Corporate Crime & Compliance UK

  • November 30, 2020

    Lloyd's Insurers Can't Trim $5.5M Cyberattack Coverage Claim

    A Missouri federal judge rejected Lloyd's of London's bid to dismiss a sales company's claim that the carrier "vexatiously refused" to cover the company's $5.5 million cyberattack losses, holding Monday that the carrier's argument contradicts Missouri public policy.

  • November 30, 2020

    UK Sets Up Digital Markets Unit Within Antitrust Enforcer

    The U.K. has set up a digital markets unit within its antitrust enforcer to work on introducing and enforcing a "new code" to govern the behavior of big tech companies, like Facebook and Google, in order to promote small business and empower consumers to control their data.

  • November 30, 2020

    Europe Hits Teva With €60M Fine Over Pay-For-Delay Deal

    Europe's competition watchdog has slapped Israeli pharmaceutical giant Teva and its subsidiary Cephalon with more than €60 million (about $71 million) in fines for conspiring to keep a generic version of the narcolepsy drug Provigil off the market.

  • November 30, 2020

    Russian Banks Get OK To Share Asset Info With Prosecutors

    Two of Russia's biggest banks seeking to recover more than $700 million in a complex High Court fraud suit have been granted permission to hand over evidence to criminal investigators in Russia— though an appeals court almost immediately stayed the order while it reviews a challenge.

  • November 30, 2020

    Metals Dealer, Staffer Can't Ditch £17M VAT Scam Convictions

    An English appeals court refused Monday to overturn convictions against two men for cheating Britain's tax authority out of more than £17 million ($22.7 million), finding a covertly recorded conversation of the conspirators speaking about the crime could be included as evidence.

  • November 30, 2020

    Ex-Stobart Group Chief Sues To Claw Back Settlement

    Stobart Group's founder and former CEO has sued the infrastructure company to recoup £740,000 ($989,000) in settlement fees after a court ruled he violated his responsibilities during a campaign to push out the chairman, claiming documents that undermined those findings were omitted from the trial.

  • November 30, 2020

    UK Prosecutors Want £7M From Jailed Money Launderer

    Prosecutors demanded on Monday that a prolific money launderer jailed for moving millions of pounds for criminals around the world should return approximately £7.3 million ($9.8 million) stolen from more than 100 businesses between 2013 and 2017.

  • November 30, 2020

    Deutsche Bank Seeks Committal Of Billionaire Over $300M

    Deutsche Bank told a court on Monday that a Monaco-based billionaire should be threatened with prison time for allegedly failing to hand over documents and deliberately frustrating the bank's recovery of $300 million in debt.

  • November 30, 2020

    Investment Fraudsters 'Netted Almost £10M' Since July

    Individual investors should be on guard against copycat investment schemes that have fleeced Britons out of nearly £10 million ($13.4 million) since the first COVID-19 lockdown ended in July, according to an industry body.

  • November 30, 2020

    SBM Offshore Faces Swiss Probe Over Bribery Scandal

    Dutch oil driller SBM Offshore said Monday it is facing a criminal investigation in Switzerland over a bribery and corruption scandal in which the company has already been fined hundreds of millions of dollars in the U.S., Brazil and the Netherlands.

  • November 27, 2020

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

    This past week in London has seen a state-owned energy company in Norway being sued, major telecom providers targeted by academic publishers and Italian cable manufacturer Prysmian instigate an intellectual property dispute. 

  • November 27, 2020

    ENRC Loses Bid To Cut Lawyer Harassment Claims

    A partner at Dechert LLP can accuse his former mining company client of harassment at a trial over "illegal" spying, as a judge ruled on Friday that it is too early to definitively say whether the covert surveillance caused alarm and distress.

  • November 27, 2020

    NatWest Beats Claims It Misled Care Home In Crisis-Era Swap

    A judge on Friday dismissed a nursing home's case accusing NatWest of improperly selling its director  an interest rate swap during the financial crisis, saying that the bank had not breached its duties.

  • November 27, 2020

    UK, EU Police Foil €40M Potential Credit Card Fraud

    European law enforcement agencies prevented approximately €40 million ($48 million) in losses in a cross-border operation that targeted fraudsters buying and selling stolen credit card data on websites known as card shops and dark web marketplaces.

  • November 27, 2020

    FCA Warns Of Clampdown On Rogue Funeral Firms

    The finance watchdog has said it is gearing up to take over regulation of funeral service operators after complaints that companies in the sector are taking advantage of elderly and vulnerable customers.

  • November 27, 2020

    7 Questions for Quinn Emanuel's Richard East

    Changing jobs is always a risk. But leaving an established BigLaw firm to set up one of the first litigation-only law firms in London at the height of the last financial crisis goes beyond the standard career shifts.

  • November 26, 2020

    Bank Says $86M Win Against Oil Co. Wasn't A 'Mini Trial'

    A Puerto Rican lender has urged a London court to prevent Petroleos De Venezuela SA from appealing her findings that U.S. sanctions did not bar the state-run oil company from repaying some $86 million owed under a loan agreement.

  • November 26, 2020

    Ex-Trader Says Exit Package Didn't Cover Libor Fight Costs

    A former trader has alleged that a termination package paid to him by Rabobank did not cover the legal costs that he later racked up when fighting Libor-rigging investigations in the U.S. and Britain, which regulators ultimately dropped.

  • November 26, 2020

    Audit Watchdog Warns Of 'Box-Ticking' Governance Reports

    The Financial Reporting Council on Thursday called on businesses to provide "meaningful explanations" about their shareholders and operating systems after it found that many companies are leaving out crucial details in their corporate governance reports.

  • November 26, 2020

    OECD To Deliver Cryptoasset Reporting Standard In 2021

    The Organisation for Economic Cooperation and Development will probably complete an information standard on crypto-assets next year, the top tax official for the 37-nation standards setter told Law360 Thursday.

  • November 26, 2020

    Car Dealer Sets Aside £10.4M For Possible FCA Fine

    A British car dealership has posted a £45.5 million ($60.7 million) loss for 2019 and set aside £10.4 million to cover fallout from a Financial Conduct Authority investigation into accounting fraud.

  • November 25, 2020

    Ex-Credit Suisse Regulatory Head Joins Libra Networks As GC

    The Libra Association has brought aboard a former Credit Suisse managing director and banking regulator to serve as general counsel for its operating subsidiary Libra Networks LLC as the organization pushes forward on its digital currency initiative.

  • November 25, 2020

    FCA Charges Broker With Money Laundering

    Britain's Financial Conduct Authority said Wednesday it has charged a stockbroker with money laundering following a joint investigation with the City of London Police.

  • November 25, 2020

    FCA Gets Final Charging Order In Pensions Investment Suit

    Two men accused by the Financial Conduct Authority of giving unauthorized and misleading pensions advice cannot delay handing over £2.5 million ($3.3 million) each in the regulator's case against them, a judge said on Wednesday, as they appeal the underlying ruling.

  • November 25, 2020

    Ex-Credit Suisse Banker Can Add £20M To Espionage Claim

    A former Credit Suisse director can increase the amount he is seeking in his multimillion-pound lawsuit against his former employer for damages suffered after he was imprisoned in Romania on espionage charges over his work for the Swiss lender, a London judge ruled Wednesday.

Expert Analysis

  • Response Options For Danish Cum-Ex Interview Targets

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    As the Danish tax authority prepares for the first of a three-part U.K. trial involving cum-ex fraud, U.K. recipients of interview requests from the Danish prosecutorial agency should neither automatically accept, nor ignore the invitations, despite that agency's seeming lack of power to compel their attendance, says David Corker at Corker Binning.

  • What UK Corporate Criminal Liability Reform Might Look Like

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    The Law Commission's recently announced review of Britain's corporate criminal liability laws could lead to reform options such as the introduction of a strict liability offense, which would be sure to improve prosecutorial chances of corporate convictions, says Aziz Rahman at Rahman Ravelli.

  • Increasing Investment Scams Can Implicate Lawyers, Too

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    With the pandemic serving as a catalyst for increased financial fraud, it's important to recognize that these scams are not only devastating for victims, they also pose a significant threat to law firms and individual solicitors who fail to do their due diligence, say James Darbyshire at the Financial Services Compensation Scheme and Heather Clark at Burness Paull.

  • UK's Sanctions Regime Requires Unique Compliance Efforts

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    When the U.K.'s transition out of the European Union ends on Dec. 21, its own sanctions regime will come into effect, and though it will initially be similar to the European Union's, important differences and potential future divergences mean that the U.K. rules should be considered separately, say attorneys at Linklaters.

  • Divergent Paths To Open Banking In UK And US

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    As open-banking fintech models proliferate, regulators in both the U.S. and the U.K. appear to be embracing technology, albeit in different ways, say attorneys at Latham.

  • Compliance Hurdles For UK Cannabis Investors

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    Nicola Finnerty and Tom Surr at Kingsley Napley discuss the legal barriers U.K. investors face in reaping the rewards of cannabis legalization in Canada and the U.S., and what recent developments may mean for the future of U.K. cannabis enforcement.

  • Perspectives

    Finding A Path Forward To Regulate The Legal Industry

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    Gerald Knapton at Ropers Majeski analyzes U.S. and U.K. experiments to explore alternative business structures and independent oversight for law firms, which could lead to innovative approaches to increasing access to legal services.

  • G4S Deferral Agreement Illustrates SFO's Enforcement Focus

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    The Serious Fraud Office’s recent deferred prosecution agreement with multinational security services company G4S suggests the agency’s approach to compliance, program remediation and corporate renewal is evolving to favor parent company involvement and the appointment of independent compliance monitors, say Chris Roberts and James Ford at Mayer Brown.

  • Perspectives

    Law Commission's New Idea For Confiscation Orders Is Unfair

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    The recent proposal by the Law Commission of England and Wales to recall prisoners who fail to settle their confiscation orders when they have already served a sentence for nonpayment would, in effect, punish them twice for the same act, says Brian Swan at Stokoe Partnership.

  • Enforcement Numbers Offer Insight Into FCA Priorities

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    Financial crime, insider dealing and whistleblowing figured prominently in the U.K. Financial Conduct Authority's recent enforcement report, suggesting these areas may be a critical focus for the regulator going forward, say Tracey Dovaston and Michael Jacobs at Boies Schiller.

  • Nigerian Oil Spill Ruling Shows Limits Of UK Class Actions

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    The High Court of Justice of England and Wales recently required thousands of Nigerians suing Shell in London over an oil spill to provide individual evidence of damage and individual defenses in Jalla v. Shell, illustrating how U.K. class action claimants must truly have a common interest, say attorneys at Signature Litigation.

  • Is It Better To Face Prosecution In The US Or UK?

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    A Unaoil executive's recent decision to plead guilty to Foreign Corrupt Practices Act violations in the U.S. rather than facing bribery prosecution in the U.K. highlights strategic considerations for individuals facing criminal charges in multiple jurisdictions, says Joshua Ray at Rahman Ravelli.

  • Why Cum-Ex Tax Fraud Probes Are On The Rise

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    ​​​​​​​Neil Williams at Rahman Ravelli outlines why European regulatory investigations into cum-ex — a 1990s-era dividend arbitrage trading practice involving tax rebate claims worth tens of billions of euros — are gaining momentum years after the activities that sparked them, and who should be concerned.

  • Competing Libor-Transition Proposals Create More Problems

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    While the U.S., U.K. and EU have proposed legislation in anticipation of the approaching Libor end date, the multiplicity of their approaches gives rise to uncertainty for market participants rather than eliminating it, say Anne Beaumont at Friedman Kaplan and Janine Alexander and Audrey Favreau at Collyer Bristow.

  • Comparing UK's Foreign Investment Bill To US Law

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    The U.K.'s forthcoming National Security and Investment Bill differs significantly from the Committee on Foreign Investment in the United States' framework for reviewing potentially dangerous foreign investment transactions by establishing nonmandatory notifications and a six-month time limit for formal review, say Angella Castille and Jonathon Gunn at Faegre Drinker.

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