Corporate Crime & Compliance UK

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Forced Labor Ruling To Spur NCA Scrutiny On Supply Chains

An English appellate court's landmark findings that the National Crime Agency misunderstood the U.K.'s anti-money laundering powers could cast greater scrutiny on the extent of illicit goods flowing through companies' supply chains, lawyers say.
July 19, 2024
Edwin Coe Adds To Team Ahead Of Planned UK Tax Changes

Edwin Coe LLP is preparing for an expected surge in disputes following the U.K.'s planned tax changes by hiring as a partner a Harbottle & Lewis lawyer with expertise in litigation and tax planning, according to a news release.
July 19, 2024
Ex-Lib Dem Leader Swinson Grilled Over Horizon Scandal

Former Liberal Democrat leader Jo Swinson told an inquiry on Friday into the Post Office accounting scandal that she was reassured when she was the minister responsible for the organization that its systems were robust.
July 19, 2024
Solicitor Sanctioned Over False £1M Gov't Loan Declaration

A solicitor who signed an inaccurate declaration confirming that an investor had £1 million in a client account for the purposes of a government loan scheme was fined £15,000 ($19,400) on Friday and banned from being a partner.
July 19, 2024
Cifas Justifies Marking Bank Activity For Suspected Fraud

The operator of the U.K.'s national fraud database has hit back at a £144,000 ($186,000) data protection claim in a London court, saying it was justified in marking a London resident's bank activity for suspected fraud.
July 19, 2024
Lawyers Test New Routes For Redress For APP Fraud Victims

A year after the decision by Britain's Supreme Court that curbed the liability owed by lenders to customers tricked into transferring money to fraudsters, victims are now looking to use the courts to test novel routes for redress.
July 19, 2024
From Doughty Street To Downing St.: A Look At Starmer's CV

Keir Starmer's rise to prime minister comes almost 40 years after the new resident of 10 Downing Street began to practice law. Here, Law360 looks back at five notable cases that shaped Starmer's legal career.
July 19, 2024
UK Litigation Roundup: Here's What You Missed In London

This past week in London has seen a libel clash between comedian Paul Currie and the Soho Theatre Company over allegations of anti-semitism, technology giant Huawei face a patents claim by Mediatek, Westfield Europe pursue action against Clearpay Finance for contract breaches and tour operating company Carnival hit chartered airline Maleth Aero for significant flight delays. Here, Law360 looks at these and other new claims in the U.K.
July 19, 2024
Cyber-Insurers Could Be On Hook From Global IT Outages

The global IT outage that disrupted air travel, financial institutions and thousands of businesses on Friday could result in billions of dollars of losses and potentially major claims against insurance companies, analysts are warning.
July 19, 2024
Businessman Found Guilty Of Fraud For COVID Loan Abuse

A British businessman accused of dishonestly obtaining a COVID-19 small business loan was convicted of fraud on Friday after prosecutors accused him of scamming the system to repay an associate embroiled in a fight with the Serious Fraud Office.
July 19, 2024
Casino Group Faces French Price-Fixing Probe

Casino Group, the French retail giant that has recently undergone a restructuring, said it is being investigated by France's financial crime agency for possible price manipulation and corruption.
July 18, 2024
Truck Buyers Seek To Stop Cartel 'Picking Off' Claimants

A trade group suing major truck makers in a £2 billion ($2.6 billion) class action over an alleged price-fixing cartel told a London tribunal on Thursday the manufacturers should be prevented from making the group claim unviable by "picking off" claimants through settlement offers.
July 18, 2024
Law Firm Did Not Think SRA Alerts Applied To Former Client

Matthew & Matthew Solicitors has told liquidators for a now-defunct group of companies that it did not believe that warnings about investment schemes by the English solicitors' regulator applied to its client, arguing that the businessman's care home scheme appeared legitimate.
July 18, 2024
Post Office Execs 'Lied To Me,' Ed Davey Tells Inquiry

Ed Davey told an inquiry on Thursday into the miscarriage of justice at the Post Office that senior officials at mail service, including its former chief executive, "lied" to him about the IT system used to prosecute innocent people.
July 18, 2024
Justice Secretary Looks To Fire Head Of Criminal Review Body

The U.K.'s justice secretary said Thursday she will seek to remove the head of the body that investigates miscarriages of justice because of concerns that she is "unfit to fulfill her duties" after a report exposed failings in the handling of the review of a historical conviction.
July 18, 2024
Treat Politically Exposed People Better, FCA Tells Firms

The Financial Conduct Authority told all financial services companies on Thursday to do more to ensure that high-profile individuals and their families are not treated unfairly after it found widespread deficiencies in a review of the sector.
July 18, 2024
Attorney General Puts Gerrard Contempt Case On Backburner

Britain's attorney general is not pursuing contempt of court proceedings "at this stage" against former Dechert partner Neil Gerrard for lying under oath while testifying about his work for mining company ENRC.
July 17, 2024
Retired Couple Seek To Override Ex-Solicitor's Deceit Win

A financial advisor and his wife battled to reverse a ruling finding them liable to a former solicitor for his investment in a now-defunct forex trading scheme, arguing they had wrongly been found to be partners.
July 17, 2024
Ex-Minister Admits Failing To See Post Office Injustice Sooner

A former junior business minister in place when the Post Office was fighting wrongly convicted subpostmasters in court told the government inquiry into the scandal on Wednesday that she "absolutely" should have recognized a possible injustice sooner.
July 17, 2024
UK Gov't Moves Ahead With Accounting Reform Bill

The new Labour Government said on Wednesday that it will push ahead with draft legislation to toughen up regulation of auditors to help to reduce the risk of corporate failures.
July 17, 2024
Gov't Sets Out 'Duty Of Candor' Law For Public Officials

Britain will introduce a legal duty of candor for officials and authorities to prevent perceived cover-ups of public scandals, part of a wider package of legislation that the government said Wednesday it will pursue in the coming parliamentary session.
July 17, 2024
TikTok Loses 1st Challenge Against EU Big Tech Law

TikTok lost its bid to escape European Union digital market rules on Wednesday, when the bloc's General Court found the social media platform's global market value shows the company has significant potential to make money from European users.
July 17, 2024
EU Financial Watchdogs Set Up Cyber-Risk Info Exchange

European Union financial watchdogs said Wednesday that they will establish a framework for authorities in the bloc and international bodies to share information on cyberthreats and incidents that pose a risk to financial stability.
July 16, 2024
Tycoon's Pilot Says Feds' Stock Tip Claims Don't Add Up

A private pilot who used to work for convicted insider trader and U.K. billionaire Joe Lewis is arguing federal prosecutors can't use allegations that his own trades were suspicious to ramp up a sentence for a separate tax evasion charge.
July 16, 2024
Ex-Goldman Banker Denies Bribe Charges After Extradition

A former Goldman Sachs banker pled not guilty Tuesday before a Brooklyn federal magistrate judge to charges that he bribed Ghanaian officials, after losing an extradition battle in British courts.
July 16, 2024
Ex-Mozambique Official Accused Of $2B Fraud As Trial Opens

Federal prosecutors told a Manhattan jury Tuesday that Mozambique's former finance minister took $7 million in bribes in a "corrupt" plot to enrich himself and defraud investors after $2 billion in state-backed development projects flopped.

Editor's Picks

How 3 Firms Cleared 2 Ex-Autonomy Execs In HP Fraud Case

A California federal jury's rejection last week of fraud charges against the founder and former finance vice president of British software company Autonomy validated an approach by the defendants' three law firms — Steptoe, Clifford Chance and Bird Marella — to form a "seamless" collaboration throughout the trial, from jury selection to closing arguments.
Starmer Could Crack Judicial Crisis, Former CPS Chiefs Say

Keir Starmer's lead in the polls as the general election in July approaches has sparked hopes among criminal justice advocates that the Labour leader — a former top prosecutor — will implement reforms as prime minister.
Pillsbury's New UK White Collar Chief Eyes Success In London

Former Serious Fraud Office "powerhouse" Audrey Koh is in the building, and Pillsbury Winthrop Shaw Pittman says it now has the tools to launch its white-collar and corporate investigations practice in London. Here, Koh and managing partner Matthew Oresman survey the legal landscape.

Expert Analysis

EU Investor-State Dispute Transparency Rules: Key Points

The European Union's recent vote to embrace greater transparency for investor-state arbitration will make managing newly public information more complex for all parties in a dispute — so it is important for stakeholders to understand the risks and opportunities involved, say Philip Hall, Tara Flores and Charles McKeon at Thorndon Partners.
How Regulation Of Tech Providers Is Breaking New Ground

The forthcoming EU regulation on digital operational resilience and the U.K. critical third-party regime, by expanding the direct application of financial services regulation to designated technology providers, represent a significant development that is not to be underestimated, say David Berman and Emily Lemaire at Covington.
Takeaways From EU's Initial Findings On Apple's App Store

A deep dive into the European Commission's recent preliminary findings that Apple's App Store rules are in breach of the Digital Markets Act reveal that enforcement of the EU's Big Tech law might go beyond the literal text of the regulation and more toward the spirit of compliance, say William Dolan and Pratik Agarwal at Rule Garza.
Why Trustees Should Take Note Of Charity Code Consultation

The Charity Governance Code Steering Group's recently launched governance code consultation is unlikely to result in a radical overhaul, but with the bigger issue being awareness and application by smaller underresourced charities, trustees should engage with the process to help shape the next iteration of this valuable tool, says Chris Priestley at Withers.
What EU Net-Zero Act Will Mean For Tech Manufacturers

Martin Weitenberg at Eversheds Sutherland discusses the European Council’s recently adopted Net-Zero Industry Act and provides an overview of its main elements relevant for net-zero technology manufacturers, including benchmarks, enhanced permitting procedures and the creation of new institutions.
Complying With EU Commission's Joint Purchasing Rules

One year after the European Commission released its revised guidelines on horizontal cooperation agreements, attorneys at Crowell & Moring reflect on the various forms such agreements can take, and how parties can avoid structuring arrangements that run afoul of competition law.
Tips For Implementing EU Sustainability Reporting Guidance

Lawyers at Sullivan & Cromwell discuss the European Financial Reporting Advisory Group’s recently published guidance on double materiality assessments and offer takeaways on achieving a sustainability directive-compliant process that could enhance clarity and consistency among multinational stakeholders.
How CMA's AI Strategic Update Addresses Industry Risks

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

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

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

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

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

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

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

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.