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Corporate Crime & Compliance UK
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April 25, 2025
Deripaska Sues To Uncover Source Of Allegedly Forged Report
A Russian oligarch has asked a London court to order a business intelligence company to divulge the source of an allegedly forged report used to back up a former business partner's bid to challenge a $95 million arbitration award.
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April 25, 2025
Nightclub Owner And Accountant Guilty Of £4.9M Tax Fraud
A court has convicted a nightclub owner and his accountant of evading £4.9 million ($6.5 million) in tax, with the venue boss spending the money on luxury cars and a yacht, the U.K. tax authority said Friday.
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April 25, 2025
Tycoon's Son Loses Challenge To £3M Howard Kennedy Bill
The son of a diamond tycoon accused of swindling $1 billion from banks lost his bid for a court-ordered review of his legal bills from Howard Kennedy on Friday as the High Court said he knew of the climbing costs linked to his international fraud case.
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April 25, 2025
UK Law, Accounting Bodies Queried On Poor SAR Records
The anti-money laundering unit of the Financial Conduct Authority has told legal and accounting professional bodies to justify their failure to check the quality of suspicious activity reports by their member firms.
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April 25, 2025
Fess Up, Or Wait And See? SFO Policy Shift Stirs DPA Debate
The Serious Fraud Office's "cast iron" promise that companies self-reporting wrongdoing will duck prosecution could lead to a new wave of settlements — but only if other controversial reforms push businesses to the negotiation table, lawyers say.
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April 25, 2025
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen pub operator Stonegate sue insurance broker Marsh, a human rights lawyer sued for defamation by Russian businessman Ovik Mkrtchyan, and British toy-maker The Character Group reignite an employment dispute with a former finance director. Here, Law360 looks at these and other new claims in the U.K.
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April 24, 2025
Ofcom Unveils Final Child Safety Rules For Tech Cos.
The U.K. communications regulator finalized new rules Thursday to protect children's safety online, compelling technology companies to introduce "highly effective" age checks or face fines or nationwide bans.
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April 24, 2025
Marine Co. Claims Axis Bank Misled It Into $21M Loan Scheme
A marine energy company has sued the Dubai branch of India's Axis Bank for $41.7 million, alleging that the lender misled it into participating in a loan to a shipping company secured against ships that were later sold without its knowledge.
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April 24, 2025
Lloyd Firth On SFO's New Energy And UK Regulatory Shift
Lloyd Firth comes from a long line of blue-collar workers from the north of England. Bricklayers, mostly, but also coal miners and gas blowers from Barnsley's furnaces. Firth, whose father and brother still work in the trade, read books instead.
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April 24, 2025
Digital Pharma Biz Sues Lender Over CEO Loan Collusion
A digital pharmacy company has accused a small business lender of knowingly working with its former CEO to funnel huge unauthorized loans into the firm, ignoring clear signs that the executive was acting dishonestly and beyond his powers.
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April 24, 2025
Gov't Fairly Fired Anti-Fraud Officer Over Misconduct
An employment tribunal has found that the Department for Work and Pensions was right to fire a counterfraud officer for inappropriately accessing records on its customer information system because it was not the first time she had done so.
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April 24, 2025
Canfield Law Faces £4M Claim Over Alleged Property Fraud
A Hong Kong businessman has accused a London law firm in a High Court claim of failing to ask questions in connection with a high-value property deal, which he says facilitated a fraud that cost him more than £4 million ($5.3 million).
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April 24, 2025
Legal Exec Banned For Misappropriating £219K Client Funds
A legal executive has been disqualified and banned from working at law firms after the English solicitors' watchdog concluded that he had misappropriated £219,000 ($292,000) from a dead client's estate.
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April 23, 2025
SFO Updates Rules To Cut Deals With Firms That Come Clean
The Serious Fraud Office said on Thursday that it is ready to cut deals with companies that come clean about their suspected crimes, part of a major policy change designed to boost the flagging number of corporate settlements.
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April 23, 2025
Rainer Hughes Founder Accused Of Laundering Fraud Funds
Prosecutors accused a founder of Rainer Hughes LLP of laundering the proceeds of a multimillion-pound alcohol tax fraud at the beginning of a criminal trial in London on Wednesday.
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April 23, 2025
Lawyers Face Misconduct Case For Letting Trainee Run Firm
The Solicitors Regulation Authority told a disciplinary tribunal on Wednesday that a group of lawyers were guilty of misconduct for allowing a trainee to buy and run a firm, leading to accounts rules breaches and a mishandled case.
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April 23, 2025
Brazilian Cos. Appeal EU Rulings Over Madeira Tax Scheme
Several Brazilian companies are appealing the European Union's court rulings that tax breaks they received in the Madeira Free Trade Zone are considered illegal state aid provided by Portugal, according to the Official Journal of the EU.
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April 23, 2025
Payroll Biz Exec Banned For 8 Years Over £2.5M Tax Fraud
The boss of a defunct payroll company that failed to pay millions of pounds in value-added tax was banned as a director for eight years on Wednesday after a government investigation into the business' significant tax underpayments.
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April 23, 2025
SFO Bribery Case Could Test Unanswered Legal Principles
Allegations by the Serious Fraud Office that an insurance broker failed to prevent bribery will tread new ground, a sign that the agency is willing to probe largely unanswered legal principles to test the extent of its powers, lawyers say.
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April 23, 2025
Apple, Meta Fined €700M In 1st Penalty Under EU Tech Rules
The European Commission said Wednesday it has fined Apple Inc. €500 million ($570 million) and Meta €200 million for failing to give consumers choices on offers and how their personal data is used — the first decision under the bloc's Digital Markets Act.
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April 22, 2025
SRA Fines Law Firm £37K For AML Compliance Failure
The English solicitors' regulator has hit a firm with an almost £37,000 ($49,000) fine after the firm admitted failing to carry out risk assessments required by anti-money laundering regulations.
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April 22, 2025
Director Banned After Investors Lost £8.5M In Tree Bonds
A U.K. businessman has been banned from running a company until 2036 after investors in a Brazilian plantation scheme lost more than £8.5 million ($11.3 million), the Insolvency Service said Tuesday.
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April 22, 2025
Fraud Review Explores Incentives For UK Whistleblowers
A government-backed review into how to protect consumers from surging levels of fraud will also consider incentives for informants and whistleblowers in investigations involving agencies such as the Serious Fraud Office, the Home Office said Tuesday.
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April 22, 2025
Ex-Janus Analyst Denies Telling Sister To Short Lab Shares
A former financial analyst testified in London on Tuesday that his sister's decision to short a major lab testing company's share price minutes after he received confidential information unavailable to the market had nothing to do with him.
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April 22, 2025
HMRC Tax Investigations Of Large Cos. Drag On, Report Says
HM Revenue & Customs investigations into the tax arrangements of large businesses take almost four years on average, according to research published by a law firm.
Expert Analysis
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What New Int'l Treaty Means For Global AI Regulation
Lawyers at Bird & Bird consider how global artificial intelligence regulation will be affected by the first international AI treaty recently signed by the U.S., EU and U.K., as well as its implications for business and several issues that stakeholders should be aware of.
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Factors Driving EU Competition Policy For The Next 5 Years
Teresa Ribera Rodríguez’s recent nomination as the new European Union commissioner for competition prompts questions about policy and enforcement, with goals to enhance competition in business, implement stronger and faster enforcement, and promote and fund decarbonization likely in her sights during a five-year term, say lawyers at Linklaters.
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2 Highlights From Labour's Notable Employment Rights Bill
The Labour government’s recently unveiled Employment Rights Bill marks the start of a generational shift in U.K. employment law, and its updates to unfair dismissal rights and restrictions on fire-and-rehire tactics are of particular note, say lawyers at Covington.
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How Energy Scheme Is Affecting Large Co. Fund Investment
The latest phase of the Department of Energy and Climate Change's Energy Savings Opportunity Scheme implicates funds with investments in large companies by establishing significant and complex changes to the reporting cycle for mandatory assessments, say lawyers at Macfarlanes.
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How Companies House Enforcement Powers Are Growing
Companies House's recently increased ability to assess what material is submitted to the U.K. register of companies, and to proportionately enforce where violations have occurred, may require some degree of cultural shift within many companies, say lawyers at Greenberg Traurig.
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How New Sanctions Office Will Affect UK Trade Landscape
The recent launch of the Office of Trade Sanctions Implementation will help to create a more comprehensive civil enforcement terrain, but the potential for multiple investigations means businesses should reassess their systems to ensure they do not inadvertently incur civil liability, says Julia Pearce at Robertson Pugh.
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FCA Savings Update Focuses On Good Customer Outcomes
The Financial Conduct Authority’s recent cash savings update emphasizes its expectations of firms to deliver fair value to consumers by documenting the rationale for actions at each stage, considering customer communications and demonstrating that potential harms are acted upon, say Matt Handfield, Charlotte Rendle and Caroline Hunter-Yeats at Simmons & Simmons.
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Opinion
Why The UK Gov't Should Commit To An Anti-SLAPP Law
Recent libel cases against journalists demonstrate how the English court system can be potentially misused through strategic lawsuits against public participation, underscoring the need for a robust statutory mechanism for early dismissal of unmeritorious claims, says Nadia Tymkiw at RPC.
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5 Takeaways From UK Justices' Arbitration Jurisdiction Ruling
The U.K. Supreme Court's recent judgment in UniCredit Bank v. RusChemAlliance, upholding an injunction against a lawsuit that attempted to shift arbitration away from a contractually designated venue, provides helpful guidance on when such injunctions may be available, say attorneys at Fladgate.
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FCA's Broad Proposals Aim To Protect Customer Funds
The Financial Conduct Authority’s proposed changes to payments firms’ safeguarding requirements, with enhanced recordkeeping and fund segregation, seek to bolster existing regulatory provisions, but by introducing a statutory trust concept to cover customers’ assets, represent a set of onerous rules, says Matt Hancock at Greenberg Traurig.
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Complying With Growing EU Supply Chain Mandates
A significant volume of recent European Union legislative developments demonstrate a focus on supply chain transparency, so organizations must remain vigilant about potential human rights and environmental abuses in their supply chain and make a plan to mitigate compliance risks, say lawyers at Weil.
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Takeaways From Upcoming Payment Fraud Delay Legislation
Lawyers at Hogan Lovells discuss what to know about new legislation that will allow payment service providers to delay payments when third-party fraud is suspected, and share pointers for providers to consider ahead of the Oct. 30 effective date.
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What New EU Packaging Regulation Will Mean For Companies
The forthcoming Packaging and Packaging Waste Regulation aims to regulate the entire life cycle of products from design to end-of-life waste, and will present particularly challenging deadlines for organizations, especially regarding recyclability and substances of concern, say Marcus Navin-Jones and Ward Overlaet at Crowell & Moring.
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Modernizing UK Trade Settlement Standard: The Road Ahead
Andrew Tsang and Tom Bacon at BCLP consider the rationale and challenges of a potential U.K. trade settlement acceleration, part of an initiative to modernize the financial market infrastructure, and suggest that incorporating distributed ledger technology as a synchronized recording system would facilitate the move.
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ICO Reprimand Highlights Importance Of Cookie Use Consent
The Information Commissioner's Office's recent reprimand of Bonne Terre's unlawful use of online advertising cookies confirms that companies using third-party tracking technologies are considered data controllers responsible for ensuring compliance, say Nessa Khandaker and Lynn Parker Dupree at Finnegan.