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Corporate Crime UK

  • January 16, 2019

    UK Cafe Chain Uncovers More 'Extensive' Accounting Fraud

    The parent company of British cafe chain Patisserie Valerie announced Wednesday an accounting shortfall that nearly caused the company to collapse was larger than it initially feared, deepening a scandal that has toppled executives and triggered a criminal probe.

  • January 16, 2019

    Banks Accused Of Rigging Libor After Post-Scandal Overhaul

    A Connecticut bank on Tuesday accused the owner of the New York Stock Exchange of conspiring with some of the world's largest banks to artificially deflate a key financial benchmark after taking over responsibility for the rate setting following a previous price-fixing scandal.

  • January 16, 2019

    UK Nat'l Security Official To Lead New Financial Crime Agency

    A high-ranking U.K. national security official with a background in implementing controversial data collection efforts will take the reins of a new economic crime-fighting department, the National Crime Agency said Wednesday.

  • January 16, 2019

    Real Estate Agent Guilty Of Fraud Gets 4 1/2 Years Prison

    A real estate agent who was convicted of fraud and perverting the course of justice has been handed a jail sentence of four and a half years, the Insolvency Service said Wednesday.

  • January 16, 2019

    ECB Toughens Conflict-Of-Interest Rules For Top Officials

    The European Central Bank revealed on Wednesday that it has extended its rules on good conduct to subject its supervisory board and policymakers to a common code, as it attempts to beef up its governance framework.

  • January 16, 2019

    Ex-Barclays Traders 'Tainted' Euribor Rates, Court Told

    Three former Barclays PLC traders were part of a conspiracy to cheat the financial system that “tainted” the integrity of a key interest rate benchmark used to price trillions of dollars of financial products, prosecutors told a London jury on Wednesday.

  • January 16, 2019

    Banks, Insurers Eye The Door As UK Reaches Brexit Deadlock

    Britain's financial services companies have lost patience with the stalled political process and are transferring assets out of the U.K. regardless of what kind of Brexit deal, if any, the government seals with the European Union, their legal advisers said Wednesday.

  • January 16, 2019

    UK's May Survives No-Confidence Vote After Brexit Defeat

    British Prime Minister Theresa May narrowly survived a vote of no confidence brought by the opposition Labour Party on Wednesday, a day after lawmakers overwhelmingly rejected her proposed deal to leave the European Union.

  • January 15, 2019

    AIG Must Pay Investors £3M In Italy Vacation Home Scam

    A London judge has ordered AIG to pay up to £3 million ($3.83 million) to investors who deposited millions for holiday homes in southern Italy that were never built, saying the insurer's decision to pay for the defense of the firm overseeing the mafia-linked development led to higher legal fees. 

  • January 15, 2019

    Brazil Says Aviation Insurers Have Been Swapping Info

    Brazil’s antitrust authority has launched an investigation into whether American International Group Inc. and 10 other companies in the aviation and aerospace insurance industry affected competition in the country by sharing sensitive pricing information.

  • January 15, 2019

    Ex-Barclays Bankers On Trial Again In Euribor Rigging Plot

    Prosecutors opened their second trial in London on Tuesday of three former Barclays PLC employees accused of participating in a conspiracy to rig global interest rates to rip off counterparties that did business with them.

  • January 15, 2019

    UK Lawmakers Reject Gov't Brexit Deal In A Landslide

    The U.K. Parliament overwhelmingly rejected the government’s draft agreement for leaving the European Union on Tuesday, pitching the Brexit process deeper into disarray and raising questions about whether the March 29 departure date can still be met.

  • January 15, 2019

    London Lawyer 1st Fined Over Panama Papers Revelations

    A partner at London law firm Child & Child on Tuesday became the first English lawyer to be punished as a result of revelations from the Panama Papers scandal after he was fined £85,000 ($109,000) by a U.K. disciplinary tribunal for failing to carry out money laundering checks.

  • January 15, 2019

    FCA Defends Probe Of Credit Suisse Over $2B African Fraud

    The Financial Conduct Authority is considering taking action against Credit Suisse for possible failures of its internal controls over an alleged $2 billion loan scandal in Africa, as well as against individual bankers, the head of the regulator told lawmakers Tuesday.

  • January 14, 2019

    £1.2M Diamond Ring Linked To 1st UK 'Wealth Order' Seized

    U.K. police said Monday that they've seized a Cartier diamond ring worth £1.19 million ($1.53 million) from a jailed Azerbaijani banker whose wife became the first suspect targeted using new anti-corruption powers allowing investigators to probe how individuals acquired large amounts of unexplained money.

  • January 14, 2019

    Attorney Remains Banned Over Dubious Immigration Cases

    A London judge on Monday upheld sanctions imposed on the co-founder of an immigration law firm castigated for filing hopeless appeals, finding that as compliance officer he ignored court criticism and warning signs that attorneys were filing weak cases to intentionally delay deportation proceedings.

  • January 14, 2019

    Money, Cash, Woes As Jay-Z's Music Biz Is Probed In Norway

    A music streaming service owned by rapper Jay-Z is being investigated over claims that some of its listening numbers have been fudged, the Norwegian police’s economic crime unit said Monday.

  • January 14, 2019

    EU Bank Regulators Adopt Data Swap Rules In AML Fight

    Europe’s banking regulators agreed on rules on Monday that they said will help them to cooperate and exchange information on “weak links” in their fight against money laundering in the bloc.

  • January 14, 2019

    UK's May Predicts No Brexit If Lawmakers Reject Her Deal

    Prime Minister Theresa May predicted on Monday that Brexit could be abandoned if MPs reject her draft Withdrawal Agreement as anticipated on Tuesday, as she warned that Parliament risks being thrown into “paralysis.”

  • January 14, 2019

    UK Gov't Joins Fight Against £14B Cost Of Financial Crime

    The government has joined forces with the financial services industry on a new taskforce to battle economic crime such as money laundering and fraud, which costs the U.K. £14.4 billion ($18.5 billion) each year, the Treasury said Monday.

Expert Analysis

  • Worldwide Freezing Orders Can Backfire Without Proper Care

    Nicola McKinney

    Worldwide freezing orders, which preserve a respondent's assets until the outcome of the substantive case, are an important weapon in the arsenal of a commercial litigant. However, as FSDEA v. Dos Santos demonstrates, courts lay heavy obligations upon WFO applicants, says Nicola McKinney of Grosvenor Law Ltd.

  • UK Litigation And Guidance Highlight Cybersecurity Risk

    Guillermo Christensen

    Recent developments in the United Kingdom emphasize the importance of companies implementing cybersecurity measures proactively both to prevent incidents and to argue in mitigation when, not if, the company does suffer a data breach, say Guillermo Christensen of Ice Miller LLP and Anupreet Amole of Brown Rudnick LLP.

  • 7 Questions To Add To Your Lateral Partner Questionnaire

    Howard Rosenberg

    Law firms should redesign the vetting process for lateral candidates so it directly addresses sexual harassment and assault issues, says Howard Rosenberg of Decipher.

  • Do UK Territories Need Beneficial Ownership Info Registers?

    Aki Corsoni-Husain

    The U.K.'s Sanctions and Anti-Money Laundering Act proposes introduction of publicly accessible registers of beneficial ownership information on companies in U.K. overseas territories. There is a chance that these registers may cause more trouble than they are worth, says Aki Corsoni-Husain of Harney Westwood & Riegels LLP.

  • 2 BVI Cases Explore Scope Of Proper Purpose Test

    Rosalind Nicholson

    Two recent cases in the Eastern Caribbean Court of Appeal have presented British Virgin Island courts an opportunity to develop a local jurisprudence regarding the BVI Business Companies Act and provide guidance on how the proper purpose test is to be applied, says Rosalind Nicholson of Walkers Global.

  • Attorney-Client Privilege Must Be Reclaimed In The UK

    Quentin Bargate

    The House of Lords' landmark decision in Three Rivers v. Bank of England significantly undermined confidentiality of communications between lawyers and clients. The U.K. Supreme Court should review this case as soon as possible, says Quentin Bargate of Bargate Murray Ltd.

  • 2018 In Review: Significant White Collar Developments At DOJ

    Jason Jones

    As the year comes to a close, attorneys at King & Spalding LLP look back at a few of the most notable developments at the U.S. Department of Justice, including corporate monitor guidance, a False Claims Act policy shift, foreign exchange prosecutions, cryptocurrency fraud and international cooperation developments.

  • Opinion

    Why We Need Anti-Money Laundering Whistleblower Awards

    Eric Havian

    The recent Mossack Fonseca indictments and Deutsche Bank raid would not have been possible without the whistleblower behind the Panama Papers leak. But there is no incentive for rooting out the type of criminal money laundering revealed here, creating a large enforcement gap, say Eric Havian and Michael Ronickher of Constantine Cannon LLP.

  • What To Expect From Serious Fraud Office In 2019

    Anna Gaudoin

    The coming year looks to be an interesting one for the U.K. Serious Fraud Office. With new Director Lisa Osofsky firmly in post, expectations are high that she will shake things up in the next few months, say Anna Gaudoin and Alison Geary of WilmerHale.

  • A Long Accountability Journey For Financial Cos. Post-GDPR

    James Drury-Smith

    The EU General Data Protection Regulation's accountability principle obligates organizations to provide evidence of compliance — one of the biggest changes brought about by the GDPR. Though the concept is simple, embedding accountability into financial services firms' operations and culture will not be achieved overnight, say experts at PricewaterhouseCoopers.