Corporate Crime & Compliance UK

  • 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.

  • October 05, 2020

    Proposal To Overhaul Confiscation Orders Faces Skepticism

    A proposal to simplify how the U.K. claws back money from convicts is a step in the right direction to reforming an onerous, "draconian" system, but unless more radical changes are made, defendants will be trapped in a cycle of debt and prison, attorneys say.

  • October 05, 2020

    Sports Direct Loses Privilege Fight Over Deloitte Docs

    Billionaire Mike Ashley's sporting goods retail chain cannot claim litigation privilege to avoid handing over to the U.K. audit authority three reports prepared for it by Deloitte LLP, a judge said on Monday.

  • October 05, 2020

    Forex Agents Banned For Misusing £8M Of Client Cash

    Two foreign exchange agents have been banned from running a company for a total of 24 years after they misappropriated over £8 million ($10 million) of client money to pay back previous customers instead of investing the cash in trades, a government agency said Monday.

  • October 05, 2020

    EU Accuses Italian Vegetable Canner Of Fixing Prices

    Europe's antitrust enforcer accused food company Conserve Italia on Monday of running a cartel to fix prices for canned vegetable sales, more than a year after settling with three other processors for €31.6 million ($37.2 million). 

  • October 05, 2020

    FCA Wins £1.6M Order Against Fugitive In Tabernula Case

    A fugitive businessman convicted of money laundering in Britain's largest-ever insider trading case should return £1.6 million ($2.1 million) or have eight years added to his prison sentence, a court ruled on Monday. 

  • October 05, 2020

    Germany Acts To Strengthen DAX Index After Wirecard Crisis

    Companies hoping to join Germany's blue-chip DAX index face tougher membership criteria under reforms proposed by Deutsche Börse on Monday, after Wirecard collapsed and had its listing struck from the exchange because it revealed a €1.9 billion ($2.2 billion) hole in its accounts.

  • October 05, 2020

    RBS Hit With £60M Bill Over Carbon Credit VAT Fraud Plot

    A judge ordered the Royal Bank of Scotland to pay £60 million ($77.7 million) in damages, interest and legal fees after concluding that two former carbon credit traders ignored and then tried to cover up a massive value-added tax fraud scheme. 

  • October 02, 2020

    DOJ Antitrust Unit Greenlights Plan For Benchmarking Rates

    The U.S. Department of Justice found no competition problems in its review of a plan by the International Swaps and Derivatives Association to help prepare for the potential discontinuation of certain interest rate benchmarks, such as the Libor.

  • October 02, 2020

    Savvy Terror Funders 'Help Drive Fall In UK Asset Freeze'

    The amount of funds the U.K. has frozen under its local counter-terrorism asset freezing regime has fallen from £39,000 ($51,000) in 2015 to £9,000 this year, which a terror financing expert says is in part due to "savvy" terrorists using various methods to evade the mainstream financial system.

  • October 02, 2020

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

    This past week in London has seen a U.K. insurance technology company take aim at KPMG after an acquisition went south, grocer Ocado Group slapped with a patent infringement claim, and Puma and Nike prepare for a sneaker showdown. Here, Law360 looks at those and other new claims in the U.K.

  • October 02, 2020

    FCA Tells Brokers To Ensure Clients' Cash Stays Safe In EU

    The Financial Conduct Authority has told insurance brokers that hold their clients' money with third parties based in the European Union to ensure that this cash is not at risk as the end of the Brexit transition period draws nearer.

  • October 02, 2020

    Denmark Says No Need To Seek HMRC Aid In Tax Fraud Suit

    Denmark's tax authority has denied asking HM Revenue & Customs to help recover taxes allegedly taken from the Danish government in a $1.9 billion ($2.2 billion) trading fraud, saying in court documents that it is seeking financial compensation for civil wrongs — not to recoup lost revenues.

  • October 02, 2020

    EU Weighs MiFIR Reporting Relief For UK After Brexit

    Europe's markets watchdog has said that it will decide whether the U.K.'s trading venues qualify for relief from reporting rules after Brexit, in a move that will encourage investment banks to trade derivatives in Britain after the transition period ends in December.

  • October 02, 2020

    Brexit Pushing UK Antitrust Agency Into 'Activist' Mode

    The Competition and Markets Authority has until the new year to get ready to become the United Kingdom's sole antitrust enforcer, but the CMA isn't waiting until it transitions out of the European Union to buff up its capabilities and stamp its imprint on international mergers.

  • October 02, 2020

    Saudi Bank Denied Legal Docs On Eve Of Fraud Trial

    A judge barred a Saudi Arabian lender on Friday from obtaining an expert legal opinion on securities law ahead of a trial that could force the bank to account for $318 million siphoned from an investment company by a former billionaire.

  • October 02, 2020

    7 Questions For Enyo Law Disputes Chief Simon Twigden

    Simon Twigden, senior partner and co-founder of Enyo Law LLP, talks to Law360 about his practice, the process of starting his own firm and his love of international arbitration.

  • October 02, 2020

    SFO Ripped Over ENRC Disclosure Deadline Demand

    A judge has extended the deadline for the Serious Fraud Office to turn over documents to Eurasian Natural Resources Corp. in the mining company's misconduct lawsuit, but criticized the agency for missing the target, saying its explanation for why it was running behind "beggars belief."

Expert Analysis

  • Opinion

    Unexplained Wealth Orders Unlikely To Curb UK Drug Trade

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    The U.K. National Crime Agency's newly announced strategy of utilizing account freezing, recovery orders and unexplained wealth orders against drug traffickers is arguably misconceived and possibly more of a money-grabbing exercise than anything else, says Jemma Sherwood-Roberts of Corker Binning.

  • Series

    Why I Became A Lawyer: Expanding The Meaning Of Diversity

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    My conservative, Catholic parents never skipped a beat when accepting that I was gay, and encouraged me to follow my dreams wherever they might lead. But I did not expect they would lead to the law, until I met an inspiring college professor, says James Holmes of Clyde & Co.

  • 2 Perspectives On Navigating The Litigation Funding Process

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    Paul Martenstyn of Vannin Capital and Daniel Spendlove of Signature Litigation share their top tips on how to get a case funded, drawing from their respective experience as a funder and a lawyer.

  • UK Unexplained Wealth Orders Are On The Rise

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    U.K. enforcement agencies are growing more comfortable in utilizing unexplained wealth orders and undertaking the complex investigations that follow, but the vast majority of international businesses and private clients in the U.K. with wealth situated overseas should not fear that UWOs will be used against them, says Zoya Burbeza of Zaiwalla & Co.

  • Another Setback To The SFO's Individual Prosecution Efforts

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    As shown by the recent acquittal of three Sarclad employees connected to the Serious Fraud Office's Sarclad deferred prosecution agreement, such agreements are not well suited for holding individuals accountable, but introducing a new form of DPAs specifically for individuals would be a step in the right direction, say Ian Hargreaves and Deirdre Lyons Le Croy of Covington.

  • EU Commission Is Getting Tough On 'Gun-Jumping' Mergers

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    The European Commission's fine against Canon is one of several recent examples of competition law enforcement that should remind merging companies to carefully assess their actions at the crossroads between permissible preparatory measures and premature transaction implementation, says Andrea Pomana of Debevoise & Plimpton.

  • A Look At UK Enforcement Efforts Against Domestic Bribery

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    The U.K. Fraud Advisory Panel's recent report about unchecked domestic corruption is justified to an extent, but it may be too harsh to make a blanket condemnation of U.K. enforcement agencies' approach to tackling economic crime, says Syedur Rahman of Rahman Ravelli.

  • 3 Tech Competition Concerns In Europe

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    Recent cases involving major technology companies and their acquisition of smaller firms have called international attention to the adequacy of competition policy frameworks, and recent proposals in Europe and Australia reveal the onset of an interventionist approach from regulators, say analysts at Cornerstone Research.

  • Lessons From The Global Forestry Investments Scheme

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    The Global Forestry Investments case's progression, from the Insolvency Service's involvement to recent charges by the Serious Fraud Office, indicates that those responsible for serious financial losses may face criminal prosecutions in addition to regulatory penalties, says Maria Theodoulou of Stokoe Partnership Solicitors.

  • Assessing Risk For AI Trained By Tainted Data In The EU

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    In Europe, evaluating the risk of launching an artificial intelligence system trained by tainted data can be challenging, but identifying the relevant rights, possible sanctions and whether the issue is ongoing can put lawyers well on their way to understanding the risk profile, say Toby Bond and Nick Aries of Bird & Bird.

  • Helpful Insights On Arbitration Jurisdiction From UK Court

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    The U.K. Commercial Court's recent decision on arbitration jurisdiction in Minister of Finance v. International Petroleum Investment makes clear that the court will not unnecessarily interfere with arbitration proceedings, but it will be ready to intervene where appropriate, say Ioannis Alexopoulos and Nikoletta Beneki of Signature Litigation.

  • Record GDPR Fine Marks New Data Privacy Enforcement Era

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    A record $230 million General Data Protection Regulation fine issued to British Airways by the U.K. Information Commissioner’s Office shows just how far the GDPR is meant to reach and that not having a robust information technology security program is no longer an option, say Cynthia Cole and Sarah Phillips of Baker Botts.

  • Pros And Cons Of UK Deferred Prosecution Agreements

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    Since deferred prosecution agreements were introduced in 2014, the Serious Fraud Office has initiated five DPAs that have received formal declarations from the court. Opinions are divided as to whether these agreements improve long-term compliance or allow corporates to pay their way out of prosecution, says Perveen Hill of BDB Pitmans.

  • Perspectives

    2nd Circ.'s Approach To Bail Is Backward

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    The Second Circuit's decision in United States v. Boustani correctly identifies the dangers of a "two-tiered" bail system, but the proper solution is to make bail more accessible to everyone, not to fewer people, says Alexander Klein of Barket Epstein.

  • 3 Steps To Calculating Damages For Unnecessary Injunctions

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    A recent Cayman Islands case, Ennismore v. Fenris, sheds light on the process for assessing how much plaintiffs should pay to defendants if they called for a pretrial injunction that the court later finds should not have been granted, say Nicola Roberts and Laura de Heer of Harney Westwood.

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