Corporate Crime & Compliance UK

  • July 12, 2024

    Oil Co. Loses Bid To Alter £43M Legal Bills In $11B Nigeria Win

    The Court of Appeal refused on Friday to change the currency used in the payment of Nigeria's legal costs arising from an $11 billion battle over a fraudulent arbitration award for the "straightforward" reason that the solicitors' invoices are in sterling.

  • July 12, 2024

    Fix AML Defenses Or Face Fines, German Banking Group Told

    Germany's financial watchdog warned the Solaris SE digital banking group on Friday that it faces regulatory penalties if it does not shore up its defenses against money laundering.

  • July 11, 2024

    Volvo Wasn't Properly Served In Cartel Case, ECJ Says

    The European Union's top court ruled Thursday that Volvo was not validly served when documents were sent to its Spanish subsidiary, in a major setback for a competition damages claim in the Iberian country.

  • July 11, 2024

    Former EuroChem CEO Escapes EU Sanctions

    The European General Court has lifted sanctions on the former chief executive officer of Russian fertilizer manufacturer EuroChem, finding there is not enough evidence to show the businessman is still involved in sectors generating revenue for the Russian government.

  • July 11, 2024

    NCA Can Seize Money Linked To £55M Tax Scam

    A 13-year money laundering investigation involving a lottery winner, a bomb hoax and a £55 million ($71 million) tax fraud neared its end at a London court on Thursday as a judge ordered funds from three defunct companies to be forfeited to the National Crime Agency.

  • July 11, 2024

    Social Media Influencers Deny FCA Charges Over Forex Ads

    Eight reality TV stars and social media influencers pleaded not guilty to charges brought by the Financial Conduct Authority at a London court on Thursday over claims that they promoted a high-risk trading scheme dealing in financial products without authorization.

  • July 11, 2024

    Ex-Clifford Chance Veteran Accused Of Pocketing Client Funds

    The Solicitors Regulation Authority is taking the former managing partner of Clifford Chance's Brussels office to a tribunal in London after he allegedly attempted to misappropriate approximately $1 million in client funds and then tried to shield his misconduct from the firm.

  • July 11, 2024

    Ex-Autonomy CFO Formally Banned After Conviction

    The U.K. audit watchdog said on Thursday that it has formalized its 20-year exclusion from the accountants' professional body of the chief financial officer of software company Autonomy after he was convicted of fraud and securities offenses in the U.S.  

  • July 10, 2024

    Deutsche Bank Settles Ex-Trader's Malicious Prosecution Suit

    Deutsche Bank has settled a lawsuit brought by a former trader who claimed the bank scapegoated him when the U.S. Department of Justice began an investigation into suspected interest rate rigging, according to a Wednesday filing in New York federal court.

  • July 10, 2024

    CMA Bids To Reverse Nixed £100M Fine In Drug-Pricing Case

    The U.K.'s competition watchdog on Wednesday sought to overturn a ruling that upended more than £100 million ($128.4 million) in fines against drug companies for allegedly reaching agreements related to hydrocortisone tablets, in a major case for U.K. competition law.

  • July 10, 2024

    HMRC, CPS Beat Financier's Claim Over Botched Prosecution

    HM Revenue and Customs and the Crown Prosecution Service have beaten claims of malicious prosecution and misfeasance in public office by a corporate financier following a failed criminal fraud case, with a judge finding that they had enough evidence to pursue him.

  • July 10, 2024

    UK Prosecutors Secure 1st Monero Crypto Payout

    A drug dealer has paid back £15,000 ($19,200) of his illegal profits by surrendering his Monero cryptocurrency to a U.K. government agency, the first time the coin has been sold off in a Crown Prosecution Service case.

  • July 10, 2024

    Citi Rebuked Over Botched Misconduct Probe Into Trader

    A decision by Citigroup to fire a trader amid allegations that he had given misleading updates on deals was unfair because its probe was plagued by delays and led to an unreasonable finding of gross misconduct, a tribunal has ruled.

  • July 10, 2024

    Finance Co. Can't Escape Liability In £1.7M Failed Investments

    A finance company has failed to duck liability for botched property investments worth approximately £1.7 million ($2.2 million) as a London appeals court found the firm had accepted responsibility for another business to arrange the deals.

  • July 09, 2024

    UK's Non-Dom Taxpayer Count Increased 7%

    A growing number of taxpayers in the United Kingdom claimed last year that their permanent home is outside the country, qualifying them for a non-domiciled tax exemption in the crosshairs of lawmakers, HM Revenue & Customs said Tuesday.

  • July 09, 2024

    Global Standard Setter Guides Firms On Third-Party Risk

    A global banking standard setter on Tuesday proposed new principles to guide banks and regulators on how to manage and supervise risks from services increasingly outsourced to external organizations due to technology growth.

  • July 09, 2024

    Lawyer Accused Of Making False Mishcon Claims On Iran TV

    The solicitors' watchdog told a disciplinary tribunal on Tuesday that a high-profile criminal defense lawyer recklessly made false statements about Mishcon de Reya LLP while appearing on an antisemitic show on an Iranian state-owned media channel.

  • July 09, 2024

    MHA MacIntyre Hudson, 2 Ex-Staff Fined For Audit Failures

    Britain's accounting watchdog on Tuesday said it had fined MHA MacIntyre Hudson LLP and two of its former employees for "numerous breaches" in the audits of a subsidiary of commodities business Monaco Resources Group.

  • July 09, 2024

    Malaysian Investor Fights To Block €36M Claim At Top Court

    A Malaysian businessman urged the U.K.'s top court on Tuesday to rule that a creditor should be blocked from bringing a €36 million ($39 million) claim against him because it already won a declaration in an earlier action pursuing the debts. 

  • July 09, 2024

    FCA To Require Criminal Record Checks On New Firm Owners

    The Financial Conduct Authority has proposed to require owners and controllers of financial firms applying for authorization to obtain criminal background checks.

  • July 09, 2024

    Sports Broadcaster Sued For Fraud In Failed Streaming Deal

    Liquidators of a licensing company have sued a broadcasting chief after their autosport streaming deal turned sour, telling a court he lied about his ability to sell streaming subscriptions in U.S. prisons to entice the company to hand over the licensing rights.

  • July 09, 2024

    Thomas Cook Creditors To Get Back £280M After Asset Sale

    Creditors of Thomas Cook will receive a total of £280 million ($358 million) before the end of September after the senior civil servant overseeing the liquidation sold all available assets owned by the collapsed travel giant, according to the Insolvency Service.

  • July 08, 2024

    FX Fund Says Investments Wiped Out By Legit Trading Losses

    An investment fund that lost a client's money trading on the foreign exchange market has denied running a scam, claiming it owes the investor nothing because the losses were part of normal day-to-day trading.

  • July 08, 2024

    Trader Denies Knowingly Making False Cum-Ex Trades

    A British trader who has been convicted of defrauding Denmark in a sham tax reclaim scheme on Monday testified before a London court that he did not knowingly make false trades in order to make fraudulent tax refund applications, in a landmark £1.4 billion ($1.8 billion) trial.

  • July 08, 2024

    Audit Watchdog Creates New Monitoring, Digital Functions

    Britain's accounting watchdog said Monday it will create two new market functions to support enforcement and supervision as well as digital reporting, driving U.K. growth as part of its response to earlier government-led criticisms.

Expert Analysis

  • How CMA's AI Strategic Update Addresses Industry Risks

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    The Competition and Markets Authority’s recent artificial intelligence strategic update, setting out the regulator’s understanding of AI risks and how it intends to address them, is indicative of its focus on incumbent technology organizations, although future political developments in the U.K. may also shape the CMA's approach, say Christopher Foo and Carol Slattery at Ropes & Gray.

  • Labour's 'Fresh Approach' To Tackling Financial Crime

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    Given newly elected Prime Minister Sir Keir Starmer’s background as a criminal defense lawyer and director of public prosecutions, an administration with strong views on financial crime can be expected, and revenue raising and proceeds of crime recovery are likely to be at the forefront, says Matthew Cowie at Rahman Ravelli.

  • What UK Digital Markets Act Will Mean For Competition Law

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    The new Digital Markets Act’s reforms will strengthen the Competition and Markets Authority's investigatory and enforcement powers across its full remit of merger control and antitrust investigations, representing a seismic shift in the U.K. competition and consumer law landscape, say lawyers at Travers Smith.

  • Examining The EU Sanctions Directive Approach To Breaches

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    In criminalizing sanctions violations and harmonizing the rules on breaches, a new European Union directive will bring significant change and likely increase enforcement risks across the EU, say lawyers at Hogan Lovells.

  • What New UK Labour Gov't Is Planning For Financial Services

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    Following the Labour Party’s U.K. election win on July 4, the new government has already announced its key missions for economic growth, green investment and tax reform, so affected Financial Conduct Authority-regulated entities should be prepared for change and on the lookout for details, says Rachael Healey at RPC.

  • Companies Trading In The EU Should Heed Mondelēz Ruling

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    The European Commission’s recent €337.5 million fine of Mondelēz is the latest decision targeting restrictions on EU cross-border trade, and serves as a warning to companies active in the region to check their contracts and practices for illegal restraints, and to perform audits to ensure compliance, says Matthew Hall at McGuireWoods.

  • Why Reperforming Loan Securitization In UK And EU May Rise

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    The recently published new U.K. securitization rules will largely bring the U.K.’s nonperforming loan regime in line with the European Union, and together with the success of EU and U.K. banks in reducing loan ratios, reperforming securitizations may feature more prominently in relevant markets going forward, say lawyers at Morgan Lewis.

  • How Extension Of EU License Exemption Affects Subsidiaries

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    Since many European Union entities with a presence in Russia will soon need to obtain a license to continue providing certain services and software to Russian subsidiaries, organizations and legal professionals should prepare in advance and assess their companies' supply chain compliance with EU sanctions, say lawyers at McDermott.

  • What Legal Cannabis In Germany Means For Employers

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    Since April 1, the consumption and limited possession of cannabis has been permitted in Germany, so employers should take a few steps to maintain safe and productive workplaces while respecting the new legal landscape, says Sven Lombard at Simmons & Simmons.

  • What French Watchdog Ruling Means For M&A Landscape

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    Although ultimately dismissed due to lack of evidence, the French competition authority’s recent post-closing review of several nonreportable mergers is a landmark case that highlights the increased complexity of such transactions, and is further testament to the European competition authorities’ willingness to expand their toolkit to address below-threshold M&As, say lawyers at Cleary.

  • New Directors' Code Of Conduct May Serve As Useful Guide

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    Although the Institute of Directors’ current proposal for a voluntary code of conduct is strongly supported by its members, it must be balanced against the statutory requirement for directors to promote their company’s success, and the risk of claims by shareholders if their decisions are influenced by wider social considerations, says Matthew Watson at RPC.

  • Comparing EU, Southeast Asia Approaches To AI Regulation

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    Although Southeast Asian countries often adopt statutory frameworks similar to those in the European Union, the region’s more business-friendly approach to artificial intelligence regulation may be a setback to the EU’s push for coordination with its AI Act and a barrier to establishing a global standard, say Anne-Gabrielle Haie at Steptoe and Nop Chitranukroh at Tilleke & Gibbins.

  • Exploring The EU's Draft Standards On Crypto Authorization

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    The European Securities and Markets Authority’s recently published draft standards aim to promote fair competition and a safer environment for crypto providers and investors, detailing precisely the information to be provided to national authorities in charge of screening the acquisitions of a qualifying holding, says Mathieu de Korvin at Norton Rose.

  • Assessing Exposure Under UK Foreign Influence Scheme

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    While the proposed Foreign Influence Registration Scheme, designed to ensure transparency around foreign state-directed activities, may be delayed by the snap general election, organizations should prepare for compliance, including addressing concerns about the extent of unintended consequences arising from the scheme's scope, say Gavin Costelloe and Gillian Sproul at Greenberg Traurig.

  • How FCA Guidance Aligns With Global Cyberattack Measures

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    The U.K. Financial Conduct Authority’s recent guidance on preparing for cyberattacks aligns with the global move by financial regulators to focus on operational resilience, highlighting the importance of proactive strategies and robust resilience frameworks to mitigate disruptions, while observing a disappointing level of engagement by the industry, say Alix Prentice and Grace Ncube at Cadwalader.

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