Corporate Crime & Compliance UK

  • June 21, 2021

    Ex-Deutsche Trader Gets 1 Year For Spoofing Metals Market

    A former Deutsche Bank commodities trader was sentenced to one year and one day in Illinois federal court on Monday after he was convicted of wire fraud for engaging in a scheme to spoof the precious metals market.

  • June 21, 2021

    Google Gets OK To Limit Info Access In Antitrust Suit For Now

    A London judge said on Monday it was too early to widen the disclosure of confidential documents by Google to a shopping comparison website in an antitrust lawsuit over alleged unfair search results.  

  • June 21, 2021

    IT Expert Leaked 'Personal Archive' Of Confidential ENRC Info

    An IT consultant working for ENRC leaked a "personal archive" of the company's confidential information to a freelance journalist for his own profit, counsel for a Dechert attorney accused of orchestrating leaks about the miner's internal graft probe said Monday.

  • June 21, 2021

    Claims Direct Wins Bid To Seek £9.75M From Ex-Director

    A former solicitor and ex-director of Claims Direct PLC, who made millions before it eventually collapsed, deceived the company into handing over £9.75 million ($13.5 million) for a stake in his law firm, a judge ruled. 

  • June 21, 2021

    Brazilian Juice Exporter Fights Cartel Claim In England

    Brazilian orange juice exporter Sucocitrico Cutrale argued at a London court on Monday that a damages suit brought by more than 1,500 farmers over the company's involvement in a price-fixing cartel belongs in Brazil, not the U.K.

  • June 21, 2021

    KPMG Faces £15M Fine In PE Conflict Of Interest Case

    KPMG should be fined at least £15 million ($21 million) for ignoring the interests of a struggling mattress company it advised in favor of a private equity fund client it was nurturing, Britain's accounting watchdog told a disciplinary tribunal on Monday.

  • June 21, 2021

    ECU Threatened To Open Pandora's Box On HSBC FX Trades

    An HSBC client threatened to "open up a Pandora's box" over allegations that the bank's foreign exchange traders were front-running his firm's currency transactions to force it to reach a financial settlement, lawyers for the lender said at a trial on Monday.

  • June 18, 2021

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

    The past week in London has seen a blockchain company sue Bryan Cave Leighton Paisner, one of the world's largest sugar producers file an insurance claim and drinks giant Pepsi lodge two intellectual property complaints. Here, Law360 looks at those and other new claims in the U.K.

  • June 18, 2021

    Fiat Wins Bid To Block Auto Parts Price-Fixing Defense

    Britain's antitrust tribunal said on Friday that a ball-bearing manufacturer accused of fixing prices cannot widen its defense by arguing that a carmaker's cost controls softened the cartel's impact on its profits, ruling that the theory is "unpleaded and speculative."

  • June 18, 2021

    Stanford Bank Asks UK Supreme Court To Hear HSBC Fight

    Stanford International Bank has asked the U.K.'s highest court to revive the bulk of its £118 million ($163 million) lawsuit against HSBC over a $7 billion, decades-long Ponzi scheme orchestrated by the Caribbean bank's former owner. 

  • June 18, 2021

    Insolvency Service Bans Pension Adviser On £23M Transfers

    A British financial adviser who urged clients to transfer £23 million ($32 million) of their pension savings into dodgy investment plans has been banned from acting as a company director for more than a decade, the Insolvency Service said on Friday.

  • June 18, 2021

    EU Accuses Irish Insurance Group Of Restricting Competition

    A trade body for insurers in Ireland could have breached antitrust rules and cut consumer choice by limiting access to a data-pooling service for automotive insurance claims, the European Commission said on Friday.

  • June 18, 2021

    Danish Lender Rejects Cryptocurrencies Over AML Concerns

    Danske Bank said on Friday that it will not allow clients to trade cryptocurrencies on its platform despite their growing interest, saying the lack of transparency of digital assets means they are open to being used for financial crime.

  • June 17, 2021

    State Street Dishes Docs In Euro Gov't Bond-Rigging Suit Deal

    Investors suing Bank of America and other banking giants for allegedly conspiring to fix European government bond prices are crediting State Street Corp. with giving them "critically important" ammunition in their case as part of a one-off settlement tentatively approved Wednesday in New York federal court.

  • June 17, 2021

    US Lawyer Reveals Rift With Dechert Over ENRC Graft Probe

    A U.S. lawyer who advised ENRC on sanctions issues during the Kazakh miner's internal probe into suspected corruption blasted the Dechert partner who led the investigation for his "unprofessional behavior" at a London trial on Thursday.

  • June 17, 2021

    Goldman Hit With FCA Complaint Over Winemaker Trades

    A Spanish winemaker has asked the U.K.'s financial regulator to look into foreign exchange trades it says were encouraged by Goldman Sachs in the latest chapter of a multimillion-dollar fight over lost investments. 

  • June 17, 2021

    FX Boss Denies Suspecting HSBC Traders Of Front-Running

    The owner of currency investment firm ECU Group testified on Thursday that he did not suspect HSBC foreign exchange traders were misusing confidential information to trade ahead of client orders at the time, as the bank pushes to escape the suit.

  • June 17, 2021

    Senior MP Insists Greensill Testify Despite Regulatory Probe

    The chairman of a parliamentary committee called Wednesday on Lex Greensill to testify as part of an inquiry into Sanjeev Gupta's steel business, saying that the Australian businessman's refusal to appear before Parliament because of an ongoing probe is "disrespectful."

  • June 17, 2021

    Archegos Failure Shows Need For Capital Rules, Swiss Say

    Multibillion-dollar losses reported by Credit Suisse and UBS from their exposure to Archegos Capital highlight the necessity of capital requirements for larger lenders, Switzerland's central bank said on Thursday.

  • June 17, 2021

    FCA Warns On Cryptocurrency Risks As Ownership Rises

    Cryptocurrencies are rising in popularity among British investors, although their understanding of the digital assets is declining and consumers might not know what they are buying, the finance watchdog warned on Thursday.

  • June 16, 2021

    5 Ways Companies Can Prep For Biden's Anti-Corruption Push

    With President Joe Biden gung-ho about fighting corruption, new anti-money laundering rules looming, and vulnerabilities that were amplified by the pandemic, companies should act now to reexamine and bolster their compliance programs, experts say.

  • June 16, 2021

    UK Court Denies GE Unit's Bid To Avoid $908M In Tax Via US

    A U.K. tax court denied an appeal by a General Electric Co. subsidiary seeking to escape about £650 million ($908 million) in taxes because it claimed it was entitled to a foreign tax credit in the U.S. for 2003 through 2008.

  • June 16, 2021

    Greenberg Traurig's NY Bill May Aid Russian Oligarch Client

    Greenberg Traurig successfully lobbied for a New York state bill that will make it harder to enforce foreign judgments, which could be worth $700 million or more to a Vladimir Putin-linked Russian oligarch who is a client of the firm. The state senator who sponsored the bill had no idea.

  • June 16, 2021

    ENRC Adviser Regrets Lying In SFO Tipoff About Dechert Atty

    A former ENRC security consultant testified on Wednesday that he regretted lying in an anonymous letter he sent to the Serious Fraud Office accusing a Dechert attorney investigating alleged corruption at the Kazakh mining company of colluding with the agency's officials.

  • June 16, 2021

    Tax Consultant Ordered To Repay £1.7M In Fraud Case

    A former government tax employee who was the ringleader of a payroll fraud conspiracy has been ordered to hand back £1.7 million ($2.4 million) or face a further four years in jail, HM Revenue & Customs said on Wednesday.

Expert Analysis

  • Risk Management Lessons From Recent Finance Co. Failures

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    Investor exposure to Archegos Capital and Greensill Capital before their high-profile collapses earlier this year show puzzling lapses in internal controls and highlight key risk management considerations for investors, says Benedict Roth at Martello Financial Services.

  • What New UK Money Laundering Law Means For Fintech

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    New U.K. money laundering legislation will likely benefit electronic money and payment institutions, but an increase in state forfeiture powers and a lingering possibility of a broad failure-to-prevent offense leave the fintech industry's regulatory future uncertain, say Andrew Herd and Helena Spector at Red Lion Chambers.

  • Warnings And Guideposts From EU Sanctions Blocking Case

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    An advocate general's recent opinion in Bank Melli Iran v. Telekom Deutschland, a European Union sanctions blocking case, highlights serious new international regulatory compliance risks but also presents helpful guidance for navigating conflicting EU and U.S. rules, say Thomas Grant at Cambridge University and Scott Kieff at George Washington University.

  • UK Bill Must Navigate Crosscurrents Of Internet Regulation

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    The U.K.'s draft Online Safety Bill seeks to regulate a broad swath of online content and internet services but faces a number of potential implementation challenges, including balancing digital safety with freedom of expression and administering regulatory goals with frequently opposing objectives, say Ben Packer and Jemma Purslow at Linklaters.

  • Serco Exec Acquittals Are Fueling Criticism Of SFO

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    The recent collapse of the U.K. Serious Fraud Office's case against two former Serco Geografix Ltd. directors underscores the SFO's continued challenges in turning lucrative deferred prosecution agreements into the guilty verdicts it seeks, raising concerns about the agency's success rates, say Richard Sallybanks and Alex Swan at BCL Solicitors.

  • How Fraudsters Have Abused UK's Pandemic Relief Efforts

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    The COVID-19 pandemic has provided many new opportunities for fraudsters to exploit resulting assistance measures or changes in victims' behavior, and the U.K. government's efforts to combat fraud and recover public funds may be insufficient, say Cameron Brown at Red Lion Chambers and Kabir Sondhi at 9 Bedford Row.

  • FCA's NatWest Scrutiny Suggests Enforcement Sea Change

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    The U.K. Financial Conduct Authority’s recent criminal proceedings against NatWest over Money Laundering Regulation compliance failures show how the regulator may be positioning itself to take on a more active role as a prosecutor, says Jemma Sherwood-Roberts at Constantine Law.

  • Asset Disclosure Can Help Claimants Enforce Judgments

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    Amid the economic turmoil of COVID-19, a proactive approach to asset disclosure should be central to a strong strategy for enforcing judgments, enabling civil fraud claimants to identify and freeze all manner of assets while applying pressure and gaining information, say Kate Gee and Olivier Swain at Signature Litigation.

  • UK's Backdoor Cum-Ex Strategy May Shape Int'l Enforcement

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    The U.K. Financial Conduct Authority's recent fine against Sapien Capital for money laundering failures related to the cum-ex trading scandal never actually touched upon the practice's legality, foreshadowing a roundabout strategy regulators outside the affected countries may employ to hold those responsible to account, says Syed Rahman at Rahman Ravelli.

  • Lifting US Sanctions On Iran Would Increase Financial Activity

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    If recent talks for the U.S. to rejoin the Iran nuclear deal pan out, financial activity between formerly sanctioned entities and European counterparties will likely increase, and demand for certain types of legal work may shift, say Kartik Mittal and Stephanie Limaco at Zaiwalla.

  • Financial Sanctions Guidance Shows Subtle Policy Shift

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    Although the U.K. Office of Financial Sanctions Implementation’s recently released guidance seems like a simple policy update, it demonstrates a desire to maximize the reach of its enforcement powers and the intention to take a harder approach going forward, says Syed Rahman at Rahman Ravelli.

  • UK Ruling Shows Tool For Taming Multijurisdictional Disputes

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    In PJSC National Bank Trust v. Mints, the U.K. High Court imposed costs on the prevailing party for failure to notify the court of related proceedings, demonstrating an approach that judges may use to mitigate the risk of discordant outcomes in multijurisdictional litigation, say Thomas Grant at Cambridge University and Scott Kieff at George Washington Law School.

  • Opinion

    DPAs May Not Be Receiving Sufficient Judicial Scrutiny

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    Bribery Act-related deferred prosecution agreements lack sufficient defense analysis, are heard too quickly and may contain defective indictments among other signs that point to insufficient judicial scrutiny of the agreements, says David Corker at Corker Binning.

  • 3 Lessons For UK Litigators In Virtual Trials

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    UK litigators should note several best practices for adapting to the hurdles, and capitalizing on the benefits, of virtual trials, and expect the new hearing format to persist beyond the end of the pandemic, say Christopher Boyne and Emma Laurie-Rhodes at Debevoise.

  • RETRACTED: Considering The Future Of The Serious Fraud Office

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    Editor's note: This guest article has been removed due to the authors' ongoing involvement in the case discussed.

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