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Corporate Crime & Compliance UK
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May 19, 2025
Big Tech Is Major Obstacle To Stopping UK Financial Fraud
Anti-fraud campaigners are calling on the government to fine Big Tech companies such as Meta on repeated failures to prevent fraudulent financial advertising on their platforms with a tougher and wider regime than envisaged, with the consensus that social media is the biggest obstacle to combating investment scams.
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May 19, 2025
EY Accused Of Flawed Audits At NMC Health's £2B Fraud Trial
The administrator of NMC Health accused EY on Monday of "fundamentally flawed" auditing that allowed a major fraud against its business by principal shareholders to go undetected for more than seven years, as a multibillion-pound trial kicked off.
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May 19, 2025
Legal Aid Agency Cyberattack Shutters Online Portal
A cyberattack on the Legal Aid Agency has compromised such a large volume of the sensitive personal data of applicants that the government has pulled down the online portal used to pay service providers, the Ministry of Justice confirmed on Monday.
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May 16, 2025
'Tuna Bond' Defendants Ordered To Pay $352M In Restitution
A Brooklyn federal judge ordered three former Credit Suisse bankers and the former finance minister of Mozambique to pay a combined $352 million in restitution Friday after they pled guilty or were convicted of scheming to defraud investors in a $2 billion state-backed development initiative involving tuna fishing.
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May 16, 2025
Solicitor Struck Off For £1M Fraudulent Transfers
A former owner of a now-defunct law firm has been banned from working as a solicitor after he allowed the firm's client account to receive and transfer more than £1 million ($1.3 million) for illegal purposes long after the business had stopped trading.
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May 16, 2025
Work Agency Loses VAT Deregistration Appeal Over Tax Fraud
An agency worker supply company has lost its latest bid to challenge a decision by the U.K. tax authority to cancel its VAT registration over its alleged links to a tax fraud scheme, as a London appeals court refused its bid on Friday.
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May 16, 2025
Microsoft Offers To Sell Office Without Teams After EU Probe
The European Commission called for comments Friday on commitments given by Microsoft to address potential anticompetitive bundling of its Teams video call program and the Office365 and Microsoft 365 groups of products.
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May 16, 2025
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen Linklaters and EY face negligence claims from a fintech investment firm, property developer Sir John Ritblat bring legal action against a Guernsey-registered company, and fresh equal pay litigation filed against Morrisons and Safeways. Here, Law360 looks at these and other new claims in the U.K.
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May 16, 2025
Ex-BGC Tax Adviser Jailed For Breaching Asset Freeze Order
A former BGC Partners employee was sentenced to 16 months committal in prison Friday for contempt by a London judge Monday after admitting he breached restrictions the court imposed after he committed a £23.5 million ($31.1 million) fraud against a subsidiary.
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May 16, 2025
Premier League Betting Sponsors Blocked After AML Failings
Betting websites that sponsor several top-flight English football clubs have been blocked in Britain after their license-holder surrendered its license to a gambling regulator over anti-money laundering failings, the watchdog said Friday.
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May 16, 2025
Director Of UK Economic Crime Center Steps Down
One of the most senior officials responsible for mustering Britain's fight against economic crime has stepped back from his job after a three-year stint that saw major investigations of corrupt elites and a crackdown on fraud and money laundering.
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May 23, 2025
Ashurst Adds Paris White Collar Chief From Eversheds
Ashurst LLP said Friday that it has recruited the head of white-collar crime and investigations at Eversheds Sutherland in Paris to lead its own French corporate crime team.
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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.
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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.
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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.
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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.
Expert Analysis
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Rising To The Task Of Online Safety Act Compliance
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.
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Google Win Illustrates Hurdles To Mass Data Privacy Claims
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.
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What To Know About FCA's UK Listing Rules Proposal
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.
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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.