Corporate Crime & Compliance UK

  • May 10, 2024

    FCA Warns Firms Of Market Abuse Surveillance Failings

    The Financial Conduct Authority has warned in its latest market watch newsletter that some companies have inadequate or faulty systems to detect market abuse, with insufficient governance arrangements.

  • May 10, 2024

    MPs Mull Using Frozen Russian Assets For Ukraine Recovery

    Politicians are to probe leading experts, including the head of financial crime and compliance at Lloyd's of London, on whether the U.K. should follow the European Union and use profits from Russia's frozen assets to help Ukraine, as they examine the sanctions regime.

  • May 09, 2024

    Ex-Goldman Banker Fights To Overturn Contempt Ruling

    A former Goldman Sachs banker urged a London appellate court panel Thursday to overturn a ruling that he had breached court orders to hand over information about the financial assets of the wife of an imprisoned Turkish politician. 

  • May 09, 2024

    Royal Bank Of Canada Beats Analyst's Bullying Claim

    The Royal Bank of Canada convinced an employment tribunal to toss discrimination claims from a former employee because he filed his action too late.

  • May 09, 2024

    Google Fights To Shut Down Advertising Antitrust Case

    Tech giant Google asked a London tribunal on Thursday to strike out a proposed class action brought on behalf of website publishers who run advertisements over alleged anti-competitive practices, arguing the claim is not properly pleaded and does not sufficiently set out damages.

  • May 09, 2024

    Ex-Goldman Banker Fights US Extradition On Bribery Charges

    A former Goldman Sachs banker wanted in the U.S. for allegedly bribing Ghanaian officials fought the decision by the U.K. to extradite him on Thursday, arguing that the alleged offense took place in London when he was an employee of the investment bank. 

  • May 09, 2024

    Watchdog Preps Rules For Banks To Repay High-Value Fraud

    The payments watchdog has set out plans to extend its fraud reimbursement scheme to high-value bank transfers through the CHAPS system, reducing the risk that fraudsters will move there to avoid detection.

  • May 08, 2024

    SFO Says Fuel Trader Pocketed Secret Commissions

    A former biodiesel trader took secret commission payments buying and selling fuel and laundered some of the profits back to his Dutch customer, a prosecutor told jurors in London on Wednesday.

  • May 08, 2024

    FCA Mulls 'Enforcement Watch' As Naming Alternative

    The Financial Conduct Authority's top executives on Wednesday vigorously defended its plans to name firms under investigation, but saw value in a potential alternative move to publish an "enforcement watch" newsletter giving an overview.

  • May 15, 2024

    RPC Hires New Competition Chief From MoFo

    Reynolds Porter Chamberlain LLP has hired a new partner to lead its London competition practice who brings more than a decade of experience advising on global antitrust issues at Morrison Foerster LLP.

  • May 08, 2024

    StanChart Bids To Toss Investors' Sanctions Claim On Appeal

    Standard Chartered PLC urged an appeals court Wednesday to toss accusations from investors that it had downplayed the extent to which it had breached U.S. sanctions against Iran by hundreds of billions of dollars, saying they have insufficient evidence to support them.

  • May 08, 2024

    Top KC Denies Ignoring Post Office Prosecution Issues

    A barrister who advised the Post Office on its past prosecutions has denied "turning a blind eye" by not investigating why an expert witness whose evidence was used to convict innocent people misled the courts, as he appeared before an inquiry on Wednesday.

  • May 08, 2024

    Three Men Plead Not Guilty In £4M Water Investment Fraud

    Three men pleaded not guilty on Wednesday at a London court to defrauding investors out of £3.9 million ($4.9 million) through an unregulated investment scheme promising to build water production plants in Australia, New Zealand and Africa.

  • May 08, 2024

    Advertisers Fight For Class Action In Google Antitrust Case

    A group of advertisers fought for a green light for their class action against Google owner Alphabet on Wednesday, arguing that their case meets the requirements for a class proceedings order because there are serious issues of abuse of market dominance to be tried.

  • May 08, 2024

    Litigation Funder Probably Owned By Sanctioned Oligarchs

    A court has found that there is "reasonable cause" to suspect that a litigation-funder that backs a $1.34 billion fraud claim from a collapsed Russian bank against its former owner is controlled by individuals sanctioned in the U.K.

  • May 07, 2024

    Russian Charged Over $100M LockBit Ransomware Scheme

    Federal prosecutors said Tuesday they have charged a Russian national with founding and heading the prolific ransomware group LockBit, which is accused of stealing more than $100 million from its victims.

  • May 07, 2024

    Businessman Asks Top Court To Block £19M UAE Debt Claim

    A businessman's family took its fight with a UAE bank to Britain's highest court Tuesday over an alleged £19 million ($24 million) debt, arguing that the lender should not be allowed to collect on debts he says are illegitimate and a result of fraud.

  • May 07, 2024

    Online Retailers Tap AI In Fight Against Counterfeiting

    Reviews are vital for online shopping, but fake posts have become a cottage industry for fraudsters. However, websites are fighting back, often using the same artificial intelligence tools deployed by scammers.

  • May 07, 2024

    Spacey To Face UK Civil Trial Over Sex Assault Claim

    Kevin Spacey successfully bid to overturn a default judgment against him at a London court on Tuesday — but the actor now faces a trial to fight off a man's £457,000 ($574,000) sexual assault claim.

  • May 07, 2024

    FCA Bans Investment Firm's Ex-CEO For Misleading Clients

    The Financial Conduct Authority has fined the former chief executive of a London-based investment firm for misleading clients about cash held by the group and handed him a ban, according to a statement published Tuesday.

  • May 07, 2024

    Apple Seeks To Block 'Hopeless' £853M Battery Class Action

    Apple urged an appeals court on Tuesday to allow it to challenge a £853 million ($1 billion) proposed class action that accuses it of concealing problems with batteries in the phones of 24 million customers, arguing there is no evidence to support the "hopeless" claim.

  • May 07, 2024

    PwC, EY Hit With Fines Over LC&F Audit Failures

    The Financial Reporting Council said Tuesday that it has handed out fines totaling approximately £10 million ($12.5 million) to PwC, EY and a third accounting firm for failures during audits they carried out on London Capital & Finance before the investment company's high-profile collapse.

  • May 06, 2024

    British National Admits To Coworking Business Ponzi Scheme

    A British citizen pled guilty Friday in Manhattan federal court to participating in a scheme to solicit investments using fraudulent misrepresentations about a coworking company where he was a principal.

  • May 03, 2024

    SRA Warns Law Firms On Improper Practices In Mass Claims

    The Solicitors Regulation Authority voiced concerns on Friday about law firms and legal professionals that handle mass claims involving financial services or products, saying that some are running up costs before they have even been instructed to act.

  • May 03, 2024

    Ex-Post Office Lawyer Denies Concealing IT Bug From Court

    A Post Office lawyer was told of a bug in the accounting system used to prosecute an innocent sub-postmistress days before her trial but did not disclose this to the court, according to documents submitted Friday to the inquiry into the Horizon IT scandal.

Expert Analysis

  • Compliance Points To Know About The EU Digital Services Act

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    Online service providers in the European Union should prioritize understanding the scope of the recently implemented Digital Services Act, their specific legal obligations under it and the practical steps they must take to comply with the new law while obeying a raft of overlapping EU digital reforms, say Leo Moore and Róisín Culligan at William Fry.

  • Independent Regulator Could Chip Away At FIFA Autonomy

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    After the U.K.'s recent proposal for an independent football regulator, FIFA's commitment to safeguarding football association autonomy remains unwavering, despite a history of complexities arising from controversies in the bidding and hosting of major tournaments, say Yasin Patel at Church Court Chambers and Caitlin Haberlin-Chambers at SLAM Global.

  • A Look At The Latest EU Alternative Investment Regulation

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    Recent amendments to the EU Alternative Investment Fund Managers Directive governing a range of alternative investment funds reflect a growing regulatory focus on nonbanking financial institutions, which expand credit to support economic growth but carry a commensurate risk, say Juliette Mills and Alix Prentice at Cadwalader.

  • Unpacking The Law Commission's Digital Assets Consultation

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    The Law Commission recently published a consultation on recognizing a third personal property category to accommodate the development of digital assets, highlighting difficulties with current models of property rights and the potential consequences of considering digital assets as personal property, say Andrew Tsang and Tom Bacon at BCLP.

  • Unpacking The FCA's Approach To AML Compliance Failures

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    In light of the upward trend of skilled-person reviews by the Financial Conduct Authority, including the latest investigation into Lloyds' anti-money laundering controls, financial firms should familiarize themselves with the mechanisms of FCA supervision and enforcement investigations, says Kathryn Westmore at RUSI.

  • New Russia Sanctions Reveal Int'l Enforcement Capabilities

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    Significant new U.K., U.S. and EU sanctions imposed on Russia notably target Europe-based individuals and entities accused of sanctions evasion, and with an apparent political will to enhance capabilities, the rhetoric is translating into international enforcement activity, say lawyers at Cadwalader.

  • Legal Sector Will Benefit From New Data Security Standard

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    The U.K. Information Commissioner's Office-approved new privacy certification scheme for the legal profession will inevitably become the default for law firms, chambers and vendors to prove their U.K. General Data Protection Regulation compliance, says Orlagh Kelly at Briefed.

  • Spartan Arbitration Tactics Against Well-Funded Opponents

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    Like the ancient Spartans who held off a numerically superior Persian army at the Battle of Thermopylae, trial attorneys and clients faced with arbitration against an opponent with a bigger war chest can take a strategic approach to create a pass to victory, say Kostas Katsiris and Benjamin Argyle at Venable.

  • EU Inquiry Offers First Insight Into Foreign Subsidy Law

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    The European Commission's first in-depth investigation under the Foreign Subsidies Regulation into a public procurement process, and subsequent brief on regulatory trends, sheds light on the commission's approach to such cases, as well as jurisdictional, procedural and substantive issues under the regulation, says Matthew Hall at McGuireWoods.

  • Opinion

    PACCAR Should Be 1st Step To Regulating Litigation Funders

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    Rather than reversing the U.K. Supreme Court's well-reasoned judgment in PACCAR v. Competition Appeal Tribunal, imposing a regulatory regime on litigation funders in parity with that of lawyers, legislators should build upon it to create a more transparent, competitive and fairer funding industry, says Rosa Curling at Foxglove.

  • EEA Equivalence Statement Is Welcomed By Fund Managers

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    The recent statement confirming European Economic Area equivalence to undertakings for collective investment in transferable securities for U.K. overseas funds regime purposes removes many managers’ concerns in the wake of Brexit, giving a clear pathway out of temporary marketing permissions and easing the transition from one regime to another, says Catherine Weeks at Simmons & Simmons.

  • In Int'l Arbitration Agreements, Be Clear About Governing Law

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    A trilogy of recent cases in the English High Court and Court of Appeal highlight the importance of parties agreeing to explicit choice of law language at the outset of an arbitration agreement in order to avoid costly legal skirmishes down the road, say lawyers at Faegre Drinker.

  • Post Office Scandal Stresses Key Directors Duties Lessons

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    The Post Office scandal, involving hundreds of wrongful convictions of subpostmasters based on an IT failure, offers lessons for company directors on the magnitude of the impact that a failure to fulfill their duties can have on employees and the company, says Simon Goldberg at Simons Muirhead.

  • Employer Tips For Handling Data Subject Access Requests

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    As employers face numerous employee data-subject access requests — and the attendant risks of complaints to the Information Commissioner's Office — issues such as managing deadlines and sifting through data make compliance more difficult, highlighting the importance of efficient internal processes and clear communication when responding to a request, say Gwynneth Tan and Amy Leech at Shoosmiths.

  • Comparing UK And EU's View On 3rd-Party Service Providers

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    The U.K. is taking welcome steps to address the lack of direct oversight over critical third-party service providers, and although less onerous than that of the EU Digital Operational Resilience Act, the U.K. regime's proportionate approach is designed to make providers more robust and reliable, say lawyers at Shearman.

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