Corporate Crime & Compliance UK

  • October 05, 2022

    Barclays, ICAP's $22.5M Deal OK'd In Benchmark-Rigging Suit

    A New York federal judge on Tuesday gave his preliminary blessing to a $22 million deal that would resolve claims by investors accusing Barclays and others of plotting to manipulate interbank exchange rates, including one tied to the Japanese yen, causing them to suffer losses. 

  • October 05, 2022

    Catalog Retailer Fined £1.48M For Data, Marketing Breaches

    The Information Commissioner's Office said Wednesday that it fined a catalog retailer selling household items and other products £1.48 million ($1.67 million) for breaking U.K. data protection and electronic marketing laws.

  • October 05, 2022

    Lloyds Bank Seizes £91M From Money Mules In 4 Years

    Lloyds Bank said it has seized more than £91 million ($104 million) from people who allow their bank accounts to be used to transfer criminal cash, as the lender warned of a sharp rise in older people acting as "money mules."

  • October 05, 2022

    MPs Urged To Put FCA On Hook For Financial Well-Being

    A cross-sector financial services body urged lawmakers Thursday to amend planned legislation to give U.K. regulators a secondary objective of promoting financial well-being of households.

  • October 05, 2022

    NJ Man Sentenced For Defrauding Shipping Insurance Co.

    A former associate director for a London-based maritime shipping insurance claims servicer was sentenced to 27 months in prison after pleading guilty to embezzling from the company and dodging payroll taxes.

  • October 05, 2022

    Retirement Biz Fights For Stake In $39M Of Liquidated Assets

    A savings and retirement business told an appellate court Wednesday it has a right to a stake from the liquidation of assets of a businessman imprisoned for stealing £35 million ($39 million) from a software company.

  • October 05, 2022

    Duo's Fraud Trial Begins Over Fees From Libyan Fund

    The former head of a U.K. fund manager and a Swiss banker conspired to defraud a Libyan sovereign wealth fund of millions of dollars in improper investment fees, prosecutors told a London jury at the start of their criminal trial Wednesday.

  • October 05, 2022

    Ex-Jones Atty Fined Over 'Burn' Text In Ocado Suit

    A former senior Jones Day lawyer has been spared a prison sentence for instructing a client to delete a secure messaging app as a judge said Wednesday that the consequences he has already suffered should be a sufficient deterrent for other attorneys.

  • October 04, 2022

    Baker McKenzie Brings On Data Leader From Taylor Wessing

    The former co-chair of Taylor Wessing LLP's international technology and data practice has joined Baker McKenzie's London office. 

  • October 04, 2022

    Linklaters Latest To Credit Billable Hours For Diversity Work

    Linklaters LLP said Tuesday it will implement a new policy next month to recognize attorneys' diversity, equity and inclusion efforts by giving them billable hour credit and performance bonuses.

  • October 04, 2022

    Exec Gets 20 Months For Serving As Director While Bankrupt

    A man has been sentenced to 20 months in prison for continuing to act as director of his distribution company after he was declared bankrupt, the Insolvency Service said Tuesday.

  • October 04, 2022

    Ashurst Takes Risk Biz To UK With Eyes On Global Expansion

    Ashurst LLP has launched its consulting business in the U.K. with plans to further expand in continental Europe and Asia, as clients increasingly turn to law firms for advice on how to minimize risks and defend their reputation.

  • October 04, 2022

    How Employers Can Put The 'S' In ESG

    Social responsibility is no longer the hallmark of an exceptional employer but an acceptable one, making employee relations plans essential to corporate strategy, attorneys say.

  • October 04, 2022

    EU Watchdog Warns Firms Over Credit Protection Abuse

    A European Union watchdog warned banks and insurers on Tuesday to protect consumers from being wrongly sold insurance linked to loan products, or risk sanctions including de-registration by national regulators across the bloc.

  • October 04, 2022

    Indian Seeks To Dodge Extradition On Prison Violence Fears

    An Indian national facing extradition from the U.K. to India for tax evasion and money laundering offenses would face the risk of "violence and extortion" in prison if extradited, his counsel said at a London court hearing on Tuesday.

  • October 04, 2022

    EU Confirms Blacklisting Of 3 Island Jurisdictions

    The European Union council of member states placed three island jurisdictions on its so-called blacklist of uncooperative jurisdictions for tax purposes Tuesday, confirming a draft document that previewed the decision last week.

  • October 04, 2022

    Deutsche Bank Trader Avoids Extradition Over Politics Claims

    A judge has blocked the extradition of a former Deutsche Bank trader wanted by South Korea for alleged market manipulation, finding Tuesday that the prosecution is politically motivated by damage allegedly caused to the country's stock market while it hosted world leaders.

  • October 04, 2022

    FCA Warns Insurers Over Biz Interruption Claims Delays

    The Financial Conduct Authority said Tuesday that insurers may be subjecting business owners to unreasonable delays in claims payouts, as it revealed that 15% of policyholders are still awaiting compensation nearly two years on from a pandemic test case.

  • October 04, 2022

    Retailers Lose Challenge To Card Swipe Fees Decision

    An appellate court ruled on Tuesday that Visa and Mastercard did not overcharge hundreds of U.K. retailers with swipe fees after the European Union passed legislation capping the charges.

  • October 04, 2022

    Ex-F1 Chief To Face 2023 Trial Over Hidden $650M Charges

    Former Formula One racing boss Bernie Ecclestone will face trial next year at a London court over an allegation that he hid more than $650 million in an offshore trust from the British tax authorities.

  • October 04, 2022

    UK Biz Registry Reform Still Leaves Gaps For Launderers

    Planned reforms to the U.K.'s official business registry aimed at curbing money laundering will require only limited ID checks to determine an entity's true owners — and fall short of airtight protection against criminal activity, according to lawyers who have studied the legislation.

  • October 03, 2022

    High Court Declines To Hear Challenge To Libor Jurisdiction

    The U.S. Supreme Court said Monday that it wouldn't be hearing an appeal brought by Lloyds Bank, the Royal Bank of Scotland and other banks challenging a Second Circuit decision allowing antitrust claims to proceed against them in litigation over their alleged manipulation of the London Interbank Offered Rate.

  • October 03, 2022

    US, UK Deal To Speed Police Access To User Data Goes Live

    Law enforcement officials in the U.S. and U.K. can now more easily access user data held by electronic service providers in the other country to combat serious crimes, under a novel deal between the nations that took effect Monday. 

  • October 03, 2022

    1st Legal Tech Co. Joins UK's Spanish Chamber Of Commerce

    Contract management software company Bigle Legal said Monday that it has joined the U.K.'s Spanish Chamber of Commerce, making it the first legal tech company to become a member of the association.

  • October 03, 2022

    Royal Bank Of Canada Beats Whistleblowing Suit

    A London tribunal has ruled that a former corporate crime prevention director for the Royal Bank of Canada in London was not pushed to resign after raising compliance concerns.

Expert Analysis

  • Why Risk-Based Employee Conduct Policies Are Advisable

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    In establishing employee conduct policies, companies should consider the extent to which they are exposed to certain types of risk, such as bribery and corruption, as establishing clear written standards offers a step toward avoiding criminal liability, says Steve Melrose at Bellevue Law.

  • A Trusted Cybersecurity Framework Is Imperative For Lawyers

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    The recent increased risk of cyberattacks has a number of profound implications for law firms, and complying with government guidance by embedding a cyber-savvy culture and adhering to a security framework will enable lawyers to add extra layers of defense and present their clients with higher levels of protection, says Marion Stewart at Red Helix.

  • What New Bar Exam Means For Law Students And Schools

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    Stephanie Acosta at UWorld discusses how law students and law schools can start preparing now for the new bar exam launching in 2026, which is expected to emphasize real-world lawyering skills-based tasks over rote memorization.

  • Human Rights Due Diligence Will Become Business Imperative

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    The proposed EU Corporate Sustainability Due Diligence Directive, with its significant consequences for noncompliance, is likely to cause companies to avoid sourcing from high-risk markets and some will not wait until it takes effect to establish human rights due diligence processes, says attorney Suzanne Spears.

  • Ex-Alstom Exec's 2nd FCPA Acquittal Limits Agency Theories

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    The Second Circuit recently upheld the second post-trial acquittal of an ex-Alstom executive on Foreign Corrupt Practices Act bribery charges, imposing a significant evidentiary burden on U.S. regulators arguing agency-based theories of FCPA jurisdiction, say attorneys at Covington.

  • The New EU Data Act Proposal Raises Several Questions

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    In its aim to improve users' rights to access industrial data, the proposed Data Act demonstrates the European Commission’s awareness of the competitive advantage this can bring, but there are concerns as to how it would work in practice, and it appears unlikely that the U.K. will follow a similar framework, say Nick Phillips and Selina Clifford at Edwin Coe.

  • SFO Must Learn From Recent Mistakes

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    The Serious Fraud Office must work on rebuilding its reputation following independent reports on failures in the high-profile Serco and Unaoil cases, and needs to focus on fully understanding and engaging with the disclosure process as well as improving compliance with its internal policies and procedures, say Shula de Jersey and Matt Davies at BCL Solicitors.

  • Opinion

    A Better Gov't Response To Pensions Misselling Is Needed

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    To finally clamp down on the pensions misselling we have seen emerge of late, such as the recent scandal involving a Qualifying Recognized Overseas Pension Scheme, a robust regulatory regime is needed to put an end to inadequate enforcement and unwise legislative innovation in U.K. pensions law, says Ben Rees at Keller Postman.

  • UK Service-By-NFT Ruling Opens Doors For Fraud Victims

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    By permitting a claim in a cryptocurrency fraud case to be served via non-fungible token to otherwise-untraceable defendants, the English High Court is adapting existing legal principles to create tools that may offer better recourse to victims of digital asset fraud, say attorneys at Dechert.

  • A Review Of The New UK Financial Services And Markets Bill

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    In revoking retained EU law and replacing it with U.K.-specific legislation, the new Financial Services and Markets Bill should mean a less cumbersome and more accessible regulatory regime than the existing patchwork of requirements, with provisions that address consumers’ concerns that they were not adequately protected, say attorneys at Ashurst.

  • How Greenwashing Litigation Is Affecting Financial Services

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    A rising demand for sustainable investment is likely to lead to an increase in claims of greenwashing, where a company's marketing falsely portrays its output as producing positive environmental outcomes, which carries risks for investors and insurers, says Kirsty Finlayson at Browne Jacobson.

  • Latest Cum-Ex Fine Signals Increased FCA Scrutiny

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    The TJM Partnership's recent fine by the Financial Conduct Authority for compliance failings linked to suspected cum-ex trading highlights the importance of businesses having in place adequate in-house procedures to reduce the risk of financial crime and money laundering, says Nicola Sharp at Rahman Ravelli.

  • FCA Consumer Duty Shows Shift In Retail Financial Services

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    The Financial Conduct Authority’s newly published guidance on consumer duty sets higher expectations of the standard of care that financial firms give retail customers, meaning boards and senior management should expect to be held accountable for embedding a culture in which consumers' needs come first, say Claire Carroll and Sumitra Subramanian at Eversheds Sutherland.

  • ESG Ruling Sends Out Warning To UK Parent Companies

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    U.K.-based parent companies with extensive overseas activities should pay close attention to the U.K. Court of Appeal's recent ruling in Municipio de Mariana v. BHP, since in applying a relatively low bar for determining whether mass environmental claims of this nature can proceed to trial, the potential for such claims is likely only to increase in coming years, say attorneys at Shearman.

  • Fintech Faces New Compliance And Enforcement Challenges

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    While firms aim to provide an enhanced user experience in the payments and crypto-assets sectors, ensuring preventive measures against financial crime means that a trade-off is unavoidable, as is a shift toward direct regulation of technology and fintech firms, say Sara George and Max Savoie at Sidley.

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