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Corporate Crime & Compliance UK
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February 26, 2025
Billionaire Claims HMRC Failed To Hold Lawful Tax Inquiry
HM Revenue & Customs failed to lawfully notify the right people in its investigation of tax returns for two partnerships, counsel for a hedge fund billionaire told a London court Wednesday.
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February 26, 2025
Law Firm Denies Botching Advice On Failed Flat Purchases
A law firm has denied giving negligent advice to investors regarding their failed purchases of flats in a property development, telling a London court that they helped ensure their own downfall by not exploring how risky the deals were.
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February 26, 2025
3 Fraud Reforms You Might Have Missed In The Crime Bill
Buried in legislation designed to crack down on phone thieves and anti-social behavior in the government's new crime bill are a range of reforms intended to strengthen the hand of prosecutors as they fight economic crime.
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February 26, 2025
Ex-Pupils Pursue Group Claim Against Infected Blood School
A senior judge apologized on Wednesday to former pupils of a school at the center of an infected blood scandal over the technical nature of a court hearing to decide whether a group litigation order can be granted in a claim for damages.
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February 26, 2025
Axiom Ince Crash Sparks Tougher SRA Action Against Firms
The collapse of Axiom Ince Ltd. has "spurred" the solicitors' watchdog into taking more action against law firms over suspected dishonesty and financial misconduct, according to data published on Wednesday by accountants Hazlewoods LLP.
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February 26, 2025
Lawyer Suspended For Improper Use Of Client Account
A City solicitor who was convicted in 2023 for tipping off a client about an anti-money laundering investigation by the Serious Fraud Office has been suspended by a tribunal for improper use of a client account.
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February 25, 2025
Ex-Allianz Exec Avoids Prison As Massive Fraud Case Wraps
A Manhattan federal judge on Tuesday allowed a former fund executive from New Jersey to avoid prison for lying to clients of Allianz's U.S. unit, citing his cooperation as the government investigated a fraud that cost the German finance giant $6 billion.
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February 25, 2025
Austrian Bankers' Extradition Bogged Down Over Toilet Space
An English court has temporarily barred the extradition of an Austrian banker to face money laundering charges in the U.S. over a Brazilian corruption scandal, saying on Tuesday it wanted assurances that his cell would meet minimum space requirements — excluding the toilet.
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February 25, 2025
BBC Admits Falling Short On Misconduct Claims Against DJ
The BBC apologized on Tuesday for its failure to address a pattern of behavior by former radio DJ Tim Westwood after an investigation found that it had "missed opportunities" to act on concerns about his conduct, including evidence of bullying and misogynistic behavior.
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February 25, 2025
Apple Exploited App Market, Developers Say In £1.5B Trial
Apple was accused Tuesday in a £1.5 billion ($1.9 billion) London competition trial of charging app developers excessively high commissions even when they willingly agreed to pay them, in closing arguments of the first U.K. class action trial against a Big Tech company.
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February 25, 2025
Liquidators Bid To Reinstate £102M Award In Hotel Fraud Case
Britain's highest court was urged on Tuesday to find that a businessman should be ordered to pay £102 million ($129 million) in compensation after he helped a property investor spend secret profits generated from the sale of three London hotels.
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February 25, 2025
Audit Watchdog Tightens UK Accounting Guidance
The audit watchdog published on Tuesday its finalized guidance to help companies asses whether it is a "going concern," which it said will broaden the scope of its advice to reflect reporting changes and high-profile corporate collapses.
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February 24, 2025
Investor Settles In $2.1B Danish Tax Fraud Case
A U.S. investor who was among those accused by Denmark's tax agency of participating in a $2.1 billion tax fraud scheme related to fraudulently claiming refunds on tax withheld from stock dividends has reached a settlement, according to New York federal court documents filed Monday.
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February 24, 2025
Denmark Argues Misrepresentation Led To £1.4B Tax Refunds
Denmark's tax authority told the High Court of Justice on Monday that it would not have paid out billions in refunds to a British trader and others accused of involvement in a fraudulent trading scheme had they not submitted forms purporting to show eligibility for tax refunds.
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February 24, 2025
Insider Traders Were 'Mini Cash Laundromat,' FCA Tells Jury
An alleged insider dealing syndicate that included a former analyst at global asset management firm Janus Henderson operated a "mini-cash laundromat," the Financial Conduct Authority told a London court on Monday.
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February 24, 2025
FCA Advice Review Findings Staves Off Mass Redress Fears
The Financial Conduct Authority said Monday in the vast majority of cases, financial advisers have carried out suitability reviews for their clients, in a finding which experts say makes fears of a "worst-case scenario" redress program less likely to materialize.
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February 24, 2025
Ex-WealthTek Partner Denies Defrauding Clients Out Of £64M
A former partner at wealth management firm WealthTek LLP denied accusations by the Financial Conduct Authority that he defrauded clients out of more than £64 million ($80.8 million) when he appeared at a London criminal court on Monday.
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February 24, 2025
Ex-Reform UK Wales Chief Accused Of Taking Russian Bribes
The former leader of Reform UK in Wales made an initial appearance at a London court on Monday over allegations that he received bribes in exchange for supporting Russian causes in speeches when he was a Member of the European Parliament.
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February 21, 2025
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen Russell Brand sued by publishing house Macmillan, administrators of London Capital & Finance sue the collapsed firm's former lawyers Buss Murton Law LLP, Tesco bring a competition claim against fish suppliers, and former Entain execs sue Addleshaw Goddard over privileged information. Here, Law360 looks at these and other new claims in the U.K.
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February 21, 2025
Off The Bench: White House Hosts PGA Tour-LIV Golf Summit
In this week's Off The Bench, the two former rival pro golf tours join the president to discuss their long-delayed combination, several NBA teams support a bid for the U.S. Supreme Court to keep copyright claims in check, and prosecutors charge Chilean nationals with robbing the homes of high-profile athletes.
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February 21, 2025
Oil Co. Boss Claims $119M UAE Judgment Is Fraudulent
An oil company boss has denied owing BNP Paribas more than 436 million United Arab Emirates dirham ($119 million) under an Emirati court judgment, claiming the case was "fraudulently concealed" to prevent him from defending it.
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February 21, 2025
EU Tax Blacklist Needs New Criteria, Tax Pros Say
The European Union's list of uncooperative tax jurisdictions needs new criteria to tackle the problem of corporate tax avoidance and harmful tax practices, tax campaigners claimed Friday.
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February 21, 2025
UK Sticks With Inheritance Tax Changes Amid Higher Revenue
A U.K. budget surplus, reported Friday, indicates that the Labour government shows no sign of compromising with its inheritance tax changes as tax receipts rise despite the implications for middle-class families and farmers.
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February 21, 2025
Vatican Was 'Utterly Let Down' By Financier In Property Deal
The Vatican was "utterly let down" by an Italian financier who did not act in good faith in a failed €350 million ($366 million) property deal, a London court ruled on Friday, although it rejected allegations he had conspired to defraud the state.
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February 21, 2025
SFO's Top Lawyer Says IT Glitch Won't Threaten Convictions
Matthew Wagstaff, the Serious Fraud Office's new top lawyer, is clear. Your client's conviction for fraud, bribery or corruption? It's safe.
Expert Analysis
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UK Bill Aims To Make Better Use Of Data Across Economy
The new Data Bill’s practical improvements to data schemes and certification systems will be welcomed by online service providers, but organizations need to consider the conditions and whether compliance will entail technical operational changes, say lawyers at Osborne Clarke.
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The EU AI Act's Impact On Global Financial Regulation
The European Union’s new Artificial Intelligence Act, representing lawmakers’ first comprehensive attempt to regulate AI and giving special attention to the financial services sector, hopes to influence global legal and regulatory frameworks to maintain access to the EU market, say lawyers at Goodwin.
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Cross Market Drill Highlights Operational Resilience Priorities
The U.K.’s recent cross-market major infrastructure failure simulation exercise, demonstrates that operational resilience of the financial sector is high on the regulatory agenda, and the findings should ensure that the sector develops collective capabilities to deliver improvements, say lawyers at Taylor Wessing.
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Update On Timings Key For Online Safety Act Compliance
The Office of Communications’ recent update on Online Safety Act deadlines is significant because applicability of the act has been contingent on this guidance, and with clarification of enforcement details, organizations can now prepare for their risk assessment, say lawyers at Bird & Bird.
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What The Future Of AI In Financial Services Looks Like
Artificial intelligence is rapidly transforming the global financial services industry, with a hybrid model likely to evolve where AI handles routine tasks and humans focus on strategy and decision-making, so financial institutions should work with regulators to establish ethical standards and meet regulatory expectations without stifling innovation, say lawyers at Womble Bond.
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FCA Survey Results Reveal Rise In Nonfinancial Misconduct
After a Financial Conduct Authority survey recently reported a significant rise in nonfinancial misconduct, there are a number of preventive steps firms should take to create a healthy workplace environment and mitigate the risk of increased regulatory scrutiny, say lawyers at WilmerHale.
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Online Safety Act Heightens Duties Of Social Media Platforms
The Office of Communications’ latest update on how it is implementing the Online Safety Act is part of a wider evolving debate, but while social media platforms wait for the law to take full effect, they can focus on establishing clear online safety policies, training programs for staff and proactive engagement with regulators, says Dan Adams at Arbor Law.
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Gov't Fraud Prevention Guide Proves To Be A Damp Squib
The Home Office’s recent guide to the Economic Crime Act’s failure to prevent fraud offense goes little further than offering broad suggestions, signaling the Serious Fraud Office’s encouragement of companies to self-police rather than an intention to pursue fraud allegations to trial, say lawyers at BCL Solicitors.
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When Investigating An Adversary, Be Wary Of Forged Records
Warnings against the use of investigators who tout their ability to find an adversary’s private documents generally emphasize the risk of illegal activity and attorney discipline, but a string of recent cases shows an additional danger — investigators might be fabricating records altogether, says Brian Asher at Asher Research.
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EU Enviro Directive Compliance Must Be A Priority For CEOs
The new European Union Environmental Crime Directive makes clear that criminal liability of a company for causing environmental damage does not preclude proceedings being brought against individuals who aid and abet, including CEOs, board members and other corporate leaders, say lawyers at Crowell & Moring.
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New Offense Expands Liability For Corporate Enviro Fraud
The Economic Crime Act's new corporate fraud offense — for which the Home Office recently released guidance — underscores the U.K.'s commitment to hold companies accountable on environmental grounds, and in lowering the bar for establishing liability, offers claimants a wider set of tools to wield against multinational entities, say lawyers at Bracewell.
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CMA Heat Maps Call Attention To Warning Letters
The Competition and Markets Authority's first heat maps illustrating the location of warning letters sent to businesses are intended to increase awareness of the letters, and provide new information that reflects distribution and density across the U.K., says Matthew Hall at McGuireWoods.
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What UK Security Act Report Indicates For Future Gov't Policy
Following the recent publication of the National Security and Investment Act report on the scrutiny of proposed investments, it will be interesting to see how the act’s powers fit into a government policy that plans to cut regulatory obstacles, while maintaining a hard line on national security, say lawyers at Katten Muchin.
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What UK Takeover Code's Narrowed Focus Will Mean For Cos.
In narrowing its scope of application, the U.K. Takeover Panel's forthcoming amended code will have practical implications for U.K.-registered companies and ultimately provide greater market clarity and certainty, say lawyers at Davis Polk.
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Examining UK And EU Approaches To Sanctions Enforcement
In light of the Financial Conduct Authority’s recent £28.9 million fine of Starling Bank for its lax sanctions screening processes, businesses should understand both the U.K.’s and the European Union’s enforcement approaches, the larger sanctions landscape and the importance of cooperation, says Angelika Hellweger at Rahman Ravelli.