Corporate Crime & Compliance UK

  • October 22, 2020

    Swiss Cut Bank Penalty In 1MDB Case To $77M

    Switzerland's finance regulator said on Thursday that it has reduced to 70 million Swiss francs ($77 million) the penalty it ordered Swiss bank BSI SA to pay for failing to report suspicious transactions connected to the embezzlement scandal involving Malaysian sovereign development fund 1MDB.

  • October 22, 2020

    UK Plans Tougher Market Abuse Penalties After Brexit

    The British government has set out legislation that it said will shape the country's financial regulatory framework outside the European Union, including introducing tougher penalties for market abuse and revised rules for disclosing information to investors.

  • October 21, 2020

    UK Fraud, Antitrust Enforcers To Join Forces On Cartel Cases

    Britain's Serious Fraud Office and the country's antitrust watchdog will cooperate to investigate and prosecute individuals for cartel offenses, the white collar crime agency said Wednesday.

  • October 21, 2020

    HSBC Ordered To Search Trader Chats In ECU Forex Fight

    A London judge has ordered HSBC to manually trawl through traders' messages dating back to 2004 as part of a long-running dispute with a currency company over allegations it rigged foreign exchange markets.

  • October 21, 2020

    Russian Bank Beats Challenge To €17M Italian Property Sale

    The Court of Appeal refused on Wednesday to impede an attempt by a Russian bank to sell three Italian properties worth €17 million ($20 million) to recoup debts owed by a businessman, ruling that the latest legal challenge to the sale was a disingenuous ploy to frustrate the lender.

  • October 21, 2020

    Chappell Blames Ex-BHS Owner For Woes At Tax Fraud Trial

    The owner of high street chain BHS told a London jury on Wednesday that the company's former owner, British retail tycoon Philip Green, misled him about its pension deficit and promised "as a knight of the realm" to resolve a dispute with the pensions regulator.

  • October 21, 2020

    FRC Seeks Tougher Auditing Standards To Fight Fraud

    The Financial Reporting Council has proposed an update to auditing standards for detecting material fraud amid concerns that auditors are not doing enough work to detect fraud.

  • October 21, 2020

    UK, US Deepen Joint Supervision Of Derivatives Clearing

    Regulators in Britain and the U.S. have signed a deal to cooperate on supervising cross-border clearing of financial derivatives, taking into account the expected changes in the market when Britain is no longer bound by European Union rules in December.

  • October 21, 2020

    UK Lords Censure Gov't Over Internal Market Bill

    The U.K. government's Internal Market Bill suffered a symbolic setback when Parliament's upper chamber voted overwhelmingly to attach an amendment to the bill saying it would damage the country's reputation and undermined the rule of law.

  • October 20, 2020

    Romanian Loses Appeal To Avoid Extradition In Bribery Case

    The son of a prominent Romanian businessman on Tuesday lost his High Court bid to avoid extradition from the U.K. to Romania to face charges of bribing judges, despite his claim that the prosecution is politically motivated.

  • October 20, 2020

    Tatneft Exec Says Refinery Buyout Concerning At Fraud Trial

    A senior Tatneft executive testified Tuesday that he was "concerned" when a powerful Ukrainian conglomerate took control of a major refinery, but said he didn't have evidence its owners were allegedly involved in a $380 million oil siphoning scheme until years later.

  • October 20, 2020

    Microsoft Settles Software Theft Case Against UK Vendors

    Microsoft Corp. has settled its copyright and trademark infringement claim against two British companies accused of peddling unauthorized product license keys for its popular software products.

  • October 20, 2020

    Central Banker Eyes Exit In $260M Suit Over PrivatBank

    The former head of Ukraine's central bank is seeking to strike out claims by Ukrainian oligarch Igor Surkis alleging she conspired with the country's former president to wipe out funds belonging to companies owned by his family during the nationalization of PrivatBank.

  • October 20, 2020

    PwC Drags Slater & Gordon Into Watchstone's £63M Suit

    PwC has dragged Slater and Gordon into a £63 million ($81 million) lawsuit filed by technology provider Watchstone Group PLC over its soured deal with the law firm, as the audit company claimed that if it is on the hook for damages then so is the firm.

  • October 20, 2020

    Boss Of £20.5M Forex Investment Scam Jailed In London

    A fraudster who persuaded people to invest in a £20.5 million ($27 million) foreign-exchange trading scheme and used their money to fund an extravagant lifestyle has been jailed for five years and four months, City of London Police has said.

  • October 20, 2020

    Irish Central Bank Warns Fund Managers On Governance Fails

    Ireland's central bank said Tuesday that many fund management firms failed to properly enact tough new governance and oversight rules and warned it will take action against offending companies.

  • October 20, 2020

    EU Targets Cyprus, Malta Over 'Golden Citizenship' Schemes

    Europe's executive body said on Tuesday that it has formally started infringement proceedings against programs in Malta and Cyprus that allow individuals to buy citizenship, amid concerns about money laundering and the risk of tax evasion.

  • October 20, 2020

    Gov't Unveils Plans To Hand UK Watchdogs More Powers

    The British government has set out proposals to hand financial services watchdogs stronger powers to design and implement regulatory standards for the marketplace when the Brexit regulatory transitional period ends in December.

  • October 19, 2020

    Investor To Ask 2nd Circ. To Revive Benchmark-Rigging Suit

    An investor has let a New York federal court know he plans to appeal to the Second Circuit an August ruling that squashed his suit against numerous major banks for allegedly plotting to fix interbank exchange rates, including one tied to the Japanese yen.

  • October 19, 2020

    Ill. Judge Axes Ex-Merrill Lynch Trader's Spoofing Charge

    An Illinois federal judge has narrowed the government's case against two former Merrill Lynch traders accused of deceptive trading in the precious metals futures market, throwing out the criminal spoofing charge facing one of the traders after ruling it can't be prosecuted as a scheme.

  • October 19, 2020

    6 Russian Officers Indicted Over Massive Cyberattack

    A Pennsylvania grand jury has indicted six Russian military officers for cyberattacks, including the destructive 2017 NotPetya malware attack, from the same intelligence unit accused of interfering with the 2016 presidential election, the U.S. Department of Justice said Monday.

  • October 19, 2020

    Ex-Oil Traders Again Told To Face Sprawling Fraud Suit In UK

    More than five years after ordering two former oil traders to face a massive fraud lawsuit in the English courts, a London judge again reached the same conclusion Monday after finding the men were in a position to exercise control over the business. 

  • October 19, 2020

    EU Sets Out Magnitsky Act Sanctioning Human Rights Abuses

    The European Union will launch a new sanctions regime targeted at individuals suspected of human rights abuses that will mirror the U.S. Magnitsky Act, Ursula von der Leyen, head of the EU's executive arm, announced Monday.

  • October 19, 2020

    Antitrust Trial Over Visa, Mastercard ATM Policies Delayed

    ATM operator Euronet agreed Monday to push back a London trial on its antitrust claims seeking hundreds of millions of dollars from Visa and Mastercard over their fee policies to 2023, after a judge said the initial timetable was too tight.

  • October 19, 2020

    7 Questions For AML Task Force President Marcus Pleyer

    Marcus Pleyer, the new president of the Financial Action Task Force, talks to Law360 about his priorities, including the risks posed by crypto-assets and the role of artificial intelligence in enforcement.

Expert Analysis

  • UK Lawyers Can Adapt Due Diligence To Screen New Clients

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    As COVID-19-related fraud gains pace, U.K.-based practitioners should help combat money laundering by using alternative methods to verify that new clients are who they say they are, says Christopher Convey, a barrister at 33 Chancery Lane and chair of the Bar Council's Money Laundering Working Group.

  • A Post-COVID-19 Road Map For UK Financial Services

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    From setting realistic recovery expectations to anticipating regulatory zeal to strategizing internal operations, attorneys at King & Spalding offer a road map for U.K. financial services stakeholders attempting to return to "normal" when the pandemic subsides.

  • FCA Has Strong-Arm Lending Tactics Under The Microscope

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    Even by the usual standards of a "Dear CEO" letter, the Financial Conduct Authority's April 28 letter is strongly worded — signaling no tolerance for banks using their corporate clients' cash-flow problems as leverage to obtain roles on equity mandates they otherwise would not have obtained, says Claire Cross at Corker Binning.

  • A Powerful Lesson In UK Data Protection Law Restrictions

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    While data protection laws are not naturally associated with efforts to impede the use of the death penalty, a recent U.K. Supreme Court ruling related to the U.S. investigation of an ISIS militant has implications for authorities seeking to transfer data to international counterparts, as well as private data controls generally, says David Rundle at WilmerHale.

  • A Look Forward To UK Banking Litigation In The 2020s

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    With an eye on the impact of COVID-19 and the evolving threat of financial crime, Christa Band and Jane Larner at Linklaters provide an overview of the near-future challenges financial institutions should expect.

  • High Court Ruling May Impede Unexplained Wealth Order Use

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    The High Court’s analysis in National Crime Agency v. Baker, of legislative provisions as they relate to offshore and complex structures, paves the way for a less responsive approach to unexplained wealth orders, say David Rundle and Josef Rybacki at WilmerHale.

  • Ukraine's Litigation Funding Push May Help Fight Corruption

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    Ukraine’s new third-party litigation funding initiative for civil cross-border actions may significantly strengthen the country's fight against corruption by helping with costs for proceedings against foreign criminals, says Oleg Shaulko at Kobre & Kim.

  • Time To Prepare For New US-UK Data Sharing Rules

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    The cross-border data sharing agreement between the U.S. and U.K. that takes effect in July will likely have a greater impact on communication service providers that store data in the U.S., and the number of disclosure requests coming from the U.K. might outstrip requests from the U.S., say attorneys at Morgan Lewis.

  • Pandemic Brings New Fraud Risks For UK Cos.

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    COVID-19 has created new opportunities for all kinds of fraud — from investment fraud to bogus equipment sales to hackers impersonating software engineers — and U.K. companies must conduct investigations despite the challenges posed by remote working arrangements, says Azizur Rahman of Rahman Ravelli.

  • UK Data Breach Ruling Clarifies Employers' Vicarious Liability

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    The U.K. Supreme Court's decision in the WM Morrison Supermarkets data breach group action confirms that employers cannot be held liable for employee actions related to a personal vendetta against the company, but most vicarious liability cases may not be as clear-cut, say attorneys at Covington.

  • Limits Of FCPA Jurisdiction Over Foreigners After Hoskins

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    The prosecution of former Alstom executive Lawrence Hoskins and other recent cases illuminate the outer limits of the Foreign Corrupt Practices Act’s jurisdiction over foreign persons, but many issues remain to be litigated, and a circuit split may yet need to be resolved, say Jason Linder and William Sinnott at Mayer Brown.

  • Latest UK Sanctions Breach Fine May Signal New Era

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    The £20.47 million penalty that the Office of Financial Sanctions Implementation imposed on Standard Chartered Bank on Tuesday is unprecedented, and this case could represent the start of a new era of sanctions enforcement in the United Kingdom, say attorneys at Kirkland.

  • Responding To DOJ's Increasing Int'l Antitrust Extraditions

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    The U.S. Department of Justice's recent extradition of a Korean auto parts executive — the third extradition based solely on an antitrust charge — reveals the difficult choices individuals face in deciding whether to defend themselves in a foreign land, but defendants in these cases have other options, say attorneys at BakerHostetler.

  • UK Gambling Regulator's AML Action Is A Warning To All Cos.

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    The U.K. Gambling Commission's recent anti-money laundering fine against online gambling giant Betway illustrates that companies subject to the U.K. Money Laundering Regulations must adopt a risk-based compliance approach that concentrates resources and focus into their highest-risk areas, say attorneys at Cadwalader.

  • A Few Unexplained Wealth Orders Don't Solve Fraud Issues

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    While the National Crime Agency has paraded a few high-profile unexplained wealth orders, like those the U.K. Court of Appeal recently upheld against Zamira Hajiyeva, the hype still fails to match their limited usefulness in combating illicit money thus far, says Bambos Tsiattalou at Stokoe.

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