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Corporate Crime & Compliance UK

  • March 18, 2019

    Genworth Drags Santander Units Into AXA's £265M PPI Claim

    Genworth Financial Inc., which is being sued for nearly £265 million ($351 million) by rival French insurer AXA SA over a missold insurance product, can seek to shift the blame onto two British units of Santander, London’s High Court has said.

  • March 18, 2019

    SFO Seizes £1.5M From Fugitive Mortgage Fraudster

    The Serious Fraud Office has seized more than £1.5 million ($2 million) in illicit funds from a property tycoon wanted in connection with Britain’s biggest ever mortgage con.

  • March 15, 2019

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

    The last week has seen a commercial fraud claim filed against the founders of now-defunct sports marketing giant MP & Silva, Kuwait's social security agency sue several Swiss banks and its former head, and AXA lodge an action against the company behind Admiral Insurance. Here, Law360 looks at those and other new claims in the U.K.

  • March 15, 2019

    Ex-RAF Private Who Hacked Payroll Gets 2.5 Years

    A London judge on Friday sentenced a former Royal Air Force private to 30 months in prison for hacking into the Ministry of Defence's payroll system, stealing more than £108,000 and then laundering the cash through others, saying the man "abused the considerable position of trust" given to him.

  • March 15, 2019

    Libyan Defendant Can't Get SFO Docs In JPMorgan Bribe Suit

    A Libyan businessman being sued alongside a unit of JPMorgan by Libya's sovereign wealth fund over an alleged $6 million bribe lost a motion Friday to get documents from the Serious Fraud Office linked to a 2008 probe into his activities.

  • March 15, 2019

    Iranian Bank Must Name All Clients In $4B UK Sanctions Suit

    An Iranian bank suing the U.K. government for $4 billion over its enforcement of nuclear sanctions, which were later struck down, must hand over the names and addresses of all its customers to HM Treasury, the Court of Appeal ruled on Friday.

  • March 15, 2019

    Retailer Can Serve Docs In €33M Shares 'Intimidation' Case

    A retailer that claims it was intimidated into selling shares in a financial services company can serve a €33 million ($37.4 million) lawsuit on two businessmen who were allegedly behind the firm that bought the stock, a judge in London has ruled.

  • March 15, 2019

    Swedbank Tips Off Watchdog To Suspected Money Laundering

    Sweden's financial regulator said Friday that Swedbank has handed over a report about suspected money laundering activity to add to the agency's ongoing investigation of the lender’s alleged links to the €200 billion ($227 billion) money laundering scandal at Danske Bank.

  • March 15, 2019

    UBS Sets Aside €450M For French Money-Laundering Fine

    UBS AG said Friday it has set aside €450 million ($510 million) after a French court hit it with a €3.7 billion fine for money-laundering, even though the Swiss bank maintains there is a “lack of evidence to support the charges.”

  • March 15, 2019

    EU Caved To US, Saudis Over Dirty Money, Parliament Says

    The European Parliament has suggested that member states caved in to diplomatic pressure when they refused to blacklist Saudi Arabia and four U.S. territories earlier this month for their allegedly weak safeguards against money laundering and terrorist financing.

  • March 14, 2019

    Companies Stumble Amid Confusion Surrounding GDPR

    The effectiveness of Europe’s sweeping new data protection law is being cast into doubt as legal experts warn that companies are over-reporting to national regulators amid widespread confusion about what the rules really require.

  • March 14, 2019

    UBS, Others Fined $100M By Hong Kong For Lax IPO Scrutiny

    Hong Kong’s securities watchdog has suspended UBS' initial public offering sponsorship license for one year and handed down HK$786.7 million ($100.1 million) in fines against the bank and other financial institutions for failing to carry out their duties in relation to several IPOs.

  • March 14, 2019

    New EU Benchmark Rate Gets Oct. Start Date, Industry Nod

    The European Central Bank said Thursday that it will begin publishing the European Union's new unsecured overnight borrowing rate beginning in October and that an industry group had called on Europe’s banks to use the rate to replace other flawed and scandal-hit eurozone benchmarks.

  • March 14, 2019

    SRA Fines UK Law Firm £124K Over Misleading Marketing

    The Solicitors Regulation Authority slapped its biggest-ever fine on a U.K. law firm Thursday after finding the business sent millions of misleading marketing messages about missold payment protection insurance.

  • March 14, 2019

    UK Parliament Votes For 3-Month Brexit Delay

    The U.K. Parliament voted overwhelmingly on Thursday to seek a delay of three months to the country’s departure from the European Union, provided that Prime Minister Theresa May can unite her divided Conservative Party behind her negotiated withdrawal agreement with the EU.

  • March 14, 2019

    UBS Sued By Ex-Trader Over Alleged Sexual Assault

    A former UBS AG employee in London is suing the Swiss bank for sexual harassment and discrimination, accusing the company of mishandling an allegation of sexual assault she brought against a senior colleague.

  • March 14, 2019

    Engineering Co. Bribery Trial Pushed Back To March 2020

    The trial of a British engineering company and three individuals over alleged bribes paid to the former manager of a company connected to Formula One racing team Williams has been adjourned until March 2020, a judge at a criminal court in London ruled Thursday.

  • March 14, 2019

    EU's Tusk Opens Door To Long Brexit Delay If Needed By UK

    European Council President Donald Tusk said Thursday he will lobby EU government leaders to allow for a lengthy extension to the Brexit process if the U.K. needs more time to build a consensus for the terms of its departure from the bloc.

  • March 13, 2019

    IRS As Data Collector Won't Ease Tax Probes, Lawmakers Told

    U.S. authorities’ longstanding challenge in penetrating multilayered business structures to find who owns a tax-evading company wouldn’t be eased by tasking the Internal Revenue Service with collecting ownership data, members of the House of Representatives were told Wednesday.

  • March 13, 2019

    Lawmakers Hail 'Exemplary' Bribery Measure In Lords Review

    A group of senior lawmakers praised a central part of the U.K.’s anti-corruption legislation as “exemplary” on Thursday, but said the agencies tasked with enforcing the act need to pick up the pace of prosecutions.

Expert Analysis

  • Is New SFO Head A 'Different Kind Of Director'?

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    While sharing some of her predecessor's sentiments, Serious Fraud Office Director Lisa Osofsky has shown decisiveness and independence by closing two of the SFO's largest investigations in her first six months in office, says Ross Dixon of Hickman & Rose Solicitors.

  • Germany's Facebook Decision Likely Won't Be Influential

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    The German Federal Cartel Office's decision last month against Facebook — the first time a competition authority ruled on a privacy-related abuse of dominance — is based on specific German case law and reasoning that seems questionable from an antitrust policy perspective, say Sean-Paul Brankin and Evi Mattioli of Crowell & Moring LLP.

  • Simple Secrets For Writing A Killer Brief

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    These days, the legal profession offers meager opportunity for oral argument, so we need to focus on being better, brighter, tighter writers. And the key to writing a better brief is grabbing your judge's attention with a persuasive, well-crafted story, says Daniel Karon of Karon LLC.

  • 5 UK Privacy And Data Protection Predictions For 2019

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    As regulators start to aggressively enforce the General Data Protection Regulation while also focusing on development of cookie compliance and cybersecurity, Rohan Massey and Edward Machin of Ropes & Gray LLP offer five data protection predictions to watch for this year beyond the changes that Brexit may bring.

  • Takeaways From EU's Latest Anti-Money Laundering Rules

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    The Sixth Anti-Money Laundering Directive recently adopted by the Council of the European Union targets the financing of terrorism and organized crime, which have remained significant problems despite the efforts of previous directives, say Ian Hargreaves and Deirdre Lyons Le Croy of Covington & Burling LLP.

  • The Limits Of UK Double Jeopardy Protection

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    Individuals are sometimes tempted, or advised, to enter into plea negotiations in one jurisdiction on the basis that a guilty plea there will act as a barrier to prosecution elsewhere. Unfortunately, the doctrine of double jeopardy is not always so clear-cut, says Andrew Smith of Corker Binning.

  • What 2019 Has In Store For UK Data Protection

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    Many of the big data protection compliance themes of 2018 will continue on this year, including even General Data Protection Regulation preparation, but the possibility of a no-deal Brexit may complicate matters, says Stewart Room of PwC LLP.

  • British Overseas Territories Can Benefit From Transparency

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    British overseas territories have pushed back against a recent U.K. measure requiring them to create publicly accessible registers of companies' beneficial owners. However, considering global trends toward transparency, perhaps the territories should embrace the new rules as a force of good, says Simon Airey of Paul Hastings LLP.

  • Opinion

    Deferred Prosecution Agreements Are Unfair To Individuals

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    The recent deferred prosecution agreement between the U.K. Serious Fraud Office and Tesco Stores Limited provides a glaring example of how a DPA can result in real injustice to individuals and how the statutory DPA regime fails to provide them with any remedy, says Richard Sallybanks of BCL Solicitors LLP.

  • Why Is The UK's Criminal Law Disclosure Process Failing?

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    A decade of funding cuts to the U.K.'s police, prosecution and defense has severely strained the criminal justice system, and the failing disclosure system is just one symptom of a deeper malaise that must be remedied by adequate investment in training and staffing, says Marlon Grossman of Stokoe Partnership Solicitors.