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Financial Services UK

  • January 14, 2019

    £1.2M Diamond Ring Linked To 1st UK 'Wealth Order' Seized

    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.

  • January 14, 2019

    Hunton Andrews Kurth Adds Tax Partner To London Office

    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.

  • January 14, 2019

    CBI, PwC Warn Demand Is Falling For UK Financial Services

    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.

  • January 14, 2019

    Mayer Brown Hires Ex-Paul Hastings Structured Finance Pro

    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.

  • January 14, 2019

    EU Bank Regulators Adopt Data Swap Rules In AML Fight

    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.

  • January 14, 2019

    UK's May Predicts No Brexit If Lawmakers Reject Her Deal

    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.”

  • January 14, 2019

    UK Gov't Joins Fight Against £14B Cost Of Financial Crime

    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.

  • January 14, 2019

    ECB Must Open Up About Banking Supervision, Auditors Say

    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.

  • January 14, 2019

    Euronext Tables $717M Formal Offer To Buy Oslo Exchange

    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.

  • January 11, 2019

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

    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.

  • January 11, 2019

    British Hacker Gets Nearly 3 Years In Liberian Telecom Attack

    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. 

  • January 11, 2019

    Deutsche Bank Sued By Rival For €46M Over Tax Bill

    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.

  • January 11, 2019

    Banking Giants Hit With UK Suit Over Forex Rigging

    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.

  • January 11, 2019

    Dispute Over Litigation Funding Advice Halted In UK Courts

    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.

  • January 11, 2019

    Learn From National Regulators, EU Insurers Tell Watchdog

    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.

  • January 11, 2019

    Steelworkers Promised Bigger Payments On Missold Pensions

    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.

  • January 11, 2019

    UK Rules Out Regulation Of Bank Lending To Small Biz

    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.

  • January 11, 2019

    Danske Bank Braces For Formal AML Probe In France

    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.

  • January 11, 2019

    Fintech Startup Eyes Brussels Base Ahead Of Brexit

    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.

  • January 10, 2019

    US Pension Plans Can’t Shake $2.8B Denmark Refund Case

    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.

Expert Analysis

  • Ensure That Dispute Resolution Mechanisms Are Brexit-Proof

    Claire Stockford

    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.

  • 5 Cyber Insurance Pitfalls To Avoid In The UK

    Richard Mattick

    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.

  • UK Unexplained Wealth Orders: More Bark Than Bite So Far

    Fred Saugman

    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.

  • Tax Evasion Knows No Borders

    Kim Marie Boylan

    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.

  • GDPR Compliance Questions For Blockchain Firms

    Daniel Cooper

    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.

  • Knowledge Management: An Unsung Hero Of Legal Innovation

    Rob MacAdam

    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.

  • Uncertainty Concerning The UK's Proper Purpose Rule?

    Nick Hoffman

    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.

  • How Europe's AML Regime Is Tackling Virtual Currencies

    Chris Warren-Smith

    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.

  • UK Ruling Signifies Greater Cross-Border Sharing Of Data

    Andrew Smith

    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.

  • Why Law Firms Should Monitor The Dark Web

    Anju Chopra

    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.