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Corporate Crime & Compliance UK
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February 19, 2025
Supreme Court Says Businessman Can't Dodge £19M Debt
The U.K. Supreme Court ruled Wednesday that a businessman's family cannot avoid a £19 million ($24 million) debt to a UAE bank, finding that insolvency law can prevent a transaction by a company owned by the family because it was intended to put assets beyond the reach of creditors.
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February 18, 2025
Tycoon Fights Bankruptcy Order Over £1B Debt To Banks
An Indian tycoon asked a London court Tuesday to overturn a bankruptcy order against him that he argued was wrongly issued over a £1 billion ($1.26 billion) debt because several banks had already recovered the money in parallel criminal proceedings.
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February 18, 2025
Pensions Pro Loses Whistleblowing Claim Amid Merger Spat
An employment tribunal has ruled that the head of a financial planning firm did not fire her business partner for blowing the whistle on legal breaches but rather because she stopped doing her job.
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February 18, 2025
All Eyes On CAT Ahead Of Mastercard Settlement Hearing
A £200 million deal to end a long-running consumer class action will come under the spotlight on Wednesday when Walter Merricks and Mastercard seek to persuade the Competition Appeal Tribunal to sign off a settlement despite opposition from the finder of the claim.
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February 18, 2025
Quarter Of UK Cos. Hit By Civil Unrest In 2024, Broker Says
More than one in four U.K. businesses were impacted by civil unrest in 2024, broker Gallagher said Tuesday, with similar numbers reportedly reviewing their insurance to ensure they are covered in the event of future damage or disruption.
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February 18, 2025
EU Watchdog To Set Knowledge Standard For Crypto Advisers
The European Union's financial markets regulator has proposed guidelines setting minimum knowledge standards for advisers and information providers at crypto-asset service providers.
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February 18, 2025
Trading Firm Fined £1.7M For Financial Crime Control Failings
The Financial Conduct Authority said Tuesday it has fined trader Mako Financial Markets Partnership LLP £1.66 million ($2 million) for its failure to have effective controls against financial crime in cum-ex trading.
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February 17, 2025
Russell Brand Sued By Macmillan After Suspended Book Deal
Macmillan Publishers has sued Russell Brand two years after pausing the launch of the comedian's "Recovery" self-help book and all future projects over a spate of sexual assault and rape accusations.
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February 17, 2025
Bulgarian Decorator In Russia Spy Trial Claims He Was Duped
A painter decorator accused of spying for Russia "sang like Justin Bieber" to the police after he realized he had been "duped" into believing he was assisting Interpol, his barrister told a London trial on Monday.
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February 17, 2025
Gov't Can't Intervene In Motor Finance Case At Top Court
The U.K. government has been refused permission to intervene in a landmark appeal over motor finance commission payments that has left finance firms fearing they will be hit with a huge compensation bill, Britain's highest court confirmed Monday.
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February 17, 2025
Financial Adviser Fired For Calling Boss 'Idiot' Wins Claim
An adviser at a financial planner has won his claim alleging that the company botched his firing over explicit language he used to describe his boss — but could not convince the tribunal that he was a whistleblower.
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February 17, 2025
Pensions Watchdog To Go Further On Prudential Oversight
Britian's retirement savings watchdog said Monday it will go further this year on managing risks affecting the wider pensions market and financial ecosystem, after announcing last year it would take on a more "prudential" approach to supervising the sector.
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February 17, 2025
Ex-NCA Manager Wins £63K For Surprise Poor Review
An employment tribunal has ordered the National Crime Agency to pay a former senior manager £63,264 ($80,000), after an underperformance rating that came "without prior warning" caused her upset and distress and forced her to quit.
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February 17, 2025
Former Entain Execs Sue Addleshaw For Privileged Docs
The former chief executive at the predecessor of Entain and the betting giant's former chair have sued Addleshaw Goddard LLP, seeking the release of privileged advice believed to have been turned over to regulators and prosecutors in a major bribery investigation.
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February 17, 2025
E-Money Biz Enters Insolvency After FCA Ban Amid AML Fears
Payment services company Nvayo has entered into special administration, six months after it was banned from electronic money services because of serious concerns about its compliance with anti-money laundering regulations, the Financial Conduct Authority has said.
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February 14, 2025
Heineken Can Face €160M Antitrust Claim In Netherlands
Heineken can face antitrust claims worth over €160 million ($168 million) in its homeland, the Netherlands, after the European Union's highest court ruled that there was nothing preventing the Dutch courts from dealing with the case.
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February 14, 2025
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen Spice Girls star Mel B's ex-husband bring a defamation claim against the publisher of The Sun, a hotel sue a former director convicted of embezzling its funds for breach of fiduciary duty, and comedian Russell Brand face a sexual abuse claim. Here, Law360 looks at these and other new claims in the U.K.
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February 14, 2025
Trump Tariff Plan Sparks UK Fears Of Retaliation For VAT
The U.K. could be hit with tariffs as part of U.S. President Donald Trump's plan to impose reciprocal measures on countries that levy value-added taxes on American products, with sectors such as pharmaceuticals under threat, experts in Britain warned.
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February 14, 2025
Shell Calls Nigerian Oil Spill Claims 'Human Rights Mysticism'
Shell argued at a London court on Friday that it could not be held liable to thousands of Nigerian villagers for widespread pollution of the Niger Delta area, saying that the claimants' arguments were "human rights mysticism."
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February 14, 2025
ENRC Can't Directly Appeal $120M Cut From SFO Claim
A London judge Friday refused Eurasian Natural Resources Corp. a direct route to challenge his decision to pare its claim against the Serious Fraud Office over its criminal investigation, a move the company's lawyers say "went behind" its evidence and should have been aired at trial.
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February 14, 2025
Magomedov Must Pay £7M Costs Amid 'Secrecy' Over Funding
Imprisoned oligarch Ziyavudin Magomedov must pay £7.3 million ($9.2 million) in interim court costs after losing his claim over an alleged Russian state-led conspiracy to strip his assets, as a judge criticized on Friday the "secrecy" surrounding who funded the litigation.
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February 14, 2025
EU Watchdog Probes Bloc-Wide Fund Manager Compliance
The European Union's financial markets regulator on Friday launched a bloc-wide probe with national regulators on compliance and internal audit functions of fund managers.
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February 13, 2025
Barclays Reveals FCA Probe Over Money Laundering Controls
Barclays revealed in its annual report on Thursday that it is being probed by the Financial Conduct Authority over its compliance with anti-money laundering and financial crime regulations.
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February 13, 2025
Immigration Officer Loses Pay Bid After Calling Boss A Nazi
An employment tribunal has declined to secure the pay of a former chief immigration officer who was sacked after likening his superior to top Nazi Heinrich Himmler, ruling that his whistleblowing allegations are unlikely to hold up.
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February 13, 2025
Alleged Russian Spy Says She Was Used By Lying Partner
A woman on trial for allegedly spying for Russia didn't know she was working for the Kremlin because her ex-partner, who claimed he worked for Interpol and had cancer, lied to her "on a fundamental level," her lawyers told a London jury Thursday.
Justices Rewrite Extradition Rules In Shock To DOJ's Reach
The decision by Britain's highest court to block the extradition of a British trader has rewritten decades of precedent, although lawyers are divided on whether the findings will weaken the long reach of U.S. law or simply refocus it.
Vacuum Or Trap? What Trump's FCPA Halt Means For SFO
U.S. President Donald Trump's decision to stop enforcing bribery laws against American companies creates a potential vacuum for the Serious Fraud Office to fill, though lawyers caution that prosecuting U.S. companies could prove a political hazard for the U.K. enforcement agency.
Blowback From Name And Shame Plan Hurts FCA Credibility
An embarrassing rebuke for the City watchdog's controversial proposal to "name and shame" companies under investigation for financial misconduct at an early stage has undermined its regulatory credibility as well as efforts to boost London's competitiveness as a financial center.
SFO's 1st UWO Hints At New Strategy In Hunt For Illicit Funds
The first unexplained wealth order secured by the Serious Fraud Office, against the former wife of a convicted solicitor, suggests that the agency is thinking creatively about how to use the dirty-money tools at its disposal, although lawyers wonder whether it will be a durable strategy.
Editor's Picks
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5 Questions For Spencer West Partner Karl Foster
The Financial Conduct Authority's approach to enforcement and consumer protection has come up against government economic growth priorities and resistance from the sector to its proposals to "name and shame" companies early on during regulatory probes.
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UK Russia Sanctions Face Landmark Test At Supreme Court
The U.K.'s sanctions regime faces a major test on Wednesday as billionaire Eugene Shvidler seeks to have his financial restrictions cast off — the first case to challenge Russian sanctions that has reached the country's highest court.
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NCA Has 'Pokers In The Fire' On Sanctions, Top Official Says
The effectiveness of Britain's sanctions regime should not be judged solely by court victories, according to a top U.K. law enforcement official who said there are "unrealistic" expectations about the policing of sanctions imposed in response to the war in Ukraine.
Expert Analysis
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Why EU Omnibus Package Is Receiving Mixed Reactions
Although the forthcoming European Union omnibus simplification package consolidating corporate sustainability reporting requirements aims to reduce the regulatory burden on businesses, reaction to the proposals has been mixed, and reassurance is needed that these measures will not result in a watering down of the legislation, say lawyers at Peters & Peters.
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Review Of Computer Evidence Use Raises Complex Issues
The Ministry of Justice’s recent call for a review of computer-generated evidence used in criminal proceedings, solicits questions of how such evidence will be defined while also ensuring that changes can withstand technological advances and uphold the effective functioning of the criminal justice system, say lawyers at BCL Solicitors.
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How Proposed Private Share Trading System May Benefit Cos.
The government's proposal for a private securities and capital exchange system intends to enhance market practices and risk tolerances, offering a significant way for firms to free up liquidity by allowing investors to trade existing private company shares, say lawyers at Mishcon de Reya.
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New Bill Introduces Important Whistleblower Protections
If enacted, a bill that proposes the establishment of an independent whistleblower office in the U.K. offering protected disclosures will encourage individual whistleblowers, and alleviate the pressure for companies to investigate complaints, say lawyers at Tenet Law.
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Important Changes To Note In Accountant Ethics Code Update
The Institute of Chartered Accountants of England and Wales' forthcoming code of ethics will bring a number of significant updates to raise standards within the profession, but also risks of professional indemnity claims that could lead to challenges for firms, say lawyers at RPC.
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What EU Sustainable Category Proposals Will Mean For Funds
The European Union Platform on Sustainable Finance’s recent proposals to apply stricter product categorization standards for funds subject to the Sustainable Finance Disclosure Regulation will assist retail investors in selecting sustainable products, and allow advisers to easily match their clients’ preferences, say lawyers at Debevoise.
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What To Expect As CAT Considers Mastercard Settlement
It is expected that the Competition Appeal Tribunal will closely scrutinize the proposed collective settlement in Merricks v. Mastercard, including the role of the case’s litigation funder, as the CAT's past approach to such cases shows it does not treat the process as a rubber stamp exercise, say lawyers at BCLP.
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Managing Transatlantic Antitrust Investigations And Litigation
As transatlantic competition regulators cooperate more closely and European antitrust investigations increasingly spark follow-up civil suits in the U.S., companies must understand how to simultaneously juggle high-stakes multigovernment investigations and manage the risks of expensive new claims across jurisdictions, say lawyers at Paul Weiss.
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What 2025 Holds For UK, EU Restructuring And Insolvency
European Union and U.K. restructuring developments in 2024, with a new era of director accountability, the use of cramdown tools and the emergence of aggressive liability management exercises, mean greater consideration of creditors' interests and earlier engagement in restructuring discussions can be expected this year, says Inga West at Ashurst.
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What To Know As EU Urges Outbound Investment Reviews
A recent European Commission recommendation urges European Union member states to review outbound investments in certain critical technologies sectors, but does not clarify the next steps for states once information on relevant transactions in third countries is received, say lawyers at Cleary.
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Competition Act Brings Important UK Merger Control Changes
Although recently effective sections of the Digital Markets, Competition and Consumers Act provide clarity on the transactions that may attract Competition and Markets Authority attention, some reforms potentially expanding the regulator's scope may be concerning to transacting parties, say lawyers at Fried Frank.
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How GCs Can Protect Cos. From Geopolitical Headwinds
Geopolitical uncertainty is perceived by corporate leaders as the biggest short-term threat to global business, but many of the potential crises are navigable if general counsel focus on what is being said about a company and what the company is doing, says Juliet Young at Schillings.
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What BT Ruling Will Mean For UK Class Actions
The Competition Appeal Tribunal’s recent dismissal of a £1.3 billion mass consumer claim against BT, the first trial decision for a U.K. collective action, reminds claimants and funders of the high bar for establishing an abuse, and provides valuable insight into how pending mass consumer cases may be resolved, say lawyers at Ashurst.
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Navigating PRA's Data Request For Crypto-Asset Exposure
The Prudential Regulation Authority’s recent data request for details on financial institutions' crypto-asset exposures should be used as an opportunity for firms to update their compliance procedures, and consider the future use of crypto-assets and related services, says James Wickes at RPC.
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Key Points From FCA Financial Crime Guide Updates
The Financial Conduct Authority’s recent updates to its financial crime guide reflect the regulator’s learnings on sanctions following Russia's invasion of Ukraine, highlighting and clarifying consumer duty, anti-money laundering and other compliance expectations, say lawyers at Womble Bond.