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Corporate Crime & Compliance UK
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May 15, 2025
UK Shifts COVID Fraud Cases From Ineffective £38.5M Unit
The U.K. government announced Thursday that it is taking COVID-19 relief scheme fraud investigations away from a £38.5 million ($51 million) unit after discovering that the unit had only secured 14 convictions in around five years, passing cases to the Insolvency Service instead.
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May 15, 2025
Ex-Solicitor Hit With 1st Individual Tax Avoidance Stop Notice
HM Revenue & Customs has ordered a struck-off solicitor to stop promoting two tax avoidance schemes, the first notice of its kind issued against an individual, the tax authority said Thursday.
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May 15, 2025
BA Fined £3.2M For Ignoring Safety Risks At Heathrow
British Airways was fined £3.2 million ($4.25 million) on Thursday for breaching health and safety regulations after two workers fell off defective baggage equipment in separate "near-identical" incidents months apart.
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May 15, 2025
TikTok Breached Online Publishing Rules, Finds EU Probe
TikTok is failing to fulfill its obligation to publish the collection of advertisements that it displays on its social media platform, according to European Commission preliminary findings revealed Thursday.
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May 15, 2025
Gambling Regulator Hits Betting Website With £2M AML Fine
The Gambling Commission said Thursday that it has fined sports betting operator Spreadex Ltd. £2 million ($2.7 million) after it found a series of anti-money laundering and social responsibility regulations failings.
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May 15, 2025
NATO Contract Corruption Probe Widens After Belgian Arrests
European Union prosecutors said Thursday that they have widened their investigation into alleged corruption surrounding the purchase of military equipment for NATO following the arrest of two suspects in Belgium on Monday.
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May 15, 2025
Boris Mints Settles Russian Bank's Asset Claim In $850M Fraud Case
Boris Mints and a Russian bank have reached a settlement in a $850 million fraud claim in which the state-owned lender was seeking to claw back money allegedly embezzled by the Russian businessman.
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May 14, 2025
Feds Say Ex-BigLaw Atty Must Start Prison In OneCoin Case
Prosecutors asked a Manhattan federal judge on Wednesday to set a date for a former Locke Lord LLP partner to begin serving his 10-year prison sentence after he was convicted of helping to launder about $400 million in proceeds of the OneCoin cryptocurrency scheme.
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May 14, 2025
BoE Investigates Bank Of London As EY Raises Red Flags
Bank of London has said it is under investigation by the Bank of England's regulatory arm, with the risk that an unfavorable outcome could affect whether it ultimately stays in business.
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May 14, 2025
Reed Smith Loses Costs Security Bid In £21M Oil Tanker Clash
Reed Smith LLP lost a bid for Dubai-based shipping companies who are suing it for negligence to put up £6 million ($7.9 million) in costs security, as a London judge ruled Wednesday that there was insufficient evidence that Barclays Banks PLC would refuse to comply with a court order.
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May 14, 2025
UK Gov't To Shut Ministry Of Justice's London Headquarters
The U.K. government said Wednesday that it will close the London building that houses the Ministry of Justice and Crown Prosecution Service amid plans to push more civil service roles out of the capital.
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May 14, 2025
FCA Confiscates £305K From Convicted Fraudulent 'Brokers'
A London court has ordered three self-styled investment brokers to pay back more than £305,000 ($406,000) of the proceeds of a £1.2 million fraud that landed them with more than 24 years in prison, the City watchdog said Wednesday.
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May 14, 2025
Watchdog Probes 10 Charities Over £22M In Cashed Checks
The English charity regulator announced Wednesday that it has launched a probe into a group of charities amid "serious concerns" after discovering they cashed £22 million ($29 million) of checks.
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May 14, 2025
HP's $4B Fraud Case To Resume After Mike Lynch's Death
A London court unjammed Hewlett Packard's $4 billion fraud case against Mike Lynch on Wednesday by approving an administrator to his estate, reactivating the case after the technology entrepreneur died when a yacht he was aboard sank in the Mediterranean Sea.
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May 13, 2025
Victims Call For Punishment Of Post Office Lawyers In Report
Victims of the Post Office Horizon IT scandal have called for lawyers to be held to account for their roles in facilitating one of the biggest miscarriages of justice in English legal history, a study by academics has revealed.
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May 13, 2025
FRC Alleges Ex-Finance Head Obstructed Accounting Probe
The U.K. accounting watchdog accused a former finance executive of failing to cooperate with its investigation into suspected accounting "irregularities" at a collapsed pipeline company at a tribunal hearing in London on Tuesday.
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May 13, 2025
Sheikh Fights Liability Over Share Transfer At Top UK Court
An Arab tycoon told Britain's top court Tuesday that he did not breach a fiduciary duty to his former company by transferring shares out of it after it went into liquidation, because he was no longer its director by that point.
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May 13, 2025
FCA Reports Progress On Misconduct MoU With China
The City watchdog has said it is working on a memorandum of understanding with the National Financial Regulatory Administration in China to help detect misconduct early.
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May 13, 2025
JPMorgan Challenges VTB's Russian Suit Over Frozen $156M
JPMorgan Chase & Co. asked a London court on Tuesday to prevent Russian state-owned VTB Bank PJSC from bringing a $156 million case in Russia over allegedly frozen funds, arguing that it had launched its claims in breach of an agreement to arbitrate in England.
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May 12, 2025
10 Convicted For Roles In €2.9B VAT Fraud, Prosecutors Say
A Portuguese court convicted 10 people for their roles in a massive value-added tax fraud scheme involving sales of electronic goods, with overall damages believed to approach €2.9 billion ($3.2 billion), the European Public Prosecutor's Office said Monday.
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May 12, 2025
Wells Fargo Whistleblower Claims Redundancy Was A Sham
A former compliance officer at Wells Fargo asked the Employment Tribunal on Monday to order the bank to reinstate him, based on what he described as clear evidence that he was dismissed after he blew the whistle on alleged market abuse.
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May 12, 2025
ICBC Bank Sued Over €795K Fraudulent Transfer By Hacker
A company has sued ICBC Standard Bank for allegedly transferring €795,000 ($894,000) out of its account on the instructions of an alleged hacker impersonating its director, saying that the lender is liable to refund it in full.
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May 12, 2025
Bulgarians Get 50 Years For Spying In UK For Russia
Six Bulgarians were sentenced to a combined total of 50 years in prison on Monday for taking part in a U.K.-based spy ring that conducted surveillance operations on high-profile targets across Europe on behalf of Russia.
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May 12, 2025
Investment Biz Boss Sues Refinitiv Over Incorrect KYC Info
The chief executive of an investment business has sued data and analytics giant Refinitiv for allegedly holding inaccurate information on its "know-your-client" database that incorrectly stated that her company was associated with a sanctioned individual.
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May 09, 2025
Ex-Meinl Bank CEO Extradited To US On $170M Odebrecht Rap
The former CEO of Austrian lender Meinl Bank AG was extradited from the U.K. and pled not guilty Friday to money laundering charges, stemming from allegations that he helped Odebrecht SA hide $170 million in funds used to bribe officials around the world and defraud the Brazilian government.
Expert Analysis
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EU WhatsApp Deletion Fine Sends Clear Message
The recent European Commission fine of International Flavors & Fragrances — the first for the deletion of social media messages during a dawn raid — although halved as a result of IFF's cooperation, shows the commission's view on obstruction poses a real risk to companies under investigation, says Matthew Hall at McGuireWoods.
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Key Takeaways From Proposed EU Anticorruption Directive
The European Commission's anticorruption proposal, on which the EU Council recently adopted a position, will substantially alter the landscape of corporate compliance and liability across the EU, so companies will need to undertake rigorous revisions of their compliance frameworks to align with the directive's demands, say lawyers at Linklaters.
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Implications Of EU Network Directive For Data Center Owners
With the October implementation deadline of the EU’s new cybersecurity regime under the Network Systems Directive fast approaching, data center owners and operators need to consider compliance steps, and U.K. companies providing services in the EU should take note, say lawyers at Bird & Bird.
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New EU Guidelines Provide Insights On Global AI Regulation
The European Data Protection Supervisor’s first guidelines on artificial intelligence only apply to governmental bodies, but together with the EU AI Act they demonstrate a strong and prescriptive policy, and offer a glimpse into what could be the next phase in world AI regulation, says Kevin Benedicto at Redgrave.
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Boeing Plea Deal Is A Mixed Bag, Providing Lessons For Cos.
The plea deal for conspiracy to defraud regulators that Boeing has tentatively agreed to will, on the one hand, probably help the company avoid further reputational damage, but also demonstrates to companies that deferred prosecution agreements have real teeth, and that noncompliance with DPA terms can be costly, says Edmund Vickers at Red Lion Chambers.
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Keeping Up With Carbon Capture Policy In The US And EU
Recent regulatory moves from the U.S. Environmental Protection Agency and the European Commission in the carbon capture, sequestration and storage space are likely to further encourage the owners and operators of fossil fuel-fired power plants to make decisions on shutdowns or reconfiguration to meet the expanding requirements, say Inosi Nyatta and Silvia Brünjes at Sullivan & Cromwell.
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How AI Treaty Will Further Global Governance Cooperation
The EU’s recently adopted treaty on artificial intelligence represents a significant step toward global cooperation in AI governance in emphasizing human rights obligations, although additional guidance and clarity would be beneficial to minimize varied interpretations at national level, say lawyers at Eversheds Sutherland.
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EU Investor-State Dispute Transparency Rules: Key Points
The European Union's recent vote to embrace greater transparency for investor-state arbitration will make managing newly public information more complex for all parties in a dispute — so it is important for stakeholders to understand the risks and opportunities involved, say Philip Hall, Tara Flores and Charles McKeon at Thorndon Partners.
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How Regulation Of Tech Providers Is Breaking New Ground
The forthcoming EU regulation on digital operational resilience and the U.K. critical third-party regime, by expanding the direct application of financial services regulation to designated technology providers, represent a significant development that is not to be underestimated, say David Berman and Emily Lemaire at Covington.
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Takeaways From EU's Initial Findings On Apple's App Store
A deep dive into the European Commission's recent preliminary findings that Apple's App Store rules are in breach of the Digital Markets Act reveal that enforcement of the EU's Big Tech law might go beyond the literal text of the regulation and more toward the spirit of compliance, say William Dolan and Pratik Agarwal at Rule Garza.
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Why Trustees Should Take Note Of Charity Code Consultation
The Charity Governance Code Steering Group's recently launched governance code consultation is unlikely to result in a radical overhaul, but with the bigger issue being awareness and application by smaller underresourced charities, trustees should engage with the process to help shape the next iteration of this valuable tool, says Chris Priestley at Withers.
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What EU Net-Zero Act Will Mean For Tech Manufacturers
Martin Weitenberg at Eversheds Sutherland discusses the European Council’s recently adopted Net-Zero Industry Act and provides an overview of its main elements relevant for net-zero technology manufacturers, including benchmarks, enhanced permitting procedures and the creation of new institutions.
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Complying With EU Commission's Joint Purchasing Rules
One year after the European Commission released its revised guidelines on horizontal cooperation agreements, attorneys at Crowell & Moring reflect on the various forms such agreements can take, and how parties can avoid structuring arrangements that run afoul of competition law.
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Tips For Implementing EU Sustainability Reporting Guidance
Lawyers at Sullivan & Cromwell discuss the European Financial Reporting Advisory Group’s recently published guidance on double materiality assessments and offer takeaways on achieving a sustainability directive-compliant process that could enhance clarity and consistency among multinational stakeholders.
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How CMA's AI Strategic Update Addresses Industry Risks
The Competition and Markets Authority’s recent artificial intelligence strategic update, setting out the regulator’s understanding of AI risks and how it intends to address them, is indicative of its focus on incumbent technology organizations, although future political developments in the U.K. may also shape the CMA's approach, say Christopher Foo and Carol Slattery at Ropes & Gray.