Corporate Crime & Compliance UK

  • October 01, 2020

    Asthmatic Ex-Autonomy CFO Must Serve Jail Time, Feds Say

    California federal prosecutors said Wednesday a former Autonomy executive's asthma is no reason to let him serve a five-year sentence in home confinement for lying about the software company's financials ahead of its 2011 acquisition by Hewlett-Packard, calling the request an "obvious ploy" to benefit from the pandemic.

  • October 01, 2020

    EU Audit Watchdog Wants Revised Bank Bailout Rules

    Europe's budget regulator said Thursday that European Union oversight of state aid to banks needs a fitness check and asked the European Commission to assess the compatibility of such aid with the bloc's state aid rules.

  • October 01, 2020

    Ex-SFO Lawyer Denies Swearing At FBI Agent In Pub Row

    A former senior Serious Fraud Office prosecutor has denied swearing at an FBI agent in a foul-mouthed rant at a London pub, telling his employment tribunal on Thursday that evidence from U.S. Department of Justice officials who witnessed the incident is "inconsistent," "unreliable" and "embellished."

  • October 01, 2020

    Ex-Credit Suisse Banker Seeks To Add To Espionage Suit

    A former Credit Suisse director sought on Thursday to widen a multi-million pound lawsuit against the lender over his prison sentence in Romania on espionage charges, arguing that the bank has no reason to contest the proposed changes.

  • October 01, 2020

    FCA Sets Out Exemptions To Financial Services Brexit Relief

    The Financial Conduct Authority set out rules on Thursday that banks must begin following when the Brexit regulatory transition period ends in December, covering areas where the regulator said it would harm consumers and jeopardize the integrity of the U.K. market if it granted relief.

  • October 01, 2020

    Funding Woes Not Fraud, Says Failed Crypto-Soccer Startup

    The businessmen behind a cryptocurrency startup for buying soccer club shares said in an amended defense that the promised marketplace was not a sham to defraud unwary investors but a failed project due to funding problems, including a misunderstanding on a touted $12 million pledge.

  • October 01, 2020

    EU To Hand Intel Units Extra Support After Files Leak

    The bloc's financial intelligence units will be given extra support so they can operate effectively and exchange information in the fight against money laundering, the European Commission has said in the wake of the FinCEN files leak.

  • October 01, 2020

    Singapore Orders Wirecard To Stop Services, Return Funds

    Singapore's central bank has ordered German payments firm Wirecard AG to stop all of its operations in the country and return money to customers by Oct. 14 in the wake of its high-profile meltdown earlier this year.

  • October 01, 2020

    EU Starts Legal Action Against UK Over Brexit Treaty Breach

    The European Commission said Thursday it is initiating legal action against the U.K. over British legislation that would override the Northern Ireland protocol in its Brexit Withdrawal Agreement with the European Union, claiming the move violates an international treaty.

  • September 30, 2020

    Security Co. Spied On Assange At Embassy, Witnesses Claim

    Julian Assange was subjected to covert surveillance while a fugitive at the Ecuadorean embassy in London by a company with links to a close contact of President Donald Trump, it was claimed in two witness statements read out at the WikiLeaks founder's extradition hearing on Wednesday.

  • September 30, 2020

    SFO Felt 'Betrayed' By DOJ In Tussle Over Unaoil Suspect

    Senior management at Britain's Serious Fraud Office felt betrayed by the U.S. Department of Justice when the American agency issued a rival extradition request for a prime suspect in a global corruption probe, an SFO official told a London employment tribunal Wednesday.

  • September 30, 2020

    Banks, Governments See Crypto As Risky, Expect Rise In Use

    Banks and governments consider cryptocurrencies to be risky, whereas only a minority of cryptocurrency businesses agree, according to a new joint study highlighting divisions in how digital assets are perceived.

  • September 30, 2020

    Ardonagh To Sell Motorbike Broker Over Watchdog Probe

    Insurance holding company The Ardonagh Group Ltd. said Wednesday it will sell a motorbike broker it bought for £26 million ($32.8 million) after the U.K.'s antitrust watchdog vowed to look at the deal in closer detail.

  • September 30, 2020

    Travel Agency Seeks Info From HSBC To Pursue Fraudsters

    An Italian travel agency has urged HSBC to hand over documents about the bank's dealings with a Cypriot tourism company that it said will help it pursue individuals who defrauded it in 2019.

  • September 30, 2020

    CMA Plans Rules That Could Land Repeat Offenders In Court

    Britain's antitrust watchdog said on Wednesday that it is proposing new rules for investigating and punishing companies for compliance breaches, warning that those which continually violate its rulings could face court.

  • September 30, 2020

    Crime Gang Takes In 600 Victims With Fake Bank Scam

    Romanian police have arrested three members of a crime gang that stole hundreds of thousands of euros from nearly 600 victims in a scam that linked people to fake banking websites, after an investigation in three countries, Europol has said.

  • September 30, 2020

    UBS Hits Back In FDIC's London Libor-Rigging Claim

    UBS Group has hit back in a London lawsuit brought by a U.S. government agency alleging that the Swiss bank's role in rigging borrowing rates played a part in the collapse of U.S. lenders during the financial crisis.

  • September 30, 2020

    Misselling Tops Financial Ombudsman Complaints In 2020

    Britain's finance dispute resolution body said on Wednesday that it continues to receive more complaints about the scandal-plagued credit cover known as payment protection insurance than any other financial product.

  • September 29, 2020

    EU Watchdog Hits Auto Parts Cos. With €18M In Cartel Fines

    The European Union's antitrust enforcer announced Tuesday it whacked two German auto part suppliers with €18 million ($21.1 million) in fines for their roles in two plots to fix the price of certain door and window closure systems, while a third supplier escaped unscathed.

  • September 29, 2020

    SFO Atty Claims DOJ, Suspect Tried To Oust Him From Probe

    A prosecutor fired by the Serious Fraud Office for allegedly swearing at an FBI agent was unfairly dismissed in response to a complaint made in bad faith by the U.S. Department of Justice to remove him from a high-profile bribery probe, his lawyer told a London employment tribunal Tuesday.

  • September 29, 2020

    SFO Charges 4 With Fraud At Steel Trader Balli

    Britain's Serious Fraud Office has charged four people with various fraud offenses in relation to the collapse of Anglo-Iranian steel trader Balli Group, including the company's former chief executive Nasser Alaghband, the white-collar crime agency said Tuesday.

  • September 29, 2020

    NatWest Fraud Alert 'Inadequate' In $5M Push Payment Suit

    The Saudi subsidiary of an Italian engineering giant has accused National Westminster Bank PLC of using "inadequate" fraud prevention practices, after the company fell victim to an authorized push payment scam and lost $5 million.

  • September 29, 2020

    Insurer Apologizes To Policyholders Over Sales Breaches

    The competition regulator said on Tuesday that it will take no further action against a subsidiary of global banking group BNP Paribas after the insurance company promised to apologize to customers for further breaches of regulation over its sales of payment protection cover.

  • September 29, 2020

    Big Tech Cos. Must Protect Against Finance Scams, FCA Says

    Google and other big technology companies must do more to protect consumers against scammers and financial companies marketing high-risk products, the Financial Conduct Authority said on Tuesday.

  • September 29, 2020

    UK Faces Prospect Of Challenges To New Sanctions Regime

    The U.K. could be in line for early legal challenges from individuals and businesses it has banned for poor human rights records under a new sanctions regime modeled on the Magnitsky Act adopted by the U.S. earlier this year, lawyers say.

Expert Analysis

  • How New EU Cyber Sanctions Compare To US Policy

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    The Council of the European Union recently adopted new cybersecurity legislation that imposes sanctions on people and entities responsible for cyberattacks rather than on states. Attorneys with Crowell & Moring discuss the scope of the new EU sanctions regime, how it is similar to U.S. cyber sanction policy, and its potential impact.

  • UK Financial Orgs Could Face Cyber Enforcement On 2 Fronts

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    A recent uptick in cyberincident reports in the U.K., combined with the Information Commissioner's Office and Financial Conduct Authority's joint approach to General Data Protection Regulation enforcement, suggests that U.K. financial services firms could be at high risk for simultaneous enforcement actions from the two regulators, say Rob Dedman and Kim Roberts of King & Spalding.

  • Key Reforms In UK Anti-Money Laundering Proposal

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    In response to concerns about an excess of suspicious activity reports, the U.K. Law Commission recently published a report recommending improvements to the U.K.'s anti-money laundering regime. The proposed reform is welcome, but may have missed an opportunity to advocate for some additional changes, says Jonah Anderson of White & Case.

  • A Timely Review To Enhance UK's Company Register

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    The U.K. government's review of its company and persons of significant control registers, which have struggled with information reliability issues, will provide a useful yardstick on the progress of fighting money laundering and other nefarious activities, say Ian Hargreaves and Deirdre Lyons Le Croy of Covington.

  • Answers To Key Legal Finance Ethics Questions

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    While there is discussion in some quarters about new regulations on commercial legal finance, the hands-off approach taken by the majority of courts and legislatures is an implicit recognition that it is already sufficiently regulated, says Danielle Cutrona of Burford Capital.

  • Perspectives

    Addressing Modern Slavery Inside And Outside The UK

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    As the problem of modern slavery persists, U.K. companies must take a broad approach when rooting out slave labor in their supply chains, and should not ignore the risk posed by suppliers within the U.K., says Maria Theodoulou of Stokoe.

  • Why Data Breach Group Litigation Remains Rare In The UK

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    While the General Data Protection Regulation would seem to create a fertile area for group litigation, U.K. data breaches have not resulted in much litigation so far, say Oran Gelb and Sarah McAtominey of Bryan Cave.

  • New EU Public Prosecutor's Office Will Likely Struggle

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    The planned European Public Prosecutor's Office faces structural and jurisdictional issues that may complicate EU investigations and prosecutions, including those in the U.K., say Peter Binning and Alex Cummins of Corker Binning.

  • Opinion

    Danske AML Scandal Is A Wake-Up Call For Bank Regulators

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    While discussion of the Danske Bank scandal has focused on what went wrong and who was to blame, it is the financial regulators' failures that must be corrected in order to prevent such a massive money laundering scandal from happening again, says Neil Williams of Rahman Ravelli.

  • New UK Data-Gathering Powers May Be Stalled For Now

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    While the Crime Overseas Production Orders Act appears to significantly extend U.K. enforcement authorities' data-collection powers, overseas production orders are unlikely to be granted until a cooperation agreement is achieved with the U.S., say Peter Burrell and Francesca Sherwood of Willkie.

  • Norwich Pharmacal Orders Remain Vital In The Internet Age

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    Norwich Pharmacal orders, which can require third parties to reveal vital information despite duties of confidentiality, have proven to be a versatile remedy in a wide range of cases over the decades. Today, they remain relevant because websites provide platforms for anonymous wrongdoing, says Simon Bushell of Signature Litigation.

  • New FCA Regime Will Emphasize Individual Accountability

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    The Financial Conduct Authority's Senior Managers and Certification Regime, which will take effect this December, seeks to increase personal accountability within regulated firms and will introduce changes relevant to all FCA-authorized financial services firms, say Rosemarie Paul and Kirsten Lapham of Ropes & Gray.

  • 8 Ukrainian Arbitration Claims In The Wake Of Crimea Events

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    Eight arbitration claims have been filed under the 1998 investment treaty between Russia and Ukraine in connection with the 2014 incorporation of Crimea into Russia. Nicholas Peacock and Paula Cala of Herbert Smith discuss these claims' unusual background and how they might develop.

  • Cannabis Investors Should Beware Money Laundering Risk

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    Even if marijuana-related businesses are in compliance with local laws, their investors are not free of legal risk so long as cannabis remains a controlled drug in other countries, such as the U.K., say Robert Dalling and Wade Thomson of Jenner & Block.

  • Do Fines Really Discourage Banks From Breaking The Law?

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    Recent fines imposed against Standard Chartered by both U.K. and U.S. regulators raise questions about whether banks are now viewing anti-money laundering enforcement fines as a day-to-day cost of doing big business, says Syedur Rahman of Rahman Ravelli.

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