Corporate Crime & Compliance UK

Jes Staley at the Rolls Building in London

Staley's Name In Tatters Over 'Overwhelming' Epstein Ties

Former Barclays boss James "Jes" Staley's bid to salvage his reputation has backfired in the face of a London tribunal's findings he "lacked credibility" due to the "overwhelming" evidence of his close relationship with convicted sex offender Jeffrey Epstein.

AI-Driven Fake Evidence Could 'Play Havoc' In Legal Disputes

A recent High Court judgment exposed how nonexistent artificial intelligence-generated citations had been used in legal arguments — but experts say this could be the tip of the iceberg for increasingly sophisticated fake evidence making its way into disputes.

Cryptocurrency coming out of a man's hand

FCA's Crypto Ban Reversal Unleashes Consumer Harm Risk

The Financial Conduct Authority's proposed reversal of its ban on crypto exchange-traded notes for retail investors has paved the way for immeasurable consumer harm, U.K. and U.S. lawyers have warned.

Pedestrians walk past the sign outside the headquarters of the white-collar agency in London.

SFO's Growth Push A 'Difficult Line To Tread' For Prosecutor

The Serious Fraud Office's recent promise to assist UK PLC with growth has raised eyebrows among former officials who question the optics of adopting political talking points that, on the surface, appear to distract from investigating and prosecuting economic crime.

June 27, 2025
FCA Launches Investigation Into John Wood Group

The U.K.'s financial watchdog said Friday that it has opened a probe into the Scottish multinational engineering consultancy John Wood Group PLC after the company revealed the probe in a statement to markets.
June 27, 2025
Dubai Man Banned From Doing Biz In UK Over £1.1M Tax Debt

A Dubai-based businessman is banned from directing companies in the U.K. after running up £1.1 million ($1.5 million) in tax debts and unpaid penalties with HM Revenue & Customs, including £400,000 in falsely claimed value-added tax refunds, the government's business authority said.
June 27, 2025
UK Litigation Roundup: Here's What You Missed In London

This past week in London has seen the British Basketball Federation sued by members of the men's professional basketball league for alleged competition breaches, songwriter Coco Star file an intellectual property claim against Universal Music Publishing, and the Solicitors Regulation Authority file a claim against the Post Office amid ongoing investigations into law firms linked to the Horizon IT Scandal. Here, Law360 looks at these and other new claims in the U.K.
June 27, 2025
Ex-NASA Scientist Pleads Guilty To £1M Investment Fraud

A former NASA scientist has admitted a £1 million ($1.4 million) fraud that "fleeced unwitting investors" while he operated an investment business without authorization, the Financial Conduct Authority said on Friday.
June 27, 2025
ICO Secures Guilty Verdicts In Massive Data Misuse Case

The director of a legal funding company and seven other men have been convicted over a personal injury data conspiracy at an English court, the U.K.'s data regulator has said.
June 27, 2025
HMRC Beats Dentist's Appeal Over Tax Avoidance Scheme

A dental practice has failed to overturn a finding that it engaged in tax avoidance by making loan payments to its owner through a trust, after an appeals court Friday found that the payments fall to be taxed as income.
June 27, 2025
FCA Flags Poor Risk Management Practices At Payment Firms

The Financial Conduct Authority has revealed that payment services companies displayed inadequate risk management in every case it examined in a multi-company review.
June 26, 2025
Microsoft Can Appeal IP Ruling In £270M Antitrust Case

The Competition Appeal Tribunal on Thursday allowed Microsoft to challenge the tribunal's jurisdiction over copyright law issues that arose out of a £270 million ($370 million) antitrust claim against the technology titan.
June 26, 2025
Law Firm Settles Crypto Fraud Victim's Negligence Claim

A boutique investment fraud law firm and a cryptocurrency fraud victim have inked a settlement to end a claim accusing the firm of providing negligent advice to recover £500,000 ($687,600) in stolen funds.
June 26, 2025
BHP Fails To Block Contempt Bid In £36B Dam Disaster Battle

BHP lost its bid on Thursday to block Brazilian municipalities from bringing criminal contempt proceedings in a £36 billion ($50 billion) case over Brazil's worst environmental disaster, with a London court ruling there were reasonable grounds to argue the mining giant was in contempt.
June 26, 2025
SFO Joins Global Anti-Corruption Alliance To Combat Bribery

The Serious Fraud Office said Thursday it has joined an international and multi-agency team that investigates major corruption to bolster the U.K.'s ability to fight white collar crime and illicit cross-border finance.
June 26, 2025
Businessman To Stand Trial In Malawi Bribery Case In 2027

A British businessman accused of making corrupt payments to the former vice-president of Malawi, the country's former solicitor general and other high-ranking officials appeared before a London judge on Thursday to be told he won't stand trial for two years.
June 26, 2025
SRA Taps FRC Exec To Lead Regulator Past Controversies

The Solicitors Regulation Authority said Thursday that it has appointed a senior executive from the U.K. accounting watchdog as its new chief executive, as the regulator navigates a turbulent period marked by high-profile scandals and increased scrutiny.
June 26, 2025
Audit Watchdog Sets New Guidance For 'Black Box' AI

Britain's accounting watchdog warned Thursday in new guidance on using artificial intelligence in audits that the opacity of AI models makes it crucial for firms to document how they are controlled.
June 26, 2025
Staley Fails To Overturn FCA Ban Over Epstein Ties

Former Barclays boss James "Jes" Staley lost his bid to overturn the Financial Conduct Authority's ban for allegedly lying about his ties to Jeffrey Epstein on Thursday as a London tribunal found he intentionally misled the watchdog's inquiry into their relationship.
June 25, 2025
Class Certified In Suit Over Oil Market's Historic Price Crash

A Chicago federal judge has certified a class of futures traders who claim Vega Capital London Ltd. and 12 of its traders caused a historic oil crash with an aggressive price manipulation scheme that resulted in oil futures going negative for the first time, saying the plaintiffs have met all the requirements for certification.
June 25, 2025
Sanctioned Co. Director Convicted Of Failing To Give Info

A sanctioned company director was convicted in a criminal court in London on Wednesday of failing to adequately respond to a request for information by the U.K.'s sanctions agency.
June 25, 2025
Solicitor Hit With £30K Court Bill Over Fake Car Claims

A solicitor has been handed an eight-month suspended sentence and a £30,874 ($40,871) bill for filing false claims that city potholes in Stoke-on-Trent were damaging cars, following an investigation that uncovered anomalies in his invoices.
June 25, 2025
Ex-Trowers Pro Loses Disability Claim Over SRA Referral

An employment tribunal has barred a former employee of Trowers & Hamlins LLP from bringing part of a legal claim against the firm after it reported her to the Solicitors Regulation Authority.
June 25, 2025
Businessman Jailed For Laundering £1.9M For Romance Scam

A businessman who laundered £1.9 million ($2.6 million) in romance scam proceeds through his textiles business has been imprisoned for more than four years, the Crown Prosecution Service said Wednesday.
June 25, 2025
Sweden Fines Diagnostics Co. $1.25M For Market Abuse

Sweden's financial watchdog has fined a medical diagnostics company 12 million Swedish kronor ($1.25 million) for breaching European Union regulations on market abuse following an investigation into its handling of insider information, the company revealed on Wednesday.
June 25, 2025
Steptoe Chastised For Breaching Russian Sanctions

The solicitors' regulator has rebuked the U.K. arm of Steptoe International after it breached the terms of its license to act for two clients under the Russian sanctions regime.
June 25, 2025
Funeral Director In Court Charged With Fraud, Theft

A funeral director appeared at an English criminal court on Wednesday charged with fraud, theft and burial offenses following a police investigation into his business.
June 24, 2025
Irwin Mitchell Can't Ax Pension Fraud Negligence Claim

A London court on Tuesday denied Irwin Mitchell's bid to scrap a professional negligence suit against a firm it merged with in 2015, but ruled Irwin Mitchell itself is not liable for the advice given to a pensioner in the wake of alleged fraud.
June 24, 2025
Gov't Eyes Clearer AML Rules Under Industrial Strategy

The U.K. government has laid out plans to introduce "clearer and more proportionate" money laundering regulations in broader plans to boost growth as it dubbed the country's legal sector one of the key drivers.

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

Why UK Sanctions Review Recommendations Lack Substance

The recent U.K. cross-government sanctions enforcement review makes welcome but unambitious recommendations, and without increasing funding for sanctions agencies or developing a whistleblower incentivization scheme, it is unlikely to result in tangible support for the sectors that most need it, say lawyers at WilmerHale.
How UK Law Firms Can Counter Money Laundering Threat

With figures released in May showing that money laundering was the biggest source of fraud in the U.K. last year, law firms should focus on internal identification and prevention strategies, considering the scale and nature of potential risk exposure depends on several business factors, says Niall Hearty at Rahman Ravelli.
Key Takeaways As EU And UK Impose New Russia Sanctions

The European Union and U.K.’s new sanctions on Russia, designating increasing numbers of non-Russian companies in the defense and shipping sectors, mean that organizations must examine from the outset whether a transaction has any nexus with the EU or the U.K., say lawyers at Sullivan & Cromwell.
8 Ways Law Firms Can Prepare For SRA's AML Offensive

The Solicitors Regulation Authority’s recent plans to intensify anti-money laundering enforcement means firms need to concentrate on strengthening client matter risk assessments, policies and procedures, source of funds checks and firmwide risk assessments, says Harriet Holmes at Thirdfort.
How Unfair Practice Rules Boost Consumer Protections

With the consumer protection aspects of the Digital Markets, Competition and Consumers Act now in force, companies must not only ensure their business is not engaged in prohibited practices, but also consider how consumers make decisions to acquire goods and services, say lawyers at Linklaters.
Fraud Office Guidance Highlights Value Of Self-Reporting

New guidance from the U.K.'s Serious Fraud Office on corporate self-reporting, cooperation and deferred prosecution agreements provides a useful framework for companies navigating criminal investigations and their potential resolutions — and underscores that corporations that self-report are in a better position to obtain DPAs than those that do not, say lawyers at Skadden.
Answering Key Questions About 2 EU Cybersecurity Laws

As companies work to implement two nascent European Union cybersecurity measures, the Digital Operational Resilience Act and the second Network and Information Security Directive, lawyers at MoFo address nine conceptual questions emerging around their interpretation and compliance obligations.
Industry Input Is Key As EU Weighs New Tariffs On US Trade

The European Commission’s ongoing consultation, which seeks feedback on a proposed expansion of products subject to tariffs and restrictions in retaliation to U.S. tariffs, opens an important opportunity for industry stakeholders to highlight why a scope exclusion is warranted, say lawyers at Crowell & Moring.
What End of Payment Systems Regulator Means For Biz

The U.K. government’s plan to abolish the Payment Systems Regulator and absorb its functions into the Financial Conduct Authority should eventually lighten the compliance burden for businesses under the PSR’s remit, which may in turn encourage growth, but the proposed changes will roll out slowly, say lawyers at Farrer & Co.
Compliance Lessons From Art Dealer's Terror Financing Plea

Regulated businesses can learn from the missteps of a recently convicted London art dealer, who failed to disclose sales to a suspected Hezbollah financier, by implementing compliance measures like anti-terrorism financing screenings as robust as their anti-money laundering policies and training staff to spot red flags, say lawyers at White & Case.
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.