Corporate Crime & Compliance UK

  • November 25, 2022

    Barclays Hands £54M In Fraud Proceeds To NCA In UK First

    The National Crime Agency has taken control of £53.9 million ($65.3 million) of suspected proceeds of fraud from Barclays Bank UK PLC after the High Court granted a civil recovery order on Friday — a first for British legal history.

  • November 25, 2022

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

    The past week in London has seen the SFO bring legal action against a Lebanese bank with alleged ties to Hezbollah, a Mancunian Blockbuster-themed cocktail bar sued by the video rental shop for copyright infringement, and IGT hoping for the luck of the draw in a fresh procurement claim against the Gambling Commission. Here, Law360 looks at these and other new claims in the U.K.

  • November 25, 2022

    UK Gov't Sets Out Plans To Tackle Intimate Image Abuse

    More people will face prison time for committing offenses, including making and sharing explicit images that have been digitally altered and installing hidden cameras, under planned changes to the law announced by the U.K. government on Friday.

  • November 25, 2022

    Former Pension Trustees Sentenced For Making Illegal Loans

    Two former pension scheme trustees were handed suspended sentences on Friday for making illegal loans valued at £236,000 ($286,000) from a workplace retirement scheme to a textile industry business, in a prosecution brought by the U.K.'s pensions watchdog.

  • November 25, 2022

    Court Trims Fraud Claims In $661M Share-Purchase Spat

    A joint venture backed by Chinese financial services firm Everbright and technology company Baofeng can bring fraud claims against Media Partners & Silva LLC but must drop allegations that the insolvent sports media rights company lied about its business practices, a London court ruled on Friday.

  • November 25, 2022

    Watchdog Seeks Responses On Insurance Cyber-Risk Threats

    The European Union's insurance regulator is seeking responses on its plans to establish a framework to assess the ability of businesses in the sector to handle crises such as ransomware attacks and data breaches.

  • November 24, 2022

    Regulator Seeks Views On Pensions Online Portal Compliance

    The Pensions Regulator called on trustees and managers of occupational retirement savings plans on Thursday to respond to proposed rules on compliance and enforcement for its long-awaited online portal.

  • November 24, 2022

    England's Highest Judge To Retire In 2023 After 6 Years At Top

    Judge Ian Burnett, Lord Chief Justice of England and Wales, announced on Thursday that he will step down as the head of the judiciary next year, bringing to a close a six-year term in office.

  • November 24, 2022

    SFO To Face 2024 Trial Over ENRC Probe Leaks Claims

    The Serious Fraud Office was told by a London judge on Thursday to prepare for a seven-week trial in 2024 over claims that its officers repeatedly leaked information to journalists about a criminal investigation into mining company Eurasian Natural Resources Corp.

  • November 24, 2022

    Corporate 'Failure To Prevent Fraud' Offense Edges Closer

    A new offense that will make companies criminally liable for failing to prevent fraud by their employees edged a step closer to becoming law after a group of lawmakers tabled an amendment on Thursday to economic crime legislation making its way through Parliament.

  • November 24, 2022

    Police Lead Swoop On Spoofing Website Behind Fraud Op

    A website that helped scammers posing as bank and government employees to dupe potential victims into handing over their details has been taken down in Britain's "biggest-ever fraud operation," the Metropolitan Police said on Thursday.

  • November 24, 2022

    Film Producer Sues News Group Over Phone Hacking Claims

    The producer of films including "Shaun of the Dead" and mother of English singer-songwriter Lily Allen has hit News Group Newspapers, publisher of The Sun, with fresh phone-hacking accusations, according to recent London court filings.

  • November 24, 2022

    Workforce Diversity Plan For Finance Due Amid Criticism

    A task force commissioned by the government will next week present its plan for a more diverse workforce in U.K. financial services, the chair of the body said on Thursday, amid criticism that its anticipated approach will fail to make a difference.

  • November 24, 2022

    Lawmakers To Scrutinize Mandatory Scam Repayment Plans

    A group of MPs said on Thursday that they will quiz Britain's payments watchdog on its new proposals that would require banks to reimburse most victims who have been tricked into sending money to an account controlled by a fraudster.

  • November 24, 2022

    Pensions Trustee Sent For Trial Over Illegal Loans, Investment

    The trustee of a retirement savings plan will go on trial next year for allegedly making illegal investments after he pled not guilty to charges of making prohibited loans and an investment from a pension scheme, the Pensions Regulator has said.

  • November 24, 2022

    Gov't Drops Bid For Power To Override Financial Regulators

    The U.K. government has withdrawn a planned amendment to legislation that would have given HM Treasury the power to intervene in financial rulemaking, removing a major obstacle for the draft Financial Services and Markets Bill.

  • November 23, 2022

    Banks Told To Strategize On Investments' Greenwashing Risk

    Simply alerting investment banks to the risks of misrepresenting investment products as compliant with environmental, social and governance standards isn't enough to prevent greenwashing those products, Europe's capital markets association said Wednesday.

  • November 23, 2022

    Firms Must Digitize Compliance Systems, Legal Tech VP Says

    A vice president at anti-money laundering software provider SmartSearch argued at London's LegalEx conference that compliance processes should become fully digital to avoid potential scams or regulatory fines.

  • November 23, 2022

    HMRC Urges Justices Not To Backdate Digital News' Zero VAT

    Permitting digital news services provided by U.K. newspapers to qualify for zero-rate value-added tax before a 2020 law change would be an illegitimate extension of the exemption for print media, HM Revenue & Customs argued Wednesday at Britain's highest court.

  • November 23, 2022

    German Authorities Raid 2 Frankfurt Banks In Cum-Ex Probe

    German authorities searched the offices of two Frankfurt banks in a probe related to the tax scandal known as cum-ex, which broadly involves the fraudulent refunding of unpaid tax, prosecutors in the city of Cologne confirmed to Law360 on Wednesday.

  • November 23, 2022

    Tom Hayes Files New Bid To Overturn Libor-Rigging Conviction

    Former UBS and Citigroup banker Tom Hayes, the first trader convicted by a jury for rigging Libor, has made fresh submissions to a U.K. body that investigates miscarriages of justice after similar convictions to his were quashed in the U.S.

  • November 23, 2022

    Hilton Hotel Says It's Not Liable For Gold Coin Burglary

    A Hilton hotel in London has hit back against a £500,000 ($600,000) lawsuit filed by a Greek collector over the theft of rare 22-carat gold coins, arguing that a cleaner had not been negligent when she let two men into his room.

  • November 23, 2022

    Pensions Watchdog Should Track 'Systemic' Investment Risks

    Finance experts told a parliamentary committee on Wednesday that the pensions watchdog should improve its monitoring of pension scheme investments following the bond crisis, warning that regulators should have predicted the potential for systemic risk.

  • November 23, 2022

    Top UK Court Blocks Scotland Independence Referendum

    Britain's highest court on Wednesday blocked the Scottish Parliament from legislating a second independence referendum without prior approval from British lawmakers in London, dealing a blow to Scottish First Minister Nicola Sturgeon's bid to hold a vote on breaking away from the U.K.

  • November 22, 2022

    Meta Hit With UK Suit Over 'Surveillance Advertising' System

    Meta Platforms Inc. is facing a new lawsuit in the U.K. challenging its practice of gathering personal information to tailor ads to Facebook users, with the human rights campaigner who's pressing the action arguing that this "surveillance business model" violates Europeans' data privacy rights. 

Expert Analysis

  • Preparation Is Key To Businesses Minimizing Cyber Breaches

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    A recently published report by the U.K. Department for Digital, Culture, Media and Sport on organizational experiences of cybersecurity breaches highlights the importance of having breach response policies in place and being able to demonstrate that reasonable preventive and risk management steps were taken, says Lawson Caisley at White & Case.

  • Scope Of Brexit Freedoms Bill Unclear For Financial Services

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    The revocation provisions of the recently published Brexit Freedoms Bill do not apply to legislation affected by the Financial Services and Markets Bill, and the complex overlay between the two pieces of legislation may lead to uncertainty for the financial services industry, say Barney Reynolds and Thomas Donegan at Shearman.

  • What To Expect From EU's Data Governance Act

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    The European Commission's Data Governance Act, which will go into effect next September, marks a clear step forward for data regulation in the EU, but some confusion remains regarding which companies will be considered data intermediation services, say attorneys at Pierstone.

  • Questions On Market Rules In Google Android Decision

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    The General Court's partial annulment of the EU Commission's Google Android decision raises questions about the less demanding evidentiary requirements of the effects test under Article 102, which prohibits abusive actions by companies that dominate a market, but an appeal would allow the Court of Justice to develop a more uniform interpretation, say Andreas Reindl and Steve Ross at Van Bael.

  • New DOJ Rule And PRESS Act Are A Win For Journalists

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    The U.S. Department of Justice's recently released rule limiting government subpoenas of the press, and a broad shield law headed to the U.S. Senate, are two giant steps forward for journalists' rights and prevent the government from seeking this information without a check on its power, say Lynn Oberlander and Charles Tobin at Ballard Spahr.

  • Series

    My Favorite Law Prof: How I Learned To Argue Open-Mindedly

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    Queens College President Frank Wu reflects on how Yale Kamisar’s teaching and guidance at the University of Michigan Law School emphasized a capacity to engage with alternative worldviews and the importance of the ability to argue for both sides of a debate.

  • EU Regulation Aims To Bring Confidence To Crypto Market

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    The Markets in Crypto Assets Regulation, recently approved by the European Council, aims to increase confidence in crypto-assets by bolstering consumer protection, and as a pioneer in regulating and legitimizing the digital landscape, the EU expects the development of opportunities in innovative services, say attorneys at Akin Gump.

  • How Banking Managers Can Mitigate Cyber Risk Liability

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    Directors and senior managers in the banking sector are now more than ever judged by how well they respond to cyber incidents, which means it is imperative they become familiar with new requirements and issue clear, timely and relevant communications in order to meet the expected standards, says Kate Macmillan at Herbert Smith.

  • Getting Ready For New EMIR Reporting Requirements

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    Newly published reporting requirements and procedures for data quality under the European Market Infrastructure Regulation will come into play next April, so businesses will need to address changes to existing reporting processes and related documentation, say Pauline Ashall and Madeleine Wanner at Linklaters.

  • UAE's UK Reciprocity Order Is Good Start, Not Rubber Stamp

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    While a recent United Arab Emirates directive instructing Dubai courts to accept certain English court judgments is a step toward UAE-U.K. enforcement reciprocity, foreign orders and awards must still satisfy additional criteria in UAE onshore courts before being eligible for enforcement, say Rebecca Kelly and David Waldron at Morgan Lewis.

  • What To Expect From UK's New Economic Crime Bill

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    The Economic Crime and Corporate Transparency bill, if passed, will reform aspects of Companies House and strengthen government anti-money laundering efforts, but it is also raising questions about how new information sharing requirements will affect businesses, say attorneys at Signature Litigation.

  • How Proposed Forced Labor Product Ban Affects Biz With EU

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    The European Commission's recently proposed regulation banning products made with forced labor in the European Union highlights the importance for multinational companies to enhance their human rights due diligence programs to meet fast-evolving standards and requirements of doing business in the region, say Sarah Bishop and Paul Mertenskötter at Covington.

  • Directors Are Unlikely To Face Personal Liability In Tort Claims

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    The recent U.K. Court of Appeal decision in Barclay-Watt v. Alpha Panareti Public suggests that to establish accessory liability it will not be enough to show that the director controlled the company or was closely involved in what it did — something more will be needed, say Anna Pertoldi and Maura McIntosh at Herbert Smith.

  • FCA Pension Scheme Case Highlights Issues Ripe For Reform

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    The Financial Conduct Authority's response to the British Steel Pension Scheme case exposed wider issues within its regulatory approach and could demonstrate the need for industrywide reforms to minimize the risks with transferring out of a pension scheme, say Oliver Reece and Larisa Gordan at PwC.

  • Biden's EU Data Transfer Order Spells Changes For US Cos.

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    The Biden administration's recent executive order on enhancing privacy protections for European Union residents directs several significant changes to the way the U.S. intelligence community operates, and U.S.-based companies will need to evaluate that when analyzing the impact of U.S. surveillance laws, say attorneys at Baker Donelson.

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