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Corporate Crime & Compliance UK

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EU Anti-Fraud Outfit Launches To High Hopes, Big Challenges

The European Union's first blocwide prosecutor's office launched this week to the expectation that it will be a game changer in the fight against crimes that damage the EU's finances, but its authority and ability are already being tested.
September 24, 2021
SEC Sues UK Father And Son, 2 Others In Microcap Scam

The U.S. Securities and Exchange Commission filed two separate complaints in New York federal court on Thursday alleging that four individuals and five entities ran a fraudulent transatlantic microcap scheme that generated more than $10 million in unlawful stock sales.
September 24, 2021
UK Competition Watchdog Probing Pet Care Co. Deal

A United Kingdom-based vet company's £20.4 million ($27.8 million) plan to pick up a rival chain has caught the eye of the nation's competition watchdog, which has ordered that the deal be put on ice while it probes the matter.
September 24, 2021
Fugitive Billionaire Deflects Bank's $500M UK Fraud Suit

A fugitive billionaire does not have to fight claims he defrauded a Ukrainian lender out of more than $500 million in England after a judge said that the businessman, who faces criminal charges abroad, agreed to Ukrainian court jurisdiction.
September 24, 2021
UK Litigation Roundup: Here's What You Missed In London

This past week in London has seen two energy drink giants lock horns, Standard Chartered sued by the state of Wisconsin and IBM take aim at a Swiss software company. Law360 looks at these and other new claims in the U.K.
September 24, 2021
Accountants Ditch Investors' Suit Over Alleged Ponzi Scheme

A judge has tossed claims by investors seeking more than £1 million ($1.4 million) from their accountants for losses from tax avoidance plans and investments made with a foreign exchange trading company investigated for fraud.
September 24, 2021
Man Sentenced To 28 Months For Forging Trust Deed

A British businessman was sentenced on Friday to nearly 2½ years in prison for forging a trust deed to help another man minimize restitution payments owed to victims of a multimillion-pound investment fraud.
September 24, 2021
Petrofac Says It Will Plead Guilty To 7 Bribery Charges

Petrofac Ltd. indicated at a court in London on Friday that it will plead guilty to seven counts of failing to prevent the oil company's former employees from making bribes in Iraq, Saudi Arabia and the United Arab Emirates.
September 24, 2021
Ex-Dechert Atty Defends His 'Professional' Probe For ENRC

Neil Gerrard's "dogged" efforts to probe serious allegations of fraud within Eurasian Natural Resources Corp. reflects his professionalism and determination to do his job despite stubborn resistance from the mining company, counsel for the former Dechert partner told a trial Friday.
September 24, 2021
Santander Under Scrutiny After Retail Banking Breaches

The antitrust regulator said on Friday that it is monitoring Santander UK PLC after finding that the lender has broken British retail banking rules for the second time since they came into force in 2018.
September 24, 2021
UK Records 'Dramatic' Rise In Financial Scam Complaints

The Financial Ombudsman Service said on Friday that it has seen a "dramatic rise" in complaints from consumers about fraud and scams, with 66% more cases in three months compared with the same period last year.
September 23, 2021
UK Says Reselling Supply Chain Loans Is Not A Systemic Risk

Britain's financial authorities said Friday they will not supervise the resale of pools of supply chain finance loans, such as those repackaged by Greensill Capital, under the country's Securitization Regulation as the process does not present a systemic risk.
September 23, 2021
Slaughter And May Picks Woman To Be 1st Managing Partner

London-based Slaughter and May has chosen an experienced female litigator to be its first-ever managing partner, the firm said Wednesday, joining a bevy of law firms in the U.S. and U.K. that have recently named women for top leadership roles.
September 23, 2021
Mozambique Minister Denies Bribes In $2B Debt Scandal Case

Mozambique's former deputy finance minister has denied accepting bribes through an Abu Dhabi-based company after being roped into litigation over a $2 billion corruption scandal by Credit Suisse.
September 23, 2021
Daimler, DAF Hit Back At Truck Cartel Damages Claims

Major automakers Daimler AG and DAF are fighting back against allegations of collusion from more than 130 local authorities across the U.K., saying that the councils didn't lose any money from the truck price-fixing plot.
September 23, 2021
Creditors Want Ukrainian To Face UK Bankruptcy Proceedings

Bankruptcy proceedings in Ukraine against a businessman embroiled in a multimillion-dollar fraud lawsuit should not prevent creditors from pursuing his bankruptcy in the English courts, a British asset recovery company said at a court hearing on Thursday.
September 23, 2021
ECJ Adviser Says Volkswagen Software Is Defeat Device

An adviser to Europe's top court said on Thursday that software used in Volkswagen cars to alter the quantity of pollutants emitted by tailpipes depending on external temperature breaches the bloc's consumer contract laws, potentially paving the way for more "Dieselgate" litigation.
September 23, 2021
EU Warns 4 Member Countries Over Tax Infractions

The European Union's executive body flagged four member countries Thursday for violations of EU tax law in areas including anti-avoidance rules, taxes on automobiles and value-added tax.
September 23, 2021
ENRC Judge Casts Doubt On Gerrard, SFO Conspiracy

A judge openly questioned Thursday whether Dechert LLP's ex-head of white collar crime conspired with a former Serious Fraud Office director to sap a Kazakh miner for fines and legal fees, saying at trial their motivations appeared to be in conflict.
September 23, 2021
Banks Demand Gov't Action Amid 30% Fraud Surge

A trade association representing U.K. banks and building societies has called for government-coordinated action to address a sharp rise in bank fraud, including enhanced provisions in draft legislation for the Online Safety Bill.
September 23, 2021
New Finance Regs Planned To Thwart Illicit Weapons Funding

The government said on Thursday that it plans to introduce new regulations to clamp down on lenders that allow funds intended to buy illegal weapons to move unchecked through the British financial sector.
September 23, 2021
Insolvency Pros Warn Calls For Reforms Are Overkill

The U.K.'s insolvency sector has voiced concerns about a legislative report calling for an overhaul of regulations to prevent conflicts of interest, claiming that the current system of rules to hold practitioners to account for any wrongdoing is working well.
September 23, 2021
FCA Signals More Litigation In Bolder Enforcement Push

The finance watchdog has said it will take a more interventionist approach to regulation and plans to bring more litigation against finance companies in Britain that fail to comply with its rules.
September 23, 2021
Trade Repository Fined For Data Breaches Over 2 Years

Europe's securities watchdog said on Thursday that it has fined London-based trade repository UnaVista Ltd. €238,500 ($280,000) for data failures over two years that breached the bloc's rules for over-the-counter derivatives trading.
September 22, 2021
Citi Wants Grand Jury Docs In Ex-Trader's Forex Probe Suit

Citigroup Inc. asked a New York federal judge Tuesday for access to records from the grand jury that indicted a former London-based trader on foreign exchange-rigging charges, saying the documents undermine the acquitted trader's $112 million malicious prosecution suit.
September 22, 2021
Google Tells MPs Online Bill Isn't Place To Tackle Scam Ads

A Google executive urged lawmakers on Wednesday not to tackle scammers using paid ads to commit fraud as part of a government bill designed to make social media companies responsible for policing such crimes on their sites.

Editor's Picks

7 Questions With Cohen & Gresser's John Gibson

Cohen & Gresser LLP's U.K. white collar chief John Gibson talks to Law360 about building a new team, his experience at the country's top fraud prosecutor, and where he expects the watchdog to turn its sights next.
How The UK's New Banking Dispute Service Got Built

Three years after a run of high-profile scandals led to calls to help small businesses deal with banks, the new dispute resolution service is finally open for business. Some of the key players involved in creating the organization told Law360 about how the ambitious project got off the ground and how they hope it will become a permanent fixture in the U.K.'s alternative dispute resolution armory.
The Biggest UK Civil Fraud Cases Of 2020

The past year saw major developments in civil fraud cases in the U.K., including a Supreme Court decision easing the limits on who can sue for damages suffered by a company and two rulings carving out the jurisdiction of courts in England and Wales.

Expert Analysis

UK Focus On Int'l Data Transfers Shows Appetite For Reform

Recent U.K. public consultations on international transfers of personal data and structural amendments to the country's General Data Protection Regulation illustrate the post-Brexit appetite for reform and signal changes to the international data transfers regime, say Kate Brimsted and Tom Evans at BCLP.
Policyholder Outlook Following UK Biz Interruption Test Case

In the nine months since the U.K. Supreme Court ruled in favor of policyholders in the Financial Conduct Authority’s test case on insurance coverage for COVID-19 businesses interruption claims, similar lawsuits filed against insurers show that a positive outcome for insureds is not guaranteed, say Peter Sharp and Paul Mesquitta at Morgan Lewis.
What The Future Holds For UK Auditing Reform

The U.K.'s Financial Reporting Council has shown itself to be an increasingly effective and proactive regulator in its final months, and the greater powers of its incoming replacement — the Audit, Reporting and Governance Authority — will likely continue an era of heightened scrutiny for auditors, say Paul Brehony and Kate Gee at Signature Litigation.
Comparing 'Ultimate Beneficial Owner' Rules In EU And US

The European Union's efforts to improve transparency in company ownership have created an uneven patchwork of so-called ultimate beneficial owner rules, and recently introduced U.S. regulations will add another layer of complexity for global companies, says Rodrigo Calleja at TMF Group.
How UK Data Breach Ruling May Rein In Insurance Claims

The recent U.K. High Court ruling in Warren v. DSG Retail, which held that claimants can only pursue personal data claims provided for in data protection legislation, narrows the basis upon which claims can be made following a data breach, and could make lower-cost recovery of after-the-event insurance premiums a thing of the past, say attorneys at Jenner & Block.
Takeaways On Noncompete Pacts From UK Top Court Ruling

The recent U.K. Supreme Court holding in Harcus Sinclair v. Your Lawyers provides a helpful synopsis of factors to be considered in determining whether the beneficiary of a restraint of trade undertaking has legitimate interests to protect, say David Fisher and Pooja Dasgupta at CM Murray.
Challenges Await Proposed EU Anti-Money Laundering Body

Practical hurdles facing the European Union's proposed anti-money laundering authority include the creation of workable measures for countries with varying criminal codes, the role of national supervisory authorities and U.K.-EU cooperation, say Ian Hargreaves and Mia Neafcy at Covington.
SEC Cyber Disclosure Actions Point To Merciless Scrutiny

Recent U.S. Securities and Exchange Commission actions over cyber-related disclosure failures show what to expect from a newly invigorated SEC and offer fresh insights on how to counter potentially unmerciful post-breach scrutiny from the agency, even in immaterial, nonfraudulent matters, says cybersecurity consultant John Reed Stark.
2nd Circ. Ruling May Help Foreign Nationals Fight Extradition

The Second Circuit recently ruled in United States v. Sindzingre & Bescond that foreign defendants facing U.S. criminal charges should be permitted to challenge a U.S. court's jurisdiction over them without having to submit to that court's jurisdiction or be considered fugitives, which should cause more defendants to fight extradition rather than waive their rights, say attorneys at Dechert.
CPS Money Laundering Liability Theory On Shaky Ground

The Crown Prosecution Service's recently amended guidance on money laundering liability could lead to conviction for failure to report suspicions even when money laundering did not in fact occur — a remarkable and questionable conclusion, says Andrew Smith at Corker Binning.
Prospects Look Strong For UK Class Actions

Class actions have become more commonplace in the U.K. and elsewhere in Europe amid high returns, and the trend is expected to continue in areas as diverse as competition, environmental, data privacy and securities, with some busy years ahead, say Edward Coulson and Rachel Ziegler at BCLP.
What The Financial Markets Might Look Like After Libor

As the long-awaited transition out of Libor via alternative reference rates such as the Sterling Overnight Index Average edges closer, several long-term uncertainties and inherent litigation risks remain, with legacy contracts and misseling claims among the key areas of concern, say Alexander Edwards and Hannah Sharp at Rosling King.
First 2021 Corporate FCPA Case Offers Compliance Reminders

Foster Wheeler's recent Foreign Corrupt Practices Act settlement — the first corporate enforcement action since President Joe Biden took office — highlights the FCPA risks related to public contracting and tenders, the use of third-party agents, successor liability following M&A activity, and the U.S. authorities' aggressive assertion of jurisdiction in international corruption cases, says Robert Johnston Jr. at Lowenstein Sandler.
How UK Binance Ban Is Putting Cryptocurrency On Notice

The U.K. Financial Conduct Authority's ban on Binance Group, following concerns about insufficient oversight, conveys a significant warning that regulatory scrutiny on cryptocurrency exchanges is increasing and also that crypto users should exercise caution in their transactions, says Josie Welland at Rahman Ravelli.
AmEx Fine Offers Lessons For Navigating UK Privacy Laws

The U.K. data protection regulator's fine against an American Express division for unsolicited marketing emails serves as a handy reminder that the General Data Protection Regulation isn't the only game in town — a separate directive regulates all electronic direct marketing whether personal data is processed or not, say Matthew Getz and Michael Smyth at Boies Schiller.