Recently leaked documents detailing $2 trillion worth of suspicious bank transactions have exposed Britain's role as a money laundering hub, offering what white collar attorneys called a stark symbol of failed law enforcement and deficient dirty money defenses in need of an overhaul.
While applauding the U.S. Securities and Exchange Commission's decision to nix a controversial plan to limit the largest whistleblower awards, whistleblower advocates are lamenting the newfound uncertainty and ambiguity they say the SEC has injected into the program.
Autonomy's former chief financial officer Sushovan Hussain asked a California federal court on Wednesday for a reduction of his five-year sentence for lying about the British software company's financials before Hewlett-Packard Co.'s $11.7 billion acquisition in 2011, arguing COVID-19 will jeopardize his health in prison.
The European Union's executive arm on Thursday adopted legislative proposals on crypto-assets and a new digital finance package, which it said will give people more protection and opportunities in modern payments.
A judge on Thursday denied an attempt by Dentons Europe LLP to lower costs in a case stemming from an alleged €6.5 million ($7.6 million) gold dust investment scam, after concluding that the law firm had not been neutral in the investors' application for disclosure.
The Financial Conduct Authority has closed its inquiry into concerns that information from a Bank of England meeting was used to share data in a way that was against market abuse rules.
The U.K. plans to join the U.S. and Canada to levy sanctions against individuals in Belarus accused of violating human rights sanctions after "rigged elections," the British foreign secretary said Thursday.
Britain's finance watchdog said Thursday it has begun criminal proceedings against three former employees of an IT company after accusations the firm mislead investors in a £43 million ($53.7 million) market abuse scandal.
A trader accused of deleting WhatsApp to hinder an insider dealing probe testified Thursday he deleted the application on the second of two iPhones handed to police when he was arrested to hide his friendship with a Russian politician suspected of killing former Russian security officer Alexander Litvinenko.
Britain's auditing watchdog said Thursday that companies need to step up their financial reporting ahead of the next financial results cycle after finding gaps in a review of their performance under international reporting standards.
Switzerland's financial services watchdog said Thursday it has reprimanded Geneva-headquartered Bank SYZ SA after it found it breached anti-money laundering regulations while working with an Angolan client.
Europe's top court on Thursday upheld a €104 million ($121 million) fine imposed on one of the world's largest cable makers over a high-voltage power cable cartel, ruling that antitrust authorities were authorized to copy data from the manufacturer's computers.
Ireland's central bank said Thursday it had fined Dublin-based KBC Bank Ireland more than €18 million ($21 million) and formally reprimanded the lender for overcharging mortgage clients, putting its own financial needs above the interests of customers.
Europe's securities watchdog called on lawmakers Thursday to give regulators across the bloc more power to share information to combat fraudulent schemes linked to dividend transfers, which have deprived the European Union of €55 billion ($63.6 billion) in taxes.
Jurors told an Illinois federal judge on Wednesday they couldn't come to a consensus in a wire fraud trial accusing two former Deutsche Bank traders of unlawfully spoofing the precious metals market, but they were ordered to continue deliberating.
Deutsche Bank isn't liable for unpaid taxes tied to illicit dividend trades by private German lender M.M. Warburg & Co., a German court ruled Wednesday in Europe's cum-ex tax avoidance scandal.
A trader accused of deleting WhatsApp from his mobile phone to hinder an insider trading probe had already lost his chat data from the communication application when he changed his account over fears his phone had been hacked by parties in Russia, he said in a statement shown to jurors Wednesday.
The Financial Conduct Authority has taken aim at law firm JWK Legal Group in a suit accusing a group of airport parking companies of running unauthorized investment schemes after the regulator's claim was described as too vague.
A London judge on Wednesday ordered a Russian bank to halt its $135 million fraud lawsuit against a corporate investment company accused of siphoning assets off the failed lender, ruling the companies had agreed to arbitrate disputes in the U.K.
Britain's fraud agency on Wednesday said it has seized £500,000 ($637,700) worth of jewelry using a new order for the first time that allows it to take over assets linked to criminal cash.
A new spate of lawsuits filed in Danish courts this week against embattled banking giant Danske Bank A/S over money laundering scandals brings the total amount claimed against the bank to $1 billion, a law firm representing investors said.
Law enforcers in the U.K. must explain how they will stamp out economic crime, an influential parliamentary committee said Wednesday while calling on the government and regulators for answers after the "deeply troubling" FinCEN files leak.
Britain's finance watchdog said Wednesday it is preparing to regulate which international firms will be allowed to operate in the U.K. permanently after the Brexit transition ends when the clock strikes midnight on Dec. 31.
A former investment banker accused of destroying evidence as he was arrested for insider trading denied he had confidential information about companies facing takeover bids, telling investigators he deleted Whatsapp messages with a Russian politician wanted for murder to avoid the scandal's "taint."
The Financial Services Compensation Scheme has received the final recovery payment from the 2008 banking crisis, as it wraps up its work from an era when economies crashed and banks dramatically collapsed.
Mastercard Inc. has hit back against allegations from a group of London restaurants including Sexy Fish and the Ivy that the transaction fees it charged them were unlawful, claiming the charges were necessary to complete payments.
Australia's recent decision to introduce a licensing regime for its litigation funders has stirred up attention across the industry, but experts say it appears unlikely that the U.K. will move beyond its current combination of light-touch regulation and court oversight.
UPDATED September 21, 2020, 11:18 AM GMT | As courts across the region take measures to prevent the spread of the novel coronavirus, some are restricting access and altering their procedures. Here is a roundup of changes.
Satindar Dogra, Linklaters' head of dispute resolution in London, talks to Law360 about the way the legal landscape in the U.K. has shifted over the years, how he ended up as head of a department and what skills lawyers now need if they want to succeed as litigators.
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.
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.
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.
In U.S. v. Vorley, the U.S. Department of Justice has signaled it may present high-frequency traders as victims of a spoofing scheme, but analysis of testimony from two similar cases reveals flaws in this approach, says Joshua Ray at Rahman Ravelli.
When compared with the U.S. Supreme Court’s Ohio v. American Express opinion, two recent U.K. Supreme Court rulings holding that credit card companies' payment schemes violated antitrust law suggest that corporations operating two-sided platforms are much more likely to win an antitrust case in the U.S., say Allison Gorsuch and Lauren Weinstein at MoloLamken.
Following the German high court's recent holding that Facebook abuses its market dominance through data collection, the Federal Trade Commission should increase the severity of sanctions for user data exploitation in anticipation of potential U.S. antitrust violations, says Garrick Josephs at Wilson Elser.
Investors in German payment processor Wirecard are suing the German Federal Financial Supervisory Authority, calling attention to whether allegations of gross failings can overcome regulator immunity, say Anna Battams and Isobel McNaught at Collyer Bristow.
While the European Union high court's recent privacy shield invalidation makes complying with the General Data Protection Regulation harder, eight practical considerations can help companies shape their business practices, including using standard contractual clauses for personal data transfer, to avoid violations, say Alan Brill and Yvette Gabrielian at Kroll.
The continuing story of wrongdoing at the Brazilian state-owned oil producer Petrobras uncovered by an anti-corruption investigation called Operation Car Wash is both disturbing and instructive of the country's system of law, says Stephen Baker at Baker & Partners.
The recently effective cross-border data sharing agreement offers U.K. law enforcement easier access to data held by U.S. communications providers, and allows the U.S. scope to streamline its own processes, say Alison Geary and Joanna Howard at WilmerHale.
The U.K. Court of Appeal's recent decision in Lamesa Investments v. Cynergy Bank considered whether U.S. secondary sanctions were a mandatory provision of law under a standard agreement clause and is a valuable reminder of the importance of bespoke drafting of sanctions-related contractual clauses, say Jason Hungerford and Paul Whitfield-Jones at Mayer Brown.
Investors' recent lawsuit against HSBC over film-related tax avoidance schemes spotlights the difficult balancing act of crafting practical tax relief legislation while safeguarding against abuse, says Andrew Parkes at Andersen Tax.
As Brexit approaches, the U.K. and the EU have many law enforcement measures left to negotiate, such as how they will cooperate on matters of extradition and anti-money laundering, says Nicola Sharp at Rahman Ravelli.
Any legally represented defendant prosecuted by the Serious Fraud Office or the Crown Prosecution Service's Specialist Fraud Division should have the right to demand a judicial method of determining their guilt or innocence — and COVID-19 could be a catalyst for necessary change, says David Corker at Corker Binning.
While the U.K. Supreme Court decision last month in the MasterCard and Visa multilateral interchange fees cases rectifies a number of inconsistent decisions in the litigation saga, the court's findings on the "pass-on defense" in competition damages claims are of wider application, says Kim Dietzel at Herbert Smith.