Corporate Crime & Compliance UK

  • July 07, 2020

    EU Eyes Update To Cybersecurity Regs Amid Changing Threat

    The European Commission opened a public consultation on Tuesday over a planned shake-up of cybersecurity regulations, amid concerns that the threats have changed in the four years since the rules were introduced.

  • July 07, 2020

    Truck Makers Parry UK Damages Claim In Cartel Suit

    Fiat Chrysler and Italian truck maker Iveco have refused to admit that they'll owe a rival automaker compensation should a London court award damages in the wake of a massive price-fixing scandal that allegedly stuck businesses and consumers with inflated costs.

  • July 07, 2020

    Asset Mgr Too Late To Fight Jurisdiction In $670M Fraud Suit

    A Mozambican government company at the center of a $2 billion debt scandal has run out of time to dispute the High Court's jurisdiction in a substantial lawsuit filed by a Russian state lender, a judge has said.  

  • July 07, 2020

    Deutsche Bank Fined $150M For Epstein, Partner Bank Lapses

    New York state's financial regulator said Tuesday it fined Deutsche Bank $150 million for failing to appropriately manage its dealings with alleged bad actors including millionaire sex offender Jeffrey Epstein, who died in federal custody.

  • July 07, 2020

    Antitrust Watchdog Secures Loan Write-Off From Payday Co.

    A payday lender has scrapped £500,000 ($620,000) of loans after it was discovered that the company did not provide borrowing statements under rules designed to keep prices for high-cost credit competitive, the competition watchdog said Tuesday.

  • July 06, 2020

    Travelers Says No Coverage In Denmark's $2B Fraud Suit

    Travelers Indemnity Co. of America on Monday asked a Kentucky federal court to declare it need not defend a family of financial service advisers implicated in a $2.1 billion scheme to defraud the Kingdom of Denmark, saying its policy with the family does not cover criminal actions, but does cover bodily injury or property damage.

  • July 06, 2020

    EU Plans Building Think Tank To Fight Tax Evasion

    The European Commission began a competition to build a think tank that would help the European Union fight tax evasion, drawing on the expertise of tax professionals and nongovernmental organizations.

  • July 06, 2020

    UK Announces First Sanctions In Post-Brexit Era

    The U.K. government on Monday introduced new regulations that will allow it to hit abusers of human rights with asset freezes and travel bans, marking the first time the country has independently imposed such penalties on individuals and organizations since its breakaway from the European Union.

  • July 06, 2020

    Real Estate Exec Banned As CMA Wins Fee Cartel Case

    A London judge on Friday disqualified a retired businessman from serving as a company director for seven years after finding that he helped fix real estate commissions to end a "fee war" with rivals in a Southwest seaside town.

  • July 06, 2020

    Ex-Barclays Chief Testifies Legal Team Cleared Qatar Deals

    Barclays' former chief executive denied misleading the bank's board to win approval for side payments to Qatar during the financial crisis, maintaining at a £1.6 billion ($2 billion) fraud trial that the lender's legal team was heavily involved in drafting the agreements.

  • July 07, 2020

    US Courts Open To Demands For EU Data, But Risks Loom

    Companies fighting U.S. discovery requests that require them to produce European Union residents' personal information have so far found little traction for their argument that the EU's stringent data protection rules bar these disclosures, but defendants can still face hefty fines if they fail to ensure that data demands are lawful and limited.

  • July 06, 2020

    UK Tells Big Four Auditors To Present Reforms By October

    A regulator ordered the "Big Four" accounting companies on Monday to hand over by October their plans for splitting up their audit practices after a string of reporting scandals.

  • July 06, 2020

    Lloyd's On Alert After Cyberattack Hits Software Provider

    Lloyd's of London said Monday it is taking precautions to secure market data after one of its main software and claims providers was hit by a cyberattack.

  • July 06, 2020

    EU Finance Lobby Says Sept. Deadline Vital For Brexit Deal

    The European Union and Britain must iron out the equivalence terms of a Brexit deal for financial services by September to give EU companies certainty about their access to markets across the Channel, a European lobby group said on Monday.

  • July 03, 2020

    No Plans To Revise Bankruptcy Scheme Levy, FCA Says

    The Financial Conduct Authority has said it does not plan to revisit how the national bankruptcy compensation program is funded, despite concerns being raised about the rising cost of the levy for regulated companies.

  • July 03, 2020

    SFO Must Ask Ex-Staff About Private Phone Use In ENRC Suit

    The Serious Fraud Office must ask its former employees whether they used personal mobile phones when doing work for the agency as part of ENRC's lawsuit accusing it of colluding with the Kazakh mining giant's former law firm, a judge said on Friday.

  • July 03, 2020

    FCA To Fine Ex-Spreadbetting Boss For Market Abuse

    Britain's financial watchdog said Friday it intends to slap the former boss of a failed spread-betting company with a fine of £659,000 ($821,000) for engaging in market abuse before it was floated on the London Stock Exchange in 2007.

  • July 03, 2020

    Producer Fights Off Objections To Amend Tax Fraud Suit

    A judge has allowed a French movie producer to amend his fraud suit against nearly a dozen financial advisers and former HSBC bankers, dismissing objections on Friday from some of the defendants that the proposed changes "significantly disfigure the claim."

  • July 03, 2020

    Regulators Urged To Swap Info On Pending Bank AML Fines

    National financial services watchdogs should exchange information on penalizing banks and their compliance with rules on financial crime, according to recommendations by the Basel Committee on Banking Supervision.

  • July 03, 2020

    6 Wirecard Units Follow Parent Into Insolvency Proceedings

    Six German subsidiaries of payments company Wirecard AG have applied for insolvency proceedings as administrators prepare to sell off assets to dismantle the group amid a fraud investigation. 

  • July 03, 2020

    UK Litigation Roundup: Here's What You Missed In London

    The last week has seen a competition suit against Royal Mail, a Saint-Gobain unit lodge a patent claim against 3M and a Russian bank file another suit against Mozambique and one of the state-owned entities embroiled in a $2 billion bribery scandal. Here, Law360 looks at those and other new claims in the U.K.

  • July 02, 2020

    Will Libra's Compliance Efforts Be Enough To Sway Critics?

    The planned Libra digital currency faced such unrelenting backlash that the group behind it modified its underlying structure and packed leadership positions with compliance experts in recent months. But whether these changes will allow the project to realize its ambitions remains uncertain.

  • July 02, 2020

    Investors Must Disclose Advice History In Tax Relief Suit

    A group of investors suing financial advisers, accountants and banks over their alleged role in a failed film tax relief scheme operated by Ingenious Media must disclose other investments they made and advice they received, a London judge ruled Thursday.

  • July 02, 2020

    Ex-Barclays CEO Defends Qatar Dealings At Fraud Trial

    Barclays' former chief executive defended payments made by the bank to Qatar as it sought to raise capital in 2008, arguing at PCP Capital's £1.6 billion ($2 billion) fraud trial on Thursday that they were a legitimate part of a long-term strategy to generate more business.

  • July 02, 2020

    EU Takes 3 Member States To Top Court Over AML Failings

    The European Commission announced plans on Thursday to take legal action against Austria, Belgium and The Netherlands for failing to fall into line with bloc-wide regulations against money laundering and financing of terrorism.

Expert Analysis

  • UK Data Breach Ruling Clarifies Employers' Vicarious Liability

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    The U.K. Supreme Court's decision in the WM Morrison Supermarkets data breach group action confirms that employers cannot be held liable for employee actions related to a personal vendetta against the company, but most vicarious liability cases may not be as clear-cut, say attorneys at Covington.

  • Limits Of FCPA Jurisdiction Over Foreigners After Hoskins

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    The prosecution of former Alstom executive Lawrence Hoskins and other recent cases illuminate the outer limits of the Foreign Corrupt Practices Act’s jurisdiction over foreign persons, but many issues remain to be litigated, and a circuit split may yet need to be resolved, say Jason Linder and William Sinnott at Mayer Brown.

  • Latest UK Sanctions Breach Fine May Signal New Era

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    The £20.47 million penalty that the Office of Financial Sanctions Implementation imposed on Standard Chartered Bank on Tuesday is unprecedented, and this case could represent the start of a new era of sanctions enforcement in the United Kingdom, say attorneys at Kirkland.

  • Responding To DOJ's Increasing Int'l Antitrust Extraditions

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    The U.S. Department of Justice's recent extradition of a Korean auto parts executive — the third extradition based solely on an antitrust charge — reveals the difficult choices individuals face in deciding whether to defend themselves in a foreign land, but defendants in these cases have other options, say attorneys at BakerHostetler.

  • UK Gambling Regulator's AML Action Is A Warning To All Cos.

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    The U.K. Gambling Commission's recent anti-money laundering fine against online gambling giant Betway illustrates that companies subject to the U.K. Money Laundering Regulations must adopt a risk-based compliance approach that concentrates resources and focus into their highest-risk areas, say attorneys at Cadwalader.

  • A Few Unexplained Wealth Orders Don't Solve Fraud Issues

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    While the National Crime Agency has paraded a few high-profile unexplained wealth orders, like those the U.K. Court of Appeal recently upheld against Zamira Hajiyeva, the hype still fails to match their limited usefulness in combating illicit money thus far, says Bambos Tsiattalou at Stokoe.

  • Regulating Cryptoassets May Be Harder Than FCA Expects

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    The Financial Conduct Authority's director of retail and regulatory investigations recently painted a hopeful picture of plans to regulate cryptoassets, but obstacles such as weak links in the global regulatory chain and resistance to compliance may be more challenging than anticipated, says Anna Gaudoin of WilmerHale.

  • Opinion

    SFO Must Radically Overhaul Prosecution Approach

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    The Serious Fraud Office's recent failure to convict three Barclays executives for fraud is the latest evidence that the agency's real issue is its tendency to seek prosecution without a realistic chance of conviction, says Bambos Tsiattalou at Stokoe.

  • Aviation Watch: Airbus Gets Off Easy In Bribery Settlement

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    The $4 billion settlement Airbus recently agreed to pay to the U.S., U.K. and France over foreign bribery charges is merely a cost of doing business for the aircraft manufacturer, and suggests that there is no effective deterrent to corruption when companies are too big to prosecute, says Alan Hoffman, a retired attorney and aviation expert.

  • Conviction Toss Reinforces FCPA’s Jurisdictional Constraints

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    A Connecticut federal court's recent decision in Lawrence v. Hoskins, throwing out a foreign national's conviction for Foreign Corrupt Practices Act violations, is a potent reminder of the FCPA's limited reach and provides defense counsel with a powerful new precedent, say attorneys at Fried Frank.

  • UK Group Data Breach Claims Pose Big Financial Risks

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    Recent English court decisions appear to make it easier for data breach victims to bring collective actions, and consequently companies may find they are liable for huge sums in addition to fines under the General Data Protection Regulation, say attorneys at Morrison & Foerster.

  • Corporate Self-Reporting Won't Guarantee SFO Leniency

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    While self-reporting corporate crime can generally help U.K. companies get more lenient treatment from the Serious Fraud Office, two companies that were formally prosecuted nonetheless demonstrate that self-reporting should be backed by proper cooperation, reform and caution, says Azizur Rahman at Rahman Ravelli.

  • Assessing Trump's Conditional Pardon Offer To Assange

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    President Donald Trump's reported offer to pardon Julian Assange, if Assange denied that Russians hacked into the Democratic National Committee database, was constitutionally risky and highlights the danger of presidential power wielded for personal goals, says Harold Krent at Chicago-Kent College of Law.

  • Legacy Contracts Complicate Libor Transition

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    As firms prepare for Libor cessation by the end of next year, one of the more difficult challenges may be dealing with legacy contracts, which could cause significant market disruption and litigation if not successfully renegotiated, say Abdulali Jiwaji and Johnny Shearman at Signature Litigation.

  • SFO Compliance Evaluation Guidance Is Insubstantial

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    The Serious Fraud Office's new guidance explaining how it assesses companies' compliance programs is laudable, but does not provide enough solid advice, says Azizur Rahman of Rahman Ravelli.

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