Corporate Crime & Compliance UK

UK Ransomware Ban Could Boost Cost Of Cyber-Insurance

The cost of buying cyber-insurance for the public sector and critical infrastructure could rise significantly because of a proposed ban on paying ransomware demands, experts warn, as the U.K. government looks at ways to disrupt the income of online criminals.

Thames Water Fine Signals Growing Enviro Risk For Business

The historical fine imposed on Thames Water for environmental failings and improper payments to shareholders is a novel use of new legal powers given to the waste and water regulator — and a warning about growing regulatory risks, lawyers say.

Entrance to the UK Supreme Court in London

UK Supreme Court Boosts Creditor Protection In Fraud Cases

Britain's highest court has handed administrators more power to pursue businesses that turn a blind eye to fraud, with a ruling on Wednesday that will bolster protection for creditors and could raise the stakes for companies flying too close to the wind, lawyers say.

Financial Analyst Working on Computer with Multi-Monitor Workstation

Draft UK Crypto-Regulations Facing Teething Troubles

The government's new crypto-assets regime will be unenforceable across borders and could deter fledgling companies from working in the country, meaning that the financial watchdog will face early challenges to its attempts to protect British consumers in a volatile global marketplace.

June 04, 2025
DWF Argues Privacy Claim A Litigation Ploy At Trial

DWF Law LLP argued at trial Wednesday that a claim by three people that the law firm unlawfully shared their health data was only brought to "secure an advantage" for their lawyers in separate proceedings against insurers.
June 04, 2025
VTB Bank Unit Beats 'Thinnest Possible' Corporate Raid Case

A British unit of Russian state-owned VTB Bank has beaten claims in a London court that it was part of a Kremlin-approved corporate raid, with a judge ruling that a steel businessman's evidence against the lender was "the thinnest possible gruel."
June 04, 2025
SFO Reveals £21M Spent On Lawyers In ENRC Court Battles

The Serious Fraud Office has spent more than £21 million ($28 million) on lawyers fighting its legal battle against Eurasian Natural Resources Corp. over the prosecutor's alleged abuse of its authority during an ill-fated criminal probe of the mining giant.
June 04, 2025
US, UK Clarify Tariffs On Cars, Metals As Trade Talks Continue

A trade deal between the U.S. and the U.K. that will reduce U.S. tariffs on British cars to 10% and remove those levies on some metals will come into effect "in just a couple of weeks," Prime Minister Keir Starmer told Parliament on Wednesday.
June 04, 2025
Billionaire Defends Asset Freeze Amid $415M Fraud Case

Mexican billionaire Ricardo Salinas Pliego on Wednesday told a London appeals court Wednesday that a man who allegedly defrauded him out of more than $415 million was "grasping at straws" in an attempt to escape an asset-freezing order.
June 04, 2025
Dutch Court Sentences Man To 6 Months In €40M VAT Fraud

A Netherlands court sentenced a man to over six months in prison for his role in a €40 million ($45.7 million) value-added tax fraud scheme connected to a larger investigation, the European Public Prosecutor's Office said Wednesday.
June 04, 2025
Bogus Doctor Must Repay NHS £407K For 20 Years Of Fraud

A bogus doctor who was sent to prison for forging her medical qualifications and fraudulently working as a psychiatrist in the U.K. has been ordered to pay more than £407,000 ($552,000) or face two more years behind bars.
June 04, 2025
Lloyd's Broker Faces 2027 Trial Over $3M Bribery Scheme

A Lloyd's of London broker is scheduled to stand trial in 2027 over allegations it failed to prevent its associates in the U.S. from bribing an Ecuadorian official in exchange for lucrative reinsurance contracts worth $38 million.
June 04, 2025
Analyst Says Sister's Trades Were Chance, Not Insider Dealing

A former hedge fund analyst did not share confidential information on companies with his sister, his defense counsel told jurors at a London criminal trial on Wednesday, saying she probably traded on market-sensitive information that she heard him discussing on work calls.
June 04, 2025
Police Crack Down On UK Insurance 'Ghost-Broking' Fraud

The financial crime police unit has said it has carried out a national campaign to target the rise of "ghost-broking" fraud, which is on the rise fueled by social media.
June 03, 2025
Apple Challenging EU's Interoperability Requirements

Apple is challenging new rules imposed by European enforcers that require iPhones and iPads to work more seamlessly with third-party devices, saying the rules create privacy and security risks for users and threaten to hamper innovation.
June 03, 2025
Lawyer Given Suspended Sentence In Germany Over Cum-Ex

A business lawyer who was partly responsible for running a €428 million ($488 million) tax fraud scheme was issued a suspended sentence of almost two years, according to a verdict Tuesday in a Bonn court.
June 03, 2025
HS2 To Pay £319K Over Whistleblower's Exclusion

The company behind high-speed rail project HS2 has agreed to pay a former analyst more than £319,000 ($431,500) after he accused the company of excluding him from two roles following his warning that cost forecasts were being manipulated to secure funding.
June 03, 2025
New FCA Enforcement Guide Revises Rules On Case Publicity

The Financial Conduct Authority on Tuesday released its revised enforcement guide, setting out additional circumstances when it may publicize investigations.
June 03, 2025
Vera Baird KC To Lead CCRC Amid Calls For Reform

Vera Baird KC will take over as the interim head of the troubled government body responsible for investigating miscarriages of justice, filling a role that has been vacant since January, the Ministry of Justice revealed Tuesday.
June 03, 2025
NMC Health Fraud Was 'Systematic,' Administrator Testifies

An NMC Health administrator on Tuesday said that the healthcare group's financial statements were "structured to conceal" the group's real financial position including $3.8 billion of unreported debt, as he testified during the London trial against the group's auditors, EY.
June 03, 2025
Ex-Hedge Fund Analyst Driven By Greed, FCA Tells Jurors

A former hedge fund analyst roped his sister, his best friend and the best friend's girlfriend into a "rigged" insider trading scheme from their small flats during the COVID-19 pandemic for a "very old" yet "very simple" reason, prosecutors told jurors in London on Tuesday — "greed."
June 03, 2025
SFO Launches Probe Into Local Council Solar Bond Fraud

The Serious Fraud Office announced on Tuesday that it has launched an investigation into an alleged solar farm bond fraud after failed investments forced an English council into bankruptcy.
June 03, 2025
UK Threatens To Sue Abramovich Over Chelsea FC Sale

The government has threatened to sue Roman Abramovich to make sure that £2.5 billion ($3.4 billion) made from the sale of Chelsea Football Club is used to support humanitarian aid in Ukraine.
June 02, 2025
Ex-Law Firm Boss Loses 2nd Bid For Solicitor Reinstatement

A former law firm owner and equity partner has lost a second attempt to regain authorization to work as a solicitor after he was struck off for being dishonest and failing to spot fraud, with a tribunal ruling on Monday that his latest bid was "premature."
June 02, 2025
CJEU Set To Hear SocGen's Case In Swedish Tax Dispute

The Court of Justice of the European Union said Monday that it will hear the case of French banking giant Société Générale SA against the Swedish tax authority over the taxation of nonresident companies under the European treaty.
June 02, 2025
EU Hits Two Delivery Firms With €330M Fine For Market Cartel

The European Commission said Monday that it had slapped two food delivery companies with a total of €329 million ($375.8 million) in fines for operating a cartel for four years in a settlement.
June 02, 2025
AI Use Soars Among UK Cos. Despite Rising Cyber-Risks

More than 90% of U.K. businesses are either looking at or already using artificial intelligence tools, despite a vast number believing that cyberthreats are on the rise, according to research by insurer QBE released Monday.
June 02, 2025
BBC Wins Bid To Amend Libel Defense In Tory Donor Case

Conservative Party donor Mohamed Amersi has largely failed to prevent the BBC from updating its defense to his libel claim, as a London court ruled that its allegations of his involvement in providing "lavish entertainment" for politically exposed people support its truth defense.
June 02, 2025
Aircraft Parts Co. Director In Court On Fraud Charges

A director of an aircraft parts supply company appeared at a London criminal court on Monday accused of falsifying documents used in sales of engine parts to airlines around the globe.

Editor's Picks

6 Bombshell Moments From Staley's Bid To Clear His Name

Jes Staley has suffered a bruising week as he testified about his relationship with Jeffrey Epstein, culminating in an admission by the former banker that he had sex with a member of the disgraced financier's staff.
5 Questions For Spencer West Partner Karl Foster

The Financial Conduct Authority's approach to enforcement and consumer protection has come up against government economic growth priorities and resistance from the sector to its proposals to "name and shame" companies early on during regulatory probes.
UK Russia Sanctions Face Landmark Test At Supreme Court

The U.K.'s sanctions regime faces a major test on Wednesday as billionaire Eugene Shvidler seeks to have his financial restrictions cast off — the first case to challenge Russian sanctions that has reached the country's highest court.

Expert Analysis

UK Capital Reforms May Help Startup Founders, VC Investors

Hidden in the U.K. Financial Conduct Authority's recent proposals on the definition of capital for investment firms are changes to the eligibility requirements for instruments to be included in a firm's regulatory capital — changes that may reduce the risk of investing, especially in early-stage fintech firms, says Andrew Henderson at Goodwin.
EU Watchdog's ESG Dashboard Raises Transparency Bar

The European Banking Authority’s recently introduced ESG dashboard is a key tool in aligning financial institutions with the European Union's sustainability policies, and fundamentally alters the risk environment by transitioning climate-related data from a compliance afterthought to a core component of strategic decision-making, says Kristýna Tupá at Schönherr.
Whistleblower Rewards May Soon Materialize In UK

Recent government and Serious Fraud Office announcements indicate that the U.K.’s long-standing aversion to rewarding whistleblowers is reversing, underlining the importance for organizations to consider managing misconduct risk and prepare for a potentially significant uptick in tipoffs, says Tom Grodecki at Cadwalader.
High Court Ruling Shows Firm Stance On Procedural Integrity

The recent High Court decision in Qatar Investment v. Phoenix Ancient Art demonstrates its zero tolerance of procedural failure, serving as a reminder that the financial burden associated with document disclosure will not excuse a party’s failure to comply with court orders, say lawyers at Quillon Law.
UK May Play Major Role In Corporate Misconduct Regulation

In light of the U.S.' pause in Foreign Corrupt Practices Act enforcement, the U.K. Serious Fraud Office has released new guidance showing it may seize the opportunity to play a heightened role in regulating corporate misconduct by U.S. companies with a global presence, particularly over the next few years, say attorneys at Paul Weiss.
A Shifting Landscape Of Greater Scrutiny After Data Breaches

Recent Information Commissioner's Office fines for personal data breaches and a Home Office consultation signal a shift in the U.K. regulatory landscape, and with an increase in mass actions and resulting exposure, organizations should prepare for potential third-party claims from those incurring consequential losses, say lawyers at Atheria.
What To Note As HM Treasury, FCA Plan New Crypto Regs

Taken together, HM Treasury’s recently proposed crypto-asset regulations and the Financial Conduct Authority’s new discussion paper on regulating crypto-asset activities provide key insights into the government's planned regime, which represents significant changes that will affect all firms providing related services, says Mark Chalmers at Davis Polk.
Tools For Effective Asset Tracking In Offshore Jurisdictions

In light of a technology company's recent allegations that its former CEO maintained an undisclosed interest in offshore companies, practitioners may want to refresh their knowledge of the tool kit available for tracing and recovering allegedly misappropriated assets from both onshore and offshore jurisdictions, say lawyers at Walkers Global.
Guidance Offers Clarity On UK Foreign Influence Registration

The Home Office's recently released guidance on the new Foreign Influence Registration Scheme provides important context for different industries and sectors, highlighting that careful assessment of interactions with foreign entities and governments is needed to determine whether registration is required, say lawyers at Skadden.
FCA Review Highlights Valuation Standards For Private Funds

The Financial Conduct Authority’s recent review of private funds valuation practices underscores the increasing importance of conducting robust and independent procedures, offering an opportunity for fund managers to strengthen their current valuation frameworks and improve investor confidence, say lawyers at Greenberg Traurig.
UK Data Disputes Could Become Competition Class Actions

While mass data protection claims have chafed against the procedural restrictions that apply to class actions under U.K. law, it is possible these claims will be brought into the fold of the rapidly growing Competition Appeal Tribunal scene, says Aislinn Kelly-Lyth at Blackstone Chambers.
What Cos. Need To Know About EU's AI Action Plan

The European Commission’s recently unveiled artificial intelligence continent action plan aims to position the European Union as a global AI leader, but with tension surrounding the EU AI Act’s compliance obligations, organizations should prepare for potential regulatory divergence between the plan's pro-innovation approach and the act's more prescriptive regime, says Marc Martin at Perkins Coie.
Russia Sanctions Spotlight: Divergent Approaches Emerge

With indications of greater divergence and uncertainty in Russia sanctions policy between the U.K., European Union and U.S., there are four general principles and a range of compliance steps that businesses should bear in mind when assessing the impact of a potentially shifting landscape, says Alexandra Melia at Steptoe.
What Santander Fraud Ruling Means For UK Banking Sector

A London court's recent judgment in Santander v. CCP Graduate School held that a bank does not owe any duty to third-party victims of authorized push payment fraud, reaffirming the steps banks are already taking to protect their own customers from sophisticated fraud mechanisms, say lawyers at Charles Russell.
Fines Against Apple, Meta Set Digital Markets Act Precedent

The European Commission's recent fines against Apple and Meta, the first under the Digital Markets Act, send a clear message that the act's reach and influence on regulatory thinking is global, say lawyers at Waterfront Law.