Corporate Crime & Compliance UK

  • October 07, 2020

    LIA Says Bribery Claims Against Credit Suisse No Rehash

    Libya's sovereign wealth fund has denied rehashing bribery allegations from resolved litigation over allegedly corrupt trades in its English lawsuit against Credit Suisse, arguing bribes paid to the fund's employees by a Libyan businessman could influence different transactions with multiple institutions.

  • October 07, 2020

    Liquidators Press Saudi Bank For Siphoned Shares At Trial

    The moment a Saudi Arabian lender received shares in several banks from "a thoroughly dishonest" businessman, the securities became held on trust for his former company, a lawyer for liquidators told a London judge as a $318 million trial opened Wednesday.

  • October 07, 2020

    Financial Cos. Urge EU Action Over US Data Transfers

    European Union financial businesses have asked for help navigating the "legal uncertainty" after the European Court of Justice in July invalidated the Privacy Shield data transfer deal with the U.S., exposing EU companies to possible compliance breaches.

  • October 07, 2020

    Belgian Regulator Says €10M Lost In Cryptocurrency Fraud

    Victims of fraudulent online platforms that offer investments in cryptocurrencies and other financial products lost approximately €10 million ($11.7 million) in the last 17 months, the Belgian financial regulator said as it urged consumers to beware of the scams.

  • October 07, 2020

    Derivatives Traders Push Back On New EU Benchmark Rules

    Derivatives traders have pushed back against the European Commission's proposals to reform its benchmarks regulation ahead of the phase-out of the embattled London Interbank Offered Rate, saying the legislation should be clearer and more narrowly drafted.

  • October 07, 2020

    PDVSA Says US Sanctions Bar £29M Loan Repayment

    Petróleos De Venezuela SA has hit back at a lawsuit filed by a Puerto Rican bank seeking to recoup £29.2 million ($37.6 million) in unpaid loans, telling a London court that U.S. sanctions prevent the state-run oil company from repaying the lender.

  • October 07, 2020

    Tech Giants Share Blame For Pension Scams, MPs Told

    Technology giants such as Google and Facebook should be responsible for tackling pensions and investments scammers that advertise through their services, an expert on financial crime told lawmakers on Wednesday.

  • October 07, 2020

    ICO Looking Into Reported Cyber Breach From Ardonagh

    The U.K.'s data regulator confirmed Wednesday it has received a breach report from insurance holding company Ardonagh Group Ltd. following a "cyber incident" at the company last week.

  • October 07, 2020

    Watchdog Says Default, Fraud In Virus Loans Could Cost £26B

    Fraudsters exploiting Britain's government-backed pandemic loan scheme and companies defaulting on their repayments could cost the U.K. up to £26 billion ($33 billion), the country's budget watchdog said on Wednesday.

  • October 07, 2020

    Prosecutors Raid German Soccer Association In Tax Probe

    Investigators searched the offices of Germany's soccer association and the homes of current and former officials on Wednesday as part of a tax fraud probe, prosecutors in the German city of Frankfurt said.

  • October 06, 2020

    UK Man With Mob Links Forfeits £10M Under Wealth Order

    A businessman from the north of England with links to organized crime gangs has lost his vast property empire worth nearly £10 million ($11.8 million) under an unexplained wealth order secured by Britain's National Crime Agency, the U.K.'s top prosecutor said Tuesday.

  • October 06, 2020

    5 Firms Eye Lead In Investors' $4B Airbus Corruption Suit

    Five law firms — including Robbins Geller Rudman & Dowd LLP, Glancy Prongay & Murray LLP and Pomerantz LLP — are seeking lead counsel status in a proposed class action that claims aerospace company Airbus SE misled investors about corruption probes and a $4 billion settlement, leading to several stock drops over four years.

  • October 06, 2020

    Truckmakers Fight To Keep Cartel Admissions Out Of UK Suit

    Several truck companies urged a London appeals court on Tuesday to overturn a decision allowing admissions made in a €2.93 billion cartel settlement to be used against them in a private U.K. competition suit, arguing that doing so violates EU law.

  • October 06, 2020

    Property Investment Firms Shut After £2.85M Disappears

    Two property investment businesses whose activities were found to be "without substance" were shut down after the High Court found that £2.85 million ($3.69 million) of investors' funds had disappeared, the Insolvency Service said Tuesday.

  • October 06, 2020

    EU Adds Barbados, Anguilla To Tax Blacklist, Drops Caymans

    The Caribbean islands of Barbados and Anguilla are now on the European Union's list of uncooperative jurisdictions for tax matters, while the Cayman Islands and Oman have been dropped, the EU's council of finance ministers announced Tuesday.

  • October 06, 2020

    ECJ Limits Gov't Spying On Cellphone And Internet Data

    The European Union's top court said Tuesday that privacy rules prevent intelligence agencies from unfettered surveillance of personal data but allow them to briefly retain electronic information when national security threats arise.

  • October 06, 2020

    Top EU Court OKs Challenges To Cross-Border Info Sharing

    Those being investigated by national tax authorities must be allowed to challenge the authorities about decisions to share their financial information with other European tax authorities, the European Union's highest court ruled Tuesday.

  • October 06, 2020

    G4S Execs Face 2022 Trial Over Gov't Contract Fraud Charges

    Three former executives at G4S will face trial in January 2022 on charges brought by the Serious Fraud Office in its investigation of a scandal over the security company's electronic tagging of offenders.

  • October 06, 2020

    Iranian Bank Loses Bid For €121M Damages For EU Sanctions

    The European Union's top court on Tuesday rejected an Iranian bank's bid for €121 million ($142 million) in damages from the EU after its funds were frozen under nuclear sanctions that were later overturned on appeal.

  • October 06, 2020

    Swiss Bank Targeted For AML Failings With Venezuela Clients

    Switzerland's financial watchdog said on Tuesday that Banca Credinvest must end its relationships with Venezuelan clients after it found that the Swiss lender had seriously breached anti-money laundering rules when handling their cash.

  • October 06, 2020

    FCA Bans Crypto-Derivatives Sales To Retail Clients

    The Financial Conduct Authority said on Tuesday that the sale to retail customers of all derivative products linked to crypto-assets will be banned from January after it found that the risky assets can cause serious harm to investors.

  • October 06, 2020

    Irish Bank AIB Warned Over Small Biz Rule Breaches

    Britain's antitrust watchdog has warned a Northern Irish bank over its failure to comply with competition laws by forcing small and midsized business customers to open current accounts with the lender as a condition for applying for a loan.

  • October 05, 2020

    Entrepreneur Gets OK To Force Journalist To Disclose Source

    A New York journalist is being ordered to unmask a confidential source who provided him with a forged police report relating to the arrest for suspected sexual assault of a billionaire venture capitalist who became famous for helping to fund Uber.

  • October 05, 2020

    French Supermarkets Score Partial Win In EU Raid Challenge

    A European Union court ruled on Monday that the bloc's antitrust watchdog did not have enough evidence to back up some of its raids of French supermarket groups suspected of teaming up to buy products, but rejected the rest of the retailers' challenge to the searches.

  • October 05, 2020

    5 Big Banks Get Final OK On $22M Libor-Rigging Settlement

    A New York federal judge signed off Monday on a nearly $22 million settlement between five major banks and a class of indirect investors that accused them of manipulating the Libor benchmark.

Expert Analysis

  • When A Deferred Prosecution Agreement Isn't The Best Option

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    While deferred prosecution agreements can seem attractive, the recent acquittal of Guralp executives accused of conspiracy to make corrupt payments shows that such deals may not always be in a company’s best interests, says Aziz Rahman of Rahman Ravelli.

  • What UK Panel's Cryptoasset Update Does And Doesn't Clarify

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    A recent legal statement from the U.K. Jurisdiction Taskforce clearing up the status of cryptoassets and smart contracts reaffirms the flexibility of English law, but leaves matters of data protection and treatment of related assets in question, say Mark Dawkins and Jenny Arlington of Akin Gump.

  • How English Courts Approach Comity When Laws Conflict

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    Two recent cases from the High Court of Justice and the Court of Appeal shed light on how English appeals courts consider the principle of comity when one jurisdiction exposes a person to criminal prosecution for conduct required by the law of another jurisdiction, says Nick Barnard of Corker Binning.

  • Key Risks And Developments For UK Law Firm Culture In 2020

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    In 2020, law firms throughout the U.K. will be increasingly reshaped by rapid changes in societal expectations and advances in technology, say Helen Rowlands and Niya Phiri of Clyde & Co.

  • 5 Things To Watch In Litigation Finance This Year

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    As 2020 arrives, we may see new products and initiatives in litigation finance that we can’t imagine yet, but one thing is clear — this industry is well past its earliest stage and is entering a very active growth spurt, says Ralph Sutton of Validity Finance.

  • #MeToo Pressure On UK Businesses Is Set To Rise

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    Recent declarations by the Financial Conduct Authority and Prudential Regulation Authority indicate that sexual harassment in the U.K.'s financial services industry may lead to consequences under the newly expanded Senior Managers and Certification Regime, and other sectors are facing growing scrutiny as well, say attorneys at Covington.

  • Key Developments In 2019 Anti-Corruption Enforcement

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    As another year draws to a close, Aisling O'Shea and Nicholas Brechbill at Sullivan & Cromwell take a look at some of the most important U.S. anti-corruption enforcement trends.

  • How English Law Liability Frameworks May Apply To AI

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    Although English civil and criminal liability frameworks that apply to artificial intelligence systems seem likely to be reformed in the near future, those operating in the AI space should manage existing legal risks in the meantime, say Ben Hughes and Russell Williamson of Bird & Bird.

  • EU Tax Scandal Is Sure To Reach London

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    With powerful states in Europe using their full resources to investigate and prosecute those involved in the tax fraud scheme known as cum-ex trading, it seems all but inevitable that shared information will prompt significant investigations in London by the U.K. authorities, says Bambos Tsiattalou of Stokoe.

  • Opinion

    UK Anti-Money Laundering Efforts Must Be Reassessed

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    Transparency International's recent report regarding money laundering in the U.K. shows that the government is not making enough progress in addressing these crimes, says Syedur Rahman of Rahman Ravelli.

  • New French Law May Be 1st Step In Abating Carousel Fraud

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    Although there is still a long way to go, France's recent adoption of the European Union's Quick Fixes Council Directive will increase the odds of stemming carousel fraud — a type of value-added tax exploitation facilitated by the removal of customs borders, says Sophie Dorin at Bird & Bird.

  • Post-Brexit UK Likely To Conform With EU On Human Rights

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    In a recent speech, U.K. Foreign Secretary Dominic Raab stated his intent to expand sanctions for human rights violations by extending the so-called Magnitsky amendment, strongly indicating that Britain's exit from the EU would be unlikely to disrupt coordinated efforts to address international transgressions against human rights, says Stephen Baker at Baker & Partners.

  • Key Takeaways From Ex-Alstom Exec's FCPA Conviction

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    In U.S. v. Hoskins, a Connecticut federal court last week convicted a foreigner who did not work for a U.S. company of Foreign Corrupt Practices Act violations, presenting valuable lessons about the scope of FCPA liability and how to effectively withdraw from a bribery scheme, say Sunil Shenoi and Kim Nemirow at Kirkland.

  • The Evolution Of GDPR Enforcement Across The EU

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    With the last few months bringing significant fines to major businesses that have breached the European Union's General Data Protection Regulation, it is clear that regulators are moving away from the light-touch approach they employed during the transition to the new rules, says James Simpson of Blaser Mills.

  • Corporate Wrongdoing Risks Go Beyond Exec Departures

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    Recent controversy over misconduct allegations that led to the ousting of a KPMG executive reminds firms that the challenges caused by suspecting or uncovering internal wrongdoing are not so easily solved by the implicated executive's exit, says Sarah Chilton of CM Murray.

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