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Corporate Crime & Compliance UK

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AML Compliance Takes Center Stage In NatWest Case

NatWest will face court on Thursday in the first criminal prosecution in Britain against a financial services institution under anti-money laundering rules, in a case poised to set the bar for how authorities pursue companies — and the penalties that will result.
January 27, 2022
2nd Circ. Reverses Deutsche Bank Traders' Libor Convictions

The Second Circuit on Thursday acquitted two former Deutsche Bank traders who were convicted of Libor-rigging in 2018, deeming the evidence at trial insufficient to prove that the pair made false statements to benefit the bank's derivatives positions.
January 27, 2022
Ex-CFO Blames Finance Director For Inflating Accounts

A former Redcentric chief financial officer on trial for misleading investors about its assets and debts was duped by a dishonest junior colleague who "systematically and persistently" manipulated the IT company's finances, his counsel told a jury on Thursday.
January 27, 2022
Ex-Jefferies VP Loses Credibility Row Over Doctor's Report

A London court has dismissed a lawsuit brought by a former Jefferies vice president against a doctor, finding that it was the broker's dishonesty rather than the physician's health report that doomed his employment discrimination claim.
January 27, 2022
Taylor Wessing May Face Expanded Suit Over Tax Advice

Two of Norway's richest men asked a court Thursday to expand their £11 million ($14.7 million) lawsuit accusing Taylor Wessing and Moore Stephens of failing to respond to changes in how the government taxes U.K. residents based abroad.
January 27, 2022
Dubai Hits Founder Of Failed PE Firm Abraaj With $136M Fine

The Dubai Financial Services Authority on Thursday levied a fine of nearly $136 million on the founder of collapsed United Arab Emirates-based private equity firm Abraaj Group over "serious failings," with allegations including the misuse of funds and the deception of investors and regulatory authorities.
January 27, 2022
Top UK Court Passes On $1.4B 1MDB Scandal Deal Review

Malaysia's government can proceed with efforts to upend a $1.4 billion settlement with a United Arab Emirates investment fund in connection with the 1MDB scandal after the U.K. Supreme Court announced on Thursday that it would not hear the case.
January 27, 2022
ECJ Rules Spanish Disclosure Statute Violates EU Law

A Spanish law that requires taxpayers to declare assets held outside the country or face steep fines violates European Union laws guaranteeing the free movement of capital, Europe's highest court ruled Thursday.
January 27, 2022
EU Plans New Defenses Against Hacks Of Financial System

A European Union financial authority recommended on Thursday that lawmakers create a bloc-wide framework to beef up online defenses for the financial system, after finding that cyberattacks could pose a risk to the markets.
January 27, 2022
Investment Fraud Jumped 42% In 2021, UK Says

Reports of investment fraud offenses jumped 42% in the year ending September 2021, according to figures published by the U.K.'s statistics office on Thursday, a surge driven by a rise in Ponzi schemes and share-sale scams.
January 27, 2022
Top Court To Weigh Jersey's Reach For Criminal Asset Grab

The highest court for overseas British territories confirmed on Thursday that it will consider whether Jersey's courts can help confiscate an apartment owned by a former banker convicted of money laundering, in a major test of the offshore island's reach.
January 27, 2022
EU To Add Green Preferences To Investment Suitability Rules

Investment companies must check whether their clients want to put money into sustainable products and offer them services based on their preferences, the European Union's markets watchdog said on Thursday.
January 27, 2022
Allen & Overy Hires Veteran Civil Fraud Lawyer From RPC

Allen & Overy has hired disputes specialist Andy McGregor, former head of civil fraud at RPC, as a partner to boost its litigation and investigations business in London.
January 26, 2022
Crypto Laundering Jumped To $8.6B In 2021, Data Firm Finds

The value of cryptocurrency laundered in 2021 jumped 30% from the prior year to $8.6 billion, but regulators could strike a "huge blow" against the illicit activity if they focus on a small group of services used to move the dirty digital money, according to a report from crypto data provider Chainalysis on Wednesday.
January 26, 2022
UK Gov't Under Pressure To Revive Economic Crime Plan

An MP from the ruling Conservative Party urged the government Wednesday to explain why it has scrapped plans to introduce a law to tackle economic crime from its legislative agenda, after Britain's anti-fraud minister dramatically resigned earlier this week.
January 26, 2022
Vale Says It Was Victim Of Elaborate Fraud In Mining Deal

Brazilian mining giant Vale told the High Court on Wednesday that it is owed $1.2 billion in damages by an Israeli billionaire, who the company alleges fraudulently induced it into a corrupt iron ore deal in Guinea.
January 26, 2022
Trader Says Court Held 'To Ransom' In Denmark Cum-Ex Case

A trader accused of bilking Denmark out of £1.5 billion ($2 billion) in fraudulent tax refunds told an appeals court Wednesday that the country is holding England's courts "to ransom" by alleging it was the victim of a massive dividend tax scam.
January 26, 2022
EU Plans Feb. Update Of Noncooperative Tax Jurisdictions

The European Union's council of member states plans to update its list of noncooperative jurisdictions on tax matters in February, a document prepared by a council committee that supervises the list showed.
January 26, 2022
EU Court Annuls €1.1B Antitrust Fine Against Intel

A European Union court has overturned a €1.06 billion ($1.2 billion) antitrust fine against chipmaker Intel Corp., finding on Wednesday that legal errors were made when the penalty was handed down in 2009.
January 26, 2022
Judge Tosses MBS Suit, Allows Directors To Remove Names

A judge on Wednesday struck out a lawsuit purportedly brought by a mortgage-backed securities vehicle and granted permission to the company's directors to strike their names from the action, amid a continuing row over control of the business.
January 26, 2022
Brokers Warn Of Impact From 'Avalanche' Of Regulation

Insurance brokers are increasingly closing or selling out to a larger buyer because of a growing regulatory burden, a trade body has said, as it warned of an "avalanche" of new rules and requirements.
January 26, 2022
Law Body Sets Out Legal Framework For Driverless Cars

Owners of self-driving cars should not be personally liable for crashes caused when the vehicle is operating autonomously, according to proposals published Wednesday.
January 26, 2022
Car Crash Claims Fall 20% After Injury Law Reform

The number of people filing personal injury claims from motor wrecks fell by nearly 20% last year after the government introduced major civil justice reforms, a trade body for consumers and businesses that support claims said on Wednesday.
January 26, 2022
Kuwait Pension Fund Loses Appeal To Sue Swiss Banks In UK

Two Swiss banks succeeded on Wednesday in keeping bribery allegations brought by Kuwait's pension authority out of the English courts after appellate judges held that the claim was barred by jurisdictional clauses.
January 26, 2022
Autonomy Founder Loses Bid To Delay US Extradition Ruling

Mike Lynch lost the latest stage of his legal battle against extradition to America after a judge Wednesday refused the U.K. more time to decide whether to send the tech entrepreneur to stand trial in the U.S. on fraud charges.
January 26, 2022
Fraudulent Property Development Co. Wound Up At Court

A judge in London has shut down a property development company after finding that its directors cheated investors out of £1.1 million ($1.5 million), a government agency has said.

Editor's Picks

7 Questions For Steptoe & Johnson's Zoe Osborne

Steptoe & Johnson LLP's Zoe Osborne talks to Law360 about the rise of deferred prosecution agreements, leaving the world of Magic Circle firms and the challenges of being a woman in the male-dominated white collar world.
7 Questions With Cohen & Gresser's John Gibson

Cohen & Gresser LLP's U.K. white collar chief John Gibson talks to Law360 about building a new team, his experience at the country's top fraud prosecutor, and where he expects the watchdog to turn its sights next.
How The UK's New Banking Dispute Service Got Built

Three years after a run of high-profile scandals led to calls to help small businesses deal with banks, the new dispute resolution service is finally open for business. Some of the key players involved in creating the organization told Law360 about how the ambitious project got off the ground and how they hope it will become a permanent fixture in the U.K.'s alternative dispute resolution armory.

Expert Analysis

What UK Professional Regulation Looks Like In A #MeToo Era

Two recent rulings from U.K. courts and tribunals reveal the increasingly shifting line between professional misbehavior and bad actions that would previously have been considered outside the scope of professional regulators, says Andrew Katzen at Hickman & Rose.
Lessons From IRS For A New HMRC Whistleblowing Model

Andrew Park at Andersen considers whether the public interest would be better served in allowing the U.K.'s tax enforcers, HM Revenue & Customs, to offer larger and more certain cash incentives to people blowing the whistle on tax misdemeanors — similar to the IRS model for whistleblowers.
How US Is Leading On Cryptocurrency Scrutiny

Recent Office of Foreign Assets Control sanctions on virtual currency exchange SUEX, and other stateside efforts to clamp down on cryptocurrencies, indicate this area will face increased regulatory scrutiny — an approach likely to be adopted by other nations where cryptocurrency is gathering momentum, says Syed Rahman at Rahman Ravelli.
Watch For Rise In Cross-Border Insolvency Investigations

As insolvency regimes that had been suspended during the pandemic restart operations, issues like misuse of government financial assistance and fraudulent director behavior are being uncovered, likely leading to an increase in U.K. cross-border restructuring cases and investigations, say Lynne Gregory and Daian Sumner at Baker & Partners.
Inside The New UK National Security Guidance For Deals

Businesses involved in U.K. transactions should carefully study that nation's recent guidance on its coming National Security and Investment Act, to determine whether transactions count under one of the 17 areas deemed high-risk and requiring government notification, say Joanna Christoforou and Savas Manoussakis at Morgan Lewis.
How UK Online Safety Bill May Affect Cos. Around The World

Lucy Blake and Karam Jardaneh at Jenner & Block discuss how internet content providers might be affected by the new draft U.K. Online Safety Bill, as platforms face increasing pressure to strike the difficult balance between protecting the right to freedom of expression and tackling online harms, and as the U.K. bill potentially paves the way for similar regulation around the world.
How Immune Are State Agents From Foreign Courts?

The ongoing case of Basfar v. Wong is the latest to raise questions about the boundary between commercial or private activity and the exercise of sovereign authority that shields state agents from foreign judicial scrutiny — and the U.K. Supreme Court's upcoming decision in the matter will likely bring clarity on exceptions to the immunity doctrine, say Andrew Stafford QC and Oleg Shaulko at Kobre & Kim.
Examining EU's Drift Toward US-Style Employer Pact Scrutiny

As European Union competition authorities express enforcement interest in employment issues such as no-poach and wage-fixing agreements — which have been the subject of U.S. enforcement action for some time — companies may need to recalibrate their training and compliance programs accordingly, say attorneys at Crowell & Moring.
Why Regulators Need Balanced Approach To Crypto

Regulators may not fully comprehend the cryptocurrency market, and that could result in unclear, unnecessary or overly draconian regulation — or no regulation at all — which could drive the industry underground, increasing opportunities for fraud and money laundering, say Kate Gee and Johnny Shearman at Signature Litigation.
What The NatWest Case Tells Us About AML Liability

The NatWest prosecution has been touted as the first of a bank under the U.K. Financial Conduct Authority's anti-money laundering laws, but the proceedings involve statutes that have been in place for decades, and criminal actions of this type are likely to remain a rare occurrence, says John Binns at BCL Solicitors.
Navigating FCPA Risks Of Minority-Owned Joint Ventures

The U.S. Department of Justice and U.S. Securities and Exchange Commission will likely continue to focus on third-party risks under the Foreign Corrupt Practices Act, so companies with minority-owned joint ventures should take several steps to mitigate related compliance challenges, say Ben Kimberley at The Clorox Company and Addison Thompson at Covington.
Treasury's AML Focus Highlights Need For Crypto Regulation

A recent HM Treasury consultation paper, asking for feedback on proposed anti-money laundering regulation changes, shines a light on the increasing role of cryptocurrency in money laundering, and the need for greater transparency and regulation of crypto transactions, says Ian Hargreaves at Covington.
FCA Activity Highlights Value Of AML Internal Investigations

The Financial Conduct Authority’s recent efforts to ensure financial firms are meeting their anti-money laundering obligations show the importance of conducting internal investigations to determine what problems exist and whether they should be self-reported to the appropriate regulator, says Aziz Rahman at Rahman Ravelli.
Future Of UK Transnational Enforcement Is Uncertain

Though U.K. and EU law enforcement agencies have made some recent progress in working together in the aftermath of Brexit, looming challenges raise questions regarding the U.K.'s ability to cooperate, says John Binns at BCL Solicitors.
Complex Fraud Ruling Clarifies Abuse Of Process Jurisdiction

The U.K. Court of Appeal’s recent judgement in Regina v. Jones — allowing prosecution of the complex fraud case to continue — provides important guidance on trial judges’ proper use of the abuse of process jurisdiction in the context of private prosecution, says David Corker at Corker Binning.