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Corporate Crime UK

  • December 18, 2018

    Big Four Face Major Audit Shake-Up In Watchdog's Reforms

    The U.K.’s antitrust enforcer proposed radical new laws on Tuesday to break auditing services away from consultancy work at the Big Four global accounting companies, in a drive to tackle "deep-seated problems" and concerns about conflicts of interest.

  • December 17, 2018

    Ex-SocGen Exec In Libor-Rigging Row Disputes Fugitive Label

    Attorneys for a former Société Générale SA executive accused of falsifying the Paris bank's submissions to the London Interbank Offered Rate argued Monday that living in France doesn't make their client a fugitive and urged a New York judge to consider the case's constitutionality.

  • December 17, 2018

    Bank Exec Seeks Time Served After FATCA Conviction

    The former CEO of the offshore Loyal Bank Ltd. asked a Brooklyn federal judge on Monday to let him avoid prison after he admitted helping a purported fraudster hide income from United States authorities in the first conviction under the Foreign Account Tax Compliance Act of 2010.

  • December 17, 2018

    Elder Gaffey CPA Denies Panama Papers Fraud, Tax Charges

    An Elder Gaffey & Paine PC accountant charged with tax evasion, fraud and money laundering in connection with the leak of documents from the Mossack Fonseca law firm referred to as the Panama Papers pled not guilty in Manhattan federal court on Monday.

  • December 17, 2018

    May Schedules New Vote On Brexit Deal For January

    U.K. Prime Minister Theresa May said Monday she will ask Parliament to vote on her Brexit plan early next month, just days after European negotiators said they won't rework the withdrawal agreement amid widespread opposition from British lawmakers. 

  • December 17, 2018

    UBS Fined $15M For Weak Money Laundering Detection

    Three U.S. regulatory bodies hit two American units of Swiss banking giant UBS Group AG with $15 million in fines Monday for not investing in resources necessary to combat money laundering since at least 2004, the agencies said in coordinated announcements.

  • December 17, 2018

    Liquor Cos. Can't Quash Docs In £440M Tax Evasion Probe

    A British judge on Monday said documents seized from several U.K. liquor traders may be reviewed by HM Revenue and Customs authorities investigating a broad £440 million ($554 million) scheme to evade alcohol taxes, finding no indication that agents intended to exceed court-issued search warrants.

  • December 17, 2018

    EU Plans To Continue Swiss Trading Under MiFID II

    The European Commission detailed plans on Monday to continue to allow EU investors to trade in shares listed in Switzerland under MiFID II until June 2019, while the country is embroiled in negotiations that will allow it future legal access to the bloc’s market.

  • December 17, 2018

    'Crash For Cash' Duo Sentenced For Bogus Insurance Claims

    Two insurance fraudsters have been handed suspended jail sentences at a London court after they caused a car crash in an attempt to claim thousands of pounds in bogus claims, City of London Police have said.

  • December 17, 2018

    FCA Sets Out New Rules For Claims Management Cos.

    Claims management companies will have to meet tough new rules to obtain authorization by the Financial Conduct Authority from April 2019, which they will require if they are to operate within the law, the City regulator said Monday.

  • December 17, 2018

    Ex-Retail Boss Fined £50K For Pension Data Failings

    A court has ordered the former owner of retail chain BHS, which collapsed with a pension deficit of £570 million ($720 million), to pay more than £124,000 after he lost an appeal against a conviction for failing to hand over information to Britain’s pensions regulator.

  • December 14, 2018

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

    The last week has seen an Italian investment boutique sue a film production company, MMA and Axa sue shipper MSC and a wealth management firm lodge a part 8 action against major banks like Barclays and HSBC.

  • December 14, 2018

    Delay In Charges Won't Halt Croatian's UK Extradition

    A British judge on Friday refused to stop the extradition of a Croatian man accused of embezzling money from a former employer more than a decade ago, saying that despite the delay in prosecuting the claim there is no evidence that the passage of time has eroded his memory or ability to call witnesses to his defense.

  • December 14, 2018

    Watchdog Toughens Complaint Process For Payment Fraud

    Victims of "push-payment" fraud will be able to complain to the payment services provider that received their money under new rules published by the Financial Conduct Authority on Friday.

  • December 14, 2018

    FCA Bans Investment Advisor For Mutual Society Conflicts

    The U.K.'s financial watchdog said Friday it has fined a veteran investment adviser £20,000 ($25,000) and banned her from serving as a company director after she allegedly sought employment with an asset manager even as she steered clients to the firm. 

  • December 14, 2018

    Iranian Insurer Denied Compensation Over EU Nuke Sanctions

    The European Union’s General Court has refused to grant millions of euros in damages to a state-owned Iranian insurer after its assets were frozen under nuclear sanctions against Tehran, handing victory to the European Council.

  • December 14, 2018

    BoE Acts On Travel Expenses After Pressure From MPs

    The Bank of England said Friday it has tightened its expenses regime after two senior regulatory experts, one of them a former vice chairman of the U.S. Federal Reserve, angered MPs by racking up £390,000 ($490,000) on travel costs over two and a half years.

  • December 14, 2018

    EU Refuses To Reopen Brexit Deal, Putting Passage In Doubt

    The European Council has formally told the U.K. that its Brexit withdrawal agreement is not open to renegotiation even though a majority of British lawmakers rejected the package, increasing the odds of a no-deal departure from the bloc or a postponement.

  • December 13, 2018

    Senate Dems Call For Deutsche Bank Probe After AML Raid

    Two Senate Democrats called for a bipartisan investigation into Deutsche Bank AG's compliance with federal anti-money laundering laws and its correspondent banking operations in a letter to their colleagues in the Senate Banking Committee on Thursday, citing German authorities' recent raid on the bank and its "history of regulatory problems."

  • December 13, 2018

    Nigerian Gov't Sues Shell, Eni In UK For $1B Over Oil Deal

    The government of Nigeria filed a $1.1 billion lawsuit against Royal Dutch Shell PLC, Italian oil company Eni SpA and other companies in London's High Court Thursday over a 2011 oil deal that is at the center of allegations of corruption.

Expert Analysis

  • 2018 In Review: Significant White Collar Developments At DOJ

    Jason Jones

    As the year comes to a close, attorneys at King & Spalding LLP look back at a few of the most notable developments at the U.S. Department of Justice, including corporate monitor guidance, a False Claims Act policy shift, foreign exchange prosecutions, cryptocurrency fraud and international cooperation developments.

  • Opinion

    Why We Need Anti-Money Laundering Whistleblower Awards

    Eric Havian

    The recent Mossack Fonseca indictments and Deutsche Bank raid would not have been possible without the whistleblower behind the Panama Papers leak. But there is no incentive for rooting out the type of criminal money laundering revealed here, creating a large enforcement gap, say Eric Havian and Michael Ronickher of Constantine Cannon LLP.

  • What To Expect From Serious Fraud Office In 2019

    Anna Gaudoin

    The coming year looks to be an interesting one for the U.K. Serious Fraud Office. With new Director Lisa Osofsky firmly in post, expectations are high that she will shake things up in the next few months, say Anna Gaudoin and Alison Geary of WilmerHale.

  • A Long Accountability Journey For Financial Cos. Post-GDPR

    James Drury-Smith

    The EU General Data Protection Regulation's accountability principle obligates organizations to provide evidence of compliance — one of the biggest changes brought about by the GDPR. Though the concept is simple, embedding accountability into financial services firms' operations and culture will not be achieved overnight, say experts at PricewaterhouseCoopers.

  • Why English Courts Are Prepared To Assist Cyber Victims

    Fiona Cain

    This year, a number of cases have illustrated how English courts are dealing with legal hurdles for cybercrime victims and making it easier to obtain a freezing order or injunction under such circumstances, says Fiona Cain of Haynes and Boone LLP.

  • Illegality Defense Developments In UK And Cayman Islands

    James Elliott

    Recent cases in the United Kingdom and Cayman Islands show that the broader test for application of the illegality defense endorsed in Patel v. Mirza appears to be more suitable than the previous Tinsley test, but it is now harder to predict the outcome of individual cases, say James Elliott and William Peake of Harney Westwood & Riegels LLP.

  • A Victory For Legal Privilege In Cross-Border Investigations

    Antonia Apps

    The U.K. Court of Appeal's recent decision in Serious Fraud Office v. Eurasian Natural Resources is a substantial step toward confirming the application of legal privilege in internal investigations, and has significantly reduced the divergence in U.K. and U.S. privilege law, say attorneys with Milbank Tweed Hadley & McCloy 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.

  • 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.

  • Structuring Investigations In Light Of UK Privilege Case

    Mark Beeley

    The English Court of Appeal's much-anticipated decision in Eurasian Natural Resources Corporation means that companies will continue to face difficulties in obtaining the information they need to investigate suspected wrongdoing, without losing the benefit of legal advice privilege under English law, say Mark Beeley and Rebecca Dipple of Orrick Herrington & Sutcliffe LLP.