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Corporate Crime & Compliance UK
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August 09, 2024
Judge Tells Katie Price To Attend Court Or Be Arrested Again
A judge told Katie Price on Friday that she needed to attend the next court hearing in relation to her bankruptcies, warning the former model that failing to do so would result in her being arrested again.
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August 09, 2024
The Top Commercial Dispute Trials & Rulings Of 2024 So Far
So far in 2024 disputes lawyers have been treated to the first trial in the U.K. of an opt-out collective action, the Pope's chief of staff giving evidence, and Mozambique being awarded more than $825 million for the tuna bond scandal.
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August 09, 2024
SFO To Charge Two More Over Glencore Bribery Probe
The Serious Fraud Office said Friday that it intends to charge two more individuals in connection with its major bribery probe of Glencore PLC in addition to the five former executives hit with corruption charges last week.
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August 08, 2024
SEC Wins Jurisdiction Over German As Sanction For Default
A German national who the U.S. Securities and Exchange Commission says has ignored discovery requests in its attempt to recover proceeds from a $150 million international pump and dump scheme involving his son is subject to personal jurisdiction in the U.S., a Boston federal judge ordered as a sanction.
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August 08, 2024
Judge In HMRC Case Won't Step Aside Over 'Scurrilous' Claim
A London judge has refused to recuse himself from litigation involving HM Revenue & Customs because of apparent bias and institutional corruption owing to his former connection to the department, finding some of the allegations "frankly scurrilous."
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August 08, 2024
Derivatives Co. Fails To Refreeze Assets In Global Fraud Case
Multibank has failed to revive a freezing order against two investment companies and an executive it alleges were involved in an unlawful conspiracy, after an appeals court upheld a ruling that the international derivatives provider had made serious disclosure failings.
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August 08, 2024
Funder Nera Capital Buys 50,000 Spanish Car Cartel Claims
Litigation funder Nera Capital has bought 50,000 claims for compensation valued at an estimated €1 billion ($1.1 billion) over a Spanish auto cartel involving many of the largest vehicle manufacturers in the world, including General Motors and Honda.
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August 08, 2024
Watchdog Tees Up £6M Fine For IT Co. Over NHS Cyberattack
The U.K.'s data privacy regulator said it intends to fine a British software company £6 million ($7.6 million) over failings that allowed hackers to disrupt the National Health Service and steal the sensitive personal information of more than 80,000 individuals.
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August 08, 2024
The Top Corporate Crime Cases Of 2024 So Far
The partial acquittal of two retired British executives on bribery charges as part of a major Serious Fraud Office investigation, the first bribery conviction of a foreign official and Julian Assange's shock plea deal are just a few of the blockbuster cases so far in 2024.
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August 07, 2024
Asset Freeze Continuing In OneCoin Investor Claim
A London judge allowed a freezing order to continue Wednesday against eight people and four companies alleged to have been involved in the $4 billion OneCoin cryptocurrency scam, in an early stage of a group action claim brought by the scheme's investors.
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August 07, 2024
Tripling UK's DST Would Cost US Cos. $4.4B, Report Says
The Liberal Democrats' proposal to raise the U.K.'s digital services tax rate to 6% from 2% would cost U.S. companies up to $4.4 billion a year when accounting for the impact of passing on the costs, a business group said.
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August 07, 2024
Thurrock Sues Advisers Over Bond Investment Guidance
A cash-strapped English local authority has sued Laven Advisors LLP for more than £20 million ($25.4 million), arguing that fraudulent statements by a representative of the regulatory host caused it to invest in high-risk bonds.
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August 07, 2024
Chubb, Fidelis Deny Liability For Planes Stranded In Russia
Two insurers have separately denied they are liable for $325 million in losses claimed by a group of aircraft leasing businesses stemming from jets grounded in Russia after its invasion of Ukraine.
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August 07, 2024
Crypto-Asset Firms Must Improve On Compliance, FCA Says
The financial watchdog said Wednesday it has found that more work "needs to be done" to improve compliance with new marketing rules in many cases at crypto-asset companies
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August 07, 2024
SRA Fines Regional Law Firm Over AML Breaches
A regional law firm has been fined £12,636 ($16,053) for failing to implement effective policies to prevent money laundering and terrorist financing, the Solicitors Regulation Authority said.
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August 07, 2024
Lawyer Can't Sue Billionaire Hong Kong Bosses At UK Tribunal
A lawyer cannot sue a wealthy Hong Kong family in England after she claimed she blew the whistle on potential tax evasion while she worked for them because she was based in the Chinese region while the saga unfolded, a tribunal has ruled.
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August 07, 2024
EY Sanctioned For Breaching Fee Cap Over Russian Client
The accounting watchdog said Wednesday that it has ordered Ernst & Young LLP to pay just over £251,000 ($319,000) for breaching a fee cap on work it carried out for Evraz, a steel and mining group based in Russia.
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August 07, 2024
Asset Manager To Pay Investors €250M After FCA Probe
The Financial Conduct Authority said Wednesday that asset manager H20 AM LLP will pay €250 million ($272 million) to investors unable to gain access to funds since 2020 after the regulator found serious breaches of rules, including a failure to manage conflicts of interest and making false statements.
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August 06, 2024
Travel Biz Directors Misused Funds, Leaving £17.6M Shortfall
Directors of a defunct holiday tour operator left the company with a £17.6 million ($22.3 million) shortfall after racking up debts that were used to pay personal bills and transfer money to relatives, a London judge ruled Tuesday
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August 06, 2024
Forfeiture Gives NCA's Rarely Used 'McMafia' Order A Boost
The seizure by the National Crime Agency of £22 million ($28 million) in properties from a banker's wife who is in prison allowed it to display its "McMafia" powers, although lawyers still have doubts about the future of the rarely-used enforcement tool.
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August 06, 2024
Senior SFO Official Heads For Exit After Less Than 2 Years
The Serious Fraud Office's chief operating officer is set to leave after less than two years on the job, leaving a vacancy at the top of the white-collar crime prosecutor as it undergoes a shake-up in leadership.
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August 06, 2024
Law Firm Sued Over Negligent Property 'Ponzi Scheme' Advice
Four investors have sued AI Law for £373,000 ($473,000) over the regional English firm's alleged failure to advise them that there is a risk their purchase of leases in apartments was an investment in a potential Ponzi scheme.
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August 06, 2024
Austria Records 'Problematic' Rise In Fake Companies
Fake companies are on the rise in Austria, the country's Finance Ministry said Tuesday, adding that it hoped that a newly agreed-to law against tax evasion and fraud could reverse the trend.
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August 06, 2024
Drugmakers Can Fight To Nix Pay-For-Delay Claim, CAT Says
An antitrust court in the U.K. has green-lit a challenge by a Danish drugmaker to an earlier decision not to apply a two-year limitation period to government claims that it raised prices of an antidepressant by having generics manufacturers put their rival medicines on hold.
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August 05, 2024
NCA Not Liable For Regulator's License Withdrawal Decision
A former financial investigator cannot sue the National Crime Agency for losing his license, after an employment tribunal ruled that the agency could lobby on his behalf but couldn't overturn a regulatory body's decision.
Expert Analysis
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How Revision Of The EU Works Directive May Affect Cos.
The European Union’s proposed revision of the Works Councils Directive, motivated by perceived shortcomings of existing legislation and the transformation of the world of work, includes significant changes that would increase workers' rights, including through strengthened enforcement and confidentiality provisions, says Thomas Player at Eversheds Sutherland.
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What The New Digital Markets Bill Will Mean For Companies
The recently passed Digital Markets, Competition and Consumer Bill will bring significant reform to U.K. merger control and antitrust rules for all businesses, but the introduction of a strategic market status regime and its reporting obligations means large tech organizations in particular need to think carefully about the forthcoming changes, say lawyers at Linklaters.
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EU's AI Act: Pitfalls And Opportunities For Data Collectors
The European Union’s new Artificial Intelligence Act entails explicit requirements and limitations throughout the AI value chain that might affect firms directly or indirectly dealing with AI development, such as data-as-a-service companies and web scraping providers, says Denas Grybauskas at Oxylabs.
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FCA Doubles Down On New Priorities With Target ID Plan
Respondents to the Financial Conduct Authority’s recent consultation on its plan to publicly name subjects under investigation are concerned that the regulator’s cost-benefit analysis has not adequately considered the risks, but the FCA is holding firm, and it seems likely the changes will be implemented, says James Tyler at Peters & Peters.
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Insurance Ruling Stresses High Hurdle To Fix Policy Wording
In Project Angel v. Axis, the Court of Appeal recently refused to rewrite the exclusion clause of an insurance policy, reminding parties in the warranty and indemnity market to carefully word clauses, as there is a high threshold before courts will intervene to amend policies, say Joseph Moore and Laura McCann at Travers Smith.
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CMA Reports Signal Tighter Scrutiny Of AI Model Markets
The Competition and Markets Authority’s recent reports on artificial intelligence foundation models suggest that competition in AI is not working as it should, so large digital firms can expect the regulator to use its full toolbox as it continues to monitor and investigate the sector, say lawyers at Cooley.
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Taking Stock Of Changes UK Economic Crime Act Will Bring
With more than six months since the Economic Crime and Corporate Transparency Act's enactment, it is time to look at the steps organizations can take to prepare for imminent changes, including the new failure to prevent fraud offense and extensions to Companies House authority, say lawyers at Mayer Brown.
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Examining Senior Managers' Accountability For AI Use
With the Financial Conduct Authority's artificial intelligence update and the Prudential Regulation Authority’s letter to the government offering key guidance on the Senior Managers and Certification Regime, Senior Managers in these organizations need to show they have taken steps to prevent breaching requirements in order not to be held personally accountable, says Jennifer Holyoake at DLA Piper.
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FCA Brokerage Changes Offer Asset Managers Wider Options
The Financial Conduct Authority’s fast-tracked plan to lift its controversial ban on joint payments to broker-dealers for third-party services will be welcomed by many asset managers wishing to return to a soft commission structure, say Richard Frase and Simon Wright at Dechert.
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What Cos. Should Know About The EU Greenwashing Rules
The EU's recently proposed Green Claims Directive introduces new rules to improve the transparency and honesty of environmental claims in advertising, which will help ensure that consumers receive accurate and reliable information to make informed purchasing decisions, says Daja Apetz-Dreier at Morgan Lewis.
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Sanctions Ruling Opens Door For Enforcer To Clear Up Rules
In Vneshprombank v. Bedzhamov, the High Court recently argued against a broader interpretation of the test on reasonable suspicion for asset freezes, offering the Office of Financial Sanctions Implementation an opportunity to clarify when freezes should be applied and respond to judicial criticism of its guidance on financial sanctions, says Tasha Benkhadra at Corker Binning.
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How Gov't Response Addresses Investment Act Concerns
The government’s recently published response to a call for evidence on the National Security and Investment Act is largely appropriate to stakeholder concerns raised and demonstrates in its five areas of focus that it is willing to respond to live issues, say lawyers at Watson Farley.
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New Legislation May Jeopardize The Future Of Data Protection
While U.K. officials argue that the recently enacted Investigatory Powers (Amendment) Act seeks to enhance national security and the pending Data Protection and Digital Information Bill aims to modernize data protection regulations, both give rise to concerns about achieving a balance between security needs and individual liberties, says Maria Moloney at PrivacyEngine.
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'Debanking' Complaints Highlight Need For Flexibility In AML
The House of Commons' Treasury Committee's concerns about bank account closures have highlighted certain counterproductive features of anti-money laundering laws, and the review offers the opportunity for a more flexible approach, says John Binns at BCL Solicitors.
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Mitigating Incarceration's Impacts On Foreign Nationals
Sentencing arguments that highlighted the disparate impact incarceration would have on a British national recently sentenced for insider training by a New York district court, when compared to similarly situated U.S. citizens, provide an example of the advocacy needed to avoid or mitigate problems unique to noncitizen defendants, say attorneys at Lankler Siffert.