Corporate Crime & Compliance UK

  • September 19, 2024

    London Law Firm Fined For Breaching AML Rules

    A London law firm must pay £3,700 ($4,900) in fines plus costs after it failed to comply with strict anti-money laundering and terrorist financing rules, the solicitors' watchdog for England and Wales has said.

  • September 19, 2024

    EU Top Court Rules UK's CFC Tax Breaks Not State Aid

    The European Court of Justice ruled Thursday that tax breaks the U.K. gave to certain companies under controlled foreign company regulations did not breach European Union state aid law.

  • September 19, 2024

    Apple Ruling Prompts EU Lawmakers To Call For Tax Justice

    Citing the recent European court judgment requiring Apple to pay €13 billion ($14.5 billion) in taxes to Ireland, European Union lawmakers demanded Thursday that the fight against tax evasion and for corporate tax harmonization be stepped up.

  • September 19, 2024

    SFO Ordered To Disclose Total Cost Of Failed ENRC Probe

    The Serious Fraud Office must disclose the total cost of its now-moribund corruption investigation into Eurasian Natural Resources Corp., a London tribunal ruled on Wednesday.

  • September 19, 2024

    Insurers Wrestle With 'Cyberwar' Policy Exclusions

    The evolving cyberinsurance market could be heading for a seismic shift if more insurers scale back standard business IT breach policies to limit the impact of state-backed cyberattacks on their bottom line.

  • September 19, 2024

    UK Issues Disclosure Exemptions For Investment Trusts

    The government and Financial Conduct Authority announced Thursday plans to reform the U.K. retail disclosure rules in early 2025, with immediate interim exemption of investment trusts from current requirements on cost disclosures to retail investors.

  • September 19, 2024

    AI Helping Rise In UK Insurance Fraud, Report Shows

    Nearly one in five insurance claim handlers believe that many fraud claims now involve fake supporting documents created or altered using artificial intelligence tools, a new report shows.

  • September 19, 2024

    Google Accused Of Apple 'Stranglehold' In £7B Class Action

    A consumer champion bringing a £7 billion ($9.3 billion) class action against Google told a tribunal Thursday that the tech giant has maintained a "stranglehold" on Apple devices through an illegal exclusivity deal with the iPhone-maker.

  • September 18, 2024

    FCA Accuses 4 Of Textile Co. Pump-And-Dump Scheme

    Four businessmen connected to Worthington Group were accused by the Financial Conduct Authority at the beginning of a London criminal trial Wednesday of being involved in a scheme to artificially pump up the price of shares of the former textiles company while it was effectively insolvent.

  • September 18, 2024

    Google Fights To Ax £7B Apple Search Engine Abuse Case

    Google asked a tribunal on Wednesday to strike out a £7 billion ($9.25 billion) case alleging it abused its dominance by securing exclusivity for its search engine on Apple devices, arguing that the case against it must fail.

  • September 18, 2024

    Privinvest Says Missing Disclosure Made Fair Trial Impossible

    A shipbuilding company is seeking to dodge having to pay approximately $2 billion in damages awarded to Mozambique over a bribery scheme that wrecked the country's economy, urging a court to stay enforcement of the judgment to await the outcome of any appeal.

  • September 18, 2024

    Dutch Government Issues Tax Cuts In First Budget

    The new Dutch government issued its first budget since the 2023 elections, including plans to cut taxes on earnings and raise the limit on certain corporate tax deductions.

  • September 18, 2024

    Justices Say €450M RusChem Case Governed By English Law

    English courts had the jurisdiction to prevent a Gazprom subsidiary from pursuing a €450 million ($500 million) claim in the Russian courts against UniCredit Bank AG, Britain's top court said Wednesday as it delivered its reasons for halting the litigation earlier this year.

  • September 18, 2024

    Danske Bank Ends French AML Probe With $7M Settlement

    Disgraced lender Danske Bank said Wednesday that it has agreed to pay €6.33 million ($7 million) to French prosecutors to end a formal investigation into suspected money laundering involving transactions totaling €21.6 million.

  • September 18, 2024

    Qualcomm Gets Predatory Pricing Fine Trimmed To €239M

    A European Union court has pared back the penalty handed to Qualcomm for abusing its dominance by selling 3G baseband chipsets below cost, trimming it on Wednesday from €242 million ($266 million) to €238.7 million after finding that enforcers had not properly applied their own fining guidelines.

  • September 18, 2024

    Google Gets €1.49B Antitrust Fine Tossed In AdSense Case

    A European Union court on Wednesday annulled a €1.49 billion ($1.65 billion) fine against Google for abusing its dominance in markets for brokering online search advertising, saying the bloc's competition enforcer had not adequately weighed how long the contracts had been in place.

  • September 17, 2024

    BBC Backs Public Interest Value Of Tory Donor Bribery Claims

    The BBC has defended itself against a defamation claim from Mohamed Amersi, arguing that statements it made about the telecoms magnate and Conservative Party donor's connection to potentially corrupt deals were substantially true and in the public interest.

  • September 17, 2024

    Investors' Losses Were Caused By Own Failures, Firm Says

    A Liverpool-based law firm has denied claims it was negligent when advising investors on a real estate investment deal alleged to be a Ponzi scheme, arguing that investors' losses were caused by their failure to follow legal advice.

  • September 17, 2024

    Competitiveness Outranks Climate In New EU Commission

    European Commission President Ursula von der Leyen shifted her focus from climate change to boosting competitiveness as she proposed her team of commissioners for the next five-year mandate Tuesday, handing out key jobs covering everything from competition enforcement to trade policy.

  • September 17, 2024

    Iveco Poland, Truck Distributors Fined $62M For Collusion

    A Polish antitrust authority has imposed a fine of 238 million Zloty ($62 million) on truck-maker Iveco Poland and 10 distributors of the vehicles for restricting competition for almost a decade by colluding to share the market between them.

  • September 17, 2024

    Crypto-Scam Victim's Loss Hands Tracing Lessons To Experts

    A recent decision that dismissed a claim brought by a victim of crypto-fraud against an exchange because of flaws in his expert evidence provides a warning for litigators that efforts to trace money will fail unless there is a clear digital trail.

  • September 17, 2024

    Crypto-Fraud Victim Sues Lawyers Over 'Valueless Advice'

    An alleged victim of a cryptocurrency fraud has claimed that a specialist investment law firm owes her £635,000 ($839,000) for providing "valueless advice" on how to recover her lost money.

  • September 17, 2024

    Lawyer Cleared Of Dishonesty Over Insurance Failure

    A solicitor was cleared of dishonesty on Tuesday after he was accused of lying to his insurer to hide the acquisition by his company of another firm's work and staff after his insurer refused to offer cover for the change.

  • September 17, 2024

    Swiss Seize $15M From Bank For 'Serious' Market Violations

    The Swiss financial markets regulator said Tuesday it has seized 12.7 million Swiss francs ($15 million) from Mirabaud & Cie SA after it ruled that the private bank had "seriously violated" the law and breached its anti-money-laundering obligations.

  • September 16, 2024

    Apple Ruling May Embolden EU's Tax Policing, Experts Say

    The European Court of Justice's ruling against Apple and Ireland last week runs contrary to its logic in a 2022 state aid ruling, potentially giving the European Commission a reason to think it can decide tax norms across Europe, tax experts said.

Expert Analysis

  • Lawyers' Role In Decarbonizing The Global Economy Is Vital

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    Businesses can future-proof themselves against climate risks by incorporating science-based language into legal documents, but lawyers must understand how their legal work intersects with advising on climate risks and decarbonization opportunities, says Humzah Khan at The Chancery Lane Project.

  • A Look At UK, EU And US Cartel Enforcement Trends

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    The European Union, U.K. and U.S. competition agencies' recently issued joint statement on competition risks in generative artificial intelligence demonstrates increased cross-border collaboration on cartel investigations, meaning companies facing investigations in one jurisdiction should anticipate related investigations in other jurisdictions, say lawyers at Latham & Watkins.

  • Testing The Limits Of English Courts' Pro-Arbitration Stance

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    Although the Court of Appeal recently upheld a $64 million arbitration award in Eternity Sky v. Zhang, the judgment offers rare insight into when the English courts’ general inclination to enforce arbitral awards may be outweighed by competing policy interests such as consumer rights, say Declan Gallivan and Peter Morton at K&L Gates.

  • What Green Claims Directive Proposal Means For Businesses

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    With the European Union’s recent adoption of a general approach to the proposed Green Claims Directive, which will regulate certain environmental claims and likely be finalized next year, companies keen to publicize their green credentials have even more reason to tread carefully, say Marcus Navin-Jones and Juge Gregg at Crowell & Moring.

  • EU Merger Control Concerns Remain After ECJ Illumina Ruling

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    The recent European Court of Justice judgment in Illumina-Grail is a welcome check on the commission's power to review low-threshold transactions, but with uncertainty persisting under existing laws and discretion left to national regulators, many pitfalls in European Union merger control remain, says Matthew Hall at McGuireWoods.

  • £43M Legal Bill Case Shows Courts' View On Exchange Rates

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    A recent Court of Appeal decision declined to change the currency used for payment of the Nigerian government's legal bill, aligning with British courts' consensus that they should not be concerned with how fluctuating exchange rates might benefit one party over another, says Francis Kendall at Kain Knight.

  • Examining The EU's New Payments Services Package

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    Following recent European Parliament elections, the spotlight is turning to the highly anticipated payments services package expected in September, marking a pivotal moment in the legislative process that will reshape the payment services ecosystem in the European Union, says Kristýna Tupá and Karolína Hlavinková at Schoenherr.

  • Examining The State Of Paccar Fixes After General Election

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    Following the U.K. Supreme Court's Paccar decision last year, which made many litigation funding agreements for opt-out collective actions in the Competition Appeal Tribunal unenforceable, the judiciary will likely take charge in implementing any fixes — but the general election has created uncertainty, says Ben Knowles at Clyde & Co.

  • EU Reports Signal Greenwashing Focus For Financial Sector

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    Reports from the European Supervisory Authorities on enforcement of sustainability information, plus related guidance issued by the European Securities and Markets Authority, represent a fundamental change in how businesses must operate to maintain integrity and public trust, say Amilcare Sada and Matteo Fanton at A&O Shearman.

  • GDPR 6 Years On: Key Points From EU Report

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    The European Commission’s recent report on the General Data Protection Regulation is clearly positive, concluding that it has brought benefits to both individuals and businesses, but stakeholders are still awaiting essential guidelines on scientific research and important business concerns remain, say Thibaut D'hulst and Malik Aouadi at Van Bael & Bellis.

  • Opinion

    Without Change, Fighting Fraud Is A Losing Battle For The UK

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    To successfully fight fraud cases in the U.K. — like the Russian Coms scam recently shut down by the National Crime Agency — it is clear there needs to be significant investment in recruiting and training expert investigators, and meaningful engagement between the country’s intelligence platforms, says Anthony Hanratty at Howard Kennedy.

  • Embedding Consumer Duty: 6 Areas Firms Should Prioritize

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    The Financial Conduct Authority has repeatedly emphasized that complying with the Consumer Duty is not a tick-box exercise but an ongoing responsibility, so firms need to show that the duty is at the heart of their practices by staying compliant in areas from cultural change to customer vulnerability, say Nicola Higgs and Becky Critchley at Latham.

  • 2 UK Rulings Highlight Persistent Push Payment Fraud Issues

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    Two recent High Court decisions, Larsson v. Revolut and Terna DOO v. Revolut, demonstrate that authorized push payment fraud continues to cause headaches for consumers and financial institutions alike, and with forthcoming mandatory reimbursement requirements, more APP fraud litigation can be expected, say lawyers at Charles Russell.

  • Open Questions 3 Years After 2nd Circ.'s Fugitive Ruling

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    The Second Circuit’s 2021 decision in U.S. v. Bescond, holding that a French resident indicted abroad did not meet the legal definition of a fugitive, deepened a circuit split on the fugitive disentitlement doctrine, and courts continue to grapple with the doctrine’s reach and applicability, say attorneys at Lankler Siffert.

  • What Labour Has In Mind For UK Data Protection Law Reform

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    The U.K.'s new Labour government is indicating that it will strengthen the country's cybersecurity regime, and introduce artificial intelligence legislation similar to that of the European Union, in an attempt to further reform data protection law and harness the power of data for economic growth, says Victoria Hordern at Taylor Wessing.

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