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.
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.
Oversea-Chinese Banking Corp. Ltd. is seeking $16.3 million in damages from a commodities exporter for allegedly using bogus documents to receive payment from Deutsche Bank in London for a trade deal, the Singapore-based bank said in its U.K. lawsuit.
Andrew Bailey, the chief executive of the Financial Conduct Authority, on Monday denied claims that the watchdog had come under government pressure to warn banks to slow down the pace of their Brexit relocation plans.
A New York federal judge on Friday said he will not grant preliminary approval for a $182.5 million settlement between investors JPMorgan Chase & Co. and Citigroup over claims of a conspiracy to manipulate the Euro Interbank Offered Rate without first seeing what the investor's counsel intends to seek in attorneys' fees.
An African development bank has launched legal proceedings in the U.K. against a high-end Kenyan restaurant and its owner, who is also a politician, seeking to claw back $13.6 million it says it is owed in loan repayments.
A firm that represents Royal Bank of Scotland shareholders who struck a £200 million settlement with the bank over its rights issue has said a group of institutional investors cannot use the alleged negligence of the company that originally managed the claim to avoid financing the litigation.
The government has rejected proposals by lawmakers for the creation of a specialized dispute resolution tribunal to allow larger businesses to settle grievances with financial services firms, correspondence released by HM Treasury on Monday revealed.
The director of two companies that claimed to offer investments in gold and diamonds has been banned from acting as a company director for 14 years after taking at least £570,000 ($725,000) from consumers who were "seriously misled," the Insolvency Service announced Monday.
Force India Ltd. has argued that Qatar National Bank is not entitled to take control of one of its luxury yachts as it seeks to recover €5.2 million ($5.9 million) in outstanding loan payments, because they signed an agreement stipulating that any sale of the vessel must be done “voluntarily.”
The European Central Bank told companies that process and settle payments on Monday that they must meet its regulatory expectations on cybersecurity or explain why they are not doing so, as businesses in the sector complain that the measures are too demanding.
The last week has seen HSBC's private bank unit hit with an action from nearly 250 claimants, Dutch bank ABN Amro sue more than a dozen insurers and Aviva's health unit take on the Saudi Arabian embassy and government. Here, Law360 looks at those and other new claims in the U.K.
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 Second Circuit’s opinion last week in U.S. v. Hoskins limits the U.S. Department of Justice’s ability to prosecute foreign individuals or companies for Foreign Corrupt Practices Act violations. The opinion also flatly contradicts the U.S. Securities and Exchange Commission’s 2012 FCPA resource guide, say attorneys with Paul Weiss Rifkind Wharton & Garrison LLP.
Once considered the “cliff edge,” the possibility of the United Kingdom exiting from the European Union without agreeing on a trade deal has moved from unthinkable to increasingly likely. Both sides are ramping up preparations for a no-deal scenario, which would have significant implications for businesses in all sectors, say attorneys with Baker McKenzie LLP.
The U.K. High Court Commercial Division's recent decision in Phones 4U v. EE is a reminder of the care with which contracting parties should consider their rights when their English law contracts appear to be failing, says John Laird of Crowell & Moring LLP.
Recent years have seen an increased focus on class action litigation in U.K. courts, with a rise in high-profile and high-value claims being brought against corporate defendants. Furthermore, various factors suggest that the trend is likely to continue, say attorneys at Herbert Smith Freehills LLP.
In light of the launch of the Joint Chiefs of Global Tax Enforcement alliance against transnational tax crime and money laundering, it is more important than ever for corporations and professional services firms to carefully manage their exposure to higher risk clients and business activity, say Kyle Wombolt and Jeremy Birch of Herbert Smith Freehills LLP.
Depending on your political beliefs, the U.K. Supreme Court's recent judgment in Goldman Sachs v. Novo Banco either illustrates the benefits of remaining in the European Union or highlights the dangers of not breaking free from it, says Ben Pilbrow of Shepherd and Wedderburn LLP.
Only 10 years ago, third-party funding was an exotic black art at the fringes of appropriate behavior in the United Kingdom. Now it is formally approved and championed by Court of Appeal judges and there is a wide range of funding options available to practitioners, says Guy Harvey of Shepherd and Wedderburn LLP.
In response to the evolving geopolitical threats of the 21st century, the United Kingdom at the end of July began an initiative to enhance its powers to review or block foreign acquisitions of sensitive British assets. The challenge will be striking a balance between protecting legitimate strategic concerns and facilitating international investment, say attorneys at King & Spalding LLP.
The idea of holding companies criminally liable for human rights abuses committed overseas has gained traction over the past decade. Though the U.K. government has made it clear that it has no immediate plans for further legislation in this area, calls for corporate criminal liability are only likely to get louder, say Andrew Smith and Alice Lepeuple of Corker Binning.
The world of international litigation and arbitration tends to move slowly — however, I expect the pace of change to accelerate in the coming decade as six trends take hold, says Cedric Chao, U.S. head of DLA Piper's international arbitration practice.