A London court has dismissed the first challenge to new "dirty money" powers that allow British authorities to force wealthy people to explain how they obtained their riches if the wealth is suspected to be the proceeds of crime, but lawyers are unsure how effective the new enforcement tool will be.
A slew of big foreign banks including BNP Paribas and HSBC Bank plc told a New York federal judge that a proposed class of investors accusing them of manipulating the foreign exchange market for at least six years haven’t proven jurisdiction over them.
A key European Parliament committee has voted to give mutual funds a two-year exemption from controversial rules over information disclosures to investors under European Union rules governing packaged retail investment products.
The Financial Services Compensation Scheme has filed a fresh suit against a Guernsey-based trustee in London’s High Court as part of efforts to reclaim cash the fund paid out to investors who lost their savings in a failed holiday resort project on the Caribbean island of St. Lucia.
Online trading platform IG Group said that it expects its revenue to decline as European Securities and Markets Authority restrictions on selling speculative trading products continue to sting the sector, leading to a fall in new customers.
A U.K. businessman who unsuccessfully tried to sue Royal Bank of Scotland for £128 million is taking Britain’s financial watchdog to court over its handling of an investigation into the bank’s restructuring unit, which has been criticized for mistreating small business customers after the 2008 financial crisis.
More than a dozen trade bodies, including those representing Europe's insurers and bankers, raised concerns on Wednesday that European Commission proposals introducing a harmonized framework for class actions across the bloc may lead to a surge in "unnecessary and wasteful" litigation cases for businesses.
Britain's antitrust enforcer announced Wednesday that it is deepening its investigation into PayPal's $2.2 billion takeover of a Swedish rival after the U.S. payment company failed to address the watchdog's concerns that the deal could stifle competition.
The Bank of England has agreed to delay work on its first test of how banks respond to cyberattacks and IT failures to allow them to focus on preparing for Brexit, records published Wednesday reveal.
A group of former investors in Banco Popular Español SA and two fund managers urged the Second Circuit on Monday to revive their bid for information from Spain's largest bank for use in legal proceedings over Banco Popular’s 2017 sale, saying there was no doubt the bank meets a requirement that it be "found" in New York.
The Monetary Authority of Singapore on Monday released a guide describing how digital token offerings fall under the purview of the nation’s securities laws, weeks after a bill aimed at streamlining payment services regulation was introduced in the Singapore Parliament.
European Union member states have agreed to a set of proposals on how to approach the supervision of EU and third-country clearinghouses after Brexit, the European Council has announced.
The Financial Conduct Authority said Tuesday that it has hit the former chief executive of the U.K. subsidiary of a Bangladeshi-state owned bank with a fine of over £76,000 ($97,000), pending an appeal, for his involvement in a breach of anti-money laundering safeguards by the firm.
MasterCard Inc. said Tuesday it expects to see a $650 million fine from Europe's antitrust enforcer as it nears a deal to wrap up the watchdog's investigation over fees charged to European-area retailers that accept tourists' credit and debit cards.
The number of inquiries about pensions fraud leaped fivefold after two U.K. regulators launched a joint campaign to raise awareness of the problem, the Financial Conduct Authority said Tuesday.
One hundred and sixty eight arrests have been made across Europe as part of a global swoop on money laundering "mules," the European Union’s police agency Europol announced Tuesday.
The European Council said on Tuesday that it has adopted non-legislative measures to tackle money laundering and terrorist financing within the bloc, including plans to map out risks and counter them with prudential supervision, after a string of recent failings by Europe’s banks.
A judge at a London court rejected on Tuesday an attempt by a Moldovan businessman to avoid a lawsuit brought against him and BNY Mellon by the Republic of Kazakhstan, ruling that the case concerns a “serious issue” that must be tried in court with all parties present.
New rules that will give police and intelligence agencies better access to financial information across borders to help them investigate serious crime or terrorism have been approved by a European parliamentary committee.
The European Council said on Tuesday that the bloc’s finance ministers have approved a package of rules aimed at protecting the banking sector, including measures to strengthen the Eurozone’s bailout fund and setting up an insurance fund for winding down failing banks.
Britain can unilaterally revoke its decision to withdraw from the European Union before the end of the exit agreement with no conditions, a senior legal adviser at the EU's highest court concluded on Tuesday.
Law360 speaks to Jeffrey Golden, joint-head of 3 Hare Court Chambers, and ex-Delaware Supreme Court justice Randy Holland about the importance of building contacts in different jurisdictions, how 3 Hare Court has been breaking new ground and building up a strong global practice, and which key trends they’re keeping an eye on within the legal industry.
The Serious Fraud Office has landed another mixed result in its prosecution of several former Barclays and Deutsche Bank traders for manipulating Euribor, the latest in the white collar specialist's latest effort to hold individuals accountable for rigging key benchmark interest rates. Here, Law360 looks at the highlights of the SFO's long-running campaign.
With Britain less than a year from exiting the European Union, firms on Law360’s Global 20 have begun pushing deeper into the countries remaining in the bloc, adding offices and industry specialists in a shift that could rebalance how BigLaw works in the region.
The lack of a harmonized approach to regulation of initial coin offerings in the EU is leading to a piecemeal approach across member states that will hamper blockchain developments, say Jacqui Hatfield and Rebecca Kellner of Orrick Herrington & Sutcliffe LLP.
Former Deutsche Bank trader Gavin Black was recently convicted of wire fraud and conspiracy in connection with Libor manipulation. However, absent from the government’s case were Black's statements made during internal investigations, which leaves open an important Fifth Amendment question, say Justin Shur and Eric Nitz of MoloLamken LLP.
Recently, the U.K. Information Commissioner's Office fined Equifax £500,000 for falling victim to a cyberattack — the highest penalty available. Some speculate that this decision is a sign that the ICO is already assuming a tougher stance following the commencement of the General Data Protection Regulation, say James Castro-Edwards and Eaven Prenter of Wedlake Bell LLP.
With only five months remaining for the U.K. to make a deal with the EU and the possibility of a "no-deal" Brexit looking increasingly plausible, now is the time to take proactive steps to protect your clients’ positions and to make sure that their contracts are effective and enforceable, say Claire Stockford and Caitlin McLean of Shepherd & Wedderburn LLP.
Faced with the opportunity to purchase cyber risk insurance to mitigate the damage caused by cyber events, prospective policyholder companies need all the help they can get in order to navigate this increasingly complex part of the U.K. insurance market, says Richard Mattick of Covington & Burling LLP.
This month, the U.K. National Crime Agency successfully resisted a challenge to its first unexplained wealth orders. This is a victory, but the agency has some way to go to show that UWOs will be a meaningful tool in the U.K.'s anti-money laundering arsenal, says Fred Saugman of WilmerHale.
The former CEO of a U.K. bank recently pled guilty to charges under the Foreign Account Tax Compliance Act, following a U.S. Department of Justice sting operation spanning several countries. The conviction sends a clear message that U.S. authorities will prosecute not only U.S. account holders, but those who facilitate tax evasion, whatever their nationality, say attorneys at White & Case LLP.
The General Data Protection Regulation applies to blockchain networks that directly store personal information. However, blockchain technology can make compliance challenging, and also raises questions regarding who bears responsibility for compliance, say attorneys at Covington & Burling LLP.
As technology evolves, law firms are increasingly looking for ways to improve communication, transparency and service for their clients. Firms should put knowledge management at the core of their value proposition to create a competitive advantage, says Rob MacAdam at HighQ.
The U.K. Supreme Court's judgment in Eclairs v. JKX seemingly opened the door for a broad interpretation of the proper purpose rule, but despite the confusion, the rule will continue to operate as a useful legal safeguard for shareholders, say Nick Hoffman and Conal Keane of Harney Westwood & Riegels LLP.