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Corporate Crime & Compliance UK
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
Expert Analysis
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The Pros And Cons Of A 2nd Trump Term For UK Tech Sector
While U.S. President Donald Trump’s protectionist stance on trade could disrupt global supply chains on which many U.K. tech firms are reliant, anticipated deregulation could provide fertile ground for investment and growth, and the U.K. tech sector is bracing for a mix of opportunities, say lawyers at Shoosmiths.
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Why EU Omnibus Package Is Receiving Mixed Reactions
Although the forthcoming European Union omnibus simplification package consolidating corporate sustainability reporting requirements aims to reduce the regulatory burden on businesses, reaction to the proposals has been mixed, and reassurance is needed that these measures will not result in a watering down of the legislation, say lawyers at Peters & Peters.
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Review Of Computer Evidence Use Raises Complex Issues
The Ministry of Justice’s recent call for a review of computer-generated evidence used in criminal proceedings, solicits questions of how such evidence will be defined while also ensuring that changes can withstand technological advances and uphold the effective functioning of the criminal justice system, say lawyers at BCL Solicitors.
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How Proposed Private Share Trading System May Benefit Cos.
The government's proposal for a private securities and capital exchange system intends to enhance market practices and risk tolerances, offering a significant way for firms to free up liquidity by allowing investors to trade existing private company shares, say lawyers at Mishcon de Reya.
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New Bill Introduces Important Whistleblower Protections
If enacted, a bill that proposes the establishment of an independent whistleblower office in the U.K. offering protected disclosures will encourage individual whistleblowers, and alleviate the pressure for companies to investigate complaints, say lawyers at Tenet Law.
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Important Changes To Note In Accountant Ethics Code Update
The Institute of Chartered Accountants of England and Wales' forthcoming code of ethics will bring a number of significant updates to raise standards within the profession, but also risks of professional indemnity claims that could lead to challenges for firms, say lawyers at RPC.
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What EU Sustainable Category Proposals Will Mean For Funds
The European Union Platform on Sustainable Finance’s recent proposals to apply stricter product categorization standards for funds subject to the Sustainable Finance Disclosure Regulation will assist retail investors in selecting sustainable products, and allow advisers to easily match their clients’ preferences, say lawyers at Debevoise.
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What To Expect As CAT Considers Mastercard Settlement
It is expected that the Competition Appeal Tribunal will closely scrutinize the proposed collective settlement in Merricks v. Mastercard, including the role of the case’s litigation funder, as the CAT's past approach to such cases shows it does not treat the process as a rubber stamp exercise, say lawyers at BCLP.
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Managing Transatlantic Antitrust Investigations And Litigation
As transatlantic competition regulators cooperate more closely and European antitrust investigations increasingly spark follow-up civil suits in the U.S., companies must understand how to simultaneously juggle high-stakes multigovernment investigations and manage the risks of expensive new claims across jurisdictions, say lawyers at Paul Weiss.
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What 2025 Holds For UK, EU Restructuring And Insolvency
European Union and U.K. restructuring developments in 2024, with a new era of director accountability, the use of cramdown tools and the emergence of aggressive liability management exercises, mean greater consideration of creditors' interests and earlier engagement in restructuring discussions can be expected this year, says Inga West at Ashurst.
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What To Know As EU Urges Outbound Investment Reviews
A recent European Commission recommendation urges European Union member states to review outbound investments in certain critical technologies sectors, but does not clarify the next steps for states once information on relevant transactions in third countries is received, say lawyers at Cleary.
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Competition Act Brings Important UK Merger Control Changes
Although recently effective sections of the Digital Markets, Competition and Consumers Act provide clarity on the transactions that may attract Competition and Markets Authority attention, some reforms potentially expanding the regulator's scope may be concerning to transacting parties, say lawyers at Fried Frank.
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How GCs Can Protect Cos. From Geopolitical Headwinds
Geopolitical uncertainty is perceived by corporate leaders as the biggest short-term threat to global business, but many of the potential crises are navigable if general counsel focus on what is being said about a company and what the company is doing, says Juliet Young at Schillings.
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What BT Ruling Will Mean For UK Class Actions
The Competition Appeal Tribunal’s recent dismissal of a £1.3 billion mass consumer claim against BT, the first trial decision for a U.K. collective action, reminds claimants and funders of the high bar for establishing an abuse, and provides valuable insight into how pending mass consumer cases may be resolved, say lawyers at Ashurst.
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Navigating PRA's Data Request For Crypto-Asset Exposure
The Prudential Regulation Authority’s recent data request for details on financial institutions' crypto-asset exposures should be used as an opportunity for firms to update their compliance procedures, and consider the future use of crypto-assets and related services, says James Wickes at RPC.