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.
The sister of a corrupt banker avoided prison time at a London sentencing hearing Wednesday despite admitting to helping launder more than £2 million ($2.6 million) in bribes, as a judge said it would harm her children.
Litigation funder Vannin Capital PCC at a London court hearing on Tuesday pushed for a quick win in its lawsuit seeking £14 million ($18.4 million) from the shareholders who won a £200 million settlement from Royal Bank of Scotland over its 2008 rights issue.
Kingsley Napley LLP announced Tuesday that the Serious Fraud Office’s chief lawyer will join the firm as a partner, bringing with him extensive experience as a criminal litigator and prosecutor.
British financial firms saved customers from losing £706 million ($929 million) to fraudsters in the first half of 2018, but criminals were still able to siphon off £503 million using deceptions ranging from investment and romance scams to impersonating banks or authorities, according to an industry study.
The Danish government doubled capital requirements for banks on Tuesday amid signs of growing risk in the market, including the possibility of fallout from the Danske Bank money laundering scandal.
Standard Chartered PLC announced on Tuesday that it will no longer provide financing for new coal-fired power plants, as the bank joins other lenders and insurers taking steps to move away from fossil fuels in a bid to combat climate change.
The European Union's top three economies, backed by China and Russia, announced Tuesday they are creating a financial payments vehicle to allow trading with Iran to continue after the Trump administration announced it was withdrawing from the Iranian nuclear deal and reimposing sanctions on Tehran.
The European Banking Authority said Tuesday it will not open a formal investigation into the Maltese financial regulator's supervision of a local commercial bank, although the agency will be required to improve the way it oversees compliance with anti-money laundering regulations in the sector.
A London-based online financial trading platform has become the latest casualty of European Union restrictions on speculative trading products as it announced on Tuesday that its profits have been hit by lower-than-forecast income.
A former Deutsche Bank money market trader on Monday told a Manhattan federal jury he would routinely make London Interbank Offered Rate submissions with the goal of aiding the bank’s derivative traders, a practice he now admits was wrong.
Federal prosecutors set to try three former currency traders for fixing exchange rates received a New York federal judge’s blessing Monday to tell jurors that the men’s former employers — including Barclays, JPMorgan and Citicorp — have themselves pled guilty to such price-fixing.
The U.K.’s Financial Conduct Authority urged banks and other financial institutions on Monday to review their surveillance programs, as they may be allowing potential market abuses to go unidentified.
A New York federal judge dismissed the former CEOs of Barclays PLC from a class action alleging shares of the bank were artificially inflated by misrepresentations about the safety and transparency of its dark pool, citing a lack of evidence about the executives’ involvement.
A lawsuit brought by investors seeking around £684,000 ($898,00) plus damages over a failed property investment has been paused under English insolvency laws while the claim is served on an individual in Iraq who the investors allege fraudulently marketed the project, according to a High Court of Justice order.
The chairman of Barclays PLC came under fire on Monday after he claimed that mis-sold payment protection insurance, which has cost banks billions of pounds in compensation, is turning many Britons into fraudsters.
The European Commission has limited proposals that impose minimum price increments to trades happening outside of regulated markets, which will close a loophole in the European Union’s so-called MiFID II rules, to cover only two financial instruments, Europe’s securities regulator has revealed.
Germany’s financial regulator said Monday that it has ordered Deutsche Bank AG to accept third-party supervision to ensure it complies with controls against money laundering and terrorism financing.
European banks must disclose details of their capital positions, exposure to risk and the quality of their assets in line with new reporting standards, the European Union’s top banking watchdog said on Monday as it launched its latest probe into the balance sheets of 130 companies.
White & Case LLP has bulked up its banking practice with the hire of a new partner in London from Baker McKenzie with expertise in real estate finance, the firm said Monday.
Two businessmen suing their former financial adviser for nearly £3.5 million ($4.6 million) in alleged pension losses have hit back at its attempts to dodge the suit, saying its suggestion that it was not required to provide advice on a tax deadline is “hopeless.”
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.
So far, U.K. regulators have taken a fairly cautious approach to regulating digital currencies and the use of distributed ledger technology. Fortunately, the U.K. government will likely provide regulators with a political mandate and legislative foundation to enable a stable and flourishing cryptocurrency sector, says Henning von Sachsen-Altenburg of PricewaterhouseCoopers LLP.
The U.K.'s Financial Conduct Authority, 5 years old this month, has had significant success in securing record financial penalties against firms in relation to misconduct, but it remains to be seen whether it will be able to hold senior individuals to account, says David Rundle of WilmerHale.
Recently, a multitude of regulators within the European Union have issued warnings on initial coin offerings of cryptocurrency tokens. However, until they start applying existing rules to ICOs or successfully develop new rules, the industry will remain relatively unregulated, say Bob Penn, Sarah Lewis, Matthew Fisher, Danilo Santoboni and Ulrike Schuster of Cleary Gottlieb Steen & Hamilton LLP.
The American Bar Association continues to oppose legislation that would impose certain European Union and U.K. anti-money laundering requirements on U.S. lawyers. The ABA should further consider its approach to this issue as there is a viable middle ground that protects privileged communications and confidential information while advancing the interests of the legal profession, says Matthew O’Hara of Freeborn & Peters LLP.
It remains to be seen whether, after Brexit, the U.K. will issue anti-suit injunctions in relation to proceedings in EU member states. Much will depend on whether the U.K. adopts the common law approach or Lugano Convention, or negotiates a new agreement with the EU, say Nicholas Greenwood and Nicola Kelly of Morgan Lewis & Bockius LLP.
In March, the Court of Justice of the European Union ruled that an arbitration clause in a bilateral investment treaty between two member states was incompatible with EU law. This decision may impact foreign direct investments significantly, as similar clauses are common to almost 200 BITs currently in force, says Charles Goldblatt of Seddons.
We are entering the next data age very soon, and the financial services industry must get on board and comply with the General Data Protection Regulation, which provides firms with opportunities to devise new competitive advantage from handling data and cleansing systems, says Phil Beckett of Alvarez & Marsal Holdings LLC.
The U.K.'s Treasury Committee recently launched a new inquiry into digital currencies and distributed ledger technology. Regulation is undeniably needed in this area, but ultimately the government is trying to play catch-up with an established, if unpredictable, market, says Anna Gaudoin of WilmerHale.
Since January of this year, consumer-facing banks in the U.K. have been required to make customers' banking data available to authorized third parties in a standardized format. As competition between open banking app developers increases, intellectual property rights will become a key legal tool, say Rajvinder Jagdev and Peter Damerell of Powell Gilbert LLP.
Although the lack of racial and gender diversity among the ranks of the majority of both midsized and top law firms is a major issue, it’s past time to shed light on the real problem — inclusion, or lack thereof, says Marlen Whitley of Reed Smith LLP.