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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
HMRC Tells Justices Not To Overlook Accounting Standards

Judges shouldn't overlook accounting standards to enable subsidiaries to claim a parent company's accounting debits from granting options the companies purchased for employees through a benefit program using intercompany transactions, HM Revenue & Customs told the U.K.'s top court.
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-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
ECB Rolls Out 2022 Climate Risk Stress Test For Banks

The eurozone's central bank launched a supervisory stress test on Thursday to assess the ability of banks to withstand financial shocks caused by climate change.
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
Number Of UK Pension Schemes Falls 40% In A Decade

The number of retirement savings plans in Britain has fallen by 40% in the last 10 years, The Pensions Regulator said on Thursday, as pressure grows for badly run pension plans to close.
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
Liquidators Lose Appeal In $318M Siphoned Securities Case

An appeals court ruled on Thursday that a Saudi Arabian bank, Samba Financial Group, cannot be liable for compensation sought by a defunct lender because the ownership of shares changed when they were transferred overseas.
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
UK Top Court Asked To Set Aside Book Rules For Profits

Lower courts correctly found two subsidiaries can deduct accounting debits from their parent company's stock option grants to employees when calculating profits for corporate tax, despite international accounting standards, the firms told the U.K. Supreme Court.
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
Digital 9 Infrastructure Raises $128M Through Share Sale

Digital 9 Infrastructure has raised £95.2 million ($128.4 million) through a sale of new shares, according to an announcement on Wednesday from the U.K. real estate investment trust.
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
Willis Joins Researchers To Help Insurers With New Car Tech

Broker Willis Towers Watson said on Wednesday that it has joined with the motor insurers' automotive research center to help insurers deal with new claims trends driven by changes in vehicle technology.
January 26, 2022
Bitcoin 'Inventor' Can't Post Security In Tokens, Court Rules

A self-described bitcoin inventor cannot post security in the form of digital assets to cover future costs in his lawsuit, which seeks to force software developers to help him recover access to approximately £4 billion ($5.4 billion) in cryptocurrency, a London judge ruled Wednesday.
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
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.

Editor's Picks

Litigation Funding Demand Rises As Pandemic Suits Percolate

More corporate clients than ever have pursued third-party litigation funding in England this year, as the COVID-19 pandemic has forced businesses to think more conservatively and try to prioritize the cash on their balance sheets.
Financial List's Test Case Program Wins High Marks In 1st Use

The recent decision in the Financial Conduct Authority's business interruption insurance case was a big deal for policyholders forced to shut because of COVID-19, but it also marked the first test of the Financial List's most unusual features five years since its launch.
Reforms Abroad For Litigation Funders Raise Questions In UK

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.

Expert Analysis

Issues To Watch In Potential English Arbitration Act Reform

Summary dismissal, confidentiality, technological updates and certain other topics that could fall under the England and Wales Law Commission's upcoming review of the 25-year-old Arbitration Act should be of particular interest to those considering an English-seated arbitration, say Neil Newing and Alasdair Marshall at Signature Litigation.
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.
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.
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.
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.
What AML Initiatives In EU Mean For UK Financial Industry

Even though the European Commission’s recent anti-money laundering legislation won’t apply in the U.K., financial services firms operating there will need to be alert to imminent divergence between regulatory regimes, say Kerstin Wilhelm and Clare McMullen at Linklaters.
UK Focus On Int'l Data Transfers Shows Appetite For Reform

Recent U.K. public consultations on international transfers of personal data and structural amendments to the country's General Data Protection Regulation illustrate the post-Brexit appetite for reform and signal changes to the international data transfers regime, say Kate Brimsted and Tom Evans at BCLP.
The UK Reforms That Add Investor Allure To SPACs

The U.K. Financial Conduct Authority has removed significant disincentives to the listing of special purpose acquisition companies in London, making SPACs a more attractive investment, but key differences between London's regulations and those of other major stock exchanges make further reform a possibility, say Marcus Young and William Morris at King & Spalding.
What The Future Holds For UK Auditing Reform

The U.K.'s Financial Reporting Council has shown itself to be an increasingly effective and proactive regulator in its final months, and the greater powers of its incoming replacement — the Audit, Reporting and Governance Authority — will likely continue an era of heightened scrutiny for auditors, say Paul Brehony and Kate Gee at Signature Litigation.
Comparing 'Ultimate Beneficial Owner' Rules In EU And US

The European Union's efforts to improve transparency in company ownership have created an uneven patchwork of so-called ultimate beneficial owner rules, and recently introduced U.S. regulations will add another layer of complexity for global companies, says Rodrigo Calleja at TMF Group.