Corporate Crime & Compliance UK

  • March 14, 2024

    Wright Is Not The Inventor Of Bitcoin, Judge Rules

    A London judge ruled Thursday that Australian computer scientist Craig Wright is not the pseudonymous inventor of bitcoin, ruling that the evidence against his claim to be Satoshi Nakamoto was "overwhelming."

  • March 13, 2024

    Marketing Boss Says LC&F Services Provided In 'Good Faith'

    The head of a marketing company that provided services to London Capital & Finance did so in "good faith," and had no knowledge of an alleged Ponzi scheme, his lawyer told a London trial on Wednesday over the £237 million ($304 million) investment scandal.

  • March 13, 2024

    Four Car Manufacturers To Face Dieselgate Trial In 2025

    Ford and Nissan are among four major carmakers that will face trial in October 2025 over claims on behalf of 1.25 million motorists alleging that the manufacturers used in-car technology to cheat emissions tests, Leigh Day said Wednesday.

  • March 13, 2024

    EU Parliament Overwhelmingly Passes Landmark AI Law

    European Union lawmakers voted overwhelmingly on Wednesday in favor of a first-of-its-kind artificial intelligence law, in a bid to help facilitate innovation while safeguarding the bloc's fundamental rights.

  • March 13, 2024

    Senior SFO Official Judy Krieg Departs After Three Years

    One of the most senior officials at the Serious Fraud Office has left her role overseeing its fraud and bribery caseload, the second high-level departure since the new director took over the white collar crime agency in September. 

  • March 13, 2024

    Traders To Fight Rate-Rigging Convictions In Landmark Appeal

    Two former traders who say they were made scapegoats for public anger during the last financial crisis challenge their convictions for rigging benchmark interest rates on Thursday in a case that could undermine the legal theory that underpinned dozens of prosecutions.

  • March 13, 2024

    Norton Pension Scam Victims Receive Initial £9.4M Redress

    Former employees of Norton Motorcycles received £9.4 million ($12 million) into their pension schemes from the Fraud Compensation Fund this week, an independent trustee told a group of senior MPs on Wednesday.

  • March 13, 2024

    CMA Fights Decision To Block Raid On Home In Cartel Probe

    Britain's antitrust watchdog challenged on Wednesday the refusal by a tribunal to grant a warrant to raid the home of an individual connected to a chemicals cartel investigation, claiming the decision could make it impossible for enforcers to search domestic properties.

  • March 13, 2024

    All Post Office Convictions To Be Quashed Through New Law

    The government introduced landmark legislation on Wednesday that will exonerate hundreds of people wrongfully convicted as the result of the Post Office scandal.

  • March 12, 2024

    IPhone Users' £853M Battery Suit Gets OK On Funding Revamp

    Apple must face an £853 million ($1 billion) class action claim alleging it concealed problems with iPhone batteries after Britain's antitrust tribunal said Tuesday that a revised litigation funding deal overcomes the hurdle recently thrown up by the country's highest court.

  • March 12, 2024

    Immigration Lawyer Caught In Sting Loses Strike-Off Appeal

    An immigration lawyer lost his appeal on Tuesday to stay on the rolls, after he was caught by an undercover journalist recommending that a client gather false documents for a visa application, with a London court ruling that his appeal was "totally without merit."

  • March 12, 2024

    Man Loses Bid To Challenge US Tax Refund Fraud Extradition

    A man facing extradition to the U.S. — to stand trial on allegations that he took part in a scheme to fraudulently receive millions in tax refunds — was denied a chance to challenge the extradition by a London judge on Tuesday.

  • March 12, 2024

    'Clearer Than Ever' That Wright Is Not Satoshi, Developers Say

    Lawyers for developers seeking to prove that Craig Wright is not the pseudonymous inventor of bitcoin told the High Court that it is "clearer than ever" that the Australian computer scientist is not Satoshi Nakamoto in closing arguments on Tuesday.

  • March 12, 2024

    Gov't To Give Banks More Time To Investigate Payment Fraud

    HM Treasury on Tuesday published draft legislation giving banks more time to investigate suspected fraud on payments, giving them a better chance of stopping thieves.

  • March 12, 2024

    SFO Arrests 3 In £76M Luxury Care Home Fraud Probe

    The Serious Fraud Office arrested three people on Tuesday in an investigation into an alleged £76 million ($97 million) fraud over the collapse of a luxury care home provider that left elderly residents homeless and 600 investors out of pocket.

  • March 12, 2024

    FCA's New Greenwashing Rules Lack Clarity, City Firms Warn

    City firms are pressing the Financial Conduct Authority to revise the draft guidance for its new anti-greenwashing rules to clear up critical ambiguities as they seek greater clarity on how broadly it will be applied.

  • March 11, 2024

    Whistleblower Forced To Quit After Questioning CEO's CV

    A chief operating officer at a charity was forced to resign after senior figures said his whistleblowing claims about the new chief executive's CV had ruined their trust in him, an employment tribunal has ruled.

  • March 11, 2024

    Santander Whistleblower Loses Bid To Revive Claim

    An appellate tribunal has rejected a bid by a former financial crime policy manager at Santander to revive her whistleblowing and discrimination claims against the bank, ruling a fair trial was not possible because she failed to exchange witness statements.

  • March 11, 2024

    £237M Ponzi Case Doesn't Stack Up, Ex-LC&F Director Says

    A former director of London Capital & Finance told a trial over the £237 million ($304 million) investment scandal on Monday that he did not take part in the alleged Ponzi scheme.

  • March 11, 2024

    New Treasury Review Of AML Rules To Cast Wide Net

    The U.K. Treasury said Monday that a new review on the effectiveness of anti-money laundering regulations will have a broad scope, encompassing more than 100,000 businesses, including law firms.

  • March 11, 2024

    MPs To Hear From Administrators In Norton Pension Scandal

    A parliamentary committee said Monday that it will weigh whether victims of pension fraud can receive compensation faster as the first part of its probe into the retirement savings scandal at Norton Motorcycle Co.  

  • March 11, 2024

    Danish Prosecutors Open Tax Fraud Trial Against Sanjay Shah

    Prosecutors in Denmark opened the criminal trial on Monday of a British hedge fund trader accused of masterminding a £1.44 billion ($1.85 billion) tax fraud scheme. 

  • March 11, 2024

    FCA Ends Eight-Year Probe Into Former Mobile App Co. Execs

    The Financial Conduct Authority has ended its civil court proceedings against two former executives of Globo, nine years after the mobile software developer fell into administration amid allegations of accounting fraud.

  • March 11, 2024

    Dentons Defeats SRA Over AML Checks On PEP Client

    A London tribunal confirmed on Monday that it has dismissed the Solicitors Regulation Authority's action against the U.K. arm of Dentons over the firm's handling of anti-money laundering checks on a politically exposed former client.

  • March 11, 2024

    FCA Fines British Steel Pensions Firm, Bans Advisers

    The finance watchdog said Monday that it has hit a financial advice company with a fine and banned two former employees after discovering failures by the business when it put through £90 million ($115 million) of retirement savings transfers for members of the British Steel Pension Scheme.

Expert Analysis

  • UK Review May Lead To Lower Investment Screening Burden

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    The government’s current review of national security investment screening rules aims to refine the scope of mandatory notifications required for unproblematic deals, and is likely to result in much-needed modifications to minimize the administrative burden on businesses and investors, say lawyers at Simpson Thacher.

  • What Prince Harry Privacy Case May Mean For Media Ethics

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    An English High Court recently allowed the privacy case brought by Prince Harry and six other claimants against the Daily Mail publisher to proceed, which, if successful, could embolden other high-profile individuals to bring claims and lead to renewed calls for a judicial public inquiry into British press ethics, says Philippa Dempster at Freeths.

  • Economic Crime Act Exposure: What Companies Can Expect

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    The intention of the Economic Crime and Corporate Transparency Act is to make it easier to attribute criminal liability to companies if a senior manager has committed an offense, but the impact on corporate criminal convictions depends on who qualifies as a senior manager and the evidential challenges in showing it, say Hayley Ichilcik and Julius Handler at MoFo.

  • How European Authorities Are Foiling Anti-Competitive Hiring

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    Lawyers at Squire Patton discuss key labor practice antitrust concerns and notable regulation trends in several European countries following recent enforcement actions brought by the European Commission and U.K. Competition and Markets Authority.

  • FCA Promotions Review Sends A Strong Message To Firms

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    The recent FCA review into firms' compliance with the rules on promoting high-risk investments to retail clients clarifies that it expects the letter and the spirit of the rules to be followed, and given the interplay with the consumer duty, there are wider implications at stake, say Marina Reason and Chris Hurn at Herbert Smith.

  • When Can Bonuses Be Clawed Back?

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    The High Court's recent decision in Steel v. Spencer should remind employees that the contractual conditions surrounding bonuses and the timing of any resignation must be carefully considered, as in certain circumstances, bonuses can and are being successfully clawed back by employers, say Merrill April and Rachael Parker at CM Murray.

  • The State Of UK Litigation Funding After Therium Ruling

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    The recent English High Court decision in Therium v. Bugsby Property has provided a glimmer of hope for litigation funders about how courts will interpret this summer's U.K. Supreme Court ruling that called funding agreements impermissible, suggesting that its adverse effects may be mitigated, says Daniel Williams at DWF Law.

  • UK Shareholding Report A Missed Opportunity For New Tech

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    The recommendations in the U.K. Digitization Taskforce's recent report on digitizing and improving the U.K. shareholding framework are moderate but not revolutionary, and its failure to recommend digital ledger technology will impede a full transformation of the system, say Tom Bacon and Andrew Tsang at BCLP.

  • What Lawyers Need To Know About The UK Online Safety Act

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    The recently passed U.K. Online Safety Act requires regulated providers to take action to assess and mitigate user risks, and counsel for these companies should take advantage of Ofcom’s clear desire to have a collaborative relationship and improve governance, say Rachael Annear and Tristan Lockwood at Freshfields.

  • Trial By AI Could Be Closer Than You Think

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    In a known first for the U.K., a Court of Appeal justice recently admitted to using ChatGPT to write part of a judgment, highlighting how AI could make the legal system more efficient and enable the judicial process to record more accurate and fair decisions, say Charles Kuhn and Neide Lemos at Clyde & Co.

  • Employer Considerations After Visa And Application Fee Hikes

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    The U.K.'s recent visa and application fee increases are having a significant financial impact on businesses, and may heighten the risk of hiring discrimination, so companies should carefully reconsider their budgets accordingly, says Adam Sinfield at Osborne Clarke.

  • Why It's Urgent For Pharma Cos. To Halt Counterfeit Meds

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    With over 10.5 million counterfeit medicines seized in the EU in 2023, it is vital both ethically and commercially that pharmaceutical companies take steps to protect against such infringements, including by invoking intellectual property rights protection, says Lars Karnøe at Potter Clarkson.

  • Nix Of $11B Award Shows Limits Of Arbitral Process

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    A recent English High Court decision in Nigeria v. Process & Industrial Developments, overturning an arbitration award because it was obtained by fraud, is a reminder that arbitration decisions are ultimately still accountable to the courts, and that the relative simplicity of the arbitration rules is not necessarily always a benefit, say Robin Henry and Abbie Coleman at Collyer Bristow.

  • How The Netherlands Became A Hub For EU Class Actions

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    As countries continue to implement the European Union Collective Redress Directive, the Netherlands — the country with the largest class action docket in the EU — provides a real-world example of what class and mass litigation may eventually look like in the bloc, say lawyers at Faegre Drinker and Houthoff.

  • Navigating The Novel Challenges Facing The Legal Profession

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    The increasing prominence of ESG and AI have transformed the legal landscape and represent new opportunities for lawyers, but with evolving regulations and the ever-expanding reach of the Solicitors Regulation Authority, law firms should ensure that they have appropriate policies in place to adapt to these challenges, say Scott Ashby and Aimee Talbot at RPC.

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