New European regulations that will take anonymity out of cryptocurrencies could be the nascent market’s entry into mainstream finance, with legal experts predicting that new laws will convince more businesses and investors that payment innovations like bitcoin are legitimate.
Law firms must not make payments into, transfers through or withdrawals from client accounts, the regulator for solicitors in England and Wales warned on Monday as it sought to diffuse the money laundering risk to the legal profession.
The European Union’s Single Resolution Board said Monday it will not compensate former shareholders and creditors of Banco Popular Espanol, which was sold for a nominal €1 to Banco Santander SA more than a year ago.
The Serious Fraud Office confirmed on Monday that it has asked for a criminal court hearing in England in October as it attempts to resurrect charges against Barclays over the lender’s fundraising in Qatar during the financial crisis.
Italian bank UniCredit said Monday it is suing a London-based investment manager for approximately €90 million ($104 million) in damages that it claims it suffered after the hedge fund called for an investigation into the way a complex debt instrument issued by the lender in 2008 was classified.
Legal & General Home Finance announced plans on Monday to help Britain’s 1.7 million interest-only mortgage customers repay their loans after the Financial Conduct Authority urged banks to offer more support to borrowers.
Barclays Bank has failed to provide more than 2,000 customers with information about how much they forked out for a controversial insurance policy, the U.K.'s competition authority said on Monday as it ordered the lender to issue consumers with annual policy reminders.
HSBC Holdings PLC has agreed to pay U.S. regulators $765 million to settle an investigation by the U.S. Department of Justice into its selling of controversial mortgage securities in the years before the financial crisis, the bank revealed in half-year results on Monday.
Three London-based foreign currency exchange traders urged a Manhattan federal judge to block prosecutors from bringing up a group of large banks’ guilty pleas to manipulating the forex market, or any accusations of “spoofing” from their upcoming trial.
The last week has seen a Russian businessman's telecom company forge ahead with a commercial fraud claim against Russia's VTB bank, ED&F Man Capital Markets sue a rival brokerage and U.K. insurer RSA initiate the court process to transfer policies to its new Luxembourg unit. Here, Law360 looks at those and other new claims in the U.K.
An employee at Barclays Bank UK PLC who reported a series of transactions that he suspected were set up to evade taxes has lost his case against the bank, after an employment tribunal ruled he did not suffer negative treatment for being a whistleblower.
Export Development Canada and a leasing vehicle have said it was necessary to draw a member of South Africa’s wealthy Gupta family into their U.K. legal fight with a company owned by the family’s investment fund over a disputed aircraft lease and $41 million loan.
The Bank of England set out the remit on Friday for a new decision-making body that will rule on enforcement decisions that are challenged after a company or an individual is found to have breached regulations.
The City of London's police force revealed Friday that it has secured a £6.1 million ($7.9 million) boost from the government to fund projects it said will help improve the capital’s response to economic crimes such as fraud and money laundering.
The governor of the Bank of England said Friday that the “highly undesirable” possibility that Britain could crash out of the European Union without securing an agreement on the terms of its withdrawal has become “uncomfortably high.”
The Royal Bank of Scotland announced Friday it will pay its first dividend since being bailed out during the financial crisis, a move that depends on the lender finalizing a $4.9 billion settlement with the U.S. Department of Justice but which sets the stage for it to return to private hands.
A Manhattan federal judge on Wednesday granted final approval for two settlements worth a combined $250 million that will see Citigroup Inc. and Barclays Bank PLC exit a massive, seven-year multidistrict litigation from investors who accused multiple banks of conspiring to rig the London Interbank Offered Rate.
The inability of Britain’s Financial Conduct Authority to punish the Royal Bank of Scotland over the bank’s mistreatment of struggling small businesses in its controversial turnaround unit has underscored the need for an overhaul in how commercial lending is regulated in the country, experts say.
The Financial Conduct Authority has proposed a new authorization process for firms that will be allowed under incoming EU rules to assess the quality of securitizations categorized by banks and other financial institutions as “simple, standardized and transparent.”
The average pay gap between male and female employees at financial and insurance firms is 22 percent, a parliamentary committee revealed on Thursday, as it said U.K. companies should be made to publish "action plans" setting out how they will close the gender pay gap at their organizations.
The U.K. government is to ramp up public spending to crack down harder on serious and organized crime, with the country’s new economic crime unit set to receive a funding boost, it was revealed on Thursday.
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.
Earlier this year, U.K. Business Secretary Greg Clark announced that a public register containing details about owners of overseas companies that buy or own property in the U.K. will be made available by early 2021. While the true impact of the new register is difficult to predict, it is clear that the days of anonymous property ownership are over, say Simon Airey and Joshua Domb of Paul Hastings LLP.
U.K. financial regulators recently decided the first test case under the country’s whistleblower protection provisions in a matter involving Barclays CEO Jes Staley. The decision not to take action against Barclays calls into question the extent to which regulators will give teeth to the protections, say Lynne Bernabei and Kristen Sinisi of Bernabei & Kabat PLLC.
Following the U.S. Securities and Exchange Commission's announcement of its biggest-ever Dodd-Frank whistleblower awards, Chris Warren-Smith of Morgan Lewis & Bockius LLP discusses whistleblowing in financial service industries in different jurisdictions with other Morgan Lewis attorneys based all around the world.
In a recent speech, the U.K. Serious Fraud Office's joint head of bribery and corruption, Camilla de Silva, made it clear that deferred prosecution agreements will not be given out to each and every company seeking one. Self-reporting, internal investigation, cooperation and reform are all factors that the SFO assesses to determine which companies deserve DPAs, says Azizur Rahman of Rahman Ravelli Solicitors.
As digital currencies continue to evolve on the international platform, the anonymous and decentralized nature of cryptocurrency transactions could present a number of potential violations of U.S. anti-corruption, sanctions and anti-money laundering laws, including the Foreign Corrupt Practices Act, say attorneys with Ropes & Gray LLP.
The hearing of preliminary issues in LIC SAR & Empreno Ventures v. VTB Capital provides important insight into the range of issues that U.K. courts might consider hearing at the preliminary stage, and serves as a warning about potential wasted costs when engaging with complex matters in preliminary hearings, say Galina Usorova and Philip Gardner of Peters & Peters Solicitors LLP.
Despite potential market volatility, England's preeminence as a global litigation center will likely survive post-Brexit. Therefore, the litigation funding sector looks poised to benefit from new opportunities in this jurisdiction and abroad, say Daniel Spendlove and Johnny Shearman of Signature Litigation LLP.
The presumption of innocence allows U.K. directors access to company indemnities and directors and officers liability insurance when they defend against criminal proceedings. Despite some doubts, the presence of repayment extension in D&O policies should provide directors with additional reassurance, says Francis Kean of Willis Towers Watson.
The most obvious takeaway from the U.S. Supreme Court's decision in Jesner v. Arab Bank is that non-U.S. corporations no longer need to fear Alien Tort Statute liability. But tucked within the decision’s holding and its various concurring opinions are other key points, say attorneys with Gibson Dunn & Crutcher LLP.
A recurring theme in taxation is the uncertainty that can arise when rapidly developing technology is subjected to current legal frameworks, which inevitably lag behind the curve. In this article, Will Egan and Graham Samuel-Gibbon of Taylor Wessing LLP review the United Kingdom's taxation of cryptocurrencies.