Corporate Crime & Compliance UK

  • July 02, 2020

    EU Tells Belgium To Amend Anti-Tax Avoidance Rules

    The European Commission told Belgium on Thursday to amend its use of a European Union law against tax avoidance, citing three areas that the country should revise.

  • July 02, 2020

    Depp Libel Trial To Go Forward Despite Withheld Texts

    A judge has refused to toss out Johnny Depp's libel suit against the publisher of The Sun newspaper after the actor's legal team failed to disclose text messages about his drug use, saying on Thursday that he accepted it was done in error.

  • July 01, 2020

    Europol Breaks Group Accused Of Evading $10.9M In VAT

    An international law enforcement operation smashed a syndicate accused of defrauding the Hungarian government of €9.7 million ($10.9 million) in value-added tax, Europol announced Wednesday.

  • July 01, 2020

    UK Watchdog Calls For New Tech Platform Regulatory Regime

    The U.K.'s competition authority called on the government Wednesday to set up a new regulatory system to help rein in the power of Facebook, Google and other major technology platforms that generate money through digital advertising.

  • July 01, 2020

    European, UK Groups Clash Over Bourse Trading Hours

    Shortening trading hours could be bad for investors and create an uneven playing field for markets, the Brussels-based Federation of European Securities Exchanges has said, rejecting calls by British-based trade associations to make the working day shorter.

  • July 01, 2020

    Mozambique Can Tweak ID Of Privinvest Co. In $2B Fraud Suit

    A London judge agreed Wednesday to let Mozambique amend its lawsuit against a United Arab Emirates shipbuilder in its dispute with Credit Suisse over a $2 billion fraud and bribery scheme, rejecting claims the country had sued a company that no longer existed.

  • July 01, 2020

    UK Watchdog Fines Eye Care Cos. £1.2M For Price-Fixing

    The U.K.'s antitrust regulator on Wednesday said it has fined a private hospital group and several eye disorder specialists more than £1.2 million ($1.4 million) total for colluding for almost two years to raise prices for initial consultations.

  • July 01, 2020

    Investors Claim G4S Execs Turned Blind Eye To Overcharging

    Senior managers at G4S PLC "turned a blind eye" to the security and outsourcing giant's long-running practice of overcharging the British government for electronic tagging of offenders, institutional investors have alleged in a lawsuit claiming the group inflated its share price.

  • July 01, 2020

    Wirecard Offices Raided Again As Fraud Probe Widens

    Police and prosecutors raided Wirecard's head office in Germany and four other properties on Wednesday in a widening investigation into alleged fraud linked to €1.9 billion ($2.1 billion) missing from the company's accounts.

  • July 01, 2020

    Regulator Sees Surge In Crypto-Investments Despite Risks

    The number of people in the U.K. who have invested in cryptocurrencies has risen, even though they appear to be aware of the lack of regulatory protection and high volatility associated with digital money, research from the Financial Conduct Authority has shown.

  • July 01, 2020

    What To Look For During The FCA's Biz Insurance Showdown

    Thousands of small businesses across the U.K. could see their financial futures turn on a High Court test case brought by the Financial Conduct Authority later this month, an action that could set new precedents for insurance law and the speed of the legal process.

  • June 30, 2020

    Ex-Indivior CEO Cops To Misdemeanor In Opioid Case

    Former Indivior CEO Shaun Thaxter pled guilty in Virginia federal court Tuesday to a misdemeanor for failing to prevent the company from giving misleading safety statistics to Massachusetts officials as part of a marketing campaign for one of the company's opioid addiction treatments.

  • June 30, 2020

    Dechert Atty's Evidence Errors Can't Reopen UAE Fraud Suit

    A London judge has refused to reconsider his ruling that aviation magnate Farhad Azima defrauded an Emirati state-owned fund, saying Tuesday that a Dechert attorney's incorrect testimony at trial did not alter the substantive findings against the Arab-American businessman.  

  • June 30, 2020

    Lloyds Hits Back At £8.5M Claim Over Libor Swaps

    The former chairman of a British-based mining investment company does not have a right to sue Lloyds Bank PLC over millions of pounds worth of swaps linked to Libor, the lender argued as it denied engaging in deceit or misrepresentation.

  • June 30, 2020

    US Sanctions Reason To Stall £30M Loan Interest, Court Says

    A London appellate court ruled Tuesday that U.S. sanctions targeting a Cypriot lender's Russian owner justify Cynergy Bank's withholding millions of pounds of interest payments on a £30 million ($37 million) loan from that lender.

  • June 30, 2020

    Banks, Adviser Settle Claims Over Film Tax Relief Scheme

    Dozens of investors, including former soccer and cricket players, have settled claims against British banks Coutts, NatWest and Royal Bank of Scotland and a financial adviser as part of a lawsuit against 150 companies and individuals over a failed tax relief scheme.

  • June 30, 2020

    FCA Wins Lawsuit Over Risky Pension Investment Advice

    A judge ruled in favor of the Financial Conduct Authority on Tuesday, finding that two companies and three of their directors violated financial market rules by giving unauthorized and misleading advice to more than 2,000 consumers about their retirement investments.

  • June 30, 2020

    FCA Delays 'Certified Persons' Reviews Into 2021 Amid Virus

    The Financial Conduct Authority said Tuesday that it will give regulated financial businesses more than three extra months to assess the competence of their "certified persons," in a step to provide relief to banks and insurers struggling with the economic fallout of COVID-19.

  • June 30, 2020

    Firms Warned Against 'Box-Ticking' In Complex Investments

    Investment companies in Ireland have been asked to provide clients with clearer information on their products before they sign them up, after it emerged that some businesses are simply "ticking boxes," the Central Bank of Ireland said.

  • June 30, 2020

    Crypto-Trading Platform Shuttered Over Missing £1.5M

    A judge has shut down an online cryptocurrency trading company that claimed to be backed by high-profile entrepreneurs after it lost £1.5 million ($1.8 million) in clients' cash, a government agency said Tuesday.

  • June 30, 2020

    Wirecard UK Allowed To Reopen As US Unit Goes Up For Sale

    Britain's financial regulator allowed Wirecard AG to resume its operations in the U.K. on Tuesday, with restrictions on where it can hold its customers' cash, as the North American subsidiary of the German payment company put itself up for sale.

  • June 29, 2020

    UK Watchdog Fines Instrument Cos. For Blocking Discounts

    The U.K.'s antitrust regulator fined two musical instrument companies a total of £5.5 million (about $6.7 million) on Monday for engaging in a practice that sets a minimum price for their products on the online retail market.

  • June 29, 2020

    Argentina Fights To Ax Bondholders' Dishonesty Claims

    Lawyers for Argentina asked a London judge Monday to strike out claims brought by four investment funds over the country's decision to adjust calculations and avoid a bond payout, calling the allegations "inherently implausible."

  • June 29, 2020

    Pensions Watchdog Pledges To Protect Long-Term Savers

    The Pensions Regulator said in a strategy paper published Monday that its focus for the year would be on protecting long-term savers, while also being mindful of the solvency of employers during the COVID-19 pandemic.

  • June 29, 2020

    Assange Hasn't Been Served New US Indictment, Atty Claims

    U.S. prosecutors have failed to show their new indictment against Julian Assange to his legal team, lawyers for the WikiLeaks founder told a judge at a London court on Monday as they warned that the timing of the fresh allegations could delay the case to extradite him.

Expert Analysis

  • Rebuttal

    AI Can't Accurately Predict Case Length And Cost — Yet

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    A recent Law360 guest article argued that artificial intelligence can precisely estimate the length and cost of a new case, but several limitations will likely delay truly accurate predictions for years to come, says Andrew Russell at Shaw Keller.

  • What To Expect During The Brexit Transition Period

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    While all formal ratification procedures for the U.K.'s departure from the European Union have been completed, the transitional period will bring an enormous range of trade, customs and regulatory issues, say attorneys at Mayer Brown.

  • UK 'Free Ports' May Heighten Risk Of Economic Crime

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    It may be sensible for the U.K. to introduce free ports — government-designated areas of little or no tax — to boost trade with other countries, but they could also create opportunities for major financial crime, says Stephen Baker of Baker & Partners.

  • UK Account Freezing Orders Have Quietly Made An Impact

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    Account freezing orders, one of the enforcement powers introduced by the U.K.'s Criminal Finances Act, are not as well-known as unexplained wealth orders but have arguably been a more effective weapon against economic crime and will be increasingly deployed by enforcement agencies in the future, says Ross Dixon of Hickman & Rose.

  • Why SFO Closed Its Libor Manipulation Investigation

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    Despite ongoing civil claims, the Serious Fraud Office has most likely closed its investigation into Libor rate manipulation due to the comparative difficulty of securing criminal convictions, and is unlikely to bring further charges unless significant new evidence comes to light, says Anthony Hanratty of BDB Pitmans.

  • What's Next For Ad-Tech After EU Data Privacy Investigation

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    The European Commission's competition regulator has launched an investigation into Google's data collection practices, indicating a continued focus on the advertising technology sector amid growing public concerns over privacy, says Elizabeth Kilburn of Wedlake Bell.

  • Surefire Marketing Methods To Build Your Legal Practice

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    Attorneys who take the time and the risk to showcase their talents through speaking, writing and teaching will find that opportunities will begin building upon themselves, says Daniel Karon of Karon LLC.

  • When A Deferred Prosecution Agreement Isn't The Best Option

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    While deferred prosecution agreements can seem attractive, the recent acquittal of Guralp executives accused of conspiracy to make corrupt payments shows that such deals may not always be in a company’s best interests, says Aziz Rahman of Rahman Ravelli.

  • What UK Panel's Cryptoasset Update Does And Doesn't Clarify

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    A recent legal statement from the U.K. Jurisdiction Taskforce clearing up the status of cryptoassets and smart contracts reaffirms the flexibility of English law, but leaves matters of data protection and treatment of related assets in question, say Mark Dawkins and Jenny Arlington of Akin Gump.

  • How English Courts Approach Comity When Laws Conflict

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    Two recent cases from the High Court of Justice and the Court of Appeal shed light on how English appeals courts consider the principle of comity when one jurisdiction exposes a person to criminal prosecution for conduct required by the law of another jurisdiction, says Nick Barnard of Corker Binning.

  • Key Risks And Developments For UK Law Firm Culture In 2020

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    In 2020, law firms throughout the U.K. will be increasingly reshaped by rapid changes in societal expectations and advances in technology, say Helen Rowlands and Niya Phiri of Clyde & Co.

  • 5 Things To Watch In Litigation Finance This Year

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    As 2020 arrives, we may see new products and initiatives in litigation finance that we can’t imagine yet, but one thing is clear — this industry is well past its earliest stage and is entering a very active growth spurt, says Ralph Sutton of Validity Finance.

  • #MeToo Pressure On UK Businesses Is Set To Rise

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    Recent declarations by the Financial Conduct Authority and Prudential Regulation Authority indicate that sexual harassment in the U.K.'s financial services industry may lead to consequences under the newly expanded Senior Managers and Certification Regime, and other sectors are facing growing scrutiny as well, say attorneys at Covington.

  • Key Developments In 2019 Anti-Corruption Enforcement

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    As another year draws to a close, Aisling O'Shea and Nicholas Brechbill at Sullivan & Cromwell take a look at some of the most important U.S. anti-corruption enforcement trends.

  • How English Law Liability Frameworks May Apply To AI

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    Although English civil and criminal liability frameworks that apply to artificial intelligence systems seem likely to be reformed in the near future, those operating in the AI space should manage existing legal risks in the meantime, say Ben Hughes and Russell Williamson of Bird & Bird.

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