Corporate Crime & Compliance UK

  • September 24, 2020

    SEC Rule A Bittersweet Victory For Whistleblower Advocates

    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.

  • September 24, 2020

    Ex-Autonomy CFO Asks For Shorter Sentence Amid Virus

    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. 

  • September 24, 2020

    EU Commission Adopts Crypto, Digital Finance Plan

    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.

  • September 24, 2020

    Dentons Called Out For Opposing Privilege Fight In Scam Suit

    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.

  • September 24, 2020

    FCA Drops Probe Into BoE News Conference Hack Claim

    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.

  • September 24, 2020

    UK Plans To Hit Belarus With Sanctions Over Election

    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.

  • September 24, 2020

    FCA Charges 3 IT Execs Over £43M Market Abuse Scandal

    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.

  • September 24, 2020

    Trader Tells Jury He Was Friends With Suspect In Spy Death

    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.

  • September 24, 2020

    UK Watchdog Tells Firms To Improve Financial Reporting

    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.

  • September 24, 2020

    Swiss Bank Chastised Over AML Failings

    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.

  • September 24, 2020

    ECJ Pulls Plug On Italian Cable Maker's Cartel Fine Fight

    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.

  • September 24, 2020

    Irish Bank Fined €18M For Overcharging Mortgage Borrowers

    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.

  • September 24, 2020

    ESMA Proposes Regulators Share Info To Fight Tax Fraud

    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.

  • September 23, 2020

    Jurors Divided In Ex-Deutsche Traders' Spoofing Trial

    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.

  • September 23, 2020

    Deutsche Bank Found Not Liable For Taxes In Cum-Ex Fraud

    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.

  • September 23, 2020

    Trader Says Chat Data Was Already Gone Before Wipe

    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.

  • September 23, 2020

    FCA Calls Out Law Firm Report In Park Scheme Collapse Suit

    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.

  • September 23, 2020

    Investment Firm Gets Russian Bank's $135M Fraud Suit Halted

    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.

  • September 23, 2020

    SFO Uses New Tool To Seize Jewelry Linked To Fraudster

    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.

  • September 23, 2020

    Danske Bank Hit With More Suits Over AML Scandal

    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.

  • September 23, 2020

    MPs Call On Gov't, Regulators For Answers On FinCEN Files

    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.

  • September 23, 2020

    FCA Braces To Regulate International Firms After Brexit

    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.

  • September 22, 2020

    Banker Denied Inside Trading In FCA Trial Over Deleted Texts

    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."

  • September 22, 2020

    Deposit Protection Unit Closes Book On 2008 Banking Crisis

    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.

  • September 22, 2020

    Mastercard Tells Restaurants Interchange Fees Were Justified

    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.

Expert Analysis

  • 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.

  • Parsing The DOJ's Flawed Spoofing Theory

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    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.

  • How Credit Card Fee Antitrust Cases Fare In UK Versus US

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    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.

  • Opinion

    German Facebook Antitrust Ruling Should Prompt FTC Action

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    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.

  • Wirecard Class Action Raises Regulator Immunity Questions

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    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.

  • 8 Questions For Cos. After EU Top Court Privacy Shield Ruling

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    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 Tiger In The Car Wash

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    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.

  • Differences Between US And UK Data Sharing Legislation

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    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.

  • UK Court Of Appeal Ruling Clarifies US Sanctions Compliance

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    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.

  • HSBC Suit Shows Challenge Of Designing Tax Relief Laws

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    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.

  • Post-Brexit Law Enforcement Will Require EU, UK Cooperation

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    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.

  • Opinion

    A Modest Proposal For Judge-Only Trials In Fraud Cases

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    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.

  • Swipe Fee Ruling Brings Clarity To UK Competition Litigation

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    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.

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