Corporate Crime & Compliance UK

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.

Campaigners for For Women Scotland outside the Supreme Court in London

5 More Things For Employers To Consider After Sex Ruling

The ruling in April by the U.K. Supreme Court on the legal definition of a woman will compel employers to rethink much more than who uses what toilet, lawyers say.

FCA Set To Get Enforcement Boost From New Fraud Offense

The new "failure to prevent" fraud offense that comes into force in September will indirectly boost the Financial Conduct Authority's opportunities for enforcement against corporate senior managers, countering its recent retreat from plans to "name and shame" companies it is investigating, lawyers say.

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.
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.
May 09, 2025
Brokerage Risk Pro Loses Early Battle In Whistleblowing Case

An employment judge has rejected a compliance manager's bid for interim relief in a row with her former employer because he did not consider it likely that a tribunal will decide she was fired from the brokerage for making protected disclosures.
May 09, 2025
Businessman Says $43M Debt Claim Is Plot To Seize Shares

A businessman can intervene in a 194 million Romanian leu ($43 million) debt claim he alleges is part of a fraudulent scheme to acquire his shares in a scrap-metal trading company for free, an appeals court has ruled.
May 09, 2025
UK Litigation Roundup: Here's What You Missed In London

This past week in London has seen a subsidiary of State Street Corp. sue British sports betting giant Entain, Manolete Partners and HSBC tackle action just weeks after signing a £17 million revolving credit facility agreement, and a commercial fraud claim launched by EFG Bank against Mirabaud & CIE.
May 09, 2025
Dyson Loses Bid To Take Forced Labor Claim To UK Top Court

Dyson will fight claims in England that it did nothing about allegations of forced labor at Malaysian factories making components for the appliance manufacturer after the U.K.'s highest court refused it permission to challenge jurisdiction in the case any further.
May 09, 2025
Nigeria Can Argue £15M Award Was Obtained By Fraud

Nigeria can attempt to set aside a $15 million award in favor of a businessman who was the target of an undercover operation by the country's state security, after a London judge dismissed his bid to strike the case out.
May 09, 2025
Brothers Plead Guilty To FCA Insider Dealing Charges

Two brothers admitted on Friday to using inside information to profit from dealing in shares over four years, following a prosecution brought at a criminal court in London by the Financial Conduct Authority, the watchdog said.
May 09, 2025
EU Fund Managers Call To Simplify EU Sustainability Package

Europe's fund managers on Friday backed the European Union's bid to streamline the bloc's sustainability regulations, but warned "excessive" reductions in reporting requirements could limit investors' access to crucial environmental, social, and governance data.
May 09, 2025
'Bargain Hunt' Art Expert Pleads Guilty To Terrorist Financing

An art gallery founder and reality TV art expert pleaded guilty to terrorist financing offenses at a London criminal court Friday.
May 08, 2025
Court Upholds CMA's £99M Thyroid Drug Price Fines

A U.K. appellate court has not only upheld a finding that drug company Advanz excessively inflated the price of its thyroid tablets for the National Health Service but also reimposed fines against the company's former owner that a lower tribunal had cut by almost a third.
May 08, 2025
'Bargain Hunt' Art Dealer Charged Under Terror Financing Law

Police charged an art dealer who featured in a hit BBC show under laws against financing terrorism on Thursday, making him the first person ever to face charges in the U.K. for allegedly failing to make obligatory regulatory disclosures.
May 08, 2025
UK Watchdog Fines Fuel Trader For Ignoring Info Request

The U.K. government body responsible for implementing and enforcing financial sanctions said Thursday that it has fined a British shipping company for ignoring a request to provide information relating to a "large and complex investigation" involving Russia's largest shipping company.
May 08, 2025
Crypto Traders Seek To Revive Part Of £10B Binance Claim

A group of investors asked the Court of Appeal on Thursday to revive their claims against Binance on the basis that its delisting of a cryptocurrency caused them damage, saying a lower tribunal was wrong to toss out its "loss of chance" argument.
May 08, 2025
Bulgarian Who Spied For Russia Was Not 'Anti-West'

The ringleader of a group of people who spied on behalf of Russia is not an "anti-Western ideologue" but merely somebody who is willing to work for whoever hires him, his barrister told a sentencing hearing on Thursday.
May 08, 2025
Tribunal Clears CPS In Legal Adviser's Discrimination Case

The Crown Prosecution Service did not discriminate against a former legal adviser by giving him formal warnings about his attendance after multiple spells of sickness absence, a tribunal has ruled.

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

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.
FCA Update Eases Private Stock Market Disclosure Rules

The Financial Conduct Authority’s recently updated proposals for the Private Intermittent Securities and Capital Exchange System would result in less onerous disclosure obligations for businesses, reflecting ongoing efforts to balance an attractive trading venue for private companies while maintaining sufficient investor protections, say lawyers at Debevoise.
Key Questions As Court Mulls Traders' Libor Convictions

The U.K. Supreme Court is considering whether to overturn two traders’ Libor and Euribor manipulation convictions, with the appeal reinvigorating debate over the breadth of English common law’s conspiracy to defraud offense and raising questions about the limits of a judge’s role in criminal jury trials, says Ellen Gallagher at Vardags.
Foreign Countries Have Strong Foundation To Fill FCPA Void

Though the U.S. has paused enforcement of the Foreign Corrupt Practices Act, liberal democracies across the globe are well equipped to reverse any setback in anti-corruption enforcement, potentially heightening prosecution risk for companies headquartered in the U.S., says Stephen Kohn at Kohn Kohn.
Code Of Practice Signals Aim To Bolster UK Software Security

The U.K. government’s new code of practice for software vendors includes several principles that will help developers and distributors integrate security best practices, but without mandatory adoption, market inconsistencies may emerge, say lawyers at Deloitte.
Expect Complex Ruling From UK Justices In Car Dealer Case

While recent arguments before the U.K. Supreme Court in a consumer test case on motor finance commissions reveal the court’s take on several points argued, application of the upcoming decision will be both nuanced and fact-sensitive, so market participants wishing to prepare do not have a simple task, says Tom Grodecki at Cadwalader.
Why Cos. Should Investigate Unethical Supply Chain Conduct

The U.K. government’s recent updated guidance for businesses on reporting slavery and human trafficking in supply chains underscores the urgent need for companies to adopt transparent and measurable due diligence practices, reinforcing the broader need for proactive internal investigations into unethical or criminal conduct, say lawyers at Seladore and Matrix Chambers.
FCA Bulletin Highlights Risks Of Leaking Inside M&A Info

The Financial Conduct Authority’s recent bulletin on the consequences of leaking sensitive information during transactions, warning that such disclosure may result in market abuse allegations, demonstrates the regulator’s determination to root out and penalize insider dealing, say lawyers at Cadwalader.
New Anti-Corruption Task Force Bolsters Int'l Collaboration

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

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

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.

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

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.