Corporate Crime & Compliance UK

  • September 29, 2020

    UK Expats To Be Warned Of Bank Account Closures For Brexit

    Banks in Britain must give "sufficient warning" to U.K. expatriates living in the European Union before closing their current accounts when the Brexit transition period ends in December, an influential parliamentary committee warned the financial sector on Tuesday.

  • September 28, 2020

    Oil Trader, Bank Fight Over Asset Info In Conspiracy Suit

    A London judge refused a bid by a Gazprombank Group subsidiary on Monday to widen the oversight of any payments made by a trading company that sued the bank for allegedly conspiring to take it over.

  • September 28, 2020

    Trader Acquitted In 1st FCA Evidence Destruction Trial

    A jury acquitted a former trader on Monday over allegations that he destroyed evidence by deleting WhatsApp records while under arrest to hinder an insider trading probe, in the first case of its kind brought by the Financial Conduct Authority.

  • September 28, 2020

    Deutsche Accused Of Regulatory Breaches In Italy Swap Suit

    The government of Sicily has accused Deutsche Bank AG of breaching Italy's financial services rules as it hit back in a High Court dispute over an agreement to restructure the region's debts.

  • September 28, 2020

    Complex Insurance Policies 'Unethical,' Claims Co. Says

    The High Court case over whether insurers are responsible for paying out on claims made by businesses forced to close during the coronavirus lockdown has revealed the unnecessary complexity of standard commercial insurance policies, Mactavish warned on Monday.

  • September 28, 2020

    EU Finalizes Reporting Rules For Non-EU Investment Firms

    Companies based in countries outside of the European Union that provide investment services to the bloc must report information on their transactions annually, Europe's markets regulator said in a finalized draft of rules published Monday.

  • September 28, 2020

    Cars Worth €2M Seized, Cash Frozen In UK Laundering Probe

    Ireland's Criminal Assets Bureau has seized €2 million ($2.3 million) worth of vehicles and had the bank accounts of suspected criminals frozen as part of an investigation into money laundering and fraud in the United Kingdom.

  • September 28, 2020

    Insurers Warned Over Grant Deductions On COVID-19 Claims

    The Treasury has warned that it will act if insurers continue to deduct from claims payouts the value of government grants a business has received — a practice that has angered companies already reeling from the economic effect of the COVID-19 lockdown.

  • September 25, 2020

    BNY Mellon Accused Of Aiding Ex-BigLaw Atty In $4B Fraud

    Bank of New York Mellon was accused of playing a "central role" in the $4 billion OneCoin cryptocurrency scam by investors in a proposed class action.

  • September 25, 2020

    Jury Convicts Ex-Deutsche Traders Of Wire Fraud

    An Illinois federal jury on Friday convicted two former Deutsche Bank traders of wire fraud but cleared them of conspiracy charges stemming from what prosecutors called an unlawful precious metals market spoofing scheme that tricked competing market participants and helped them execute orders at better prices.

  • September 25, 2020

    Investor Says $100M Credit Suisse RMBS Suit Not Too Late

    A Jersey-based investment vehicle has said time should not be a barrier in its $100 million London lawsuit against Credit Suisse over toxic mortgage-backed securities, as it took U.S. prosecutors years to uncover the alleged misconduct.

  • September 25, 2020

    FCA Says Trader Lied About Reasons For Deleting Texts

    A former investment banker deleted his WhatsApp messages hoping Financial Conduct Authority investigators wouldn't uncover his Russian business links during their insider trading probe and has changed his story to suit the evidence, a prosecutor told jurors Friday as the trial wrapped.

  • September 25, 2020

    Julius Baer To Pay $160M Over Missing East German Funds

    Switzerland's highest court has ordered Julius Baer to repay 150 million Swiss francs ($160 million) to the German government, the Swiss bank said Friday, over money that an ex-UBS subsidiary helped to divert from East Germany when the Berlin Wall collapsed.

  • September 25, 2020

    6 Months Into Virus, Antitrust Enforcement 'Close To Normal'

    Despite the upheavals stemming from COVID-19, U.S. and European antitrust enforcers have not slacked off on competition and merger enforcement, although some delays have crept in, experts say.

  • September 25, 2020

    Ex-Cambridge Analytica Boss Banned For 7 Years

    The former head of Cambridge Analytica, a collapsed political consultancy that was mired in a data scandal, has been prohibited from serving as a director for seven years after allowing companies to offer potentially unethical services.

  • September 25, 2020

    Horse Race Syndicate Boss In £39M Scam Gets 14-Year Ban

    The "duplicitous" owner of a horse racing syndicate who swindled bettors out of over £39 million ($49 million) to buy horses has been banned from running a U.K. company for 14 years, a government agency has said.

  • September 25, 2020

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

    This week in London saw Deutsche Bank sue the Italian city of Naples over derivatives, Nationwide Building Society sue law firm Manches, and institutional investors file two new cases against supermarket chain Tesco. Here, Law360 looks at those and other new claims in the U.K.

  • September 24, 2020

    Feds Ask Justices To Ignore Convicted HSBC Banker's Appeal

    Federal prosecutors have urged the U.S. Supreme Court to reject former HSBC executive Mark Johnson's bid for review of his fraud conviction over a $3.5 billion trade, saying taking another party's "right to control" its own assets is a settled form of wire fraud.

  • September 24, 2020

    SEC Rule A Bittersweet Victory For Whistleblower Advocates

    While applauding the U.S. Securities and Exchange Commission's decision to nix a controversial plan to limit the largest whistleblower awards, whistleblower advocates are lamenting the newfound uncertainty and ambiguity they say the SEC has injected into the program.

  • September 24, 2020

    Ex-Autonomy CFO Asks For Shorter Sentence Amid Virus

    Autonomy's former chief financial officer Sushovan Hussain asked a California federal court on Wednesday for a reduction of his five-year sentence for lying about the British software company's financials before Hewlett-Packard Co.'s $11.7 billion acquisition in 2011, arguing COVID-19 will jeopardize his health in prison. 

  • September 24, 2020

    EU Commission Adopts Crypto, Digital Finance Plan

    The European Union's executive arm on Thursday adopted legislative proposals on crypto-assets and a new digital finance package, which it said will give people more protection and opportunities in modern payments.

  • September 24, 2020

    Dentons Called Out For Opposing Privilege Fight In Scam Suit

    A judge on Thursday denied an attempt by Dentons Europe LLP to lower costs in a case stemming from an alleged €6.5 million ($7.6 million) gold dust investment scam, after concluding that the law firm had not been neutral in the investors' application for disclosure.

  • September 24, 2020

    FCA Drops Probe Into BoE News Conference Hack Claim

    The Financial Conduct Authority has closed its inquiry into concerns that information from a Bank of England meeting was used to share data in a way that was against market abuse rules.

  • September 24, 2020

    UK Plans To Hit Belarus With Sanctions Over Election

    The U.K. plans to join the U.S. and Canada to levy sanctions against individuals in Belarus accused of violating human rights sanctions after "rigged elections," the British foreign secretary said Thursday.

  • September 24, 2020

    FCA Charges 3 IT Execs Over £43M Market Abuse Scandal

    Britain's finance watchdog said Thursday it has begun criminal proceedings against three former employees of an IT company after accusations the firm mislead investors in a £43 million ($53.7 million) market abuse scandal.

Expert Analysis

  • Key Issues For Energy Cos. In EU Cybersecurity Guidance

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    The European Union's recently issued recommendations on energy sector cybersecurity are valuable input for industry stakeholders with a presence in the EU, because they take into account the sector's real-time requirements, the risks of cascading effects and the combination of legacy systems with new technologies, say Diletta De Cicco and Charles Helleputte of Mayer Brown.

  • The Uncertain Future Of Gov't Investigations Post-Deutsche

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    A New York federal judge's recent decision in the Deutsche Bank Libor-rigging case U.S. v. Connolly threatens to upend decades of established cooperation practice in government investigations, a fact to which the opinion makes only a passing reference, say attorneys at Arnold & Porter.

  • Opinion

    Deferred Prosecution Agreements Are Not Unfair

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    The recent collapse of the Serious Fraud Office’s prosecution of former Tesco managers has led many commentators to denounce the deferred prosecution agreement regime. To understand why this criticism is flawed, compare the different lenses through which a prosecutor and a judge examine the evidence in a DPA, says Andrew Smith of Corker Binning.

  • 3 Key Issues In UK's 'Online Harms' Regulatory Framework

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    A recent white paper from the U.K. home secretary and culture secretary outlines a proposed regulatory framework for tackling harmful and illegal online content. Regulation of this space must walk a fine line between protecting the public and preserving the U.K.'s reputation as an attractive place of business, says Anna Gaudoin of WilmerHale.

  • Real-Life Lessons For Lawyers From 'Game Of Thrones'

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    What lessons can the various hands, maesters, council members and other advisers in "Game of Thrones" impart to real-life lawyers? Quite a few, if we assume that the Model Rules of Professional Conduct were adopted by the Seven Kingdoms, says Edward Reich of Dentons.

  • UK Firms Should Be Prepared For Government Raids

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    Recent enforcement activity from the Financial Conduct Authority and other regulators highlight the penalties firms face for procedural breaches, and the value in ensuring that employees are well-equipped to handle unannounced inspections, say James Marshall and Sonja Hainsworth of Bryan Cave.

  • Opinion

    SRA Should Not Condemn Lawful Tax Avoidance

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    In suggesting that solicitors who facilitate tax avoidance breach its code of conduct, the Solicitors Regulation Authority fails to distinguish between legal tax avoidance and illegal tax evasion, says attorney Martin Kenney.

  • Series

    Why I Became A Lawyer: Completing The Journey Home

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    My mother's connection to her Native American heritage had a major influence on my career — my decision to enter the legal profession was driven by the desire to return to my tribal community and help it in any way I could, says Jason Hauter of Akin Gump.

  • UK Confiscation Order Ruling Is A Win For Prosecutors

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    Prosecutors will be glad that an English appeals court's recent judgment in Fulton v. Regina joins other Proceeds of Crime Act decisions in confirming that a court does not need to show leniency or resolve ambiguities in favor of an offender when making a confiscation order, says Nick Barnard of Corker Binning.

  • Where The Post-Libor Litigation Tsunami Will Hit

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    The permanent cessation of the Libor rate in 2021 will likely trigger a flood of litigation over many existing contracts that lack effective replacements. Marc Gottridge of Hogan Lovells identifies the types of products that may be most susceptible to disputes.

  • What Gov't Outsourcing Ruling Means For Investigations

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    A New York federal court's recent decision in U.S. v. Connolly is a warning to prosecutors against outsourcing their investigations to companies and outside counsel, but it should also be used by companies to determine the framework for internal investigations, says Rachel Maimin of Lowenstein Sandler.

  • Foreign Banks Should Remain Wary Of US Sanctions Laws

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    While major enforcement actions against foreign banks for U.S. sanctions violations have slowed down in the past few years, recent settlements against three foreign banks show that federal and state authorities are still enforcing sanctions laws — and the pace of enforcement will likely increase, say Andrew Zimmitti and Richard Hartunian of Manatt.

  • Despite Decline In Cyberattacks, UK Cos. Should Stay Vigilant

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    The U.K. Department for Digital, Culture, Media and Sport's latest cybersecurity survey shows that U.K. cyberattacks have decreased in the last 12 months, likely thanks in part to the General Data Protection Regulation. But companies' cybersecurity efforts should continue to evolve, say experts at PriceWaterhouseCoopers.

  • UK Antitrust Watchdog Proposals Would Bolster Enforcement

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    The U.K. Competition and Markets Authority's proposals for reshaping competition enforcement and consumer protection would shift the historical balance in U.K. competition policy, increasing regulatory burden on companies while weakening judicial scrutiny of CMA actions, says Bill Batchelor of Skadden.

  • Guest Feature

    Preet Bharara On The Human Factor In The Justice System

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    A key theme in Preet Bharara's new book is the enormous role the human element plays in the administration of justice. The former U.S. attorney for the Southern District of New York discussed this theme, among other topics, in a recent conversation with White and Williams attorney Randy Maniloff.

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