Corporate Crime & Compliance UK

  • 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.

  • 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.

Expert Analysis

  • 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.

  • Series

    Why I Became A Lawyer: Being There For Families In Trouble

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    My parents' contentious, drawn-out divorce was one of the worst experiences of my life. But it taught me how to be resilient — and ultimately led me to leave corporate litigation for a career in family law, helping other families during their own difficult times, says Sheryl Seiden of Seiden Family Law.

  • What To Expect From The US-UK Data Access Agreement

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    The data sharing agreement recently signed by the U.K. and U.S. will be a useful evidence tool in some situations, such as counterterrorism efforts, but is unlikely to be a landmark pact that radically speeds up investigations, says Anna Gaudoin of WilmerHale.

  • FCPA Lessons On 3rd-Party Risks And Cooperation Credit

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    The Microsoft settlement, along with other recent Foreign Corrupt Practices Act enforcement actions, demonstrates the need to prioritize compliance resources in high-risk jurisdictions if third-party intermediaries are engaged and provides insight into how the U.S. Department of Justice voluntary disclosure policy operates, say attorneys at FaegreBD.

  • Covert Corporate Surveillance May Not Be Practical For SFO

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    Recently, Serious Fraud Office Director Lisa Osofsky expressed her desire for covert surveillance to play a greater role in the U.K.'s battle against corporate crime, but a number of barriers stand in the way of this approach, says Neil Williams of Rahman Ravelli.

  • 3 Ways To Leverage Vulnerability For Lawyer Well-Being

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    Admitting to imperfection is an elusive construct in the legal industry, but addressing this roadblock by capitalizing on vulnerabilities can increase personal and professional power, says life coach and attorney Julie Krolczyk.

  • Zurich Case Brings Clarity To Complex Contempt Proceedings

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    The U.K. Court of Appeal's recent decision in Zurich v. Romaine provides insight into the meaning of "in the public interest" in the context of bringing contempt proceedings against a party or witness who verifies false claims, says Matt Peacock of Signature Litigation.

  • SFO Cooperation Guidance Merits Cautious Welcome: Part 2

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    While the Serious Fraud Office's Corporate Cooperation Guidance provides sensible thoughts on cooperation overall, the SFO's evolving views on privilege are at best confusing and at worst unhelpful, say Matt Getz and Scott Wilson of Boies Schiller in the final part of this article.

  • FX Fraud Decision Tests Limits Of Right-To-Control Theory

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    In United States v. Johnson, the Second Circuit’s decision affirming an ex-HSBC foreign exchange trader's wire fraud conviction highlights that the government and courts may not agree on the government's burden to prove tangible economic harm under the so-called right-to-control theory, say attorneys at White & Case.

  • SFO Cooperation Guidance Merits Cautious Welcome: Part 1

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    The Serious Fraud Office's recently released Corporate Cooperation Guidance is a mixed bag, providing an excellent framework for how investigations should be conducted, but not clearly stating how cooperation will benefit corporates, say Matt Getz and Scott Wilson of Boies Schiller.

  • PayPal Case Illustrates Difficulty Of Avoiding CMA Penalties

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    The U.K. Competition and Markets Authority's recent fine against PayPal for violating U.K. merger control rules — despite the company's attempts to put safeguards in place — demonstrates how rigid the CMA can be when it comes to initial enforcement orders, say attorneys at Fried Frank.

  • SFO's Cooperation Strategy May Fail To Entice Corporations

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    Serious Fraud Office Director Lisa Osofsky's emphasis on corporate cooperation instead of traditional prosecutions may fail to produce results unless individuals and companies contemplating whether to share information with the SFO can be convinced that the benefits outweigh the risks, says Danielle Reece-Greenhalgh of Corker Binning.

  • The Problem — And Opportunity — Of Implicit Bias In The Bar

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    Law firms are beginning to recognize implicit bias as a problem. But too few recognize that it is also an opportunity to broaden our thinking and become better legal problem solvers, says Daniel Karon of Karon LLC.

  • Opinion

    SFO's Cooperation Guidance Feels Like A Missed Opportunity

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    The Serious Fraud Office's Corporate Cooperation Guidance is arguably less demanding than many would have feared, but some aspects are vague, puzzling or give genuine cause for concern, says Azizur Rahman of Rahman Ravelli.

  • Roundup

    Pursuing Wellness

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    In this Expert Analysis series, leaders at some of the law firms that committed to the American Bar Association's 2018 pledge to improve mental health and well-being in the legal industry explain how they put certain elements of the initiative into action.

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