U.K. couldn't have known its suppliers were engaged in value-added tax fraud, so it isn't liable for additional tax and penalties, the First-tier Tribunal Tax Chamber said in a decision.
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December 15, 2025
FCA Prioritizes Consumer Protection In Planned Crypto Rules
The Financial Conduct Authority proposed Tuesday to sweep in a tough new set of rules to protect consumers who trade crypto-assets while also supporting innovation and global competitiveness.
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December 15, 2025
MPs Launch Inquiry Into Large Business Tax Compliance
HM Revenue & Customs is facing an inquiry over its handling of tax compliance among large businesses, a parliamentary committee announced.
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December 15, 2025
Briton Faces Second South African Bribery Extradition Trial
A British businessman wanted in South Africa in connection with an alleged £36 million ($48.1 million) government bribery scandal began a renewed fight in a London court Monday over whether he should be extradited to South Africa to face trial.
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December 15, 2025
Nationwide's £44M AML Fine Signals FCA's 'Hard Line' Stance
The Financial Conduct Authority's fine of £44 million ($58 million) imposed on Nationwide Building Society for failings in anti-money laundering controls has sent a warning to Britain's largest financial institutions that size and reputation are no protection from the rules, lawyers have said.
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December 15, 2025
Art Collector Says £14.5M Picasso Bid Voided By Crime Links
An art collector's business has hit back at Christie's in a dispute over a Picasso painting owned by a drug trafficker, denying the auction house's accusation that it has unlawfully refused to fulfill its £14.5 million ($19.4 million) bid for the artwork.
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December 15, 2025
SFO's London Mining Bribery Trial Vacated For 2nd Time
A judge agreed on Monday to vacate the upcoming trial in the Serious Fraud Office's prosecution of three individuals in the mining industry for allegedly bribing officials in Sierra Leone, making it possible that the case will not reach jurors before 2027.
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December 15, 2025
EY Investigated By FRC Over Audit Of Shell Financial Reports
The accounting watchdog said Monday that it is investigating EY's audit of Shell PLC's financial statements for 2024 after the Big Four firm disclosed that it might have breached critical ethical standards governing an auditor's independence and rotation of partners.
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December 12, 2025
Football Must Tackle Exploitation By 'Criminals, Kleptocrats'
Football is ripe for exploitation by criminals and the professional game's exposure to illicit finance is deepening, a security think tank said Friday in a report warning that reform and proportionate regulation are now essential.
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December 12, 2025
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen Shell hit with a climate change claim from 100 survivors of a typhoon in the Philippines, London Stock Exchange-listed Oxford Nanopore bring legal action against its co-founder, and the editors of Pink News sue the BBC for defamation following its investigation into alleged sexual misconduct at the news site.
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December 12, 2025
FCA Misconduct Update Still Leaves Firms 'In The Dark'
Clarity from the Financial Conduct Authority on the limits of its powers to tackle bullying and harassment will come as a relief to professionals — but lawyers have warned that non-banking companies must now join lenders to broaden staff training, revisit conduct policies and strengthen whistleblowing protocols.
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December 12, 2025
Carter-Ruck Pro Cleared Over Alleged OneCoin SLAPP
A disciplinary tribunal on Friday dismissed allegations that a Carter-Ruck partner improperly threatened to sue a whistleblower who exposed the multibillion-dollar OneCoin cryptocurrency scam, ruling that the case against her "was based on hindsight" rather than misconduct.
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December 12, 2025
Northampton Town FC Ex-Chair Denies Fraud Over Club Loan
The former chairman of Northampton Town Football Club and four other men pleaded not guilty in London to fraud charges Friday over allegations that they misled local authorities into loaning millions of pounds for the redevelopment of the team's stadium.
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December 12, 2025
FCA Clarifies Guidelines For Non-Financial Misconduct
The Financial Conduct Authority released widely anticipated final guidance on its rules for non-financial misconduct such as bullying, harassment and violence on Friday, including on how far the measures will apply to private life and social media.
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December 12, 2025
Nationwide Fined £44M For Financial Crime Control Failings
The Financial Conduct Authority said on Friday that it has hit Nationwide Building Society with a £44 million ($58 million) fine over its inadequate financial crime systems and controls, adding that the lender had "failed to get a proper grip."
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December 11, 2025
Maire Cos. Face $1B Russian Fine Over EuroChem Arbitration
Two subsidiaries of Italian technology and engineering company Maire SpA risk a $1 billion fine from a court in Russia unless they drop arbitration proceedings in London against a EuroChem Group AG subsidiary owned by a sanctioned Russian oligarch, the EuroChem subsidiary said.
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December 11, 2025
EY Must Release Wirecard Audit Files, Top German Court Says
Germany's highest civil court largely sided with Wirecard's insolvency administrator on Thursday, finding that the former auditors of the payments company, Ernst & Young, must disclose audit files from the four financial years running up to its collapse.
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December 11, 2025
FCA Sets Timescale For Supporting Gov't Growth Strategy
The Financial Conduct Authority demonstrated its support for the government's growth strategy on Thursday, rolling out a reduced program of regulatory change over the next two years, with initiatives that could lighten the burden on finance companies.
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December 11, 2025
Carter-Ruck Pro Says She Was Bound To Defend Crypto Scam
A Carter-Ruck partner was professionally "bound" to threaten a whistleblower with legal action on behalf of Ruja Ignatova because she did not know that the "Crypto Queen" was actually running a multibillion-dollar scam, the solicitor's counsel told a disciplinary tribunal on Thursday.
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December 11, 2025
BoE Promises Gov't Bank Reporting Cost-Cuts For Growth
The Bank of England has set out plans to support U.K. growth by further simplifying regulatory reporting for banks and seeking to reduce overlap between its rules and the requirements of legislation.
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December 10, 2025
Reeves Denies Gov't Authorized UK Budget Leak
British Chancellor of the Exchequer Rachel Reeves told a parliamentary committee Wednesday that she didn't authorize briefings of policy discussions to the media ahead of the autumn budget statement.
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December 10, 2025
Oligarch's Son Loses Claim For €7M Sanctions Compensation
The son of a Russian oil and gas tycoon failed on Wednesday to secure over €7.5 million ($8.7 million) in compensation from the Council of the European Union over unlawful sanctions imposed against him in the wake of Russia's invasion of Ukraine.
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December 10, 2025
British Hacker Gets 2 Years In Prison For $9M Crypto Theft
A British man was sentenced to more than two years in prison on Wednesday in London for his part in an international hacking group that stole millions of pounds worth of cryptocurrency from an American entrepreneur.
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December 10, 2025
EY Probed By FRC Over Unauthorized Auditor Reports
Britain's accounting regulator said Wednesday it has opened a probe into Ernst & Young LLP over its alleged issuing of unauthorized auditor reports.
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December 10, 2025
Final Shipping Companies Settle CAT Cartel Claim For £54M
Lawyers representing millions of motorists who were allegedly charged inflated delivery prices have agreed a £54 million ($71 million) settlement against the final two vehicle shipping companies left in an opt-out class action before a trial judgment could be published.
Expert Analysis
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EU Paper Urges Data Protection And Competition Law Unity
A recent European Data Protection Board position paper calls for closer cooperation among data protection and competition authorities, and provides valuable insight for businesses seeking to ensure compliance across an increasingly complex regulatory landscape, say lawyers at Paul Weiss.
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Market Infrastructure Regs Aim To Reinvigorate EU Trading
The recently amended European Market Infrastructure Regulation, imposing a requirement on certain financial and nonfinancial institutions to maintain an active EU counterparty account, hopes to incentivize the central clearing of trades, although there are concerns that higher compliance costs will lead to a decrease in competitiveness, say lawyers at McDermott.
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The Pros And Cons Of A 2nd Trump Term For UK Tech Sector
While U.S. President Donald Trump’s protectionist stance on trade could disrupt global supply chains on which many U.K. tech firms are reliant, anticipated deregulation could provide fertile ground for investment and growth, and the U.K. tech sector is bracing for a mix of opportunities, say lawyers at Shoosmiths.
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Why EU Omnibus Package Is Receiving Mixed Reactions
Although the forthcoming European Union omnibus simplification package consolidating corporate sustainability reporting requirements aims to reduce the regulatory burden on businesses, reaction to the proposals has been mixed, and reassurance is needed that these measures will not result in a watering down of the legislation, say lawyers at Peters & Peters.
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Review Of Computer Evidence Use Raises Complex Issues
The Ministry of Justice’s recent call for a review of computer-generated evidence used in criminal proceedings, solicits questions of how such evidence will be defined while also ensuring that changes can withstand technological advances and uphold the effective functioning of the criminal justice system, say lawyers at BCL Solicitors.
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How Proposed Private Share Trading System May Benefit Cos.
The government's proposal for a private securities and capital exchange system intends to enhance market practices and risk tolerances, offering a significant way for firms to free up liquidity by allowing investors to trade existing private company shares, say lawyers at Mishcon de Reya.
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New Bill Introduces Important Whistleblower Protections
If enacted, a bill that proposes the establishment of an independent whistleblower office in the U.K. offering protected disclosures will encourage individual whistleblowers, and alleviate the pressure for companies to investigate complaints, say lawyers at Tenet Law.
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Important Changes To Note In Accountant Ethics Code Update
The Institute of Chartered Accountants of England and Wales' forthcoming code of ethics will bring a number of significant updates to raise standards within the profession, but also risks of professional indemnity claims that could lead to challenges for firms, say lawyers at RPC.
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What EU Sustainable Category Proposals Will Mean For Funds
The European Union Platform on Sustainable Finance’s recent proposals to apply stricter product categorization standards for funds subject to the Sustainable Finance Disclosure Regulation will assist retail investors in selecting sustainable products, and allow advisers to easily match their clients’ preferences, say lawyers at Debevoise.
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What To Expect As CAT Considers Mastercard Settlement
It is expected that the Competition Appeal Tribunal will closely scrutinize the proposed collective settlement in Merricks v. Mastercard, including the role of the case’s litigation funder, as the CAT's past approach to such cases shows it does not treat the process as a rubber stamp exercise, say lawyers at BCLP.
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Managing Transatlantic Antitrust Investigations And Litigation
As transatlantic competition regulators cooperate more closely and European antitrust investigations increasingly spark follow-up civil suits in the U.S., companies must understand how to simultaneously juggle high-stakes multigovernment investigations and manage the risks of expensive new claims across jurisdictions, say lawyers at Paul Weiss.
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What 2025 Holds For UK, EU Restructuring And Insolvency
European Union and U.K. restructuring developments in 2024, with a new era of director accountability, the use of cramdown tools and the emergence of aggressive liability management exercises, mean greater consideration of creditors' interests and earlier engagement in restructuring discussions can be expected this year, says Inga West at Ashurst.
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What To Know As EU Urges Outbound Investment Reviews
A recent European Commission recommendation urges European Union member states to review outbound investments in certain critical technologies sectors, but does not clarify the next steps for states once information on relevant transactions in third countries is received, say lawyers at Cleary.
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Competition Act Brings Important UK Merger Control Changes
Although recently effective sections of the Digital Markets, Competition and Consumers Act provide clarity on the transactions that may attract Competition and Markets Authority attention, some reforms potentially expanding the regulator's scope may be concerning to transacting parties, say lawyers at Fried Frank.
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How GCs Can Protect Cos. From Geopolitical Headwinds
Geopolitical uncertainty is perceived by corporate leaders as the biggest short-term threat to global business, but many of the potential crises are navigable if general counsel focus on what is being said about a company and what the company is doing, says Juliet Young at Schillings.