Corporate Crime & Compliance UK

  • November 24, 2020

    Film Distributor Gets OK To Add Monex Execs To £18M Suit

    Film distributor Entertainment One won permission Tuesday to add allegations to its £18 million ($24 million) suit against Monex claiming that the foreign exchange firm's top bosses knew of bribes being paid to secure foreign exchange trading business.

  • November 24, 2020

    Fraud Suspect Can't Get Funds To Pay Off BMW, New Kitchen

    Appellate judges in London on Tuesday barred an investment adviser accused of scamming investors as part of a £15.25 million ($20 million) Ponzi scheme from using frozen funds to pay off his BMW or refurbish a Spanish holiday home as he awaits trial.

  • November 24, 2020

    Thai Bank Can't Trim Ex-Wind Exec's $700M Fraud Claim

    A judge refused on Tuesday to pare down accusations that a Thai lender conspired to seize control of a $700 million major wind energy company from its owner, saying the bank will have to argue at trial that it has no presence in England.

  • November 24, 2020

    KPMG Partner Accuses FRC Of Running 'Witch Hunt' At Trial

    A KPMG partner accused of misconduct while arranging the sale of a British bed manufacturer to U.S. buyout firm HIG Capital in 2011 told a tribunal on Tuesday that he is the victim of a "witch hunt" by the audit watchdog.

  • November 24, 2020

    FCA Warns Insurance Bosses Over COVID-19 Claims

    The Financial Conduct Authority said it will hold senior bosses of Lloyd's of London insurers directly to account if it finds evidence that customers with claims from the pandemic have been treated unfairly. 

  • November 24, 2020

    EU Insurers Protest At New VAT For Financial Services

    European insurers hit back at the European Commission on Tuesday over proposed changes to the value-added tax regime in the bloc, saying the system is outdated and threatens the EU's capital markets union.

  • November 24, 2020

    Telecom Firms Face £100K Daily Fine For Security Breaches

    Telecoms businesses that use services from risky sources such as Huawei could face penalties of £100,000 ($133,000) a day under draft legislation published by the government on Tuesday.

  • November 24, 2020

    German DAX Index Gets Refit After Wirecard Collapse

    Companies planning to list shares on Germany's DAX index will face tougher criteria, the exchange's operator said on Tuesday, with an overhaul that comes after the blue-chip index dropped payments company Wirecard when it collapsed with a €1.9 billion ($2.2 billion) hole in its books.

  • November 23, 2020

    UK's CMA Mulling Complaint Over Coming Google Changes

    The U.K.'s competition enforcer said Monday it is reviewing a complaint from a coalition of online marketers contending that changes Google plans to implement to its browser will further cement the search and advertising giant's "dominance of online business."

  • November 23, 2020

    Forex Rigger Katz On Track For $400-Per-Hour Consult Gig

    A Manhattan federal judge showed little inclination Monday to stop convicted forex rigger Jason Katz from earning $400 per hour as consultant for investors seeking to hold 16 big banks liable for price-fixing, but the judge suggested capping the former government cooperator's pay.

  • November 23, 2020

    KPMG Partner Testifies 'Burning' Debt Bankrupted Client

    British bed manufacturer Silentnight faced a "burning platform" of debt and pension liabilities in the year before it entered administration, a KPMG partner accused of helping a U.S. private equity firm force the company into insolvency told a London tribunal Monday.

  • November 23, 2020

    Art Dealer Ducks Jail Despite 'Fake' Picasso Email

    A London judge on Monday stopped short of opening committal proceedings against an art dealer despite "strong" evidence she forged an email from Microsoft's late co-founder to justify her £12 million ($16 million) lawsuit for the right to sell a Pablo Picasso painting.

  • November 23, 2020

    ​​​​​​​FCA Fines UK Forex Broker £3.4M Over Bogus Trades

    The Financial Conduct Authority said on Monday that is has imposed a fine of £3.44 million ($4.58 million) on TFS-ICAP for market misconduct after the electronic trading platform was found to be making up trades.

  • November 23, 2020

    EBA To Focus On Supervisors' Use Of Digital Finance Tools

    The European Banking Authority is planning to keep a closer watch on the way supervisors use digital finance regulatory tools in their work as it seeks to ensure that frameworks are fit for the digital age.

  • November 23, 2020

    Asset Freeze Won't Bar Ex-Bank Owners' Fees In $1.9B Suit

    A worldwide freezing order imposed on the former owners of PrivatBank, a Ukrainian lender, does not prevent them from paying their lawyers in a $1.9 billion fraud lawsuit, a judge has said at a court in London.

  • November 20, 2020

    FCA Says Undisclosed Info Won't Upend Insider Dealing Case

    A British prosecutor told an appeals court Friday that undisclosed information linking associates of a man convicted of insider dealing to an inside source at Citibank doesn't surmount evidence that he got confidential deal information from a friend who was a UBS compliance officer.

  • November 20, 2020

    'Absurd' To Suggest Assange Extradition Is Political, US Says

    The U.S. government called claims Julian Assange is being prosecuted for his political opinions "absurd," saying in court documents filed Friday in London that the WikiLeaks founder is wanted in the U.S. to face trial because he has "committed serious criminal offenses."

  • November 20, 2020

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

    This week in London has seen some of Europe's biggest truckmakers facing more litigation following their antitrust fines, Eddie Stobart sued by its fired founder, and pharmaceutical company Reckitt Benckiser go after its former prescription drugs business. Here, Law360 looks at those and other new claims in the U.K.

  • November 20, 2020

    UK Broker Sued For Fees Tied To Adviser's Capital Fraud

    Three Cayman Island companies have told a court in London that a prime broker in Britain should return more than $12 million in fees after it failed to detect that their investments were being funneled into a Ponzi-like fraud scheme.

  • November 20, 2020

    Allianz Reports 950% Rise In Cyber-Insurance Claims

    The specialist division of German insurer Allianz said it has been hit by a 950% increase in cyber-insurance claims over the last three years, and warned of the growing threat to business from internet criminals taking advantage of a new trend in working from home.

  • November 20, 2020

    3 EU States Push To Ready A No-Deal Brexit As Talks Stall

    European Union post-Brexit trade talks with the U.K. remained stuck over crucial questions such as competition and dispute resolution on Friday, as France, Belgium and The Netherlands pressed to step up EU preparations for a disruptive no-deal departure by Britain.

  • November 20, 2020

    Bosses Warned Over Missing Pension Contributions

    The retirement savings watchdog said it will crack down on companies failing to make contributions to staff pension funds during the COVID-19 crisis, reversing an earlier soft-touch approach when the pandemic first hit.

  • November 19, 2020

    Funder Claims Eni Doc Bid In Offshore Oil Fight Is Retribution

    A litigation funder claimed Wednesday that Eni's petition for it to turn over documents is actually "retribution" for the company covering a suit that sees the Italian oil giant facing corruption claims over a Nigerian offshore oil deal.

  • November 19, 2020

    Ex-UBS Compliance Pro, Trader Appeal Insider Dealing Convictions

    A former UBS compliance officer and her day trader friend urged a U.K. appeals court Thursday to overturn their insider dealing convictions, saying the Financial Conduct Authority didn't disclose evidence that assisted their case.

  • November 19, 2020

    Impressed Judge Set To Approve $23.6M Forex-Rigging Deal

    A New York federal judge on Thursday gave her congratulations to plaintiffs' counsel for a $23.6 million class-action settlement with more than a dozen big banks accused of rigging the foreign exchange market and said it was "no mystery" she would sign off on the deal.

Expert Analysis

  • What UK Corporate Criminal Liability Reform Might Look Like

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    The Law Commission's recently announced review of Britain's corporate criminal liability laws could lead to reform options such as the introduction of a strict liability offense, which would be sure to improve prosecutorial chances of corporate convictions, says Aziz Rahman at Rahman Ravelli.

  • Increasing Investment Scams Can Implicate Lawyers, Too

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    With the pandemic serving as a catalyst for increased financial fraud, it's important to recognize that these scams are not only devastating for victims, they also pose a significant threat to law firms and individual solicitors who fail to do their due diligence, say James Darbyshire at the Financial Services Compensation Scheme and Heather Clark at Burness Paull.

  • UK's Sanctions Regime Requires Unique Compliance Efforts

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    When the U.K.'s transition out of the European Union ends on Dec. 21, its own sanctions regime will come into effect, and though it will initially be similar to the European Union's, important differences and potential future divergences mean that the U.K. rules should be considered separately, say attorneys at Linklaters.

  • Divergent Paths To Open Banking In UK And US

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    As open-banking fintech models proliferate, regulators in both the U.S. and the U.K. appear to be embracing technology, albeit in different ways, say attorneys at Latham.

  • Compliance Hurdles For UK Cannabis Investors

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    Nicola Finnerty and Tom Surr at Kingsley Napley discuss the legal barriers U.K. investors face in reaping the rewards of cannabis legalization in Canada and the U.S., and what recent developments may mean for the future of U.K. cannabis enforcement.

  • Perspectives

    Finding A Path Forward To Regulate The Legal Industry

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    Gerald Knapton at Ropers Majeski analyzes U.S. and U.K. experiments to explore alternative business structures and independent oversight for law firms, which could lead to innovative approaches to increasing access to legal services.

  • G4S Deferral Agreement Illustrates SFO's Enforcement Focus

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    The Serious Fraud Office’s recent deferred prosecution agreement with multinational security services company G4S suggests the agency’s approach to compliance, program remediation and corporate renewal is evolving to favor parent company involvement and the appointment of independent compliance monitors, say Chris Roberts and James Ford at Mayer Brown.

  • Perspectives

    Law Commission's New Idea For Confiscation Orders Is Unfair

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    The recent proposal by the Law Commission of England and Wales to recall prisoners who fail to settle their confiscation orders when they have already served a sentence for nonpayment would, in effect, punish them twice for the same act, says Brian Swan at Stokoe Partnership.

  • Enforcement Numbers Offer Insight Into FCA Priorities

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    Financial crime, insider dealing and whistleblowing figured prominently in the U.K. Financial Conduct Authority's recent enforcement report, suggesting these areas may be a critical focus for the regulator going forward, say Tracey Dovaston and Michael Jacobs at Boies Schiller.

  • Nigerian Oil Spill Ruling Shows Limits Of UK Class Actions

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    The High Court of Justice of England and Wales recently required thousands of Nigerians suing Shell in London over an oil spill to provide individual evidence of damage and individual defenses in Jalla v. Shell, illustrating how U.K. class action claimants must truly have a common interest, say attorneys at Signature Litigation.

  • Is It Better To Face Prosecution In The US Or UK?

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    A Unaoil executive's recent decision to plead guilty to Foreign Corrupt Practices Act violations in the U.S. rather than facing bribery prosecution in the U.K. highlights strategic considerations for individuals facing criminal charges in multiple jurisdictions, says Joshua Ray at Rahman Ravelli.

  • Why Cum-Ex Tax Fraud Probes Are On The Rise

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    ​​​​​​​Neil Williams at Rahman Ravelli outlines why European regulatory investigations into cum-ex — a 1990s-era dividend arbitrage trading practice involving tax rebate claims worth tens of billions of euros — are gaining momentum years after the activities that sparked them, and who should be concerned.

  • Competing Libor-Transition Proposals Create More Problems

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    While the U.S., U.K. and EU have proposed legislation in anticipation of the approaching Libor end date, the multiplicity of their approaches gives rise to uncertainty for market participants rather than eliminating it, say Anne Beaumont at Friedman Kaplan and Janine Alexander and Audrey Favreau at Collyer Bristow.

  • Comparing UK's Foreign Investment Bill To US Law

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    The U.K.'s forthcoming National Security and Investment Bill differs significantly from the Committee on Foreign Investment in the United States' framework for reviewing potentially dangerous foreign investment transactions by establishing nonmandatory notifications and a six-month time limit for formal review, say Angella Castille and Jonathon Gunn at Faegre Drinker.

  • US Push For Iran Sanctions Heightens Trade Uncertainty

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    The Trump administration’s recent attempt to trigger United Nations sanctions against Iran under the 2015 nuclear deal's dispute resolution mechanism, despite U.S. withdrawal from the accord, adds uncertainty to an increasingly difficult commercial landscape and could strain trade relations between the U.S. and its European allies, say Leigh Crestohl and Stephanie Limaco at Zaiwalla & Co.

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