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Corporate Crime & Compliance UK
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March 06, 2024
UK Top Court Blocks Extradition Over Right to Attend Trial
The Supreme Court unanimously blocked the extradition of a convicted sex offender to Italy on Wednesday after finding that he was never officially told he was being prosecuted, nor where and when his trial would be.
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March 06, 2024
Dentons Says Client Checks Adhered To Relevant AML Rules
Dentons told a tribunal on Wednesday that the Solicitors Regulation Authority's case accusing the firm of breaching money laundering regulations by failing to adequately investigate a former client's wealth is based on current regulations rather than those in force at the time.
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March 06, 2024
Businessman Can't Escape €50M Investment Fraud Case
A judge has declined to throw out a chunk of a €50 million ($54.4 million) investment fraud case brought by an Italian investment vehicle, finding allegations against company secretary Federico Faleschini cannot be divorced from the wider claim.
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March 06, 2024
Duo Acquitted Of Bribing Saudi Elites Under MoD Deal
Two British men were acquitted in London on Wednesday of paying £9.7 million ($12.2 million) in bribes to Saudi officials as part of a multibillion-pound U.K. defense contract, although one was convicted of taking kickbacks.
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March 05, 2024
DLA Piper Brings On HMRC Vet For Corp. Crime Team
DLA Piper added a member to its corporate crime and investigations team in London, an HM Revenue & Customs veteran most recently at Pinsent Masons, the firm announced.
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March 05, 2024
UK Supermarket Giants Sue Fish Farmers Over £675M Cartel
A group of the U.K.'s largest supermarkets have sued several Atlantic fish farming companies saying a cartel has manipulated prices of salmon across Europe, causing the retailers an estimated £675 million ($858 million) in losses, Britain's competition court said Tuesday.
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March 05, 2024
SRA Investigator Calls Dentons' AML Checks 'Concerning'
Dentons faced allegations from a Solicitors Regulation Authority investigator at a tribunal Tuesday that the way the firm handled a politically exposed client were "concerning" amid claims it breached money laundering regulations by failing to make adequate checks.
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March 05, 2024
Class Action Funding Left In Limbo Despite Gov't Reform
Government plans to nullify a U.K. Supreme Court decision that threatened the status of many litigation funding agreements will provide certainty for claimants when it passes, but the timing of the legislation has implications for the status of legal challenges now underway, lawyers say.
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March 05, 2024
Ashurst Adds White Collar Pro As Partner From Dechert
Ashurst LLP has recruited a financial crime expert to join as a partner, as part of a "strategic focus" on growing its disputes and investigations team in London, the firm said Tuesday.
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March 05, 2024
Ex-Russian Minister Renews Bid To Jail Deripaska In UK
Former Russian minister Vladimir Chernukhin urged an appeals court Tuesday to revive his bid to jail his ex-business associate Oleg Deripaska for contempt of court, arguing an earlier judge was wrong to find than an agreement to preserve assets had not been breached.
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March 05, 2024
Spending Watchdog Warns BoE As Compliance Breaches Rise
The U.K. public spending watchdog has urged the Bank of England to examine its controls after it found a significant increase in breaches of staff policies at the central bank.
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March 05, 2024
FCA To Probe Personal Guarantees In Some Small Biz Lending
The Financial Conduct Authority said Tuesday it will be investigating the use of personal guarantees in small business lending following complaints by an industry group.
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March 05, 2024
FCA Warns Firms To Remedy Failings In AML Controls
The Financial Conduct Authority has fired off a warning to the chief executives of 1,000 firms it regulates for money laundering purposes, telling them on Tuesday to tackle failings in their controls.
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March 05, 2024
Ex-Autonomy Chief Settles SFO Claim Over DOJ Fraud Case
Mike Lynch has settled his claim against the Serious Fraud Office that demanded the watchdog turn over information on him over concerns that U.S. authorities sought international assistance to avoid running out of time to charge him for fraud, his spokesperson said Tuesday.
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March 04, 2024
FCC Inks Anti-Scam Partnership With UK Counterpart
The Federal Communications Commission said Monday it will work formally with its U.K. counterpart to combat scam robocalls and robotexts, an announcement that came days after reaching a similar agreement with Britain's data privacy enforcer.
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March 04, 2024
Dentons Failed To Make AML Checks On PEP Client, SRA Says
Dentons faced a battle at a London tribunal on Monday over its anti-money laundering procedures after the U.K. legal regulator said it had failed to conduct adequate checks on a politically exposed client for years.
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March 04, 2024
Barrister Disbarred For Falsely Trying To Double Fee
A barrister who tried to double his fee for representing a client at a civil hearing and then misled the court when trying to cover up his tracks was disbarred by a tribunal on Monday.
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March 04, 2024
Associate Of Ex-Dechert Partner Says Settlement Ends Claims
A British-Canadian businessman accused of conspiring with former Dechert partner Neil Gerrard to hack aviation tycoon Farhad Azima told an English judge on Monday that Azima's settlement with the law firm brings the claims against him to an end.
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March 04, 2024
FCA Warns Asset Managers To Follow Sustainability Rules
The Financial Conduct Authority has warned chief executives of asset management companies that it will focus on their compliance with rules on sustainability disclosure that come into force this year.
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March 04, 2024
5 Questions For Peter Carter On Insider Dealing Prosecutions
The Financial Conduct Authority's successful prosecution of a former Goldman Sachs analyst for insider dealing provides new insights into what a determined criminal will do to get around compliance procedures and break the law. Here Peter Carter KC at Doughty Street Chambers, who led the prosecution for the FCA, talks to Law360 about the intricacies of tackling these kinds of cases.
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March 04, 2024
Apple Fined €1.8B For Restricting Music Streaming Developers
The European Union's antitrust authority said Monday that it has fined tech giant Apple €1.8 billion ($1.95 billion) for abusing its dominant position in the market for music streaming apps by preventing developers from letting iPhone users know about cheaper subscriptions.
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March 04, 2024
KPMG Fined £1.46M For Ad Agency Accounting Breaches
The Financial Reporting Council said on Monday that it has fined KPMG £1.46 million ($1.85 million) for a string of "serious failings" during the audit of advertising group M&C Saatchi PLC.
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March 03, 2024
UK Gov't Plans New Law To Reverse PACCAR Funding Fallout
The U.K. government announced legislative changes on Monday designed to make it easier for people to secure funding for legal claims against companies in the wake of a landmark Supreme Court ruling that made many litigation agreements unenforceable.
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March 01, 2024
WealthTek Case Paused For FCA To Weigh Bringing Charges
A judge on Friday delayed the Financial Conduct Authority's enforcement proceedings against a wealth manager over an £80 million ($101 million) shortfall, finding the watchdog should prioritize deciding whether to charge the company's founder over one of the "most significant frauds" it ever investigated.
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March 01, 2024
Ex-Stobart CEO Fights To Argue Conspiracy As A Shareholder
Stobart Group's former chief executive should not be allowed to retry his claim that he was the victim of a conspiracy to remove him as chair, the company now known as Esken Ltd. told a London court on Friday.
Expert Analysis
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Lessons To Be Learned From 2023's Bank Failures
This year’s banking collapses, coupled with interest rate rises, inflation and geopolitical instability have highlighted the need for more robust governance, and banks and regulators have learned that they must adequately monitor and control liquidity risk to protect against another financial crisis, say Juliette Mills and Alix Prentice at Cadwalader.
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Key Questions Ahead Of 2024 Right-To-Work Changes
In 2024, the U.K. will increase the maximum civil penalty for companies hiring employees who don't have legal permission to work, so employers should work toward minimizing the risk of noncompliance, including by using an identity service provider to carry out digital right-to-work checks, says Gemma Robinson at Foot Anstey.
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Class Action-Style Claims Are On The Horizon In 2024
Following the implementation of an EU directive enabling consumers to bring actions for collective redress, 2024 will likely see the first serious swathe of class action-style cases in Europe, particularly in areas such as cyber exposures, ESG and product liability, says Henning Schaloske at Clyde & Co.
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An Overview Of European Private Investments in Public Equity
Although still fairly rare, private investments in public equity may continue to be an attractive option for some European issuers seeking to secure equity financing, and advisers planning such an investment should consider the various local options, requirements and norms, say lawyers at Sullivan & Cromwell.
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Cos. Must Monitor Sanctions Regime As Law Remains Unclear
While recent U.K. government guidance and an English High Court's decision in Litasco v. Der Mond Oil, finding that a company is sanctioned when a designated individual is exercising control over it, both address sanctions control issues, disarray in the law remains, highlighting that practitioners should keep reviewing their exposure to the sanctions regime, say lawyers at K&L Gates.
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Unpacking The UK's Proposals To Regulate Crypto-Assets
Recent proposals for crypto-asset regulation in the U.K. demonstrate support for crypto's potential, but there is concern around the authorization process for organizations undertaking crypto-asset activities, and new regulations will require a more detailed assessment of firms' compliance not previously addressed, say Jessica Lee and Menelaos Karampetsos at Brown Rudnick.
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The Top 7 Global ESG Litigation Trends In 2023
To date, ESG litigation across the world can largely be divided into seven forms, but these patterns will continue developing, including a rise in cases against private and state actors, a more complex regulatory environment affecting multinational companies, and an increase in nongovernmental organization activity, say Sophie Lamb and Aleksandra Dulska at Latham.
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Proposed Amendment Would Transform UK Collective Actions
If the recently proposed amendment to the Digital Markets Bill is enacted, the U.K.'s collective action landscape will undergo a seismic change that will likely have significant consequences for consumer-facing businesses, say lawyers at Linklaters.
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UK Takeover Code Changes: Key Points For Bidders, Targets
Newly effective amendments to Rule 21 of the U.K. Takeover Code, which remove legal and administrative constraints on a target operating its business in the ordinary way during an offer, will add clarity for targets and bidders, and are likely to be welcomed by both, say lawyers at Davis Polk.
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EU GDPR Ruling Reiterates Relative Nature Of 'Personal Data'
The Court of Justice of the European Union recently confirmed in Gesamtverband v. Scania that vehicle identification number data can be processed under the General Data Protection Regulation, illustrating that the same dataset may be considered "personal data" for one party, but not another, which suggests a less expansive definition of the term, say lawyers at Van Bael.
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How The UK Smart Regulatory Strategy Fuels AI Innovation
Eight months after the U.K. government published its artificial intelligence white paper, the Communications and Digital Lords Committee considered regulators' role regarding large language models, illustrating that the government is ramping up efforts toward solidifying the U.K.'s position as a global leader in AI regulation and development, say attorneys at Akin Gump.
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How 'Copyleft' Licenses May Affect Generative AI Output
Open-source software and the copyleft licenses that support it, whereby derivative works must be made available for others to use and modify, have been a boon to the development of artificial intelligence, but could lead to issues for coders who use AI to help write code and may find their resulting work exposed, says William Dearn at HLK.
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Russia Ruling Shows UK's Robust Jurisdiction Approach
An English High Court's recent decision to grant an anti-suit injunction in the Russia-related dispute Renaissance Securities v. Chlodwig Enterprises clearly illustrates that obtaining an injunction will likely be more straightforward when the seat is in England compared to when it is abroad, say lawyers at Linklaters.
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How New Loan Origination Regime Will Affect Fund Managers
Although the recent publication of the Alternative Investment Fund Managers Directive II represents more of an evolution than a revolution, the leverage limitations applicable to loan-originating funds are likely to present practical challenges for European credit fund managers, say attorneys at Fried Frank.
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How EU Sustainability Directive Will Improve Co. Reporting
The need for organizations to make nonfinancial disclosures under the recently adopted EU Sustainability Reporting Standards will significantly change workforce and human rights reporting, and with the objective of fostering transparency, should bring about an increased focus on risks, policies and action plans, say Philip Spyropoulos and Thomas Player at Eversheds Sutherland.