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Corporate Crime & Compliance UK
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February 23, 2024
Barclays Must Face Trimmed Suit Over $17.6B Over-Issuance
Barclays PLC and a number of its top executives must face a trimmed version of a proposed class action over a financial reporting error that led to Barclays selling more than $17.6 billion in securities over its maximum registered amount, a New York federal judge ruled Friday.
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February 23, 2024
UN Tax Pact May Need OECD Nations' Support, Diplomats Say
The United Nations' global tax convention will likely require adoption by many advanced economies to address corporate tax abuse effectively, diplomats said, after countries resolved to pursue consensus over the long term but retain majority rule while drafting its terms of reference.
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February 23, 2024
Therium Can't Block Law Firm's Claim Over VW Scandal
A London court refused Friday to end a law firm's claim that litigation funder Therium breached a confidentiality agreement for group emissions litigation against Volkswagen, even though the case involves some facts similar to one decided by the U.K.'s top court.
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February 23, 2024
Ex-Kurdish Energy Minister Largely Fails To Ax Libel Defense
An Iraqi politician largely failed to throw out an investigative reporting organization's defense to his defamation claim, after a London judge ruled that journalists had a real chance of showing they fairly and accurately reported legal proceedings in an article about alleged corruption in the Iraqi oil business.
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February 23, 2024
Ex-Law Firm Worker Can't Nix Sanction Over Siphoned Funds
An ex-employee of a law firm failed to convince a tribunal Friday that it should overturn a restriction on his ability to work in law after he was exonerated in criminal proceedings on accusations that he had embezzled at least £89,000 ($113,000).
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February 23, 2024
Russian Tycoon Can Take Sanctions Case To UK's Top Court
An oligarch can take his attempt to halt a $850 million fraud claim brought by two Kremlin-backed banks to the U.K.'s highest court after it granted him permission to challenge a decision allowing the case to proceed despite one of the lenders being under British sanctions.
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February 23, 2024
Lawyers Question UK's Sanction Muscle 2 Years After Invasion
A lack of enforcement over suspected sanctions breaches two years on from Russia's invasion of Ukraine has left lingering doubts about the effectiveness of the U.K.'s response — even though prosecutors recently opened the first such criminal case, legal experts say.
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February 23, 2024
Serco Ordered To Dump Staff's Biometric Data
The privacy watchdog ordered Serco's health club arm on Friday to stop using facial recognition and fingerprints to identify when employees clock in to work, saying that it is an excessively intrusive use of biometric data.
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February 23, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen Tesco target competing retailer Lidl with a copyright claim as they battle in the Court of Appeal over the design of Tesco’s Clubcard, the directors of a taxi business sue the creator of an AI route mapping app for professional negligence, Global Aerospace Underwriting Managers tackle an aviation claim by an Irish investment company, and Robert Bull hit with a general commercial contracts claim by Hancock Finance.
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February 23, 2024
UK Gov't Backs Plans To Expand Scope Of Anti-SLAPP Laws
The U.K. government added its backing on Friday to legislation that will prevent corrupt elites from making spurious legal claims to gag journalists and silence critics, expanding on similar rules introduced into law last year.
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February 23, 2024
Pensions Regulator To Rejig Oversight Of Workplace Schemes
The Pensions Regulator has said it will create three new regulatory functions as part of a strategic overhaul it said would meet the demands of a changing marketplace of fewer, but larger schemes.
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February 23, 2024
FCA Fires Warning Shot Over City's Consumer Duty Failings
The Financial Conduct Authority has sent out a fresh warning to financial services companies highlighting how some of them are failing to comply with its Consumer Duty regime. But experts have told Law360 that the expectations are unclear.
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February 22, 2024
Spain Allowed To Reclaim Illegal Aid Given To Ship Buyers
Spain can reclaim the financial benefits given to beneficiaries of a tax scheme that gave illegal state aid to purchasers of ships built in Spanish shipyards, the European Union's General Court has ruled.
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February 22, 2024
Upcoming Election Hampering Net-Zero Progress, MPs say
A looming general election is hindering attempts by policymakers to introduce or consult on green policies, while risking Britain's broader transition to an environment-friendly economy, a cross-party group of MPs said Friday.
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February 22, 2024
Frankfurt Wins Bid For EU's New AML Center
The European Union's new authority to fight money laundering and terrorist financing will be in Frankfurt, Germany, the European Commission announced Thursday.
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February 22, 2024
NatWest Settles £60M VAT Fraud Case Ahead Of Retrial
NatWest Markets PLC and liquidators for several defunct trading companies have settled a £60 million ($75.9 million) dispute over whether the bank is liable for a huge value-added tax fraud scheme ahead of a retrial.
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February 22, 2024
Transneft Ordered To Halt Bid To Block $14B Conspiracy Claim
The world's largest oil pipeline company has been ordered by a London court to pause its legal action trying to force an imprisoned Russian oligarch to drop his $13.8 billion claim alleging his business empire was unlawfully seized in a sprawling Russian state conspiracy.
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February 22, 2024
Gang Jailed For 'Industrial Scale' Money Laundering Operation
Four members of a gang that sent £26 million ($33 million) in dirty money to Dubai by depositing illegal cash at banks have been jailed for a combined 22 years, the U.K.'s tax authority said Thursday.
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February 22, 2024
Gov't Sets Out New Law To Clear Post Office Scandal Victims
The government promised on Thursday to introduce "unprecedented" legislation before the end of July to exonerate hundreds of innocent people wrongly convicted in the Post Office IT scandal.
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February 22, 2024
ECJ Told Personal Data Can Be Sold In Enforcement Cases
An adviser to the EU's top court wrote Thursday that selling a database containing personal information without the subjects' consent does not breach the bloc's privacy rules if it's carried out in the context of enforcement proceedings.
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February 22, 2024
Lloyds Sets Aside £450M For FCA Car Finance Probe
Lloyds Banking Group said Thursday that it has set aside £450 million ($570 million) for potential legal expenses and compensation costs from a Financial Conduct Authority investigation into its past car-financing practices.
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February 21, 2024
Money Laundering Checks No Evidence Of Crime, Court Hears
A British-Chinese woman accused of laundering bitcoin converted from a £5 billion ($6.32 billion) investment fraud made several online searches about money laundering after being stopped by customs officials, a London jury heard on Wednesday.
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February 21, 2024
SRA Fines Law Firm £16K For 'Reckless' AML Breaches
The Solicitors Regulation Authority has fined a law firm that falsely declared it was complying with laws on money laundering and terrorist financing when it had failed to take any steps to identify potential exposure to such misconduct.
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February 21, 2024
Assange Extradition Not Political, US Gov't Says
Julian Assange faces criminal charges in the U.S. for the "unprecedented" theft of military secrets that were published online rather than for his political views, lawyers for the American government said at his extradition appeal in London on Wednesday.
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February 21, 2024
EU Enforcers Detain 4 In €4.5M Money Laundering Swoop
European law enforcement agencies said on Wednesday that they have arrested four suspects in Latvia as part of a multinational operation against a Russian-Eurasian criminal network and a finance company based in Malta that allegedly laundered €4.5 million ($4.9 million).
Expert Analysis
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Key Changes In EU's New Regs For Competition Agreements
The European Commission’s new competition law regulations aim to clarify guidance, and will include important changes reflecting recent case law and policy developments to help businesses assess compatibility of their cooperation agreements with EU law, say lawyers at Eversheds Sutherland.
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Why The UK Needs Tougher Fraud Enforcement
The Crown Court's recent conviction of Anthony Constantinou for running a Ponzi scheme is a rare success for prosecutors, highlighting the legal system's painfully slow course when it comes to complex fraud, and the need for significant funds and resources in the fight against financial crime, says James Clark at Quillon Law.
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Workplace Neurotech Requires A Balance Of Risk And Reward
The U.K. Information Commissioner's Office's recently released a report on neurotech, and while such technologies could unlock a stubbornly low productivity stagnation, they pose employer data compliance questions and potential employee discrimination risks, say Ingrid Hesselbo and Ben Milloy at Fladgate.
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What New FCA Management Will Mean For Enforcement
Therese Chambers’ first speech since becoming the U.K. Financial Conduct Authority’s joint executive director provided insightful observations about the expected behaviors of firms and their legal advisers during investigations, indicating the advent of a proactive, prosecution-minded enforcement agency trying to do the right thing, says Richard Burger at WilmerHale.
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5 Years Of GDPR And Its Impact On The UK
The fifth anniversary of GDPR sees the U.K. seeking to diverge from European Union law, but it is paramount that the U.K. maintains its adequacy status to ensure that the lawful transfer of personal data to the EU can continue without hindrance, says Sian Stephens at Payne Hicks.
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Mass EU Privacy Litigation May Be Imminent After GDPR Case
While the EU Court of Justice decision in Österreichische Post, clarifying that personal data infringements under the General Data Protection Regulation must be effectively compensated, has not yet opened the floodgates for data breach litigation, it has definitely encouraged individuals to pursue damage claims, says Jan Spittka at Clyde & Co.
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How B2B Data Sharing Could Unlock Untapped Value
B2B data sharing offers organizations an opportunity to extract greater value from an existing asset, and although it is essential to consider the legal and regulatory framework and maintain a sound governance structure, with strong support businesses that share data are likely to grow more than those that do not, say Jocelyn Paulley and Helen Davenport at Gowling WLG.
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ITV Scandal Offers Important Considerations On HR Policies
The recent resignation of former ITV host Phillip Schofield after admitting to an affair with a younger staff member raises questions on employers' duty of care and highlights the need for not only having the right internal policies in place but also understanding and applying them, says Hina Belitz at Excello Law.
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What Google Case Means For Privacy Class Action Litigation
While the recent High Court decision in Prismall v. Google UK and DeepMind highlights the high bar for bringing collective actions on an opt-out basis and the difficulties of relying on the tort in misuse of private information, it is not impossible as long as the case is right, says Kingsley Hayes at Keller Postman.
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Why Coordinated UK Crypto Regulation Is Needed
The slew of recently published crypto-sector consultations and reports differ in their treatment of the currency, so the industry must coordinate to establish regulations that can weather the proliferation of fraud while supporting the U.K.'s race to become a world leader in digital assets, says Nicola McKinney at Quillon Law.
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How FRC Aims To Restore Trust In UK Corporate Governance
The U.K. Financial Reporting Council’s recently issued proposals for changes to the Corporate Governance Code 2018 are welcomed as they would create a more joined-up approach to reporting, although conditions should be drafted as guidance rather than a requirement in order to give companies flexibility, say lawyers at BCLP.
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What The Italian Whistleblowing Decree Means For Employers
The new Italian whistleblowing decree, guidelines to which must be adopted by authorities this week, represents a major milestone in protecting employees by broadening employers' obligations, and it is essential that multinational companies with an interest in Italy verify their compliance with the more stringent requirements, say lawyers at Studio Legale Chiomenti.
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Meta Fine Offers EU Data Privacy Compliance Warning
The recent record €1.2 billion fine against Meta highlights that all transfers of EU personal data to U.S. companies inherently risk breaching the General Data Protection Regulation, so companies should examine whether privacy compliance is sufficiently built into their business model, says Eddie Powell at Fladgate.
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5 Code Of Ethics Recommendations For FTSE 350 Companies
In light of the U.K. Institute of Business Ethics' recent report on the FTSE 350, companies should regularly update their code of ethics in order to emphasize to employees and business partners the importance they place on following good practice, say attorneys at Norton Rose.
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Preparing For The EU Corporate Sustainability Directive
With the European Union’s recent adoption of amendments to the Corporate Sustainability Due Diligence Directive, qualifying businesses should begin preparations for its extensive new obligations by considering their trade relationships, reviewing their policies and keeping stringent records, say Sarah Ellington and Max Boemke at Watson Farley.