Corporate Crime & Compliance UK

  • March 26, 2024

    PACCAR Reforms Pushed Through At Consumers' Expense

    Draft legislation aimed at reversing a Supreme Court ruling that upended the financing of class actions has been well-received by litigation-funders, but critics say the government has steamed ahead at the expense of consumers.

  • March 26, 2024

    UK Police Arrest Over 400 In 'Henhouse' Anti-Fraud Sting

    U.K. police forces have arrested over 400 people in a monthlong fraud crackdown involving multiple national agencies, the U.K.'s National Crime Agency said Tuesday.

  • March 26, 2024

    LC&F Boss Denies Trying To Mislead Company Auditors

    The former chief of London Capital & Finance denied trying to paint a misleading picture of the mini-bond holder's finances, as he gave evidence at the £237 million ($299 million) investment scandal trial Tuesday.

  • March 26, 2024

    Barrister Who Bought Drugs From Clients Can't Cut Sentence

    A barrister convicted of buying crystal meth from his drug dealer clients lost an appeal against his prison term on Tuesday as an appeals court ruled that "no other sentence could possibly be justified."

  • March 26, 2024

    EU Watchdog Sets Out Rules For Green Bond Issue Reviewers

    The European Union's financial markets regulator on Tuesday proposed rules for external reviewers of green bond issues across the bloc, to help stop greenwashing and conflicts of interest.

  • March 26, 2024

    FCA Warns 'Finfluencers' To Keep Promotional Ads Lawful

    Britain's finance watchdog reminded firms on Tuesday that they are responsible for all of their promotions, especially when working with so-called finfluencers, who offer advice and information on financial topics on social media platforms.

  • March 26, 2024

    Assange Wins Lifeline In Fight Against US Extradition

    Julian Assange won a lifeline on Tuesday, prolonging his fight against extradition to the U.S., after an English court delayed ruling on his case to await assurances from American authorities about his safety.

  • March 25, 2024

    US Accuses 7 Chinese Nationals Of Hacking Conspiracy

    The Biden administration filed criminal charges and issued economic sanctions on Monday against Chinese nationals who allegedly attempted hack into the accounts of government officials and defense companies under the auspices of a cyberespionage program supposedly backed by China.

  • March 25, 2024

    Pilot For UK Billionaire Says Stock Tips Case Is Too Vague

    A pilot charged with trading on insider stock tips from U.K. billionaire Joe Lewis told a New York federal judge Friday that prosecutors had failed to identify a piece of information that he knew was non-public, urging the court to toss the case.

  • March 25, 2024

    Man Denies Conspiring Against Game Host's Ex-Biz Partner

    A man accused of conspiring with convicted HBOS fraudster Mark Dobson to acquire a company from the ex-business partner of TV personality Noel Edmonds by undervaluing it has denied that any plot existed.

  • March 25, 2024

    Google Faces Consolidated Trial Over Antitrust Claims

    Google will face a consolidated megatrial combining two lawsuits over alleged anti-competitive violations involving its app store, with the Competition Appeal Tribunal ruling Monday that factual evidence in the two major trials can be heard together.

  • March 25, 2024

    FCA Warns Fund Managers Over Third-Party Supervision

    The Financial Conduct Authority said on Monday it has found failings in how some hedge fund managers rely on third parties to help manage the fund, possibly undermining efforts to prevent financial crime. 

  • March 25, 2024

    Ship Owners Win $37M Naval Detention Insurance Fight

    The owners of a cargo ship seized by the Indonesian navy can recover $37 million from insurers, a judge ruled Monday, saying the shipmaster should not have expected to be detained for accidentally anchoring in the country's waters.

  • March 25, 2024

    SFO To Pay ENRC £9M As It Plans To Appeal Costs Findings

    The Serious Fraud Office said Monday that it will fight findings that it persuaded a former Dechert partner to divulge confidential information about ENRC, as the agency agreed to initially pay the mining company £9 million ($11.4 million) in damages.

  • March 25, 2024

    Lebanese-Owned Bank Breached AML Rules, Watchdog Finds

    Switzerland's financial regulator said Monday that Banque Audi (Suisse) SA has breached rules designed to tackle money-laundering and must give up 3.9 million Swiss francs ($4.3 million) in illicit profits.

  • March 25, 2024

    Tech Giants Face 1st Probe Under EU Digital Markets Rules

    Alphabet, Apple and Meta are being investigated by the European Union over whether they comply with the Digital Markets Act, the first probes launched under regulations aimed at reining in the power of Big Tech, the bloc's executive arm said Monday.

  • March 22, 2024

    EU Pushes For Steep Tariffs On Russian And Belarusian Grain

    The European Commission said Friday that it's working to constrain Russia's ability to fund its war against Ukraine by increasing tariffs on cereal, oil seed and grain product imports from Russia and its Union State partner, Belarus.

  • March 22, 2024

    Regulator Fines 2 Law Firms As AML Crackdown Continues

    The Solicitors Regulation Authority has fined two law firms for failing to comply with laws on anti-money laundering, continuing the action it is taking against legal businesses that aren't doing enough to mitigate their potential exposure to criminal activity by clients.

  • March 22, 2024

    Solicitor Jailed For Fraud Wins Bid To Fight Conviction

    A solicitor imprisoned for pocketing the salary of a fake employee won permission Friday to challenge her conviction from the Court of Appeal because the presiding judge failed to tread cautiously with a co-defendant accused of lying.

  • March 22, 2024

    Money Laundering Ringleader Jailed For £560K Bank Con

    A fraudster who set up sham carpet and furniture businesses as part of a money laundering scheme that lost banks £560,000 ($705,000) has been jailed for six years and four months, the U.K.'s Insolvency Service said Friday.

  • March 22, 2024

    Glencore Cannot Deny Knowing It Was Corrupt, Investors Say

    Glencore cannot claim it "reasonably believed" it was telling the truth when it failed to disclose it orchestrated a global bribery scheme during an initial public offering that raised $10 billion, institutional investors suing the mining and trading group have said.

  • March 22, 2024

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

    This past week in London has seen the BBC and Wall to Wall Media hit with a passing off lawsuit by musician BOSSIIE, Poundland parent company Pepco Group file a commercial fraud claim against several mobile network giants, family law specialists Alexiou Fisher Philipps LLP start proceedings against former oil trader Michael Prest, and a transgender lawyer file a libel claim against a blogger. Here, Law360 looks at these and other new claims in the U.K.

  • March 22, 2024

    4 Charged For Unregulated Water Investment Scam

    The Financial Conduct Authority said Friday it has charged four individuals with allegedly defrauding investors out of £3.9 million ($4.9 million) in an unregulated water investment scheme.

  • March 22, 2024

    UK Tax Avoidance Scheme Promoter Fined £900K

    A Liverpool-based company that promoted a tax avoidance scheme to medical professionals must pay a £900,000 ($1.1 million) penalty, according to a tribunal ruling published by HM Revenue and Customs on Friday.

  • March 22, 2024

    87-Year-Old Billionaire Lewis Seeks No Jail For Insider Trading

    Lawyers for British billionaire Joe Lewis have asked a Manhattan federal judge not to impose any prison time after his plea to insider trading, saying a term of probation is appropriate because the 87-year-old is "nearing the end of life in declining health."

Expert Analysis

  • EU Report Is A Valuable Guide For Data Controllers

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    The European Data Protection Board recently published a study of cases handled by national supervisory authorities where uniform application of the General Data Protection Regulation was prioritized, providing data controllers with arguments for an adequate response to manage liability in case of a breach and useful insights into how security requirements are assessed, say Thibaut D'hulst and Malik Aouadi at Van Bael.

  • UK Court Ruling Reinforces CMA's Info-Gathering Powers

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    An English appeals court's recent decision in the BMW and Volkswagen antitrust cases affirmed that the U.K. Competition and Markets Authority can request information from entities outside the U.K., reinstating an important implement in the CMA's investigative toolkit, say lawyers at White & Case.

  • Cos. Should Plan Now For Extensive EU Data Act Obligations

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    The recently enacted EU Data Act imposes wide-ranging requirements across industries and enterprises of all sizes, and with less than 20 months until the provisions begin to apply, businesses planning compliance will need to incorporate significant product changes and revision of contract terms, say Nick Banasevic, Robert Spano and Ciara O'Gara at Gibson Dunn. 

  • How Decision On A Key Definition Affects SMEs

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    The Financial Conduct Authority's decision not to extend the definition of small and midsized enterprises may benefit banks and finance providers in the current high interest rate environment and where SMEs in certain sectors may be under financial pressure in light of the cost-of-living crisis in order to streamline it, says Rachael Healey at RPC.

  • Together, GDPR And AI Act Can Boost Digital Rights In EU

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    The overlap between the General Data Protection Regulation and the forthcoming EU Artificial Intelligence Act is intriguing in that it demonstrates a shared commitment to upholding individual digital rights, and understanding this synergy is paramount in comprehending how the two domains can work in tandem, says Maria Moloney at PrivacyEngine.

  • Acquisition Of AI Tech Poses Challenges For Media Industry

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    The artificial intelligence regulatory landscape is changing quickly, and media and entertainment companies planning to acquire AI technology through a merger, acquisition or licensing deal should be mindful of potential new compliance requirements and AI-specific insurance products, say lawyers at Covington.

  • What Extending Corporate Liability Will Mean For Foreign Cos.

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    Certain sections of the Economic Crime Act enacted in December 2023 make it easier to prosecute companies for economic crimes committed abroad, and organizations need to consider their exposure and the new ways they can be held liable for the actions of their personnel, say Dan Hudson at Seladore Legal and Christopher Coltart at 2 Hare Court.

  • Due Diligence Pointers After Entain Deferred Prosecution Deal

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    The Crown Prosecution Service's £615 million settlement with Entain last month signifies that the CPS is a serious enforcer of corporate crime, and illustrates the importance of carrying out a tailored risk assessment in preparation for and following an acquisition, say Matthew Cowie and Aziz Rahman at Rahman Ravelli.

  • A Consequential Moment For Sanctions Activity

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    It is clear from the U.K. Office of Financial Sanctions Implementation's review of the 2022-2023 financial year that the unprecedented scale of designated persons and the value of assets frozen as a result has placed enormous pressure on OFSI and its partners, say lawyers at Greenberg Traurig.

  • ECJ Ruling Triggers Reconsiderations Of Using AI In Hiring

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    A recent European Court of Justice ruling, clarifying that the General Data Protection Regulation could apply to decisions made by artificial intelligence, serves as a warning to employers, as the use of AI in recruitment may lead to more discrimination claims, say Dino Wilkinson and James Major at Clyde & Co.

  • Economic Crime Act Offers Welcome Reform To AML Regime

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    The Economic Crime and Corporate Transparency Act exemption for mixed-property transactions that came into force on Jan. 15 as part of the U.K.'s anti-money laundering regime is long overdue, and should end economic harm to businesses, giving banks confidence to adopt a more pragmatic approach, say Matthew Getz and Joseph Fox-Davies at Pallas Partners.

  • 3 Financial Services Hot Topics To Watch In 2024

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    Technology, ESG and private markets are set to have the greatest impact on financial markets in 2024, as firms grapple with increasing regulatory change and a shifting political backdrop on both sides of the Atlantic, says Matthew Allen at Eversheds Sutherland.

  • Key Litigation Funding Rulings Will Drive Reform In 2024

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    Ground-breaking judgments on disputes funding and fee arrangements from 2023 — including that litigation funding agreements could be damages-based agreements, rendering them unenforceable — will bring legislative changes in 2024, which could have a substantial impact on litigation risk for several sectors, say Verity Jackson-Grant and David Bridge at Simmons & Simmons.

  • 10 Global Antitrust Trends To Anticipate In 2024

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    Proactive navigation of the antitrust enforcement environment remains crucial this year as legal policy and tools evolve to meet intensifying global economic complexity, including geopolitical tensions, trade realignment, market volatility and inflation, say attorneys at Freshfields.

  • Breaking Down The New Rules For High Net Worth Individuals

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    Andrew Northage at Walker Morris outlines what businesses need to be aware of to ensure ongoing compliance with revised conditions in the U.K. government's updated financial promotion exemptions for high net worth individuals and sophisticated investors, and suggests a few practical tips for businesses to follow.

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