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Corporate Crime & Compliance UK
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Featured
Meet The Lawyers Tapped To Defend In Glencore Bribery Case
Six former Glencore employees, including the commodity giant's billionaire former head of oil, who have been charged with bribery by the Serious Fraud Office, have tapped an all-star list of the U.K.'s most experienced trial solicitors and barristers with a track record of prevailing against the white-collar agency.
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September 20, 2024
UK Budget May Seek Gains From Inheritance Tax, Firms Say
The U.K. government may try to squeeze more revenue out of the wealthy via inheritance tax, wealth management firms said Friday following the release of data showing the levy is generating higher returns for HM Treasury.
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September 20, 2024
EU Moves To Hike Ukraine Loan To €35B In Case US Pulls Out
The European Commission proposed Friday that the European Union should increase its share of loans to Ukraine backed by frozen and immobilized Russian state assets up to €35 billion ($39.1 billion) from about €18 billion in case the U.S. backs out of its part of a Group of Seven agreement.
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September 20, 2024
UK Litigation Roundup: Here's What You Missed In London
The past week in London has seen crypto exchange Binance face a new claim from the co-founder of SO Legal, a U.S. immersive art company take on a Bristol venue for copyright violations and Blake Morgan LLP hit with a pension schemes claim by The Trust for Welsh Archeology. Here, Law360 looks at these and other new claims in the U.K.
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September 20, 2024
Businessman Gets 18 Months In Prison For COVID Loan Fraud
A British businessman was sentenced to 18 months in prison at a criminal court Friday for dishonestly obtaining a COVID-19 small business loan to repay an associate embroiled in a fight with the Serious Fraud Office.
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September 20, 2024
Insurance Brokers Say Big Cos. Don't Need Consumer Rules
The Financial Conduct Authority should exclude bigger businesses from the scope of consumer protection regulations, in order to boost the competitiveness of the U.K. insurance sector, a trade body said.
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September 20, 2024
Solicitor Struck Off Over Blackmail Conviction
A London tribunal has banned a solicitor from practicing in the profession after he was convicted by a criminal court of blackmailing a company director in a board meeting.
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September 20, 2024
Insurers Deny Liability For $911M Stranded Aircraft Claims
Two insurers have argued they are not liable for claims totaling $911 million over aircraft stranded in Russia as part of a wave of claims worth £13 billion ($17.3 billion) that have flooded courts following the invasion of Ukraine.
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September 20, 2024
Audit Watchdog Revises Actuarial Standard For Insurers
Britain's accounting watchdog on Friday published a revised version of the rules for actuarial work in the insurance sector that it said reflected recent regulatory changes around delivering good outcomes for consumers.
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September 20, 2024
Harrods, Met Face Potential Litigation Over Rape Claims
Lawyers are investigating potential claims against the Metropolitan Police and London luxury department store Harrods over allegations that its former staff were raped and sexually abused by Mohamed Al-Fayed, its billionaire owner and former chair.
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September 20, 2024
UK Fraud Reimbursement Plan Could Attract Organized Crime
A program launching in October that allows victims of fraudulent authorized push payments to get reimbursement from banks and payments companies could be exploited by organized crime to cash in with bogus claims, according to lawyers.
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September 19, 2024
Dechert Settles Aviation Exec's Hack Cover-Up RICO Claims
An airline mogul has cut a confidential deal with Dechert and two former partners of the firm to let them off the hook in his sprawling civil Racketeer Influenced and Corrupt Organizations Act lawsuit in New York federal court, the settling parties announced Thursday.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
Editor's Picks
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NCA Ducks Litigation Risk In 1st Seizure Of Sanctioned Assets
The decision by the National Crime Agency to secure the forfeiture of the assets of a sanctioned Russian oligarch is a pragmatic victory that avoids the risk of setting a damaging legal precedent, lawyers say.
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How 3 Firms Cleared 2 Ex-Autonomy Execs In HP Fraud Case
A California federal jury's rejection last week of fraud charges against the founder and former finance vice president of British software company Autonomy validated an approach by the defendants' three law firms — Steptoe, Clifford Chance and Bird Marella — to form a "seamless" collaboration throughout the trial, from jury selection to closing arguments.
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Starmer Could Crack Judicial Crisis, Former CPS Chiefs Say
Keir Starmer's lead in the polls as the general election in July approaches has sparked hopes among criminal justice advocates that the Labour leader — a former top prosecutor — will implement reforms as prime minister.
Expert Analysis
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Integrating ESG Into Risk Management Programs
Amid increasing regulations and reporting requirements for corporate sustainability in the European Union and the U.S., companies might consider how to incorporate environmental, social and governance factors into more formalized risk management, say directors at Alvarez & Marsal.
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The EU AI Act's Influence Around The World
Although the European Union's Artificial Intelligence Act's implementation will be staggered over the next six years, we are already witnessing its authority across the world, with legislators in other countries drawing inspiration from its sector-agnostic approach, say lawyers at Paul Weiss.
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Lawyers' Role In Decarbonizing The Global Economy Is Vital
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.
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A Look At UK, EU And US Cartel Enforcement Trends
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.
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Testing The Limits Of English Courts' Pro-Arbitration Stance
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.
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What Green Claims Directive Proposal Means For Businesses
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.
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EU Merger Control Concerns Remain After ECJ Illumina Ruling
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.
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£43M Legal Bill Case Shows Courts' View On Exchange Rates
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.
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Examining The EU's New Payments Services Package
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.
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Examining The State Of Paccar Fixes After General Election
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.
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EU Reports Signal Greenwashing Focus For Financial Sector
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.
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GDPR 6 Years On: Key Points From EU Report
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.
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Opinion
Without Change, Fighting Fraud Is A Losing Battle For The UK
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.
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Embedding Consumer Duty: 6 Areas Firms Should Prioritize
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.
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2 UK Rulings Highlight Persistent Push Payment Fraud Issues
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.