Corporate Crime & Compliance UK

  • March 07, 2025

    Four Men Imprisoned For 43 Yrs For Money Laundering Plot

    Four men involved in a plot to launder £266 million ($343 million) in criminal cash were on Friday sentenced to a total of more than 43 years in prison, in one of the biggest cases of its kind ever prosecuted in England.

  • March 07, 2025

    Barclays Asked Andrew Bailey To Speed Up Staley Probe

    Andrew Bailey testified Friday that Barclays asked him to "expedite" an investigation into its chief executive, Jes Staley, while he was head of the U.K. financial regulator amid concerns about the fallout from the probe into the CEO's relationship with Jeffrey Epstein being made public.

  • March 07, 2025

    Xeinadin Settles £1M Claim Against Ex-Director Over Poaching

    Accountancy group and business adviser Xeinadin has settled its over £1 million ($1.3 million) claim against the former director of an accountancy firm it acquired over allegations he had sought to lure clients and employees to a rival practice after he was ousted from the business.

  • March 07, 2025

    Bulgarians Convicted Of Spying For Russia

    Three Bulgarians in a U.K.- based spy ring that targeted high profile targets in operations across Europe before passing information along to a Russian agent were convicted of spying at a London court on Friday.

  • March 07, 2025

    Ex-Liverpool Mayor And 11 Others Charged With Bribery

    Prosecutors charged on Friday the former mayor of Liverpool and 11 other ex-politicians and business figures with bribery and misconduct in public office over allegations public contracts were improperly awarded over a span of a decade.

  • March 07, 2025

    FCA Awaits Gov't Answer To City Consumer Duty Pushback

    The Financial Conduct Authority is waiting for the government to clarify how much consumers can be exposed to risk in favor of more growth-focused regulation as the watchdog faces push back from the sector against its flagship consumer protection program.

  • March 06, 2025

    Fundamental Problems With AML Oversight, Charity Warns

    The U.K.'s legal regulators show long-standing and fundamental problems in their approach to anti-money laundering supervision, an anti-corruption charity warned in a report Thursday amid an almost two-year government consultation that has yet to publish its response.

  • March 06, 2025

    Ex-Credit Suisse Banker Avoids Prison In 'Tuna Bond' Fraud

    A Brooklyn federal judge spared a former Credit Suisse banker from prison time Thursday, after he pled guilty and became a testifying government cooperator over a plot to defraud investors in a $2 billion state-backed development initiative in Mozambique.

  • March 06, 2025

    Barclays GC Helped Staley Respond To Epstein Controversy

    Former Barclays boss Jes Staley was helped by executives in the bank to draft talking points to "properly reflect" his relationship with Jeffrey Epstein to avoid being sacked as trustee from his alma mater, the bank's former top lawyer told a trial court Thursday.

  • March 06, 2025

    5 EU States Fined €39M Over Whistleblowing Law Delays

    Europe's top court on Thursday fined five European Union member states a total of almost €39 million ($42 million) after concluding that they took too long to adopt an EU directive to boost protections for whistleblowers.

  • March 06, 2025

    Google To Face £1B Class Action Over App Store Practices

    The U.K. antitrust court gave an academic the go-ahead Thursday to bring a £1 billion ($1.3 billion) class action against Google on behalf of software developers over allegedly anticompetitive app store practices, clearing his litigation funding arrangement with amendments.

  • March 06, 2025

    Visa, Mastercard Face UK Regulatory Action Over Fees

    The U.K.'s Payment Systems Regulator said Thursday it will act against Mastercard and Visa over concerns about the duopoly's sharp price hikes on bank card fees.

  • March 06, 2025

    Private Prosecutions Face Reform After 'Catastrophic' Failures

    Private prosecutions will face heightened scrutiny and reform after a series of "catastrophic" failures such as the Post Office Horizon scandal, the government announced Thursday.

  • March 05, 2025

    Russian Billionaire Loses Fight To Lift EU Sanctions

    Russian billionaire Alexander Ponomarenko on Wednesday lost his fight to lift European Union sanctions imposed after Vladimir Putin's invasion of Ukraine, with an EU court ruling that the restrictions should remain in place.

  • March 05, 2025

    Major Supermarkets Keep £675M Salmon Cartel Claim In UK

    A London antitrust tribunal declined Wednesday to send a £675 million ($868 million) cartel claim brought by several of the U.K.'s largest supermarkets to Norway, ruling that the claim should be heard in the U.K. because it concerned the price of salmon in the U.K.

  • March 05, 2025

    Former Crypto Exec Can't Sue Bulgarian Biz In England

    The former director of a Bulgarian cryptocurrency company cannot sue the current owner over an alleged failure to transfer him his stake in the business, after a judge ruled Wednesday that the English courts do not have jurisdiction over the claim.

  • March 05, 2025

    Quilter PLC Sets Aside £76M For Redress Amid FCA Review

    Wealth manager Quilter PLC said Wednesday that it has set aside £76 million ($98 million) to compensate clients who did not get appropriate financial advice as it finalizes an independent review for the Financial Conduct Authority.

  • March 12, 2025

    PCB Byrne Adds Civil Litigation Pro In London

    PCB Byrne LLP has hired Simon Colledge as a new civil litigation partner from Gunnercooke LLP to work in its dispute resolution team in London, as the firm ramps up its offering in its insolvency practice.

  • March 05, 2025

    Israeli's Extradition Case Stalled By UK Supreme Court Ruling

    A decision on whether to order the extradition of an Israeli private investigator to face hacking charges in the U.S. was delayed on Wednesday after defense lawyers asked a judge for time to consider how a recent landmark ruling might affect the case.

  • March 05, 2025

    Royal Mail To Face Trial In £878M Bulk Mail Class Action

    The owner of Royal Mail must face an £878.5 million ($1.1 billion) class action brought on behalf of 290,000 retail businesses that accuse the postal service of abusing its dominant position in the bulk mail market, the antitrust tribunal has ruled.

  • March 04, 2025

    Crown Courts Set To Oversee Record Number Of Cases

    The Ministry of Justice announced Wednesday that Crown Court judges will sit at a record high level across the next financial year, as a spending watchdog warned that the government is failing to boost confidence in a system plagued by delay.

  • March 04, 2025

    Barclays Official Kept In Dark About Staley's Email To Epstein

    Former Barclays boss Jes Staley told Jeffrey Epstein about forthcoming press coverage detailing their relationship without the bank's knowledge, its former head of communications testified at a trial on Tuesday.

  • March 04, 2025

    BNY Tries To Escape £93M Nationwide, A&O Negligence Case

    Bank of New York Mellon on Tuesday asked a London court to dismiss Allen Overy Shearman Sterling's claims that the bank negligently caused Nationwide Building Society to face a £93 million ($118 million) tax bill by mishandling the issuance of notes.

  • March 04, 2025

    Shell's 'Biased' Expert Should Be Disregarded, Nigerians Say

    Nigerian communities urged the High Court on Tuesday to disregard evidence given by an expert witness for Shell in its defense against claims it committed major environmental damage as his concurrent work with major oil companies is a conflict of interest.

  • March 04, 2025

    FCA Bans Ex-Credit Suisse Execs Linked To 'Tuna Bond' Case

    The City watchdog said Tuesday that it has banned two former Credit Suisse executives from U.K. financial services for lack of integrity after they were convicted in the U.S. for arranging corrupt loans to Mozambique.

Expert Analysis

  • Tax Directive Marks Milestone In Harmonizing EU System

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    The Council of the European Union’s recently adopted tax directive is a significant step toward streamlining and modernizing procedures for member states, and will greatly reduce administrative burden and compliance costs for cross-border investors, says Martin Phelan at Simmons & Simmons.

  • Why Nonfinancial Misconduct Should Be On Firms' Radar

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    Following a recent Financial Conduct Authority survey showing an increase in nonfinancial misconduct, the regulator has made clear that it expects firms to have systems in place to identify and mitigate risks, says Charlotte Pope-Williams at 3 Hare Court.

  • What New UK Code Of Conduct Will Mean For Directors

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    The Institute of Directors’ new voluntary code of conduct is intended to help directors make better decisions and enable U.K. businesses to win back eroded public trust, although, with no formal means of enforcement, its effectiveness could be limited, says Sarah Turner at Eversheds Sutherland.

  • Russian Bankruptcy Ruling Shows Importance Of Jurisdiction

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    The U.K. Supreme Court's recent decision not to assist a Russian receiver in Kireeva v. Bedzhamov will be of particular interest in cross-border insolvency proceedings, where attention must be paid to assets outside the jurisdiction, and to creditors, who must consider carefully where to apply for a bankruptcy order, say lawyers at McDermott.

  • Key Points From Trade Sanctions Office 'No-Russia' Guidance

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    The Office of Trade Sanctions Implementation’s recent guidance provides best practice suggestions that can help businesses mitigate the risk of their exports being targeted by Russian circumvention efforts, while noting that there is no one-size-fits-all approach to compliance, says Alexandra Melia at Steptoe.

  • How Board Directors Can Adapt To Shifting Governance Tides

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    With European Union regulatory initiatives trending toward a sharp focus on ESG reporting requirements and ramping up pressure on corporate boards, directors should play a more active part in ensuring business objectives are aligned with regulatory demands, says Kallia Gavela at Alvarez & Marsal.

  • How Listing Act Measures Will Modernize EU Capital Markets

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    The new European Union Listing Act, in line with the capital markets union initiative, aims to simplify market access for small and midsize enterprises, laying a foundation for a more integrated framework and representing a modernization milestone, say lawyers at Cleary.

  • Forced Labor Imports Raise Criminal Risks For UK Retailers

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    Last summer’s London appeals court ruling applying the Proceeds of Crime Act to products made with forced labor, potential legislative reforms and recent BBC allegations about Chinese produce harvested by Uyghur detainees suggest British importers and retailers should increase scrutiny of their supply chains, says Ian Hargreaves at Quillon Law.

  • Insider Info Compliance Highlights From New FCA Guidance

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    The Financial Conduct Authority's recent guidance to companies on identifying inside information clarifies the regulator's expectation of case-by-case assessment, helpfully highlighting that abuse of U.K.-regulated markets can arise earlier than some might think, say lawyers at Sullivan & Cromwell.

  • EU's AI Act May Lead To More M&A Arbitration

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    With the EU's Artificial Intelligence Act and its stiff penalties beginning to take effect, companies acquiring AI targets should pay close attention to the provisions in the dispute resolution clauses of their deal documents, say Nelson Goh at Pallas Partners and Benjamin Qiu at EKLJ.

  • A Look At PCAOB's Record-Breaking Enforcement In 2024

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    The Public Company Accounting Oversight Board in 2024 brought more enforcement actions against auditors and imposed increasingly higher monetary penalties, showing that it was not afraid to exercise its power to fine and reprimand firms, a trend that will likely continue in 2025, say attorneys at Briglia Hundley.

  • Key Points From EU's Latest FDI Screening Regulation Review

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    The European Commission’s recent assessment of the Foreign Direct Investment Screening Regulation indicates that with strong control here to stay, precautionary filings are likely to remain necessary, and member states should prepare for greater rule alignment to reduce inefficiencies caused by a current lack of synchronization, say lawyers at Linklaters.

  • UK Businesses Need To Plan For Accessibility Act Compliance

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    With the European Accessibility Act’s compliance deadline approaching this June, U.K. businesses trading in the European Union need to think broadly in addressing its requirements to ensure equality of access to the digital world, says Louisa Chambers at Travers Smith.

  • Interpreting Newly Released Consumer Fraud Complaints Data

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    The Financial Ombudsman Service’s latest complaint data focuses on scams and customer service, and demonstrates that as fraud is becoming rapidly more complex, financial regulators need to acknowledge that technology is here to stay and work together with firms to protect consumers, say lawyers at RPC.

  • Applying New FCA Guidance On Control Of Financial Firms

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    Buyers seeking to acquire or increase their stakes in U.K. financial services firms can streamline prudential review of their transactions by understanding the Financial Conduct Authority’s recently published guidance on updated change-in-control regulations, says Mark Chalmers at Davis Polk.

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