Corporate Crime & Compliance UK

  • January 30, 2025

    Chancery Tosses Last Of Deutsche Bank, Vik Debt Suit

    A more than seven-year Delaware Court of Chancery battle tied to Norwegian billionaire Alexander Vik's alleged efforts to avoid a $236 million U.K. judgment in 2009 ended on Wednesday with a quiet fizzle.

  • January 30, 2025

    Beautician In Spy Trial Thought She Was Helping Interpol

    A Bulgarian beauty technician accused of spying for Russia said she believed that she was assisting a "charming" Interpol officer while she put targets across Europe under surveillance, as she gave evidence at her trial Thursday.

  • January 30, 2025

    Energy Group Urges UK To Link To EU's Carbon-Tax Measure

    The U.K. government should link to the European Union's Emissions Trading System to mitigate the impact of carbon border taxes on businesses in Northern Ireland, an energy industry group said.

  • January 30, 2025

    Denmark Cuts British Trader's Tax Fraud Prison Sentence

    A British hedge fund trader convicted of defrauding Denmark's tax authority out of more than 320 million Danish krone ($47 million) in a sham trading scheme to reclaim tax has had his prison sentence shortened by an appeals court.

  • January 30, 2025

    SMEs Urged To Insure Against The Risk Of Cyberattacks

    There is a "severe" cyber-protection gap among small and midsized business in the U.K., a trade body for the insurance sector has warned as it urged companies to reassess whether they are too small to fall victim to an attack.

  • January 30, 2025

    OFSI's 'Troubling' Licensing Regime Dents Sanctions Win

    The government ran a slow and "troubling" process for approving the basic living expenses of sanctioned individuals that forced an oligarch's wife to choose between breaking the law and feeding her children, but the system was nevertheless lawful, an appeals court has said.

  • January 29, 2025

    Pension Plans Seek Trader's Testimony In $2B Tax Fraud Suit

    Pension plans and individuals who Denmark's government alleges received fraudulent refunds have asked a New York federal court to allow U.K. court testimony into the record from a trader who Danish authorities say masterminded a $2.1 billion tax fraud, saying it shows he deceived other participants.

  • January 29, 2025

    Lawyers, Ex-Tax Inspector Took £278M From Trust, Court Rules

    A London appeals court has upheld a High Court ruling that two solicitors and a former senior tax manager devised a scheme to cut out beneficiaries from Jersey trusts in what they saw as a "huge commercial opportunity" to divert an estimated £278 million ($345 million) to themselves.

  • January 29, 2025

    Hogan Lovells Hires Financial Crime Pro From HSBC

    Hogan Lovells has tapped an HSBC lawyer as the new director of its Financial Crime consulting unit, bringing decades of legal and compliance experience in the banking world.

  • January 29, 2025

    EU Will Keep Minimum Tax Despite US, Commissioner Says

    The European Union will maintain a 15% minimum corporate tax rate on large companies despite the U.S. government's opposition to the global tax deal, a European commissioner said Wednesday.

  • January 29, 2025

    Bulgarian Claims Ignorance Of Russia Spy Plot

    A member of a U.K.-based Bulgarian ring accused of spying for Russia has denied that her group had connections to the "highest echelons" of her country's government as she gave evidence at her trial on Wednesday.

  • January 29, 2025

    GB News Appeals Ofcom Impartiality Case Over Political Host

    U.K. television network GB News sought permission from the High Court on Wednesday to challenge a ruling from the media regulator that it broke rules by allowing a politician to present news reports.

  • January 29, 2025

    Law Firm Faces £68M Ponzi Scheme Negligence Claim Again

    The administrators of a group of investment companies won a second shot on Wednesday at bringing a £68 million ($85 million) negligence claim against Lupton Fawcett over a Ponzi scheme as an appeals court granting the administrators permission to revive their case.

  • January 29, 2025

    EU Tax Conduct Group Reelects Chair

    The European Union's Code of Conduct Group reelected its chair for a second term to start next week, the Council of the EU said Wednesday.

  • January 29, 2025

    Aercap Says Sanctions Don't 'Excuse' Insurers For Lost Jets

    Aircraft lessor Aercap told the High Court on Wednesday that insurers should have to cover losses over planes stranded in Russia because of Western sanctions imposed after the invasion of Ukraine.

  • January 29, 2025

    FCA Sets 1st Fine For Breach Of Transaction Reporting Rule

    Infinox Capital Ltd. has been fined £99,200 ($123,240) for failing to submit transaction reports and risking market abuse going undetected, in the first action of its kind under the U.K. Markets in Financial Instruments Regulation, the Financial Conduct Authority reported Wednesday.

  • January 29, 2025

    SRA Fights To Revive AML Misconduct Case Against Dentons

    The solicitors' regulatory body sought on Wednesday to revive its misconduct case for alleged money laundering breaches against Dentons, arguing at a court in London that a tribunal had misunderstood the legal principles at stake.

  • January 29, 2025

    UK Watchdog To Help Small Businesses Obtain Audits

    The Financial Reporting Council said Wednesday it has launched a year-long campaign to help small businesses get audit services to help them raise capital.

  • January 28, 2025

    SRA Aims To Launch First Post Office Prosecutions In Summer

    The Solicitors Regulation Authority is aiming to bring the first prosecutions in connection with the Post Office Horizon scandal in the summer, according to the watchdog's chair.

  • January 28, 2025

    Ringleader Of €297M VAT Fraud Scheme Charged In Latvia

    The suspected ringleader of a €297 million ($309 million) cross-border tax fraud involving popular electronic devices has been indicted in Latvia, a European prosecutor has said.

  • January 28, 2025

    CMA Panel Blasts Microsoft's Software Licensing Practices

    The antitrust watchdog should consider sanctioning Microsoft over the harmful effect of its software licensing practices on the cloud computing market, an independent inquiry group said Tuesday.

  • January 28, 2025

    France Probes Binance Over Money Laundering Breaches

    France's public prosecutor on Tuesday opened a criminal investigation into crypto exchange Binance over suspected money laundering and terrorist financing breaches that authorities said may have enabled tax fraud and drug trafficking.

  • January 28, 2025

    AerCap Says Insurers Are On The Hook For Stranded Planes

    There is "no merit whatsoever" to arguments by aviation insurers seeking to escape liability for the loss of aircraft seized by Russian airlines, a lawyer for major lessor AerCap said in closing submissions Tuesday at a High Court trial with billions of dollars at stake.

  • January 28, 2025

    HDI Reaches Settlement On Planes Stranded In Russia

    Insurance company HDI Global Specialist SE has settled its fight with a dozen aircraft companies over payouts for planes stranded after Russia's invasion of Ukraine, ending one of many disputes in sprawling litigation worth billions of pounds. 

  • January 28, 2025

    EU Authorities Smash €100M Money Laundering Scheme

    A group of more than 20 individuals suspected of running a €100 million ($104 million) money laundering scheme in Europe has been arrested following a two-year investigation by law enforcement authorities in Spain, Cyprus and Germany, an EU agency said Tuesday.

Expert Analysis

  • 2 Highlights From Labour's Notable Employment Rights Bill

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    The Labour government’s recently unveiled Employment Rights Bill marks the start of a generational shift in U.K. employment law, and its updates to unfair dismissal rights and restrictions on fire-and-rehire tactics are of particular note, say lawyers at Covington.

  • How Energy Scheme Is Affecting Large Co. Fund Investment

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    The latest phase of the Department of Energy and Climate Change's Energy Savings Opportunity Scheme implicates funds with investments in large companies by establishing significant and complex changes to the reporting cycle for mandatory assessments, say lawyers at Macfarlanes.

  • How Companies House Enforcement Powers Are Growing

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    Companies House's recently increased ability to assess what material is submitted to the U.K. register of companies, and to proportionately enforce where violations have occurred, may require some degree of cultural shift within many companies, say lawyers at Greenberg Traurig.

  • How New Sanctions Office Will Affect UK Trade Landscape

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    The recent launch of the Office of Trade Sanctions Implementation will help to create a more comprehensive civil enforcement terrain, but the potential for multiple investigations means businesses should reassess their systems to ensure they do not inadvertently incur civil liability, says Julia Pearce at Robertson Pugh.

  • FCA Savings Update Focuses On Good Customer Outcomes

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    The Financial Conduct Authority’s recent cash savings update emphasizes its expectations of firms to deliver fair value to consumers by documenting the rationale for actions at each stage, considering customer communications and demonstrating that potential harms are acted upon, say Matt Handfield, Charlotte Rendle and Caroline Hunter-Yeats at Simmons & Simmons.

  • Opinion

    Why The UK Gov't Should Commit To An Anti-SLAPP Law

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    Recent libel cases against journalists demonstrate how the English court system can be potentially misused through strategic lawsuits against public participation, underscoring the need for a robust statutory mechanism for early dismissal of unmeritorious claims, says Nadia Tymkiw at RPC.

  • 5 Takeaways From UK Justices' Arbitration Jurisdiction Ruling

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    The U.K. Supreme Court's recent judgment in UniCredit Bank v. RusChemAlliance, upholding an injunction against a lawsuit that attempted to shift arbitration away from a contractually designated venue, provides helpful guidance on when such injunctions may be available, say attorneys at Fladgate.

  • FCA's Broad Proposals Aim To Protect Customer Funds

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    The Financial Conduct Authority’s proposed changes to payments firms’ safeguarding requirements, with enhanced recordkeeping and fund segregation, seek to bolster existing regulatory provisions, but by introducing a statutory trust concept to cover customers’ assets, represent a set of onerous rules, says Matt Hancock at Greenberg Traurig.

  • Complying With Growing EU Supply Chain Mandates

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    A significant volume of recent European Union legislative developments demonstrate a focus on supply chain transparency, so organizations must remain vigilant about potential human rights and environmental abuses in their supply chain and make a plan to mitigate compliance risks, say lawyers at Weil.

  • Takeaways From Upcoming Payment Fraud Delay Legislation

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    Lawyers at Hogan Lovells discuss what to know about new legislation that will allow payment service providers to delay payments when third-party fraud is suspected, and share pointers for providers to consider ahead of the Oct. 30 effective date.

  • What New EU Packaging Regulation Will Mean For Companies

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    The forthcoming Packaging and Packaging Waste Regulation aims to regulate the entire life cycle of products from design to end-of-life waste, and will present particularly challenging deadlines for organizations, especially regarding recyclability and substances of concern, say Marcus Navin-Jones and Ward Overlaet at Crowell & Moring.

  • Modernizing UK Trade Settlement Standard: The Road Ahead

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    Andrew Tsang and Tom Bacon at BCLP consider the rationale and challenges of a potential U.K. trade settlement acceleration, part of an initiative to modernize the financial market infrastructure, and suggest that incorporating distributed ledger technology as a synchronized recording system would facilitate the move.

  • ICO Reprimand Highlights Importance Of Cookie Use Consent

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    The Information Commissioner's Office's recent reprimand of Bonne Terre's unlawful use of online advertising cookies confirms that companies using third-party tracking technologies are considered data controllers responsible for ensuring compliance, say Nessa Khandaker and Lynn Parker Dupree at Finnegan.

  • Analyzing The Implications Of 1st FCA Crypto ATM Crackdown

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    The Financial Conduct Authority’s recent criminal prosecution of Olumide Osunkoya, its first enforcement action against a crypto-asset trading firm's owner, is an unambiguous sign of the regulator’s commitment to actively pursue transgressors, but may be a hindrance to the U.K. crypto industry, says Asim Arshad at Lawrence Stephens.

  • What EU Antitrust Guidelines Will Mean For Dominant Cos.

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    The European Commission’s recent draft antitrust guidelines will steer courts' enforcement powers, increasing the risk for dominant firms engaging in exclusive dealing without any apparent basis to shift the burden of proof to those companies, say lawyers at Latham.

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