Corporate Crime & Compliance UK

  • October 13, 2020

    Deutsche Bank Fined $15.9M For Money Laundering Failings

    Deutsche Bank AG has been fined €13.5 million ($15.9 million) for failing to promptly report suspected money laundering activity in its dealings with the Estonian branch of Danske Bank, German prosecutors said Tuesday.

  • October 13, 2020

    Ex-Charles Stanley Stockbroker Sues For Post-Rant Firing

    An investment manager launched a profanity-laced tirade against senior managers at Charles Stanley just before he was dismissed and escorted out of the building, the wealth manager's human resources chief testified on Tuesday at a £10 million ($13 million) wrongful dismissal trial.

  • October 13, 2020

    Climate Change Poised To Launch Flood Of Class Action Suits

    A perfect storm could be brewing in U.K. and European courts over law firms using group claims to fight climate change, as key cases make their way through the emerging collective action route, class action experts say.

  • October 13, 2020

    Reports Of Breaches Of Sanctions Reach Almost £1B

    The British government's sanctions regulator said reports of breaches surged to £982 million ($1.3 billion) in the 12 months ending March 2020 from £262.33 million reported the year before.

  • October 12, 2020

    Royal Mail Eyes Settlement Over Medical Test Kits

    A judge has paused a lawsuit against Royal Mail after it agreed to settlement talks with a medical services provider to iron out their differences over how to ship and label anonymous home testing kits for sexually transmitted diseases.

  • October 12, 2020

    FCA Warns Of Insider Trading Danger In Home Offices

    The risk that inside information can end up in the wrong hands has been heightened with workers shifting to home offices during the COVID-19 crisis, the Financial Conduct Authority warned on Monday as it urged companies to put controls in place.

  • October 12, 2020

    EU Rules TV Script Complaint Not Securities Market Issue

    Europe's top regulators said on Monday that they have dismissed a case brought by an individual who alleges that the bloc's markets watchdog failed to investigate intellectual property abuses linked to a television script that he wanted to sell to Netflix, ruling that the complaint does not involve the securities markets.

  • October 12, 2020

    Regulators Create Forum To Help Shape Opinion On AI

    The Financial Conduct Authority and Bank of England rolled out a forum on Monday that will allow the public sector and businesses to work together to get a better understanding of the use of artificial intelligence in financial services.

  • October 12, 2020

    Barclays' Lawyers Wouldn't Touch Qatar Fee Deal, PCP Says

    The failure by Barclays to call its lawyers at a civil fraud trial to endorse £342 million ($445 million) in services fees paid to Qatar during the financial crisis suggests the bank knew those deals were toxic and dishonest, a lawyer for a private equity company told a court on Monday.

  • October 12, 2020

    FCA Bans Two Directors For Deceiving Pensions Providers

    The finance watchdog said on Monday that it has banned two directors from working in the financial services sector after they were caught giving fake information about customers to a pensions provider.

  • October 09, 2020

    Insurer Must Disclose Communications In Jet Crash Case

    A London judge on Friday ordered a Russian insurer to disclose communications with an airplane manufacturer it insured that provided a letter to a Moscow judge who subsequently put reinsurers on the hook for more than $22 million for a deadly plane crash.

  • October 09, 2020

    Ukrainian Oligarch Escapes $27M Fraud Suit In UK

    A Ukrainian oligarch accused of swindling $10.9 million from a business partner with supposed ties to the country's former president won his bid to have the suit tossed after a judge ruled Friday that the dispute did not belong in England.

  • October 09, 2020

    FCA Calls On Illegal Land Scheme Victims To Collect Cash

    The Financial Conduct Authority on Friday urged victims of an illegal land bank scheme to come forward to collect money after it got back some funds from the sale of assets belonging to the scheme's operator.

  • October 09, 2020

    BNP Paribas Hit With €303M Suit In Dutch Bribery Battle

    A Dutch housing association has dragged BNP Paribas to court for €303 million ($360 million) over claims that the lender bribed one of the company's employees with "lavish and excessive hospitality" to enter risky speculative derivatives contracts that caused it to hemorrhage money.

  • October 09, 2020

    Central Banks Map Out Digital Currency Requirements

    A group of major central banks on Friday outlined the main features and basic principles surrounding digital currencies that may be issued by monetary authorities in the future, as financial transactions become more digitally aligned.

  • October 09, 2020

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

    This past week in London has seen auditors BSG Valentine hit with another contract breach claim, a battle to trademark a cryptocurrency name, and Lloyd's of London's electronic platform face off with a software company. Law360 looks at those and other new claims in the U.K.

  • October 08, 2020

    Businessman 'Evaded Taxes' On Income From £1 BHS Deal

    Dominic Chappell, the businessman who bought BHS for £1 ($1.30) in 2015, cheated HM Revenue & Customs out of taxes due on the £2.2 million he earned from the acquisition in the year before the department store chain's collapse, prosecutors said Thursday on the start of his London trial.

  • October 08, 2020

    BNP Says It Did All It Could In Biscuit Co.'s $2M Phishing Case

    BNP Paribas has told the High Court it followed its internal authentication processes properly and could not have done more to prevent a fraudster from using a phishing scam to steal $2 million from its client, a British company behind several industrial bakeries.

  • October 08, 2020

    SFO Chief Urges Reforms To Boost Criminal Enforcement

    Britain's top white-collar crime enforcer called Thursday for extended powers to clamp down on individuals who tip off potential corruption targets that they may be about to become embroiled in an investigation.

  • October 08, 2020

    Top EU Court Urged To Trim Steel Co.'s Cartel Fine

    A legal adviser told the European Union's top court Thursday that the €3.9 million ($4.6 million) fine imposed on Italian steel producer Pometon SpA for participating in a cartel has been miscalculated and should be reduced, though he said there was sufficient evidence supporting the antitrust penalty overall.

  • October 08, 2020

    EU Council Gears Up For New Benchmark Rule Talks

    The European Council has said it will begin talks with the European Parliament over proposed new rules governing benchmark rates but has urged lawmakers to make the new regime even tougher than planned, after a spate of high-profile scandals has led lawmakers to clamp down on benchmark regulation.

  • October 08, 2020

    UK Investors In Failed German Group Can Seek Compensation

    British finance regulators said Thursday that pension investors in a German investment group that recently collapsed may be eligible for compensation if they believe they were missold financial products.

  • October 08, 2020

    Ex-Unaoil Official Gets 40 Months After Copping To Iraq Bribes

    A former employee at oil consultancy Unaoil was sentenced to three years and four months in prison after pleading guilty to conspiring to pay $26 million in bribes to Iraqi public officials to secure energy contracts worth $1.5 billion following the fall of dictator Saddam Hussein.

  • October 08, 2020

    Sports Direct Can't Fight Deloitte Docs Privilege Ruling

    A London judge on Thursday refused to let a retail sporting goods chain challenge his order to turn over tax reports to the U.K.'s audit authority as it investigates whether a major accounting firm approved contentious tax schemes.

  • October 07, 2020

    Ex-DOJ Atty Can't Intervene In Merrill Traders Spoofing Case

    An Illinois federal judge ruled that a former prosecutor with the Department of Justice's Fraud Section cannot intervene in a criminal spoofing case that he previously led against two ex-Merrill Lynch traders.

Expert Analysis

  • Opinion

    SFO Must Radically Overhaul Prosecution Approach

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    The Serious Fraud Office's recent failure to convict three Barclays executives for fraud is the latest evidence that the agency's real issue is its tendency to seek prosecution without a realistic chance of conviction, says Bambos Tsiattalou at Stokoe.

  • Aviation Watch: Airbus Gets Off Easy In Bribery Settlement

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    The $4 billion settlement Airbus recently agreed to pay to the U.S., U.K. and France over foreign bribery charges is merely a cost of doing business for the aircraft manufacturer, and suggests that there is no effective deterrent to corruption when companies are too big to prosecute, says Alan Hoffman, a retired attorney and aviation expert.

  • Conviction Toss Reinforces FCPA's Jurisdictional Constraints

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    A Connecticut federal court's recent decision in Lawrence v. Hoskins, throwing out a foreign national's conviction for Foreign Corrupt Practices Act violations, is a potent reminder of the FCPA's limited reach and provides defense counsel with a powerful new precedent, say attorneys at Fried Frank.

  • UK Group Data Breach Claims Pose Big Financial Risks

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    Recent English court decisions appear to make it easier for data breach victims to bring collective actions, and consequently companies may find they are liable for huge sums in addition to fines under the General Data Protection Regulation, say attorneys at Morrison & Foerster.

  • Corporate Self-Reporting Won't Guarantee SFO Leniency

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    While self-reporting corporate crime can generally help U.K. companies get more lenient treatment from the Serious Fraud Office, two companies that were formally prosecuted nonetheless demonstrate that self-reporting should be backed by proper cooperation, reform and caution, says Azizur Rahman at Rahman Ravelli.

  • Assessing Trump's Conditional Pardon Offer To Assange

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    President Donald Trump's reported offer to pardon Julian Assange, if Assange denied that Russians hacked into the Democratic National Committee database, was constitutionally risky and highlights the danger of presidential power wielded for personal goals, says Harold Krent at Chicago-Kent College of Law.

  • Legacy Contracts Complicate Libor Transition

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    As firms prepare for Libor cessation by the end of next year, one of the more difficult challenges may be dealing with legacy contracts, which could cause significant market disruption and litigation if not successfully renegotiated, say Abdulali Jiwaji and Johnny Shearman at Signature Litigation.

  • SFO Compliance Evaluation Guidance Is Insubstantial

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    The Serious Fraud Office's new guidance explaining how it assesses companies' compliance programs is laudable, but does not provide enough solid advice, says Azizur Rahman of Rahman Ravelli.

  • Rebuttal

    AI Can't Accurately Predict Case Length And Cost — Yet

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    A recent Law360 guest article argued that artificial intelligence can precisely estimate the length and cost of a new case, but several limitations will likely delay truly accurate predictions for years to come, says Andrew Russell at Shaw Keller.

  • What To Expect During The Brexit Transition Period

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    While all formal ratification procedures for the U.K.'s departure from the European Union have been completed, the transitional period will bring an enormous range of trade, customs and regulatory issues, say attorneys at Mayer Brown.

  • UK 'Free Ports' May Heighten Risk Of Economic Crime

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    It may be sensible for the U.K. to introduce free ports — government-designated areas of little or no tax — to boost trade with other countries, but they could also create opportunities for major financial crime, says Stephen Baker of Baker & Partners.

  • UK Account Freezing Orders Have Quietly Made An Impact

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    Account freezing orders, one of the enforcement powers introduced by the U.K.'s Criminal Finances Act, are not as well-known as unexplained wealth orders but have arguably been a more effective weapon against economic crime and will be increasingly deployed by enforcement agencies in the future, says Ross Dixon of Hickman & Rose.

  • Why SFO Closed Its Libor Manipulation Investigation

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    Despite ongoing civil claims, the Serious Fraud Office has most likely closed its investigation into Libor rate manipulation due to the comparative difficulty of securing criminal convictions, and is unlikely to bring further charges unless significant new evidence comes to light, says Anthony Hanratty of BDB Pitmans.

  • What's Next For Ad-Tech After EU Data Privacy Investigation

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    The European Commission's competition regulator has launched an investigation into Google's data collection practices, indicating a continued focus on the advertising technology sector amid growing public concerns over privacy, says Elizabeth Kilburn of Wedlake Bell.

  • Surefire Marketing Methods To Build Your Legal Practice

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    Attorneys who take the time and the risk to showcase their talents through speaking, writing and teaching will find that opportunities will begin building upon themselves, says Daniel Karon of Karon LLC.

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