Corporate Crime & Compliance UK

  • March 11, 2024

    FCA Fines British Steel Pensions Firm, Bans Advisers

    The finance watchdog said Monday that it has hit a financial advice company with a fine and banned two former employees after discovering failures by the business when it put through £90 million ($115 million) of retirement savings transfers for members of the British Steel Pension Scheme.

  • March 08, 2024

    UK Enforcers To Appeal Nixed £100M Hydrocortisone Fine

    Britain's competition enforcer is planning to appeal a tribunal's ruling that upended more than £100 million ($128.6 million) in fines against several drug companies for allegedly reaching agreements that increased the price of hydrocortisone tablets.

  • March 08, 2024

    News Outlet Defends Article About Ex-Kazakh Leader's Assets

    The Bureau of Investigative Journalism has denied publishing defamatory articles suggesting Jusan Technologies Ltd. was set up as a corrupt vehicle for the ex-president of Kazakhstan to control his $7.8 billion business empire, claiming it was in the public interest to report on.

  • March 08, 2024

    FCA To Boost Fight Against Nonfinancial Misconduct

    The Financial Conduct Authority said Friday it would ramp up its fight against bullying and sexual harassment in the financial services sector in light of a damning parliamentary report condemning efforts to tackle sexism in the financial services sector.

  • March 08, 2024

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

    This past week in London has seen Barclays initiate legal proceedings against top Russian private bank JSC Alfa-Bank; Lex Greensill, founder of the collapsed Greensill Capital, suing the U.K.'s Department for Business and Trade; Wikipedia's parent company hit with a libel claim; and a sports journalism teacher filing a data protection claim against Manchester United FC. Here, Law360 looks at these and other new claims in the U.K.

  • March 08, 2024

    Saudi Bribery Trial Defense Wins After Failed Dismissal Bids

    The defense strategy employed by two British men, who were acquitted of bribing Saudi officials in a significant arms deal, finally succeeded when they argued at trial that the government was complicit in the corruption — but only after they lost two earlier bids to throw out the case.

  • March 08, 2024

    Shell Ordered To Disclose Docs In Nigerian Oil Spill Case

    Shell PLC was ordered by a judge on Friday to disclose documents concerning its potential liability for oil spills that are the subject of claims from thousands of Nigerian citizens suing the fossil fuel giant over the consequences of the pollution.

  • March 08, 2024

    Azeri Tycoon Can't Shift Freeze On £50M UK Property Empire

    A High Court Judge refused Friday to lift a freeze on a £50 million ($64 million) London property empire belonging to an Azeri tycoon and politician allegedly purchased with illicit cash while U.K. law enforcers plan their next move.

  • March 08, 2024

    GPT Whistleblower Sues MoD Over Saudi Bribery Scandal

    A whistleblower in a Saudi bribery case is suing the Ministry of Defence for allegedly leaving him exposed to threats of jail in Riyadh after he revealed corrupt payments worth millions from a British defense company to Saudi officials, his lawyers announced Friday.

  • March 08, 2024

    'Aggressive' Cold-Calling Firm Shut For Targeting Pensioners

    A company that used "aggressive techniques" when selling unnecessary home service and maintenance plans to vulnerable pensioners has been wound up for targeting and misleading elderly customers.

  • March 07, 2024

    Property Lawyer To Face Tribunal Over Money Handling

    The Solicitors Regulation Authority has said a law firm director must face a disciplinary tribunal after it accused him of allowing his firm's client account to be used as a banking facility and claimed he made a personal loan to a client.

  • March 07, 2024

    Dentons Says It Was Not Required To Refuse PEP Client

    The U.K. arm of Dentons argued at tribunal Thursday that it had done enough to establish how an ex-client had earned his wealth, saying it was not required to refuse service because his home country had a higher risk of corruption and money laundering.

  • March 07, 2024

    UK Launches Case To Disqualify Lex Greensill As A Director

    The U.K. government said Thursday that it is seeking to disqualify Lex Greensill, the founder of collapsed finance company Greensill Capital, from running another company for 15 years.

  • March 07, 2024

    Visa, Mastercard Fail To Ax Retailers' Swipe Fees Class Action

    An English appeals court Thursday said the U.K.'s antitrust tribunal was entitled to have approved a proposed class action against Visa and Mastercard over allegedly unfairly imposing interchange rules on retailers, finding it had a "broad margin of discretion" over case management decisions.

  • March 07, 2024

    White & Case Predicts Surge For White-Collar Practice

    White & Case LLP has made an additional investment in its investigations practice and brought in white-collar crime expert Neill Blundell amid growing demand from U.K. companies for advice on new environmental, social and governance standards.

  • March 07, 2024

    UK Modern Slavery Victim Reports Hit Record High In 2023

    Just over 17,000 potential victims of modern slavery were referred to the Home Office in 2023 in a record high, according to data published by the government department Thursday.

  • March 07, 2024

    Libor Convictions Like Post Office Scandal, Lawmakers Say

    The prosecution of traders over rigging of benchmark interest rates was a "miscarriage of justice" similar to the Post Office scandal, two politicians said on Thursday, a week before two former bankers challenge their convictions in a landmark appeal.

  • March 06, 2024

    Shipper Insists US Sanctions Offered Escape From Contract

    A shipping company told Britain's highest court on Wednesday that it should not be forced to vary the terms of a freight contract, after refusing to accept payments in euros to mitigate a force majeure event amid concerns about U.S. sanctions.

  • March 06, 2024

    UK Top Court Blocks Extradition Over Right to Attend Trial

    The Supreme Court unanimously blocked the extradition of a convicted sex offender to Italy on Wednesday after finding that he was never officially told he was being prosecuted, nor where and when his trial would be.

  • March 06, 2024

    Dentons Says Client Checks Adhered To Relevant AML Rules

    Dentons told a tribunal on Wednesday that the Solicitors Regulation Authority's case accusing the firm of breaching money laundering regulations by failing to adequately investigate a former client's wealth is based on current regulations rather than those in force at the time.

  • March 06, 2024

    Businessman Can't Escape €50M Investment Fraud Case

    A judge has declined to throw out a chunk of a €50 million ($54.4 million) investment fraud case brought by an Italian investment vehicle, finding allegations against company secretary Federico Faleschini cannot be divorced from the wider claim.

  • March 06, 2024

    Duo Acquitted Of Bribing Saudi Elites Under MoD Deal

    Two British men were acquitted in London on Wednesday of paying £9.7 million ($12.2 million) in bribes to Saudi officials as part of a multibillion-pound U.K. defense contract, although one was convicted of taking kickbacks.

  • March 05, 2024

    DLA Piper Brings On HMRC Vet For Corp. Crime Team

    DLA Piper added a member to its corporate crime and investigations team in London, an HM Revenue & Customs veteran most recently at Pinsent Masons, the firm announced.

  • March 05, 2024

    UK Supermarket Giants Sue Fish Farmers Over £675M Cartel

    A group of the U.K.'s largest supermarkets have sued several Atlantic fish farming companies saying a cartel has manipulated prices of salmon across Europe, causing the retailers an estimated £675 million ($858 million) in losses, Britain's competition court said Tuesday.

  • March 05, 2024

    SRA Investigator Calls Dentons' AML Checks 'Concerning'

    Dentons faced allegations from a Solicitors Regulation Authority investigator at a tribunal Tuesday that the way the firm handled a politically exposed client were "concerning" amid claims it breached money laundering regulations by failing to make adequate checks.

Expert Analysis

  • Oil Industry Must Brush Up On Int'l Anti-Bribery Standard

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    The recent displays of environmental concerns by activist group Just Stop Oil demonstrate why compliance with the internationally recognized anti-bribery standard, known as ISO 37001, and its whistleblower systems, is essential to maintain ethical corporate behavior, says Felicity Gerry at Libertas Chambers.

  • New UK Offense Will Help Law Firms Tighten AML Compliance

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    By allowing for larger fines and introducing a failure to prevent fraud offense, the Economic Crime and Corporate Transparency Bill, currently passing through Parliament, will further motivate law firms to improve their anti-money laundering compliance process, says Richard Simms at AMLCC.

  • US-EU Plan On AI Illustrates Differing Opinions On Regulation

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    While the recently announced U.S.-EU voluntary code of conduct for artificial intelligence demonstrates a commitment to deliberate management of the technology, differing views on AI regulation in both regions — and globally — highlight the challenges of achieving a universal solution, say attorneys at Dechert.

  • 5 Things To Know About The European Data Act

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    While the recently adopted European Data Act creates a framework for a single data market, unlocking new economic potential, the EU law raises complex data access and protection issues, say lawyers at Latham.

  • EU Ruling Sets Antitrust Analysis For Vertical Price-Fixing

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    The European Court of Justice's recent ruling in Super Bock v. Autoridade da Concorrência marks a significant step forward by introducing well-established EU competition law principles in the context of vertical price-fixing agreements, and seems to align with the U.S. approach, say lawyers at McDermott.

  • The Challenges Ahead For The New SFO Director

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    As the first nonlawyer to be appointed director of the U.K. Serious Fraud Office, it is clear that Nick Ephgrave will face many significant challenges in his new role, and his priority should be to ensure he has a trusted senior management team to support him, say Louise Hodges and Phil Taylor at Kingsley Napley.

  • The Importance Of A Proactive Approach To Workplace Safety

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    Two recent Crown Court cases regarding gross negligence manslaughter highlight the costs of failing to prioritize safety at work, which should act as a catalyst for companies to review and update their health and safety policies, say lawyers at Fieldfisher.

  • Report On UK Investment Act Offers Welcome Insights

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    The U.K. government's recent report on the National Security and Investment Act's first full year of operation is to be applauded for disclosing more information on the act's notification system than was required, enabling a better understanding of what has taken place and what the next year may hold, say Andrea Hamilton and Ajal Notowicz at Milbank.

  • Loot Box Regulation In Europe Could Benefit From Reform

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    In light of recent court rulings concerning video game loot boxes, authorities across Europe are taking increasing note of this mechanism, yet with a coordinated approach, appropriate regulations and a focus on enforcement, there is no need to issue a ban, say Elia Kim and Hazal Kirci at Simmons & Simmons.

  • Preparing For M&A Under The Foreign Subsidies Regulation

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    The EU Foreign Subsidies Regulation introduces requirements that companies operating in the region must consider in M&A transactions, and any foreign financial contributions received by a target should be checked during the due diligence stage, with specific provisions for commission approval if a notification requirement is triggered, say Hendrik Viaene and Stéphane Dionnet at McDermott.

  • Important Generative AI Considerations In M&A

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    The recent surge of interest in generative artificial intelligence and its use of machine learning algorithms means there are novel concerns as well as inherent risks for those engaging in M&A activity, and acquirers should pay careful attention to a target’s scope of ownership and licensing rights, say attorneys at Davis Polk.

  • Why Data Protection Compliance May Cost The Environment

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    Companies thinking about environmental, social and governance goals may conclude that using good data ethics is a win-win, but aligning data protection principles and carbon footprint reduction is not always straightforward and compliance efforts may be a trade-off between privacy, opportunity and the environment, says Alice Wallbank at Shoosmiths.

  • Pension Trustee Case Could Lead To Fossil Fuels Divestment

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    While the recent Court of Appeal case McGaughey v. Universities Superannuation Scheme attempts to link fossil fuel investment by trustees to significant risk of financial detriment, it is concerning that two out of 470,000 scheme members could be permitted to bring a claim without ensuring that other members are represented, says Anna Metadjer at Kingsley Napley.

  • Outbound Screening May Be Next EU Investment Control Step

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    Following the European Commission’s recent commitment to reduce dependence on third countries by developing an outbound investment review mechanism, it will be interesting to see whether member states will take a united stand or whether national security interests will trump such an approach, say Christoph Barth and Neil Hoolihan at Linklaters.

  • Barclays Ruling Narrows Banks' Fraud Recovery Duty

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    The U.K. Supreme Court's recent ruling in Philipp v. Barclays decided against the so-called Quincecare duty's application in authorized push payment fraud, shining light on how banks should balance their responsibility to follow customers' instructions against making reasonable inquiries, say lawyers at Ontier.

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