Corporate Crime & Compliance UK

  • June 29, 2022

    SRA Fine Ceiling Jumps To £25,000

    A U.K. legal regulator can now fine solicitors and firms up to 1,150% more for misconduct under new rules designed to leave only the most serious cases in the tribunals, a move that has been derided by the trade association for solicitors.

  • June 29, 2022

    Dentons, Freshfields To Retain 90% Of Trainees In Fall Hires

    Freshfields Bruckhaus Deringer LLP and Dentons both said Wednesday that they are poised to retain about 90% of their trainees in fall 2022, as U.K. law firms continue to reveal how many of their newly qualified solicitors will be staying on.

  • June 29, 2022

    High-End Jeweler Sues Insurer Over $9M Cyber-Ransom

    A luxury British jeweler has sued a Lloyd's syndicate member to recover $9 million it spent after falling victim to a Russian ransomware attack that prompted press coverage of leaked celebrity clients and a rare apology from the hackers.

  • June 29, 2022

    UK Urged To Amend Draft Rules To Combat Insurance Fraud

    A U.K. consumer organization called on the government on Wednesday to plug potential holes in its draft online safety rules, saying a study it ran showed that social media sites are serving as platforms for insurance scams.

  • June 29, 2022

    IT Pro Was 'Stupid' To Obey Jones Day Atty's 'Burn' Order

    An IT manager testified at a trial on Wednesday that he was "stupid" to comply with instructions from a senior Jones Day lawyer to destroy a secure messaging system in an alleged attempt to conceal evidence of corporate espionage from supermarket group Ocado.

  • June 29, 2022

    L'Oréal Blames Poor Security For Warehouse Theft

    French cosmetics giant L'Oréal and its insurers have sued a logistics and facilities company after they paid out for a hoard of stolen beauty products, saying that lapsed warehouse security systems at the firm's site were to blame for the heist.

  • June 28, 2022

    Denmark Asks Court To Keep $2.1B US Pension Tax Fraud Suit

    Several U.S. pension plans shouldn't be allowed to escape a suit from Denmark's tax agency claiming they committed a $2.1 billion fraud, the agency told a New York federal court, arguing the case doesn't impermissibly implicate foreign tax laws.

  • June 28, 2022

    Slater & Gordon Restructures UK Business Into 2 Units

    Slater & Gordon said Tuesday it would create separate units to focus on volume work and specialist legal services after disappointing financials for 2020 prompted a strategic review of the law firm's U.K. business.

  • June 28, 2022

    Restaurateur Gets 2 Years In 1st COVID Loan Fraud Case

    A former pizza shop owner was sentenced to two years in prison for seeking a COVID-19 relief loan after shuttering his business, marking the first successful criminal prosecution of Bounce Back loan fraud.

  • June 28, 2022

    Citi Beats UN Fund Manager's 'Fanciful' €10B Suit

    A judge dismissed a €10 billion ($10.5 billion) lawsuit on Tuesday filed by a money manager with purported ties to the United Nations against Citibank, finding the basis of his claims to be "entirely fanciful." 

  • June 28, 2022

    RBC Fights Ex-Director's 'Unclear' Whistleblowing Suit

    A former corporate crime prevention director for the Royal Bank of Canada in London was not pushed to resign after raising compliance concerns, the lender told a tribunal Tuesday as it fights what it calls an "unclear and unfocussed" whistleblowing claim.

  • June 28, 2022

    Wolters Kluwer Acquires Spain-Based Legal Tech Co.

    Information services company Wolter Kluwer NV is expanding its presence in Spain's legal market with its acquisition of legal practice management software Level Programs SL on Tuesday.

  • June 28, 2022

    'Authorized' Fraud Jumped By Over 20%, Says Ombudsman

    The U.K. financial dispute-resolution body said on Tuesday that the number of complaints from people being tricked into transferring money into accounts they believe are legitimate rose by more than 20% during the financial year ending March 2022.

  • June 28, 2022

    Modi To Bring Fresh Medical Evidence In Extradition Appeal

    Fresh psychiatric evidence will be admitted in the attempt by diamond mogul Nirav Modi to block his extradition to India over an alleged $2 billion fraud after a ruling at a London court.

  • June 28, 2022

    Google May Face Antitrust Probe After Danish Job Biz Row

    A Danish job search company has urged European antitrust regulators to investigate Google for allegedly abusing its market position to unfairly dominate the job advertising space, accusing the tech giant of the same practice for which it has already been fined billions of euros.

  • June 27, 2022

    Ex-Atty Denies Fraud In Claims Against UK Soldiers In Iraq

    Former British human rights lawyer Philip Shiner on Monday pled not guilty to three fraud charges relating to claims made against British Army personnel who served in Iraq.

  • June 27, 2022

    Lewis Silkin Managing Partner Tapped To Lead Law Society

    The Law Society of England and Wales named Lewis Silkin LLP managing partner Ian Jeffery as its new chief executive on Monday to help develop what it called "an ever more sophisticated" approach to meet the needs of an evolving legal landscape.

  • June 27, 2022

    Insurance Broker Launches Indemnity Facility For Law Firms

    A London-based insurance broker launched a new professional indemnity offering on Monday as law firms bear the cost of rising premiums and solicitors increasingly face the risk of negligence claims.

  • June 27, 2022

    Swiss Oil Trader Claims $1B Victory In Sberbank Arbitration

    An arbitration tribunal has sided with a Swiss oil company against Russia's Sberbank in a billion-dollar dispute, finding that the lender deliberately caused the bankruptcy of an oil refinery the company was working with.

  • June 27, 2022

    Credit Suisse Ordered To Pay $21.6M For AML Failings

    Switzerland's top criminal court fined Credit Suisse 2 million Swiss francs ($2.1 million) Monday and ordered the bank to repay nearly $20 million for failing to take all the required measures to stop a large money-laundering scheme involving Bulgarian athletes and drug trafficking.

  • June 27, 2022

    Criminal Lawyers Kick Off Strike Over Pay

    Criminal lawyers in England and Wales walked off the job on Monday on the first day of a strike over what they call inadequate government funding for a justice system "on the brink of collapse."

  • June 27, 2022

    FCA Restricts Adviser Over £250K Unauthorized Fees

    The City watchdog has said it put a series of restrictions on a financial advice firm after discovering that elderly and vulnerable customers may have been hit with an estimated £250,000 ($307,000) in unauthorized charges.

  • June 27, 2022

    Grant Thornton Settles With Cafe Chain Over Poor Audits

    The administrators of Patisserie Valerie said Monday that they have settled a £200 million ($246 million) lawsuit accusing Grant Thornton of negligence in its audits of the collapsed cafe chain.

  • June 27, 2022

    Fintech Firm Wise Says CEO Being Probed By FCA

    Money transfer giant Wise announced on Monday that its chief executive, Kristo Käärmann, is being investigated by the Financial Conduct Authority after he appeared on a list of deliberate tax defaulters.

  • June 24, 2022

    Contractors Cop To Rigging Bids On Major Construction Deals

    The antitrust enforcer said on Friday that it has provisionally found that contractors plotted to rig the bidding process for several construction deals worth over £150 million ($184 million), for work at places including a famous London department store and the University of Oxford.

Expert Analysis

  • New Clarity On Scope Of Banks' Quincecare Duty To Clients

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    A recent U.K. Privy Council decision clarified that a bank’s Quincecare duty to prevent banking fraud extends only to its customers, so third-party investors seeking protection may need to make alternative arrangements, say attorneys at Collyer Bristow.

  • Examining UK Commission's Corporate Crime Reform Ideas

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    The Law Commission of England and Wales' recent recommendation of changes to corporate criminal law is a pragmatic attempt to address the practical shortcomings with the existing identification doctrine, and is likely to be welcomed by both companies and the agencies that would be enforcing it, say Alun Milford and Matthew Burn at Kingsley Napley.

  • How ESG Matters Are Influencing M&A Due Diligence Trends

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    With a proliferation of environmental, social and governance-related regulatory developments and a desire to comply with best practice, ESG matters have become an increasingly important area of focus for both clients and advisers in M&A transactions, say attorneys at Sullivan & Cromwell.

  • FCA Review Offers 'Challenger Banks' Advice On Crime Risks

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    Challenger banks should take heed of concerns arising from the Financial Conduct Authority's review of their crime control practices, and thus prove to insurers that they have taken adequate measures to improve their risk profile, say James Wickes and Amber Oldershaw at RPC.

  • Changes To UK Competition Rules Will Extend CMA Powers

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    Recent amendments to U.K. competition and consumer law regimes introduce changes to merger control and antitrust investigations that will result in the speedier resolution of cases and greater autonomy for the Competition and Markets Authority, say Bill Batchelor and Aurora Luoma at Skadden.

  • EU Risk Retention Standards Final Draft Offers Clarity

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    The long-awaited final draft of regulatory technical standards in relation to EU risk retention provides welcome detail and clarification of the rules and due diligence requirements, and is an important step toward finalizing the EU regime in this area, says Merryn Craske at Morgan Lewis.

  • J5 Warning Highlights Growing Risk Of NFT-Related Crime

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    As NFTs increase in popularity, so does the risk of such assets being used by those looking to exploit them for criminal gain, as illustrated by the Joint Chiefs of Global Tax Enforcement's recent warning of the possible dangers, says Syed Rahman at Rahman Ravelli.

  • New Anti-Modern Slavery Bill Unlikely To Accomplish Goals

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    A new bill has been introduced to increase the accountability of organizations to tackle modern slavery, but without requiring the establishment of a corporate strategy and imposing sanctions for noncompliance, the U.K.'s response to modern slavery in general is unlikely to meaningfully improve, says Alice Lepeuple at WilmerHale.

  • Opinion

    FCA Proposal Fails British Steel Pension Scandal Victims

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    The Financial Conduct Authority’s proposed redress scheme for victims of the British Steel pension misselling scandal fails to ensure those affected are compensated in full, and with many advisory firms being forced into insolvency, looks set to create further problems rather than resolve them, say Ben Rees and Alessio Ianiello at Keller Lenkner.

  • Coca-Cola Case Offers Anti-Bribery Compliance Lessons

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    A recent Southwark Crown Court bribery case involving a former Coca-Cola manager and three companies highlights the importance of robust compliance procedures and the need for companies to be aware of the actions of employees and third parties in day-to-day operations, say attorneys at Kennedys.

  • How New Framework Could Ease EU-US Data Transfer Burden

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    The recently proposed Trans-Atlantic Data Privacy Framework would facilitate the transfer of personal data between the EU and participating U.S. companies and leave the U.K. to play catch-up, but there remain risks of the same legal challenges that invalidated previous data transfer arrangements, says Fred Saugman at WilmerHale.

  • What EU Corporate Sustainability Plan Means For Contracts

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    The EU's proposed directive on corporate sustainability due diligence would have a significant impact on contractual assurances in relation to human rights and environmental impacts, says Francois Holmey at Carter-Ruck.

  • When Investment Funds Are Not As Green As They Suggest

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    With the growing demand for funds that offer sustainable investment, there is increasing potential to discover that funds have misled investors, which in certain situations could result in a claim for legal redress for misselling, say attorneys at Keller Lenkner.

  • How Dawn Raid Procedures Differ Since COVID-19

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    Dawn raids are back, but in the aftermath of Brexit and COVID-19, much has changed in who has jurisdiction and how people work, and individuals and companies need to update their procedures to ensure that their rights are protected, say attorneys at White & Case.

  • How A New Law Tightens The Screw On Dirty Money In The UK

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    By backing up and enhancing the unexplained wealth order regime in a significant rewriting of the rules, the long-awaited Economic Crime (Transparency and Enforcement) Act should do much to improve due diligence procedures and raise the standards for foreign wealth making its way to the U.K., says Syed Rahman of Rahman Ravelli.

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