Corporate Crime & Compliance UK

  • June 01, 2020

    Wealth Manager Seeks To Trim Ex-Athletes' Negligence Suit

    A wealth manager urged a London judge Monday to consider paring down a group of former athletes' £15 million ($18.7 million) negligence suit before settlement talks begin, arguing that settling the limitations dispute first will give the mediation a better shot at success.

  • June 01, 2020

    Barclays Forced To Give Up PE Firm Legal Docs In Fraud Suit

    A London judge ordered Barclays to hand over more than 1,500 documents detailing legal advice it received during its dealings with Qatar at the height of the financial crisis, ruling Monday as the trial approaches that the materials are no longer privileged.

  • June 01, 2020

    Police Chief Urges Probe Into Signature-Forging By Banks

    The U.K.'s National Crime Agency should investigate banks alleged to have been forging their customers' signatures, a police commissioner said Monday, branding the authority's inaction a "national scandal."

  • June 01, 2020

    FCA Bans 4 Cypriot Firms Using Fake Celebrity Endorsements

    Britain's finance watchdog said Monday it has barred four Cypriot investment firms from offering their products in the U.K. after they were caught using fake celebrity endorsements to flog risky investments costing British consumers £100,000 ($124,000) in losses.

  • June 01, 2020

    Insurance Customers Warned Of COVID-19 Investment Scams

    A fraud expert representing British insurers on Monday added to warnings that consumers must be on guard for a spike in insurance fraud as scammers try to take advantage of heightened financial anxieties amid the COVID-19 pandemic.

  • June 01, 2020

    UK Launches Investigation Into Subprime Lender Amigo

    The U.K.'s Financial Conduct Authority has launched an investigation into the process that subprime lender Amigo Holdings PLC uses to assess how creditworthy potential customers are before approving loans, the London-listed company said Monday.

  • May 29, 2020

    Pharma Suppliers Appeal CMA Action Over UK Market Rig

    A pharmaceutical company and a former pharma executive have appealed the fines imposed on them by the UK's antitrust regulator for allegedly rigging the drug market's supply of an antidepressant drug.

  • May 29, 2020

    Investors' Forex-Rigging Claims Against Banks Narrowed

    Hundreds of investors accusing banks of plotting to manipulate foreign exchange rates can move ahead with the bulk of their antitrust suit, a New York federal judge has ruled, while also limiting the claims they are allowed to pursue.

  • May 29, 2020

    EasyJet Hit With £18B Class Action Testing Value Of Privacy

    More than 6,000 EasyJet customers are gearing up to test European Union data rules in a group lawsuit seeking damages from the airline after a cyberattack left their personal details exposed to hackers, lawyers representing the claimants said.  

  • May 29, 2020

    PE Firm Asks For Barclays' Legal Docs Ahead Of Fraud Trial

    Barclays Bank PLC should have to hand over all of the legal advice it received before paying Qatar millions of pounds for advisory services during the financial crisis, as it has waived any privilege over the communication, a private equity firm suing the bank argued Friday.

  • May 29, 2020

    Jurors In Unaoil Bribery Trial Begin Deliberations

    A jury began deliberating Friday on bribery charges against three men accused of funneling millions of dollars in secret commissions to an Iraqi official to secure oil contracts worth approximately $800 million for clients overhauling the country's infrastructure after it suffered war damage.

  • May 29, 2020

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

    The past week in London has seen German financier Lars Windhorst dragged into court by a hospitality company, an Emirati lender sue former executives of a scandal-hit health company, and a bank representing the estate of musical artist Prince file IP claims against a unit of a major record label.

  • May 29, 2020

    Police Arrest Alleged Ghost Broker Targeting Health Workers

    Police in London have arrested a man accused of selling fake car insurance online and targeting National Health Service workers amid the COVID-19 pandemic.

  • May 29, 2020

    Danish Prosecutors Drop Probe Into EY's Danske Audits

    Denmark's state prosecutor announced on Friday that it is ending a year-long investigation into whether Ernst & Young LLP breached anti-money laundering laws in connection with its audit of Danske Bank, itself the subject of an international probe into the recycling of dirty money.

  • May 29, 2020

    Jersey's Baker & Partners Adds Fraud Expert To London Team

    Law firm Baker & Partners has hired a forensic accountant and asset-tracing expert from Grant Thornton to join the fraud and asset recovery practice at its new London office.

  • May 29, 2020

    Fraudsters Exploiting COVID-19 Cheat Britons Out Of £4.6M

    More than 2,000 Britons have lost over £4.6 million ($5.7 million) to fraudsters seeking to exploit fears over the COVID-19 pandemic, figures published Friday reveal.

  • May 28, 2020

    Venezuelan Prez Question Made Priority In $1B Gold Dispute

    The English courts must determine who the U.K. government formally recognizes as president of Venezuela before hearing any bid for forcing the release of €930 million ($1 billion) of the country's gold from the Bank of England's vaults, a London judge ruled Thursday.

  • May 28, 2020

    Serco Shareholders Defend Ownership Rights In Fraud Suit

    A group of shareholders suing security outsourcing giant Serco over fraud and false accounting revelations that ravaged the company's stock price have insisted they have "sufficient interest" in the company shares to be compensated even if they own them indirectly.

  • May 28, 2020

    SFO Taps New Senior Official To Head Strategy

    The Serious Fraud Office said Thursday that it had tapped a veteran criminal attorney to a newly created senior management position that will oversee the agency's strategy and business planning as the fraud watchdog takes hard look at how and when it brings charges. 

  • May 28, 2020

    NatWest Accused Of Falling Short In $5M Push Payment Fraud

    A Saudi unit of Maire Tecnimont SpA sued National Westminster Bank PLC for falling short of its responsibilities to the engineering giant after it was the victim of a $5 million push-payment fraud to let it recover the funds.

  • May 28, 2020

    Sanctions Suits Against EU Should Be Fair Game For ECJ

    The European Court of Justice can consider damages claims against the European Union over its enforcement of nuclear sanctions against Iran that were later scrapped, an adviser to the bloc's highest court said Thursday.

  • May 28, 2020

    Shell Targets Nigerian Oil Spill Claims After UK Setback

    Lawyers for a Royal Dutch Shell unit renewed their assault on a faltering class action for damages in England following a massive oil spill in Nigeria, telling a judge on Thursday that there is little to unite thousands of villagers claiming they were affected by environmental pollution.

  • May 28, 2020

    RBS To Refund £2.2M For Overdraft Charge Failures

    Royal Bank of Scotland Group PLC is to refund 36,000 customers £2.2 million ($2.7 million) after failing to alert account holders that they were about to tip over into unauthorized overdrafts, Britain's antitrust watchdog announced Thursday.

  • May 27, 2020

    SEC Confronts Fraud Amid 'Spike' In COVID-19 Tips

    The U.S. Securities and Exchange Commission is fielding a "spike" in COVID-19-related tips, complaints and referrals, or TCRs, many of which are leading to new investigations that the commission will look to probe in short order, an agency official said Wednesday.

  • May 27, 2020

    Sports Direct Can't Get Quick Probe Of Debenhams Sale

    A judge on Wednesday rejected a call to immediately appoint an independent investigator to review last year's sale of U.K. department store chain Debenhams PLC's business to its lenders, saying the request from minority shareholder Sports Direct was "draconian."

Expert Analysis

  • UK Lawyers Can Adapt Due Diligence To Screen New Clients

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    As COVID-19-related fraud gains pace, U.K.-based practitioners should help combat money laundering by using alternative methods to verify that new clients are who they say they are, says Christopher Convey, a barrister at 33 Chancery Lane and chair of the Bar Council's Money Laundering Working Group.

  • A Post-COVID-19 Road Map For UK Financial Services

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    From setting realistic recovery expectations to anticipating regulatory zeal to strategizing internal operations, attorneys at King & Spalding offer a road map for U.K. financial services stakeholders attempting to return to "normal" when the pandemic subsides.

  • FCA Has Strong-Arm Lending Tactics Under The Microscope

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    Even by the usual standards of a "Dear CEO" letter, the Financial Conduct Authority's April 28 letter is strongly worded — signaling no tolerance for banks using their corporate clients' cash-flow problems as leverage to obtain roles on equity mandates they otherwise would not have obtained, says Claire Cross at Corker Binning.

  • A Powerful Lesson In UK Data Protection Law Restrictions

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    While data protection laws are not naturally associated with efforts to impede the use of the death penalty, a recent U.K. Supreme Court ruling related to the U.S. investigation of an ISIS militant has implications for authorities seeking to transfer data to international counterparts, as well as private data controls generally, says David Rundle at WilmerHale.

  • A Look Forward To UK Banking Litigation In The 2020s

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    With an eye on the impact of COVID-19 and the evolving threat of financial crime, Christa Band and Jane Larner at Linklaters provide an overview of the near-future challenges financial institutions should expect.

  • High Court Ruling May Impede Unexplained Wealth Order Use

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    The High Court’s analysis in National Crime Agency v. Baker, of legislative provisions as they relate to offshore and complex structures, paves the way for a less responsive approach to unexplained wealth orders, say David Rundle and Josef Rybacki at WilmerHale.

  • Ukraine's Litigation Funding Push May Help Fight Corruption

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    Ukraine’s new third-party litigation funding initiative for civil cross-border actions may significantly strengthen the country's fight against corruption by helping with costs for proceedings against foreign criminals, says Oleg Shaulko at Kobre & Kim.

  • Time To Prepare For New US-UK Data Sharing Rules

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    The cross-border data sharing agreement between the U.S. and U.K. that takes effect in July will likely have a greater impact on communication service providers that store data in the U.S., and the number of disclosure requests coming from the U.K. might outstrip requests from the U.S., say attorneys at Morgan Lewis.

  • Pandemic Brings New Fraud Risks For UK Cos.

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    COVID-19 has created new opportunities for all kinds of fraud — from investment fraud to bogus equipment sales to hackers impersonating software engineers — and U.K. companies must conduct investigations despite the challenges posed by remote working arrangements, says Azizur Rahman of Rahman Ravelli.

  • UK Data Breach Ruling Clarifies Employers' Vicarious Liability

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    The U.K. Supreme Court's decision in the WM Morrison Supermarkets data breach group action confirms that employers cannot be held liable for employee actions related to a personal vendetta against the company, but most vicarious liability cases may not be as clear-cut, say attorneys at Covington.

  • Limits Of FCPA Jurisdiction Over Foreigners After Hoskins

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    The prosecution of former Alstom executive Lawrence Hoskins and other recent cases illuminate the outer limits of the Foreign Corrupt Practices Act’s jurisdiction over foreign persons, but many issues remain to be litigated, and a circuit split may yet need to be resolved, say Jason Linder and William Sinnott at Mayer Brown.

  • Latest UK Sanctions Breach Fine May Signal New Era

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    The £20.47 million penalty that the Office of Financial Sanctions Implementation imposed on Standard Chartered Bank on Tuesday is unprecedented, and this case could represent the start of a new era of sanctions enforcement in the United Kingdom, say attorneys at Kirkland.

  • Responding To DOJ's Increasing Int'l Antitrust Extraditions

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    The U.S. Department of Justice's recent extradition of a Korean auto parts executive — the third extradition based solely on an antitrust charge — reveals the difficult choices individuals face in deciding whether to defend themselves in a foreign land, but defendants in these cases have other options, say attorneys at BakerHostetler.

  • UK Gambling Regulator's AML Action Is A Warning To All Cos.

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    The U.K. Gambling Commission's recent anti-money laundering fine against online gambling giant Betway illustrates that companies subject to the U.K. Money Laundering Regulations must adopt a risk-based compliance approach that concentrates resources and focus into their highest-risk areas, say attorneys at Cadwalader.

  • A Few Unexplained Wealth Orders Don't Solve Fraud Issues

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    While the National Crime Agency has paraded a few high-profile unexplained wealth orders, like those the U.K. Court of Appeal recently upheld against Zamira Hajiyeva, the hype still fails to match their limited usefulness in combating illicit money thus far, says Bambos Tsiattalou at Stokoe.

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