Corporate Crime & Compliance UK

  • May 15, 2025

    CFPB Slashes Final Chopra-Era Fine From Over $2M To $45K

    The Consumer Financial Protection Bureau on Thursday slashed an enforcement fine for Wise, a global money transfer fintech, by nearly 98%, shaving almost $2 million off a previous settlement for misleading customers about its fees and other costs.

  • May 15, 2025

    HMRC Fights To Keep £261M In Overseas Dividends Tax Battle

    The British High Court was wrong to find BAT Industries PLC could have discovered that its tax payments on foreign dividends were made by mistake, HM Revenue & Customs told an appeals court Thursday, urging it to overturn the ruling.

  • May 15, 2025

    Diamond Tycoon Refused Bail In $2B Fraud Case

    Jeweler Nirav Modi was refused bail in London on Thursday as he awaits extradition to India over his alleged involvement in a $2 billion bank fraud, after Modi argued that he will not flee the U.K. because he fears reprisal by the Indian government.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • May 15, 2025

    Trust Settles Russian Bank's Asset Claim In $850M Fraud Case

    A Russian bank and a Cayman Islands trust have reached a settlement in a $850 million fraud claim in which the state-owned lender is seeking to claw back money allegedly embezzled by Russian businessman Boris Mints.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

Expert Analysis

  • New Anti-Corruption Task Force Bolsters Int'l Collaboration

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    The recent creation of an anti-corruption task force by the U.K., France and Switzerland demonstrates a commitment to tackling bribery within national and international frameworks, and organizations within these jurisdictions’ remit, including U.S. companies operating in Europe, should review their compliance practices to ensure they address diverging requirements, say lawyers at Skadden.

  • FCA's Regulatory Plans Signal Cause For Cautious Optimism

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    The Financial Conduct Authority’s latest strategy document plans for less intrusive supervision, a more open and collaborative approach, and a focus on assertive action where needed, outlining a vision of deepened trust and rebalanced risk that will be welcomed by all those it regulates, says Imogen Makin at WilmerHale.

  • How CMA Is Responding To UK Gov't Pro-Growth Agenda

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    With the U.K. government’s recent call for the Competition and Markets Authority and other regulators to better support economic growth, the competition policy landscape is shifting materially toward an emphasis on a more proportionate and targeted approach to merger enforcement, say lawyers at Macfarlanes.

  • US Diversity Policies Present Challenges To UK And EU Cos.

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    Following President Donald Trump’s recent executive orders calling for increased scrutiny of diversity, equity and inclusion initiatives, it is clear that global businesses operating in the U.K. and European Union will need to understand regional nuances to successfully navigate differing agendas on either side of the Atlantic, say lawyers at Jenner & Block.

  • Updated EU Procedure Streamlines Data Transfer Approval

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    The European Data Protection Board’s updated approval procedure for binding corporate rules for transfers of personal data to non-European Union countries promotes consistency for regulator communications during the application process, and sets expectations for processing timelines, say lawyers at Hogan Lovells.

  • What Cos. Must Note From FCA Bulletin On Leaking M&A Info

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    The Financial Conduct Authority’s recent bulletin on strategic leaks in merger and acquisition transactions, as the second such publication in four months, acts as a warning for issuers and their advisers to tighten up their current policies for handling inside information, say lawyers at Herbert Smith.

  • FCA's Odey Decision Is Wake-Up Call For Financial Firms

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    The Financial Conduct Authority recently banned hedge fund boss Crispin Odey from working in financial services, underscoring the critical importance the regulator places on whether individuals are fit and proper to perform regulated activities, and the connection between nonfinancial misconduct and the integrity of the financial markets, say lawyers at Pallas Partners.

  • How Ransomware Payment Reforms Could Affect UK Cos.

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    The Home Office’s recent proposals to ban ransomware payments by publicly owned bodies is a welcome first step in its aims to tackle the cybercrime industry, but the risk remains that hackers will now focus on private companies that are still permitted to pay a ransom, says Dominic Holden at Lawrence Stephens.

  • Key Takeaways From The 2025 Spring Antitrust Meeting

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    Leadership changes, shifting priorities and evolving enforcement tools dominated the conversation at the recent American Bar Association Spring Antitrust Meeting, as panelists explored competition policy under a second Trump administration, agency discretion under the 2023 merger guidelines and new frontiers in conduct enforcement, say attorneys at Freshfields.

  • Rising To The Task Of Online Safety Act Compliance

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    The arrival of the Online Safety Act’s deadlines for all in-scope services and children’s access in March and April, enabling the Office of Communications to begin enforcing safety duties regarding illegal content, presents formidable compliance challenges for affected businesses, says Louisa Chambers at Travers Smith.

  • Google Win Illustrates Hurdles To Mass Data Privacy Claims

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    The Court of Appeal's December decision in Prismall v. Google, holding each claimant in a mass data privacy suit must demonstrate an individualized and sufficiently serious injury, demonstrates the difficulty of using representative action to collect damages for misused private information, say lawyers at Seladore Legal.

  • What To Know About FCA's UK Listing Rules Proposal

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    A recent consultation paper from the Financial Conduct Authority aims to streamline the securities-listing process for U.K.-regulated markets, including by allowing issuers to submit a single application for all securities of the same class, and aligning the disclosure standards for low-denomination and wholesale bonds, say lawyers at Debevoise.

  • Opinion

    UK Gov't Needs To Take Action To Support Whistleblowing Bill

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    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.

  • Issues To Watch At ABA's Antitrust Spring Meeting

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    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.

  • New UK Short Selling Rules Diverge From EU Regs

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    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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