Corporate Crime & Compliance UK

  • October 27, 2020

    HSBC Weighs Early Challenge To BoE's Bank Dividend Ban

    The board of HSBC said on Tuesday that it is considering whether to pay out a "conservative dividend" for 2020, setting up a challenge to the Bank of England's demand that banks should scrap payments to shareholders and pump money into the economy during the coronavirus pandemic.

  • October 27, 2020

    FCA Warns Claims Managers Over 'Poor Standards'

    The Financial Conduct Authority has written to businesses that process compensation claims for clients after it identified a string of poor practices, warning that it will take enforcement action against companies that fail to reform.

  • October 26, 2020

    Former BHS Owner Blames 'Faulty' Tax Advice At Fraud Trial

    The former owner of high street chain BHS told a London jury on Monday he relied on "flawed" advice from a "slapdash" accountant over his tax liabilities due on £2.2 million ($2.86 million) that he earned in the year after he acquired the company.

  • October 26, 2020

    Chubb, AIG Sue Law Firm For Costs In Santander Fraud Suit

    Chubb, AIG and other insurers have sued a defunct law firm to recover money they paid out under a professional indemnity insurance policy because of fraud the company allegedly committed against Santander and other mortgage providers.

  • October 26, 2020

    Fingerprints Clear Fraud Suspect Facing French Extradition

    A court in London has quashed the extradition of a man wanted in France for money laundering and tax evasion after authorities there mistook him for the suspect who has been on the run for nearly three years.

  • October 26, 2020

    Scant Reprieve For London In EU Share-Trading Dispute

    Investment firms in the European Union will have to execute most of their trades within the bloc from January, Europe's markets watchdog said on Monday as it dealt a blow to share trading platforms in the U.K. — although it gave Britain limited concessions in the continuing dispute.

  • October 26, 2020

    UAE Prisoner Says Dechert Coerced False 'Confessions'

    A former investment fund executive has said that although he initially agreed to cooperate with Dechert's investigation into a United Arab Emirates fund his "confession" was altered by lawyers in London working to root out the emirate's political enemies.

  • October 26, 2020

    FCA Censures Aviva For Breaching Share Listing Rules

    The U.K. financial regulator said on Monday that it has formally censured Aviva PLC for breaching transparency and listing rules after finding that the insurer had given investors misleading information that caused a sell-off of its shares.

  • October 23, 2020

    Goldman Sidesteps Monitor In 1MDB Deal, Raising Eyebrows

    Goldman Sachs Group Inc.'s $2.9 billion settlement with the U.S. government and others over its role in the 1Malaysia Development Berhad scandal was a blockbuster, but the deal is stirring fresh criticism as the latest big-bank criminal resolution to come without a compliance monitor requirement.

  • October 23, 2020

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

    The past week in London has seen electronics giant Philips take on another Chinese rival over patents, automaker Daimler AG face another group action, and a Canadian pension fund and dozens of others sue troubled security firm G4S. Here, Law360 looks at those and other new claims in the U.K.

  • October 23, 2020

    MPs Launch Inquiry Into Economic Crime After Files Leak

    An influential parliamentary committee launched an inquiry on Friday into how U.K. government bodies are working to combat economic crime after leaked files allegedly highlighted the failure of British law enforcement to act against potential money laundering.

  • October 23, 2020

    Jailing Of Saudi Lawyer Throws Wrench In Al-Sanea Fee Row

    Lawyers for a Saudi Arabian lawyer won more time on Friday to contact their client about his legal fee dispute in London with the son of a businessman accused of defrauding investors out of $200 million after the solicitor himself was arrested in connection with the investigation.

  • October 23, 2020

    SFO Offers New Guidance In Latest Corporate Plea Deal Push

    The Serious Fraud Office set out its approach to deferred prosecution agreements in new guidance on Friday, in the white-collar crime prosecutor's latest attempt to push the benefits of the U.S.-style corporate plea deals.

  • October 23, 2020

    Danske Bank Creates New Unit To Handle Past Wrongdoing

    Danske Bank has said it will set up a separate business unit to oversee efforts to correct historical problems in the aftermath of a debt collection scandal and a money laundering investigation.

  • October 23, 2020

    Virgin Holidays Pledges £200M Refunds After CMA Steps In

    Virgin Holidays has promised to refund £203 million ($265 million) to customers whose holidays were canceled amid the COVID-19 outbreak after the U.K.'s consumer protection watchdog threatened to take the company to court.

  • October 22, 2020

    German Food Packaging Co. Can't Shed €21M Cartel Fine

    Europe's top court on Thursday upheld a €21 million ($24.8 million) antitrust fine imposed on a German food packaging company for allegedly fixing the price of packaging trays with its competitors, ruling it wasn't an abuse of process not to hear every witness.

  • October 22, 2020

    Medical Co. Denied Bid To Appeal In Royal Mail Antitrust Suit

    A judge in London refused to let a medical services provider appeal part of a decision in its suit accusing Royal Mail of anti-competitively limiting the company's ability to ship home testing kits for detecting sexually transmitted diseases.

  • October 22, 2020

    Tennis Star Accused Of Hiding Trophies To Avoid Paying Debt

    German tennis legend Boris Becker appeared in court on Thursday to face a series of criminal charges over his bankruptcy, including fresh allegations that he hid trophies and medals won during his successful career to prevent them being sold to settle his debts.

  • October 22, 2020

    NatWest Accused Of Disclosure Fraud In £14M Case

    Gaps in the evidence that NatWest has turned over in a £14 million ($18.3 million) lawsuit over its scandal-hit restructuring group hint at irregularities and raise suspicions that the bank is fraudulently withholding information, counsel for a businessman told a judge on Thursday.

  • October 22, 2020

    Goldman To Pay $2.9B After Admitting Role In 1MDB Fraud

    Goldman Sachs has agreed to pay $2.9 billion to resolve the U.S government's criminal investigation into the bank's role in the 1Malaysia Development Bhd. scandal, counsel for the bank said during a Thursday morning hearing in New York federal court.

  • October 22, 2020

    EU Banks Warned Of Rise In Cybercrime Amid Pandemic

    A European central banker said on Thursday that the financial services sector must ramp up its defenses against cybercrime as it recovers from the COVID-19 pandemic, after finding that the economic chaos caused by the crisis has led to an increase in cyberattacks.

  • October 22, 2020

    German Bank Official To Stand Trial In €325M Cum-Ex Case

    A German banking official will face trial alone on more than €325 million ($385 million) in allegedly unpaid taxes from so-called cum-ex activities, in which one transaction generates multiple refunds, the district court in the city of Cologne said on Thursday. 

  • October 22, 2020

    Anti-Graft Atty Denies Money Laundering Charge In UK Case

    An international anti-corruption expert denied laundering part of the proceeds of an alleged £1.3 million ($1.7 million) fraud allegedly committed by her husband, a former attorney at Cooley (U.K.) LLP, at a court hearing in London on Thursday.

  • October 22, 2020

    ECB Opens New Route For Internal Whistleblowing

    The European Central Bank has enhanced its in-house whistleblowing system by adding a facility for staff to report suspected breaches anonymously and securely as it makes efforts to promote integrity in banking.

  • October 22, 2020

    SFO Reaches DPA With UK Airline Services Provider

    Britain's Serious Fraud Office said on Thursday that it has reached a deferred prosecution agreement with a British company that provides de-icing and aircraft maintenance services, subject to final court approval.

Expert Analysis

  • 8 Questions For Cos. After EU Top Court Privacy Shield Ruling

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    While the European Union high court's recent privacy shield invalidation makes complying with the General Data Protection Regulation harder, eight practical considerations can help companies shape their business practices, including using standard contractual clauses for personal data transfer, to avoid violations, say Alan Brill and Yvette Gabrielian at Kroll.

  • The Tiger In The Car Wash

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    The continuing story of wrongdoing at the Brazilian state-owned oil producer Petrobras uncovered by an anti-corruption investigation called Operation Car Wash is both disturbing and instructive of the country's system of law, says Stephen Baker at Baker & Partners.

  • Differences Between US And UK Data Sharing Legislation

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    The recently effective cross-border data sharing agreement offers U.K. law enforcement easier access to data held by U.S. communications providers, and allows the U.S. scope to streamline its own processes, say Alison Geary and Joanna Howard at WilmerHale.

  • UK Court Of Appeal Ruling Clarifies US Sanctions Compliance

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    The U.K. Court of Appeal's recent decision in Lamesa Investments v. Cynergy Bank considered whether U.S. secondary sanctions were a mandatory provision of law under a standard agreement clause and is a valuable reminder of the importance of bespoke drafting of sanctions-related contractual clauses, say Jason Hungerford and Paul Whitfield-Jones at Mayer Brown.

  • HSBC Suit Shows Challenge Of Designing Tax Relief Laws

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    Investors' recent lawsuit against HSBC over film-related tax avoidance schemes spotlights the difficult balancing act of crafting practical tax relief legislation while safeguarding against abuse, says Andrew Parkes at Andersen Tax.

  • Post-Brexit Law Enforcement Will Require EU, UK Cooperation

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    As Brexit approaches, the U.K. and the EU have many law enforcement measures left to negotiate, such as how they will cooperate on matters of extradition and anti-money laundering, says Nicola Sharp at Rahman Ravelli.

  • Opinion

    A Modest Proposal For Judge-Only Trials In Fraud Cases

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    Any legally represented defendant prosecuted by the Serious Fraud Office or the Crown Prosecution Service's Specialist Fraud Division should have the right to demand a judicial method of determining their guilt or innocence — and COVID-19 could be a catalyst for necessary change, says David Corker at Corker Binning.

  • Swipe Fee Ruling Brings Clarity To UK Competition Litigation

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    While the U.K. Supreme Court decision last month in the MasterCard and Visa multilateral interchange fees cases rectifies a number of inconsistent decisions in the litigation saga, the court's findings on the "pass-on defense" in competition damages claims are of wider application, says Kim Dietzel at Herbert Smith.

  • Transferring Personal Data To US After EU Top Court Ruling

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    In light of the Court of Justice of the European Union's ruling invalidating the EU-U.S. privacy shield, data processors and operators should consider several issues before using standard contractual clauses to move personal information to the U.S., say attorneys at Akin Gump.

  • Takeaways From FCA's Latest Financial Crime Controls Fine

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    The Financial Conduct Authority's £37.8 million ($47.85 million) fine of Commerzbank London last month for alleged failures in anti-money laundering controls provides useful risk-management reminders for financial institutions operating in the U.K., say attorneys at Crowell & Moring.

  • In Defense Of The One-Stop Shop: CNIL Stands Corrected

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    While France's highest administrative court last month did confirm the 2019 decision by the country's data protection regulator CNIL fining Google 50 million euros for alleged violations of the General Data Protection Regulation, the court also corrected CNIL on a key element of GDPR enforcement — how to apply the "one-stop-shop mechanism," say attorneys at MoFo.

  • SFO's Tendency To Abandon Investigations Holds Strong

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    The Serious Fraud Office's decision to end its investigation into De La Rue relatively quickly marks its latest failure to bring charges or secure a conviction, raising questions about the agency's capacity and willingness to hold large corporations accountable, says Neil Williams at Rahman Ravelli.

  • Post-Pandemic Litigation To Expect In England And Wales

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    Globally, we are already starting to see insolvency-related claims and a number of insurance, breach of ‎contract, employment and securities class actions across numerous sectors. These and other claims will likely increase for U.K. businesses, say Tracey Dovaston and Fiona Huntriss at Boies Schiller.

  • UK Should Consider Germany's Model For Criminal Justice

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    With jury trials and hearings in the U.K. postponed or not starting at all, and the criminal justice system effectively ground to a halt, it may be time to consider a different case management model — for example, Germany is making headlines for its robust pandemic response, say members of Clyde & Co and Kipper + Durth.

  • Opinion

    Reflections On The UK Bribery Act 10 Years On

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    While the U.K. Bribery Act has been positive overall, regulators should seek urgent reform to better enable the investigation and prosecution of companies and individuals for economic crimes, especially in cases directly harming people and the environment, says Chris Phillips at Alvarez & Marsal.

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