Corporate Crime & Compliance UK

  • 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

    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.

  • 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.

  • 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.

  • 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.

Expert Analysis

  • Comparing EU, Southeast Asia Approaches To AI Regulation

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    Although Southeast Asian countries often adopt statutory frameworks similar to those in the European Union, the region’s more business-friendly approach to artificial intelligence regulation may be a setback to the EU’s push for coordination with its AI Act and a barrier to establishing a global standard, say Anne-Gabrielle Haie at Steptoe and Nop Chitranukroh at Tilleke & Gibbins.

  • Exploring The EU's Draft Standards On Crypto Authorization

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    The European Securities and Markets Authority’s recently published draft standards aim to promote fair competition and a safer environment for crypto providers and investors, detailing precisely the information to be provided to national authorities in charge of screening the acquisitions of a qualifying holding, says Mathieu de Korvin at Norton Rose.

  • Assessing Exposure Under UK Foreign Influence Scheme

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    While the proposed Foreign Influence Registration Scheme, designed to ensure transparency around foreign state-directed activities, may be delayed by the snap general election, organizations should prepare for compliance, including addressing concerns about the extent of unintended consequences arising from the scheme's scope, say Gavin Costelloe and Gillian Sproul at Greenberg Traurig.

  • How FCA Guidance Aligns With Global Cyberattack Measures

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    The U.K. Financial Conduct Authority’s recent guidance on preparing for cyberattacks aligns with the global move by financial regulators to focus on operational resilience, highlighting the importance of proactive strategies and robust resilience frameworks to mitigate disruptions, while observing a disappointing level of engagement by the industry, say Alix Prentice and Grace Ncube at Cadwalader.

  • Contractual Drafting Takeaways From Force Majeure Ruling

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    Lawyers at Cleary discuss the U.K. Supreme Court's recent judgment RTI v. MUR Shipping and its important implications, including how the court approached the apparent tension between certainty and commercial pragmatism, and considerations for the drafting of force majeure clauses going forward.

  • Takeaways From Regulators' £61.6M Citigroup Trading Fine

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    Following the Financial Conduct Authority and Prudential Regulation Authority’s recent significant fining of Citigroup for its catastrophic trading error, and with more enforcement likely, institutions should update their controls and ensure system warnings do not become routine and therefore disregarded, says Abdulali Jiwaji at Signature Litigation.

  • Factors For London Cos. To Consider If Adding US Listings

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    Recent reports of a continuing valuation gap between London and New York have resulted in some London-listed companies considering U.S. listings to gain an increased investor base, but with various obligations and implications involved in such a move, organizations should consider whether there is a real benefit from trading there, say lawyers at Winston & Strawn.

  • Behind The Stagecoach Boundary Fare Dispute Settlement

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    The Competition Appeal Tribunal's recent rail network boundary fare settlement offers group action practitioners some much-needed guidance as it reduces the number of remaining parties' five-year dispute from two to one, says Mohsin Patel at Factor Risk Management.

  • Assessing The Energy Act 2023, Eight Months On

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    Although much of the detail required to fully implement the Energy Act 2023 remains to be finalized, the scale of change in the energy sector is unprecedented, and with the U.K. prioritizing achieving net-zero, it is likely that developments will continue at pace, say lawyers at Paul Hastings.

  • Decoding Arbitral Disputes: Spanish Judicial Oversight

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    The recent conviction of arbitrator Gonzalo Stampa underscores the critical importance of judicial authority in the realm of international arbitration in Spain, and emphasizes that arbitrators must respect the procedural frameworks established by Spanish national courts, says Josep Galvez at 4-5 Gray’s Inn.

  • Opinion

    Why Timing Makes UK Libor Judgments Controversial

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    The recent U.K. Court of Appeal decision in the R v. Hayes and Palombo appeal against Libor convictions demonstrates that had U.K. regulators probed with the facts known today, civil claims in all jurisdictions would be dismissed and a decadelong wasted investigation should be put to rest, says Charles Kuhn at Clyde & Co.

  • Tips For Orgs Using NDAs In Light Of New UK Legislation

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    The recent passage of the Victims and Prisoners Act follows a crackdown on the misuse of nondisclosure agreements, but although NDAs are not prohibited and regulators recognize their legitimate justification, organizations relying on them must be able to clearly explain that justification if challenged, say attorneys at Macfarlanes.

  • Comparing UK, EU Digital Products Cybersecurity Approaches

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    New U.K. and EU legislation impose different cybersecurity requirements on manufacturers of connectable products, but despite its higher overall standard and holistic approach, organizations should be aware that compliance with the EU act does not necessarily mean satisfying the U.K. regime, says Christopher Foo at Ropes & Gray.

  • Lessons From Epic's Dutch Fine For Unfair Marketing To Kids

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    Dutch regulators' imposition of a €1.1 million fine on Epic Games for unfair commercial practices targeting children marks a significant moment in the ongoing scrutiny of digital market practices, and follows an increased focus on children's online safety in the U.S. and European Union, say attorneys at Crowell & Moring.

  • Risks And Promises Of AI In The Financial Services Industry

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    Generative artificial intelligence has immense potential to revolutionize the financial services industry, but firms considering its use should first prepare to show their customers and the increasingly divided international regulatory community that they can manage the risks inherent to the new technology, say attorneys at Gibson Dunn.

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