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Corporate Crime & Compliance UK
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June 18, 2025
SFO's Growth Push A 'Difficult Line To Tread' For Prosecutor
The Serious Fraud Office's recent promise to assist UK PLC with growth has raised eyebrows among former officials who question the optics of adopting political talking points that, on the surface, appear to distract from investigating and prosecuting economic crime.
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June 18, 2025
Artist Defends 'Fishrot' Apology Spoof As Free Expression
An Icelandic artist urged a London appellate judge Wednesday to give him a chance to override a decision that he could not successfully defend against a claim from the country's largest seafood company alleging he created a spoof website to publish a false apology over a bribery scandal.
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June 18, 2025
EU Firms Warn UK Gov't Not To Ban Ransomware Payments
A European financial markets trade body on Wednesday warned the U.K.'s Home Office that its proposed ban on paying ransomware demands to criminals could destabilize financial markets and lead to cross-border confusion.
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June 18, 2025
EPPO Indicts Pig Farm And Bosses Over €9M Subsidy Fraud
The European Public Prosecutor's Office has indicted a pig farm and nine employees on charges of committing a €9 million ($10 million) subsidy fraud by allegedly exploiting a scheme to fund welfare improvements.
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June 17, 2025
UK Escalates Sanctions On Russian Finance, Energy Sectors
The U.K. government struck Russian finance, energy and military sectors with 30 new sanctions on Tuesday, ramping up pressure on the country following devastating attacks on Kyiv earlier in the day.
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June 17, 2025
Ex-Georgian PM Says Credit Suisse Ignored £600M Fraud
Georgia's former prime minister told a U.K. appeals court Tuesday that Credit Suisse Life cannot skirt liability for his losses from an employee's fraud scheme, saying the life insurer had obligations to policyholders to ensure their assets were being managed responsibly.
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June 17, 2025
Geradin Partners Hires Top Lawyers For German Expansion
Geradin Partners said Tuesday that it has hired five lawyers from the law firms Hausfeld and Osborne Clarke as it prepares to launch in Germany later this year.
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June 17, 2025
SRA Hits Firm With £64K Fine Over AML Lapses
The Solicitors Regulation Authority has hit a firm with a £64,000 ($86,000) fine after finding it failed to comply with anti-money laundering regulations for around six years.
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June 17, 2025
EU Agrees Rules To Firm Up Cross-Border GDPR Enforcement
European Union co-legislators have agreed new legislation to improve cooperation between national authorities when they enforce data protection rules across borders.
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June 17, 2025
Cuban Bank Hit Again With Offshore Fund's €71M Debt Claim
A Cayman Islands fund has alleged that the former central bank of Cuba owes sovereign debt and interest worth almost €71 million ($82 million) from loans taken in the 1980s, its latest move after a court barred it from suing the Caribbean state itself.
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June 16, 2025
Ex-Metro Bank Execs Win Bid To Cut Fines Over Listing Error
An appellate tribunal on Monday reduced financial penalties for two former Metro Bank executives, confirming the bank breached listing rules when it published misleading financial statements in 2018 but finding the executives were honest with the tribunal about the £900 million ($1.2 billion) reporting scandal.
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June 16, 2025
Mozambique Wins Bid To Add Safa Heirs In $1.9B Dispute
A London judge ruled Monday that Mozambique should be allowed to add the heirs of shipbuilding magnate Iskandar Safa to the government's claim over a bribery scheme as it seeks to enforce a $1.9 billion damages award.
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June 16, 2025
Metal Exchange Faces Pushback Over Transparency Plans
Trade bodies representing financial institutions have warned the London Metal Exchange that its long-term proposals for increasing price transparency could risk it unlawfully abusing its dominant position as price data provider.
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June 16, 2025
SFO's Top Accountant Named In King's Birthday Honors List
Nick Stroud, a top accountant at the Serious Fraud Office, has been recognized with an Order of the British Empire award.
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June 16, 2025
VTB Sues JPMorgan Over €17M Asset Sale Amid Sanctions
VTB has alleged that JPMorgan owes it more than €17.8 million ($21 million) over the American bank's botched handling of a trading account and failing to pay out for assets it sold after the Russian bank was hit with sanctions, widening the legal dispute between the two companies.
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June 16, 2025
Trader Says US Extradition For $12M Fraud May Be 'Terminal'
A British trader wanted in the U.S. for allegedly defrauding investors as part of a $12 million "pump and dump" scheme told a London judge on Monday that his poor health should prevent his extradition on human rights grounds.
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June 16, 2025
Credit Suisse Life Fights $607M Liability To Ex-Georgian PM
The Bermudan life insurance arm of Credit Suisse challenged court findings Monday that it owes $607 million in damages to the former prime minister of Georgia, saying his losses were due to fraudulent activity by an employee of its banking arm.
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June 16, 2025
Billionaire Accuses India Of Orchestrating His Kidnap, Torture
Billionaire Mehul Choksi accused the Indian government in a London court Monday of orchestrating his "appalling and traumatic" kidnapping and torture in the Caribbean to force him to return to India to face allegations of involvement in an $1.8 billion bank fraud.
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June 13, 2025
UK Businessman Defends Asset Transfer As Tax Strategy
A British businessman denied that he transferred a company to his son to defraud a creditor, arguing it was part of a long-term tax strategy rather than a tactic to avoid repaying £4.7 million ($6.4 million) in debt.
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June 13, 2025
EU Guides Watchdogs On Digital Outsourcing Upsurge
The European Union's financial markets regulator has released guidance for national watchdogs on how to regulate firms' expanding outsourcing of activities, driven by digitalization.
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June 13, 2025
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen Tottenham Hotspur FC kick off against Manchester United co-owner Ineos Automotive following a soured sponsorship deal, Acer and Nokia clash over patents for video coding technology, and two investors reignite litigation against the founders of an AI exercise bike business that unlawfully pocketed $1.2 million in investments to fund their own lifestyles. Here, Law360 looks at these and other new claims in the U.K.
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June 13, 2025
Tecnimont Must Disclose Emails In €212M Bond Dispute
A Russian subsidiary of fertilizer producer EuroChem convinced a court Friday to compel industrial group Tecnimont to produce its communications with the Italian sanctions authority, days after the trial over the €212 million ($245 million) bond dispute kicked off.
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June 13, 2025
Tribunal Says Sales Director Fired For Whistleblowing On Data
An employment tribunal has ruled that a company providing cleaning and security services ended a sales director's probation because he had blown the whistle on possible accounting manipulation, fearing that this would impact its stock market value.
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June 13, 2025
European Banks Seek Changes To 'Unclear' Draft AML Rules
A trade body for European banks has warned that a European Union banking watchdog's proposed anti-money laundering rules make excessive demands on credit institutions.
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June 13, 2025
FCA Sees 'More To Do' In Reshaping Regulation For Growth
The Financial Conduct Authority responded Friday to parliamentary calls for more growth-oriented regulation, saying that it is exploring new ways to boost Britain's international competitiveness on top of the steps it has already taken.
Expert Analysis
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Opinion
UK Gov't Needs To Take Action To Support Whistleblowing Bill
With a proposed Office of the Whistleblower Bill making its way through the U.K. Parliament, whistleblowing is starting to receive the attention it deserves, but the key to unlocking real change is for the government to take ownership of reform proposals and appoint an overarching whistleblowing champion, says Baroness Susan Kramer at the House of Lords.
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Issues To Watch At ABA's Antitrust Spring Meeting
Attorneys at Freshfields consider the future of antitrust law and competition enforcement amid agency leadership changes and other emerging developments likely to dominate discussion at the American Bar Association's Antitrust Spring Meeting this week.
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New UK Short Selling Rules Diverge From EU Regs
Although forthcoming changes to the U.K.’s short selling regulatory regime represent a welcome relaxation of restrictions and simplification of reporting processes, participants active in both the U.K. and EU markets will need to ensure compliance with two quite different sets of rules, says Ezra Zahabi at Akin.
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How New EU Product Liability Directive Will Affect Tech And AI
While the European Union’s new defective product liability directive, effective from December 2026, primarily provides clarifications rather than significant changes, it reflects the EU's commitment to addressing consumer protection and accountability challenges presented by the digital economy and artificial intelligence, say lawyers at Latham.
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What Latest FCA Portfolio Letter Means For Payments Firms
Charlotte Hill at Charles Russell discusses the Financial Conduct Authority’s recent portfolio letter to CEOs of payments firms, outlining the regulator’s expectations, and the steps that these companies may now need to take to ensure compliance and operational effectiveness.
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ECB Guide Targets Harmonized Cyber Testing Approach
The European Central Bank’s recently updated guidance for testing organizational resilience against sophisticated cyberattacks is a significant step forward, highlighting the importance of a unified approach to financial sector cybersecurity and alignment with Digital Operational Resilience Act requirements, say Simon Onyons and Nebu Varghese at FTI Consulting.
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Court Backlog Could Alter Work Safety Enforcement Priorities
While criminal prosecution remains the default course of action following the most serious workplace accidents, a record backlog of cases in the crown courts in England and Wales and safety regulators’ recognition of the need for change may allow for a more discerning approach, say lawyers at BCL Solicitors.
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New CMA Powers Will Change Consumer Protection Regime
The Competition and Markets Authority’s imminent broadened powers to impose penalties on organizations for unethical or misleading practices are likely to transform the U.K.’s consumer protection regime, and may lead to a rise in private litigation and increased regulatory scrutiny, say lawyers at Morgan Lewis.
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Opinion
Prospects For New Fraud Prevention Prosecution Look Slim
With the Labour Party's inherited patchwork of Conservative Party corporate crime legislation for preventing fraud and corruption, the forthcoming Economic Crime Act’s failure to prevent fraud offense is unlikely to be successful in assisting prosecutors bring companies to justice, says Matthew Cowie at Rahman Ravelli.
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What's Next After FCA Drops Troubled 'Name And Shame' Plan
A closer look at the Financial Conduct Authority's recent decision to toss its widely unpopular proposal changing the test for announcing enforcement investigations may reveal how we got here, why the regulator changed course, and where it’s headed next, say lawyers at Hogan Lovells.
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What To Note In EU Tech Transfer Agreements Consultation
Robert Klotz at Steptoe explains the European Commission’s main contemplated amendments to a regulation that exempts certain technology transfer agreements from European Union restrictions, the current political context around the ongoing reform, and as its potential consequences for businesses.
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UK Refusal Of US Extradition Request May Set New Standard
The recent U.K. Supreme Court ruling in El-Khouri v. U.S., denying a U.S. extradition request, overturns a long-held precedent and narrows how U.K. courts must decide such requests, potentially signaling a broader reevaluation of U.K. extradition law, say lawyers at Dechert and Kingsley Napley.
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Insights On ESMA's Alternative Investment Fund Consultation
Aaron Mulcahy at Maples Group discusses key points from the European Securities and Markets Authority’s recent consultation on open-ended loan-originating alternative investment funds, highlighting the growth in semi-liquid evergreen funds and explaining ESMA’s proposed standards.
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How UK Supreme Court May Assess Russia Sanctions Cases
In two recent U.K. Supreme Court cases challenging the U.K. Russia sanctions regime, the forthcoming judgments are likely to focus on proportionality and European Convention on Human Rights compatibility, and will undoubtedly influence how future challenges are shaped, says Leigh Crestohl at Zaiwalla.
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How EU Digital Act Could Shape UK Technology Disputes
Noncompliance with the recently effective European Union Digital Operational Resilience Act will add layers of complexity to disputes and litigation for U.K.-based firms servicing EU entities, but international standards may serve as a bridge between jurisdictional and contractual misalignments, says Siobhan Forster at Alvarez & Marsal.