Britain's financial services have lost patience with the stalled political process and are transferring assets out of the U.K. regardless of what kind of Brexit deal, if any, the government seals with the European Union, their legal advisers said Wednesday.
U.K. police said Monday that they've seized a Cartier diamond ring worth £1.19 million ($1.53 million) from a jailed Azerbaijani banker whose wife became the first suspect targeted using new anti-corruption powers allowing investigators to probe how individuals acquired large amounts of unexplained money.
Hunton Andrews Kurth LLP announced that a former Gide Loyrette Nouel partner with more than 15 years of experience in international tax issues and transactions joined the firm’s London office.
Demand for Britain's financial services has fallen for the first time in five years, the Confederation of British Industry and PricewaterhouseCoopers said Monday, blaming regulatory demands and uncertainty surrounding the U.K.'s impending exit from the European Union.
Mayer Brown LLP said on Monday that it has hired a lawyer from Paul Hastings LLP with experience in structured finance as the fourth partner to join its banking and finance team in London in the last six months.
Europe’s banking regulators agreed on rules on Monday that they said will help them to cooperate and exchange information on “weak links” in their fight against money laundering in the bloc.
Prime Minister Theresa May predicted on Monday that Brexit could be abandoned if MPs reject her draft Withdrawal Agreement as anticipated on Tuesday, as she warned that Parliament risks being thrown into “paralysis.”
The government has joined forces with the financial services industry on a new taskforce to battle economic crime such as money laundering and fraud, which costs the U.K. £14.4 billion ($18.5 billion) each year, the Treasury said Monday.
The European Central Bank must be more transparent about how it supervises lenders, the European Court of Auditors said Monday as it demanded new laws to force the institution to open its books and help protect wider financial stability.
Stock market operator Euronext NV confirmed Monday it has tabled a €625 million ($717 million) cash offer for Oslo Bors VPS, hours after the Norwegian exchange said it had found alternative bidders.
The last week has seen Axa sue a private health-care provider, AIG take on shipper MSC and an appeal by a printer cartridge maker that has been fighting a multimillion-pound award to its pension trustees.
A British hacker was sentenced to 32 months in prison at a London criminal court on Friday for computer attacks that temporarily left Liberia without internet, after being extradited from Germany in connection with attacks on major banks.
Hamburg-based M.M. Warburg & Co. said it has sued to force Deutsche Bank to pick up a €46 million ($53.04 million) tax bill that should have been paid to German tax authorities for controversial trades that have sparked an industrywide investigation into a massive tax avoidance scheme.
Hundreds of institutional investors have accused Barclays, HSBC and four other banking giants in London's High Court of conspiring to rig the foreign exchange market, seeking billions of dollars in damages for antitrust violations.
Court proceedings in London in a dispute between a Bermuda-based fund that specializes in financing litigation and U.K. law firm Hamilton Downing Quinn LLP over allegations of negligent advice have been stayed after both sides reached a confidential agreement, according to new filings.
Insurers urged Europe's top industry regulator on Friday to get national watchdogs with “real day-to-day experience" involved in its proposed new executive board, ahead of a proposed sweeping shake-up of the agency's structure.
The U.K.’s Financial Services Compensation Scheme promised on Friday to give bigger payouts to former steel workers who have lost their investments through pensions misselling, after it handed more than £1 million ($1.3 million) to the clients of a single financial advisory company.
Politicians accused the U.K. government on Friday of "burying its head in the sand” for refusing to grant the Financial Conduct Authority powers to regulate small business lending.
French judges are preparing to launch a formal investigation into scandal-hit Danske Bank over approximately €28 million ($32 million) of transactions that potentially violated France’s anti-money laundering legislation, the lender said on Friday.
One of Europe’s largest financial technology startups, TransferWise, has said it has applied for a license to operate in Brussels, amid mounting uncertainty about Britain’s plans to leave the European Union on March 29.
A group of U.S. pension plans and their representatives can’t escape a $2.8 billion tax refund case brought by Denmark’s tax authority, a New York federal court has decided.
Law360 speaks to Jeffrey Golden, joint-head of 3 Hare Court Chambers, and ex-Delaware Supreme Court justice Randy Holland about the importance of building contacts in different jurisdictions, how 3 Hare Court has been breaking new ground and building up a strong global practice, and which key trends they’re keeping an eye on within the legal industry.
The Serious Fraud Office has landed another mixed result in its prosecution of several former Barclays and Deutsche Bank traders for manipulating Euribor, the latest in the white collar specialist's latest effort to hold individuals accountable for rigging key benchmark interest rates. Here, Law360 looks at the highlights of the SFO's long-running campaign.
With Britain less than a year from exiting the European Union, firms on Law360’s Global 20 have begun pushing deeper into the countries remaining in the bloc, adding offices and industry specialists in a shift that could rebalance how BigLaw works in the region.
With only five months remaining for the U.K. to make a deal with the EU and the possibility of a "no-deal" Brexit looking increasingly plausible, now is the time to take proactive steps to protect your clients’ positions and to make sure that their contracts are effective and enforceable, say Claire Stockford and Caitlin McLean of Shepherd & Wedderburn LLP.
Faced with the opportunity to purchase cyber risk insurance to mitigate the damage caused by cyber events, prospective policyholder companies need all the help they can get in order to navigate this increasingly complex part of the U.K. insurance market, says Richard Mattick of Covington & Burling LLP.
This month, the U.K. National Crime Agency successfully resisted a challenge to its first unexplained wealth orders. This is a victory, but the agency has some way to go to show that UWOs will be a meaningful tool in the U.K.'s anti-money laundering arsenal, says Fred Saugman of WilmerHale.
The former CEO of a U.K. bank recently pled guilty to charges under the Foreign Account Tax Compliance Act, following a U.S. Department of Justice sting operation spanning several countries. The conviction sends a clear message that U.S. authorities will prosecute not only U.S. account holders, but those who facilitate tax evasion, whatever their nationality, say attorneys at White & Case LLP.
The General Data Protection Regulation applies to blockchain networks that directly store personal information. However, blockchain technology can make compliance challenging, and also raises questions regarding who bears responsibility for compliance, say attorneys at Covington & Burling LLP.
As technology evolves, law firms are increasingly looking for ways to improve communication, transparency and service for their clients. Firms should put knowledge management at the core of their value proposition to create a competitive advantage, says Rob MacAdam at HighQ.
The U.K. Supreme Court's judgment in Eclairs v. JKX seemingly opened the door for a broad interpretation of the proper purpose rule, but despite the confusion, the rule will continue to operate as a useful legal safeguard for shareholders, say Nick Hoffman and Conal Keane of Harney Westwood & Riegels LLP.
The use and provision of virtual currency services have remained largely unregulated in the European Union, but its newest anti-money laundering directive could be the first step to tougher regulation, say Chris Warren-Smith and Paul Mesquitta of Morgan Lewis & Bockius LLP.
In KBR v. SFO, the U.K. High Court confirmed that the Serious Fraud Office can require foreign companies to produce documents held outside the U.K. as long as there is a sufficient connection between the company and the jurisdiction. This judgment will embolden other agencies with similar compulsory document production powers, says Andrew Smith of Corker Binning.
Dark web monitoring allows law firms to see what sensitive information may have made its way onto the thriving global underground marketplace where cybercriminals buy and sell exposed data. It can also help lawyers advise clients on a wide range of legal and business matters, say Anju Chopra and Brian Lapidus of Kroll.