Corporate Crime & Compliance UK

  • December 03, 2021

    Ex-Nissan GC Turned Whistleblower Must Destroy Docs

    A London judge on Friday ordered the former global general counsel for Nissan to return or destroy copies of confidential documents taken from the auto giant that he's using in a whistleblower case against his beleaguered ex-employer.

  • December 03, 2021

    Patisserie Valerie Liquidation Gets OK Despite Errors

    A judge said on Friday that the mistakes made by administrators of Patisserie Valerie and two related companies during their 2019 insolvencies are not significant enough to make the process invalid for the scandal-plagued cafe chain.

  • December 03, 2021

    FRC Drops Drinks Co. Finance Statements Probe

    The Financial Reporting Council said Friday that it has dropped its probe into the work of a member of the U.K.'s accountancy body on the financial statements of a collapsed alcoholic drinks distributor.

  • December 03, 2021

    Travel Conglomerate CEO Can't Block £53M Bankruptcy Bid

    The boss of a travel conglomerate cannot stop an investor's request to force him into bankruptcy to pay out on £53 million ($70 million) in loans he guaranteed because he failed to prove the agreements were fraudulent, a London judge has said.

  • December 03, 2021

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

    This past week in London has seen Nintendo take on U.K. internet providers, collapsed TV company Arena take on its directors, and major fashion brands chase MasterCard for swipe fees. Here, Law360 looks at those and other new claims in the U.K.

  • December 03, 2021

    Bloomberg Reporter Suffers Setback In Whistleblowing Suit

    A journalist suing Bloomberg will not be allowed to argue that complaints he made about the focus of climate crisis coverage are protected under whistleblowing rules after a judge ruled on Friday that they did not meet the public interest test.

  • December 03, 2021

    Mishcon De Reya Taps New CFO As It Preps For IPO

    Mishcon de Reya Group has tapped its first chief financial officer, an executive at European investor and asset manager Arrow Global, as it prepares to go public on the London Stock Exchange, the firm confirmed Friday.

  • December 03, 2021

    Pensions Lifeboat Fund Pays Out £11M After Court Ruling

    The pensions compensation scheme has said it has paid out £11 million ($14.6 million) in arrears after a court ruled in July that an administrative cap on retirement income was unlawful. 

  • December 03, 2021

    Bank Of Ireland Fined €24.5M For IT Framework Breaches

    The Central Bank of Ireland has said it has fined the Bank of Ireland €24.5 million ($27.7 million) for failing to have in place a robust framework to ensure that it could carry on offering services if it was hit with significant IT disruption.

  • December 03, 2021

    Italian Accused Of Extorting Vatican Faces UK Extradition

    A key suspect in a Vatican corruption scandal has been ordered by a London court to be extradited to Italy, where he faces money laundering charges arising from allegations that he extorted €15 million ($16.8 million) from the Holy See.

  • December 03, 2021

    Financial Ombudsman Plans Shake-Up Of Working Model

    The Financial Ombudsman Service has said that it is looking to shake up its operating and funding models after finding that the current approach is not suitable for dealing with the type and number of complaints it receives.

  • December 03, 2021

    FCA Outlines Tougher Adviser Regime After Greensill Scandal

    The City watchdog said on Friday that it wants to toughen up supervision for unregulated advisers, as it seeks to draw lessons from the collapse of finance company Greensill Capital.

  • December 03, 2021

    Fix 'Inadequate' Fraud Recovery Of COVID Loans, Gov't Told

    Britain's public spending regulator said Friday that the government must improve its "inadequate" recovery of money lost through fraud from the £47 billion ($62 billion) COVID business loans program, which it found had been abused because speed was prioritized over adequate checks.

  • December 02, 2021

    Broker Escapes Liability In Amro Bank's £34M Cocoa Suit

    An appeals court ruled Thursday that two underwriters can't shift liability to a broker in ABN Amro Bank NV's £33.5 million ($45.7 million) cocoa suppliers fraud lawsuit, ruling that the insurers agreed to pay out regardless of misrepresentations the broker made. 

  • December 02, 2021

    Hausfeld Welcomes A New Global Leadership Team

    Litigation firm Hausfeld LLP's founder is stepping down as chair and handing over leadership of the global firm to three partners, aligning with a leadership transition plan the firm rolled out in 2019.

  • December 02, 2021

    UK Adviser Avoids Extradition Over Thai Prison Conditions

    The extradition of a British investment adviser wanted by Thai authorities for allegedly operating an unlicensed securities business was blocked at a London court on Thursday as a judge cited the risk that he would be subjected to "inhuman or degrading treatment" if imprisoned in Thailand.

  • December 02, 2021

    AML Rules Must Reflect Low Risks In Life Cover, Insurers Say

    Insurers told European Union lawmakers on Thursday that any changes to the bloc's anti-money laundering rules should reflect the low risk of financial crime in the life insurance sector.

  • December 02, 2021

    ECJ Urged To Let Consumer Groups Sue Facebook On GDPR

    Consumer associations should be allowed to sue Facebook under European Union data protection laws without needing a mandate from individual users, an adviser to the bloc's highest court said on Thursday.

  • December 02, 2021

    UK Lifeboat Fund Receives 1,000 Steelworker Pension Claims

    The Financial Services Compensation Scheme has said it has received more than 1,000 claims for redress from steelworkers who claim they were given bad advice on their pensions, with £30 million ($40 million) already paid out.

  • December 02, 2021

    Irish Investment Firms Must Act On Product Suitability Gaps

    The Central Bank of Ireland has called on investment firms to improve their assessments of clients' suitability for products, after a compliance review of the sector identified gaps.

  • December 02, 2021

    Banking Giants Fined €344M Over EU Forex Cartel

    The European Commission said on Thursday that it has fined four banks a total of €344 million ($390 million) after investigating a cartel in the foreign-exchange spot trading market.

  • December 01, 2021

    Bank Can't Try To Toss $25.8M Fraud Claims Before Stay Bid

    A London judge Wednesday rejected a bid by a Liechtenstein bank accused of defrauding a Ukrainian bank's creditors of $25.8 million to proceed with its application to have the litigation tossed before its bid to stay the case for arbitration, saying to do so would be illogical.

  • December 01, 2021

    EU Council Pushes Crypto-Tracing Rules In AML Reforms

    European Union ambassadors will negotiate with the bloc's Parliament to tighten existing rules on transactions of crypto-assets, in a bid to further strengthen the EU's efforts to stop money laundering, the Council of the EU said Wednesday.

  • December 01, 2021

    NMC Carried Out $1B Fraud Through UK Unit, UAE Bank Says

    Collapsed United Arab Emirates health care group NMC Health carried out a $1 billion accounting fraud through its London-listed holding company, an Abu Dhabi bank alleged on Wednesday as it fought to keep its litigation against six ex-NMC officials in England.

  • December 01, 2021

    Bloomberg Reporter Says He Was Fired For Climate Coverage

    A journalist suing Bloomberg after claiming he was fired for blowing the whistle on the news agency's coverage of climate change argued on Wednesday that a tribunal was wrong to prevent him from relying on emails raising concerns about biased stories.

Expert Analysis

  • Inside The New UK National Security Guidance For Deals

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    Businesses involved in U.K. transactions should carefully study that nation's recent guidance on its coming National Security and Investment Act, to determine whether transactions count under one of the 17 areas deemed high-risk and requiring government notification, say Joanna Christoforou and Savas Manoussakis at Morgan Lewis.

  • How UK Online Safety Bill May Affect Cos. Around The World

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    Lucy Blake and Karam Jardaneh at Jenner & Block discuss how internet content providers might be affected by the new draft U.K. Online Safety Bill, as platforms face increasing pressure to strike the difficult balance between protecting the right to freedom of expression and tackling online harms, and as the U.K. bill potentially paves the way for similar regulation around the world.

  • How Immune Are State Agents From Foreign Courts?

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    The ongoing case of Basfar v. Wong is the latest to raise questions about the boundary between commercial or private activity and the exercise of sovereign authority that shields state agents from foreign judicial scrutiny — and the U.K. Supreme Court's upcoming decision in the matter will likely bring clarity on exceptions to the immunity doctrine, say Andrew Stafford QC and Oleg Shaulko at Kobre & Kim.

  • Examining EU's Drift Toward US-Style Employer Pact Scrutiny

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    As European Union competition authorities express enforcement interest in employment issues such as no-poach and wage-fixing agreements — which have been the subject of U.S. enforcement action for some time — companies may need to recalibrate their training and compliance programs accordingly, say attorneys at Crowell & Moring.

  • Why Regulators Need Balanced Approach To Crypto

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    Regulators may not fully comprehend the cryptocurrency market, and that could result in unclear, unnecessary or overly draconian regulation — or no regulation at all — which could drive the industry underground, increasing opportunities for fraud and money laundering, say Kate Gee and Johnny Shearman at Signature Litigation.

  • What The NatWest Case Tells Us About AML Liability

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    The NatWest prosecution has been touted as the first of a bank under the U.K. Financial Conduct Authority's anti-money laundering laws, but the proceedings involve statutes that have been in place for decades, and criminal actions of this type are likely to remain a rare occurrence, says John Binns at BCL Solicitors.

  • Navigating FCPA Risks Of Minority-Owned Joint Ventures

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    The U.S. Department of Justice and U.S. Securities and Exchange Commission will likely continue to focus on third-party risks under the Foreign Corrupt Practices Act, so companies with minority-owned joint ventures should take several steps to mitigate related compliance challenges, say Ben Kimberley at The Clorox Company and Addison Thompson at Covington.

  • Treasury's AML Focus Highlights Need For Crypto Regulation

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    A recent HM Treasury consultation paper, asking for feedback on proposed anti-money laundering regulation changes, shines a light on the increasing role of cryptocurrency in money laundering, and the need for greater transparency and regulation of crypto transactions, says Ian Hargreaves at Covington.

  • FCA Activity Highlights Value Of AML Internal Investigations

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    The Financial Conduct Authority’s recent efforts to ensure financial firms are meeting their anti-money laundering obligations show the importance of conducting internal investigations to determine what problems exist and whether they should be self-reported to the appropriate regulator, says Aziz Rahman at Rahman Ravelli.

  • Future Of UK Transnational Enforcement Is Uncertain

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    Though U.K. and EU law enforcement agencies have made some recent progress in working together in the aftermath of Brexit, looming challenges raise questions regarding the U.K.'s ability to cooperate, says John Binns at BCL Solicitors.

  • Complex Fraud Ruling Clarifies Abuse Of Process Jurisdiction

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    The U.K. Court of Appeal’s recent judgement in Regina v. Jones — allowing prosecution of the complex fraud case to continue — provides important guidance on trial judges’ proper use of the abuse of process jurisdiction in the context of private prosecution, says David Corker at Corker Binning.

  • What AML Initiatives In EU Mean For UK Financial Industry

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    Even though the European Commission’s recent anti-money laundering legislation won’t apply in the U.K., financial services firms operating there will need to be alert to imminent divergence between regulatory regimes, say Kerstin Wilhelm and Clare McMullen at Linklaters.

  • UK Focus On Int'l Data Transfers Shows Appetite For Reform

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    Recent U.K. public consultations on international transfers of personal data and structural amendments to the country's General Data Protection Regulation illustrate the post-Brexit appetite for reform and signal changes to the international data transfers regime, say Kate Brimsted and Tom Evans at BCLP.

  • Policyholder Outlook Following UK Biz Interruption Test Case

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    In the nine months since the U.K. Supreme Court ruled in favor of policyholders in the Financial Conduct Authority’s test case on insurance coverage for COVID-19 businesses interruption claims, similar lawsuits filed against insurers show that a positive outcome for insureds is not guaranteed, say Peter Sharp and Paul Mesquitta at Morgan Lewis.

  • What The Future Holds For UK Auditing Reform

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    The U.K.'s Financial Reporting Council has shown itself to be an increasingly effective and proactive regulator in its final months, and the greater powers of its incoming replacement — the Audit, Reporting and Governance Authority — will likely continue an era of heightened scrutiny for auditors, say Paul Brehony and Kate Gee at Signature Litigation.

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