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Corporate Crime & Compliance UK
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February 05, 2025
UK Gov't Data Shows Rise In Legal Sector Data Breaches
Data breaches in the U.K. legal sector have increased by more than a third, impacting 7.9 million individuals in the 12 months that ended July 1, 2024, according to an analysis released Wednesday of U.K. Information Commissioner's Office data by document and email management company NetDocuments.
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February 05, 2025
Directors Banned For Misleading Student Housing Investors
The U.K.'s Insolvency Service has banned three men as company directors for misleading investors who had put over £4 million ($5 million) into a student housing development but were left uncompensated when the development companies became insolvent.
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February 05, 2025
EU Sets Out Actions For E-Commerce Import Rules
The European Commission said Wednesday it is raising customs controls on low-value imports flowing into the European Union via online retailers and marketplaces hosting non-European traders.
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February 05, 2025
Insurers Say Stranded Jets Not Covered By War Risks Policies
War-risk insurers argued Wednesday that they should not have to cover losses of aircraft stranded in Russia after the invasion of Ukraine, arguing airlines retaining the aircraft were not covered by the leasing airlines' insurance policy.
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February 05, 2025
Tycoon Can Redo Confiscation Fight After Fraud Conviction
A businessman imprisoned for eight years for failing to repay £4.5 million ($5.6 million) following a conviction for fraud can re-argue his case after the Court of Appeal said Wednesday that there is new evidence he might be serving longer than necessary.
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February 05, 2025
Guarantors Fight To Stay Russian Boat Lessor's $60M Claim
A group of Cypriot businesses that acted as guarantors for a ship financing deal with a Russian state-owned lessor that soured after the country's invasion of Ukraine have asked a London court to stay the Russian businesses' $60 million claims against them.
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February 05, 2025
Construction Industry Insiders Get Prison For £22M Tax Fraud
A group of seven construction industry insiders has been sentenced to between nine years and four months and two years in prison for their roles in a tax fraud in which an estimated £22 million ($28 million) was hidden from the U.K. tax authorities.
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February 04, 2025
Israeli Bids To Block US Extradition Over Prison Conditions
An Israeli private investigator accused of hacking environment activists to help Exxon Mobil Corp. undermine climate-change litigation argued in court Tuesday that his extradition to the U.S. should be blocked due to "inhumane treatment" in New York prisons.
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February 04, 2025
Whistleblowing Failures Cost Gov't £426M, Report Finds
Failing to heed whistleblowers contributed to three major scandals that cost the U.K. government over £426 million ($529 million), a whistleblowing charity said in a report Tuesday as it demanded urgent reforms.
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February 04, 2025
UniCredit Bids To Undo Ruling Blocking Gazprom Unit's Claim
UniCredit Bank AG urged an appeals court Tuesday to overturn an order blocking a Gazprom joint venture from bringing a €450 million ($467 million) claim against it in Russia under bond guarantees linked to an aborted gas plant project.
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February 04, 2025
Salmon Farmers Fight To Gut Retailers' £675M Cartel Case
A group of salmon producers fought on Tuesday to keep a £675 million ($843 million) cartel claim brought by several of the U.K.'s largest supermarkets out of Britain, arguing at a London tribunal that the case should be heard in Norway.
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February 04, 2025
Sustainable Growth Must Take Pensions Priority, LCP Says
Government plans to drive growth in the U.K. through redirected investment from retirement savings schemes must prioritize environmental concerns and sustainability, a consultancy said Tuesday.
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February 04, 2025
FCA Warns Smaller Payment Firms Of Consumer Duty Failings
The City watchdog has warned smaller payments firms that they sometimes fail to act in the best interests of customers and have weaknesses in their financial crime controls.
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February 03, 2025
'Far-Reaching' EU Ban On High-Risk AI Models Now In Effect
The European Union on Sunday ushered in key laws to rein in the use of artificial intelligence systems that pose an "unacceptable risk," but a lack of guidance from the bloc has companies in the dark.
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February 03, 2025
SFO Review Finds No Evidence Of Unsound Convictions
The Serious Fraud Office's review into its old electronic discovery system has not produced any evidence that past convictions are unsound, the agency said on Monday.
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February 03, 2025
All-Risk Insurers Demand War-Risk Payouts For Stranded Jets
Insurers that covered aircraft lessors whose planes were stranded in Russia after the invasion of Ukraine told a London court on Monday that other insurers that covered the lessors for war-related risks should pay out for the allegedly lost aircraft.
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February 03, 2025
Uyghur Rights Group To Sue FCA If Shein Gets LSE Listing
A Uyghur human rights group has threatened to take the Financial Conduct Authority to court if it permits Shein to list on the London Stock Exchange, stepping up its fight against the ultra-fast-fashion giant over slavery concerns.
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February 03, 2025
EPPO Probes Steel Tax Fraud In UK And Germany
The European Public Prosecutor's Office is investigating suspected tax fraud linked to imports of Indian steel into Germany via the U.K. to dodge the European Union's import duties, the office said Monday.
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February 03, 2025
FCA Response To Critical Report 'Disappointing,' MPs Say
The Financial Conduct Authority's response to a highly critical parliamentary report has been lackluster and continues to demonstrate that the regulator is "in dire need of transformation," the MPs who penned the report said Monday.
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February 03, 2025
EU Watchdog Warns That All Crypto Firms Are High Risk
The European Union's finance watchdog has briefed national regulators authorizing crypto-assets firms to consider every candidate high risk, particularly from money laundering.
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February 03, 2025
Ex-Goldman Analyst Told To Pay £586K For Insider Trading
The Financial Conduct Authority said Monday that it has secured £586,000 ($722,000) from a former Goldman Sachs employee imprisoned for insider dealing after using price-sensitive information to trade in shares.
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January 31, 2025
Brexit Five Years On: The Legal Landscape After Europe
Five years after the U.K. formally left the European Union, Law360 looks at how Brexit has changed the legal, regulatory and financial terrain.
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January 31, 2025
UK Cos. See Brexit's Legacy In Steeper Compliance Costs
British companies doing business in the European Union have seen their tax compliance burden rise as the U.K.'s tax rules have moved further away from EU rules in the five years since Brexit, though the largest companies have been able to absorb the costs.
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January 31, 2025
Ex-IP Co. Director Says Lawyer, Founders Hid $40M Takeover
A former director of a celebrity intellectual property licensing company has claimed in court filings that two fellow directors, aided by an ex-Russells Solicitors partner, concealed plans for a $40 million takeover to try to convince him to sell his shares on the cheap.
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January 31, 2025
Valorem Sues Former CEO For Violating Russia Sanctions
A luxury perfume group has sued its former chief executive officer, who is accused of bragging to a private investigator about selling his product to Russia in breach of sanctions, for fiduciary and contractual breaches and failure to protect its intellectual property rights.
Expert Analysis
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M&A Takeaways From 1st EU Foreign Subsidies Merger Ruling
The European Commission’s recent decision on the merger between e& and PFF Telecom is the first to approve a transaction subject to commitments under the Foreign Subsidies Regulation, serving as a helpful guide by confirming that behavioral measures ring-fencing EU activities from the potential effect of third-country subsidies are acceptable, say lawyers at Cleary.
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What New Int'l Treaty Means For Global AI Regulation
Lawyers at Bird & Bird consider how global artificial intelligence regulation will be affected by the first international AI treaty recently signed by the U.S., EU and U.K., as well as its implications for business and several issues that stakeholders should be aware of.
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Factors Driving EU Competition Policy For The Next 5 Years
Teresa Ribera Rodríguez’s recent nomination as the new European Union commissioner for competition prompts questions about policy and enforcement, with goals to enhance competition in business, implement stronger and faster enforcement, and promote and fund decarbonization likely in her sights during a five-year term, say lawyers at Linklaters.
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2 Highlights From Labour's Notable Employment Rights Bill
The Labour government’s recently unveiled Employment Rights Bill marks the start of a generational shift in U.K. employment law, and its updates to unfair dismissal rights and restrictions on fire-and-rehire tactics are of particular note, say lawyers at Covington.
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How Energy Scheme Is Affecting Large Co. Fund Investment
The latest phase of the Department of Energy and Climate Change's Energy Savings Opportunity Scheme implicates funds with investments in large companies by establishing significant and complex changes to the reporting cycle for mandatory assessments, say lawyers at Macfarlanes.
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How Companies House Enforcement Powers Are Growing
Companies House's recently increased ability to assess what material is submitted to the U.K. register of companies, and to proportionately enforce where violations have occurred, may require some degree of cultural shift within many companies, say lawyers at Greenberg Traurig.
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How New Sanctions Office Will Affect UK Trade Landscape
The recent launch of the Office of Trade Sanctions Implementation will help to create a more comprehensive civil enforcement terrain, but the potential for multiple investigations means businesses should reassess their systems to ensure they do not inadvertently incur civil liability, says Julia Pearce at Robertson Pugh.
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FCA Savings Update Focuses On Good Customer Outcomes
The Financial Conduct Authority’s recent cash savings update emphasizes its expectations of firms to deliver fair value to consumers by documenting the rationale for actions at each stage, considering customer communications and demonstrating that potential harms are acted upon, say Matt Handfield, Charlotte Rendle and Caroline Hunter-Yeats at Simmons & Simmons.
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Opinion
Why The UK Gov't Should Commit To An Anti-SLAPP Law
Recent libel cases against journalists demonstrate how the English court system can be potentially misused through strategic lawsuits against public participation, underscoring the need for a robust statutory mechanism for early dismissal of unmeritorious claims, says Nadia Tymkiw at RPC.
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5 Takeaways From UK Justices' Arbitration Jurisdiction Ruling
The U.K. Supreme Court's recent judgment in UniCredit Bank v. RusChemAlliance, upholding an injunction against a lawsuit that attempted to shift arbitration away from a contractually designated venue, provides helpful guidance on when such injunctions may be available, say attorneys at Fladgate.
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FCA's Broad Proposals Aim To Protect Customer Funds
The Financial Conduct Authority’s proposed changes to payments firms’ safeguarding requirements, with enhanced recordkeeping and fund segregation, seek to bolster existing regulatory provisions, but by introducing a statutory trust concept to cover customers’ assets, represent a set of onerous rules, says Matt Hancock at Greenberg Traurig.
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Complying With Growing EU Supply Chain Mandates
A significant volume of recent European Union legislative developments demonstrate a focus on supply chain transparency, so organizations must remain vigilant about potential human rights and environmental abuses in their supply chain and make a plan to mitigate compliance risks, say lawyers at Weil.
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Takeaways From Upcoming Payment Fraud Delay Legislation
Lawyers at Hogan Lovells discuss what to know about new legislation that will allow payment service providers to delay payments when third-party fraud is suspected, and share pointers for providers to consider ahead of the Oct. 30 effective date.
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What New EU Packaging Regulation Will Mean For Companies
The forthcoming Packaging and Packaging Waste Regulation aims to regulate the entire life cycle of products from design to end-of-life waste, and will present particularly challenging deadlines for organizations, especially regarding recyclability and substances of concern, say Marcus Navin-Jones and Ward Overlaet at Crowell & Moring.
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Modernizing UK Trade Settlement Standard: The Road Ahead
Andrew Tsang and Tom Bacon at BCLP consider the rationale and challenges of a potential U.K. trade settlement acceleration, part of an initiative to modernize the financial market infrastructure, and suggest that incorporating distributed ledger technology as a synchronized recording system would facilitate the move.