Corporate Crime & Compliance UK

Justices Rewrite Extradition Rules In Shock To DOJ's Reach

The decision by Britain's highest court to block the extradition of a British trader has rewritten decades of precedent, although lawyers are divided on whether the findings will weaken the long reach of U.S. law or simply refocus it.

Vacuum Or Trap? What Trump's FCPA Halt Means For SFO

U.S. President Donald Trump's decision to stop enforcing bribery laws against American companies creates a potential vacuum for the Serious Fraud Office to fill, though lawyers caution that prosecuting U.S. companies could prove a political hazard for the U.K. enforcement agency.

Blowback From Name And Shame Plan Hurts FCA Credibility

An embarrassing rebuke for the City watchdog's controversial proposal to "name and shame" companies under investigation for financial misconduct at an early stage has undermined its regulatory credibility as well as efforts to boost London's competitiveness as a financial center.

SFO's 1st UWO Hints At New Strategy In Hunt For Illicit Funds

The first unexplained wealth order secured by the Serious Fraud Office, against the former wife of a convicted solicitor, suggests that the agency is thinking creatively about how to use the dirty-money tools at its disposal, although lawyers wonder whether it will be a durable strategy.

February 19, 2025
Firing Of Whistleblower On Afghanistan Exit Ruled Unfair

A civil servant has won a landmark unfair dismissal case after losing her job following a BBC Newsnight interview about the "chaotic" evacuation of Afghan citizens during NATO's withdrawal.
February 19, 2025
Law Prof Can't Revive £500M Apple, Amazon Class Action

A law professor lost a bid to revive her nearly £500 million ($628 million) price-fixing class action against Apple and Amazon on Wednesday, with a U.K. competition tribunal reiterating that she was not independent enough to bring the case.
February 19, 2025
Gov't Can Shield Material In Case Over Leaked Trump Cables

A London judge on Wednesday agreed to let the government withhold sensitive evidence in its fight with a civil servant who claims he was falsely accused of leaking an ambassador's criticisms of Donald Trump.
February 19, 2025
Former Latham Secretary Accused Of Defrauding Partner

A former secretary for a Latham & Watkins LLP partner appeared at a London criminal court on Wednesday on charges of defrauding £39,800 ($50,000) from him.
February 19, 2025
CMS Cashier Barred From Law Firms For Stealing Funds

A cashier at CMS Cameron McKenna Nabarro Olswang LLP has been barred from working for a law firm after she abused her position on more than 100 occasions to steal a "considerable" amount of money from the firm, the Solicitors Regulation Authority has said.
February 19, 2025
Job Applicant Fights For Whistleblowing Rights In Appeal

An external job applicant to an English council fought Wednesday for status to sue as a whistleblower, arguing at the Court of Appeal that her case falls "squarely within the employment field."
February 19, 2025
Mastercard Deal Does Not Need To Be Perfect, Tribunal Told

Mastercard's £200 million ($250 million) agreement with Walter Merricks "does not have to be perfect" to get approval from the Competition Appeal Tribunal, lawyers for both sides argued on Wednesday in the court's first hearing in a contested class action settlement.
February 19, 2025
FCA Calls For Probe Into Digital Wallet Competition Issues

The Financial Conduct Authority and the Payment Systems Regulator on Wednesday urged the U.K. competition watchdog to investigate competition concerns for digital wallets because of market dominance by big tech groups like Apple and Google.
February 19, 2025
Barrister Denies Owing Duty To Flag Law Firm's Negligence

A barrister has denied breaching his duties to a technology company by failing to highlight a potential negligence claim against a law firm, as he told a London court that no such obligation existed.
February 19, 2025
Ex-Stella McCartney Employee Admits Fraud On Design Brand

A former employee of the Stella McCartney fashion brand pleaded guilty at a London criminal court on Wednesday to defrauding the company out of more than £275,000 ($346,300).
February 19, 2025
Supreme Court Says Businessman Can't Dodge £19M Debt

The U.K. Supreme Court ruled Wednesday that a businessman's family cannot avoid a £19 million ($24 million) debt to a UAE bank, finding that insolvency law can prevent a transaction by a company owned by the family because it was intended to put assets beyond the reach of creditors.
February 18, 2025
Tycoon Fights Bankruptcy Order Over £1B Debt To Banks

An Indian tycoon asked a London court Tuesday to overturn a bankruptcy order against him that he argued was wrongly issued over a £1 billion ($1.26 billion) debt because several banks had already recovered the money in parallel criminal proceedings.
February 18, 2025
Pensions Pro Loses Whistleblowing Claim Amid Merger Spat

An employment tribunal has ruled that the head of a financial planning firm did not fire her business partner for blowing the whistle on legal breaches but rather because she stopped doing her job.
February 18, 2025
All Eyes On CAT Ahead Of Mastercard Settlement Hearing

A £200 million deal to end a long-running consumer class action will come under the spotlight on Wednesday when Walter Merricks and Mastercard seek to persuade the Competition Appeal Tribunal to sign off a settlement despite opposition from the finder of the claim.
February 18, 2025
Quarter Of UK Cos. Hit By Civil Unrest In 2024, Broker Says

More than one in four U.K. businesses were impacted by civil unrest in 2024, broker Gallagher said Tuesday, with similar numbers reportedly reviewing their insurance to ensure they are covered in the event of future damage or disruption.
February 18, 2025
EU Watchdog To Set Knowledge Standard For Crypto Advisers

The European Union's financial markets regulator has proposed guidelines setting minimum knowledge standards for advisers and information providers at crypto-asset service providers.
February 18, 2025
Trading Firm Fined £1.7M For Financial Crime Control Failings

The Financial Conduct Authority said Tuesday it has fined trader Mako Financial Markets Partnership LLP £1.66 million ($2 million) for its failure to have effective controls against financial crime in cum-ex trading.
February 17, 2025
Russell Brand Sued By Macmillan After Suspended Book Deal

Macmillan Publishers International has sued Russell Brand two years after pausing the launch of the comedian's "Recovery" self-help book and all future projects over a spate of sexual assault and rape accusations.
February 17, 2025
Bulgarian Decorator In Russia Spy Trial Claims He Was Duped

A painter decorator accused of spying for Russia "sang like Justin Bieber" to the police after he realized he had been "duped" into believing he was assisting Interpol, his barrister told a London trial on Monday.
February 17, 2025
Gov't Can't Intervene In Motor Finance Case At Top Court

The U.K. government has been refused permission to intervene in a landmark appeal over motor finance commission payments that has left finance firms fearing they will be hit with a huge compensation bill, Britain's highest court confirmed Monday.
February 17, 2025
Financial Adviser Fired For Calling Boss 'Idiot' Wins Claim

An adviser at a financial planner has won his claim alleging that the company botched his firing over explicit language he used to describe his boss — but could not convince the tribunal that he was a whistleblower.
February 17, 2025
Pensions Watchdog To Go Further On Prudential Oversight

Britian's retirement savings watchdog said Monday it will go further this year on managing risks affecting the wider pensions market and financial ecosystem, after announcing last year it would take on a more "prudential" approach to supervising the sector.
February 17, 2025
Ex-NCA Manager Wins £63K For Surprise Poor Review

An employment tribunal has ordered the National Crime Agency to pay a former senior manager £63,264 ($80,000), after an underperformance rating that came "without prior warning" caused her upset and distress and forced her to quit.
February 17, 2025
Former Entain Execs Sue Addleshaw For Privileged Docs

The former chief executive at the predecessor of Entain and the betting giant's former chair have sued Addleshaw Goddard LLP, seeking the release of privileged advice believed to have been turned over to regulators and prosecutors in a major bribery investigation.
February 17, 2025
E-Money Biz Enters Insolvency After FCA Ban Amid AML Fears

Payment services company Nvayo has entered into special administration, six months after it was banned from electronic money services because of serious concerns about its compliance with anti-money laundering regulations, the Financial Conduct Authority has said.

Editor's Picks

5 Questions For Spencer West Partner Karl Foster

The Financial Conduct Authority's approach to enforcement and consumer protection has come up against government economic growth priorities and resistance from the sector to its proposals to "name and shame" companies early on during regulatory probes.
UK Russia Sanctions Face Landmark Test At Supreme Court

The U.K.'s sanctions regime faces a major test on Wednesday as billionaire Eugene Shvidler seeks to have his financial restrictions cast off — the first case to challenge Russian sanctions that has reached the country's highest court.
NCA Has 'Pokers In The Fire' On Sanctions, Top Official Says

The effectiveness of Britain's sanctions regime should not be judged solely by court victories, according to a top U.K. law enforcement official who said there are "unrealistic" expectations about the policing of sanctions imposed in response to the war in Ukraine.

Expert Analysis

The Pros And Cons Of A 2nd Trump Term For UK Tech Sector

While U.S. President Donald Trump’s protectionist stance on trade could disrupt global supply chains on which many U.K. tech firms are reliant, anticipated deregulation could provide fertile ground for investment and growth, and the U.K. tech sector is bracing for a mix of opportunities, say lawyers at Shoosmiths.
Why EU Omnibus Package Is Receiving Mixed Reactions

Although the forthcoming European Union omnibus simplification package consolidating corporate sustainability reporting requirements aims to reduce the regulatory burden on businesses, reaction to the proposals has been mixed, and reassurance is needed that these measures will not result in a watering down of the legislation, say lawyers at Peters & Peters.
Review Of Computer Evidence Use Raises Complex Issues

The Ministry of Justice’s recent call for a review of computer-generated evidence used in criminal proceedings, solicits questions of how such evidence will be defined while also ensuring that changes can withstand technological advances and uphold the effective functioning of the criminal justice system, say lawyers at BCL Solicitors.
How Proposed Private Share Trading System May Benefit Cos.

The government's proposal for a private securities and capital exchange system intends to enhance market practices and risk tolerances, offering a significant way for firms to free up liquidity by allowing investors to trade existing private company shares, say lawyers at Mishcon de Reya.
New Bill Introduces Important Whistleblower Protections

If enacted, a bill that proposes the establishment of an independent whistleblower office in the U.K. offering protected disclosures will encourage individual whistleblowers, and alleviate the pressure for companies to investigate complaints, say lawyers at Tenet Law.
Important Changes To Note In Accountant Ethics Code Update

The Institute of Chartered Accountants of England and Wales' forthcoming code of ethics will bring a number of significant updates to raise standards within the profession, but also risks of professional indemnity claims that could lead to challenges for firms, say lawyers at RPC.
What EU Sustainable Category Proposals Will Mean For Funds

The European Union Platform on Sustainable Finance’s recent proposals to apply stricter product categorization standards for funds subject to the Sustainable Finance Disclosure Regulation will assist retail investors in selecting sustainable products, and allow advisers to easily match their clients’ preferences, say lawyers at Debevoise.
What To Expect As CAT Considers Mastercard Settlement

It is expected that the Competition Appeal Tribunal will closely scrutinize the proposed collective settlement in Merricks v. Mastercard, including the role of the case’s litigation funder, as the CAT's past approach to such cases shows it does not treat the process as a rubber stamp exercise, say lawyers at BCLP.
Managing Transatlantic Antitrust Investigations And Litigation

As transatlantic competition regulators cooperate more closely and European antitrust investigations increasingly spark follow-up civil suits in the U.S., companies must understand how to simultaneously juggle high-stakes multigovernment investigations and manage the risks of expensive new claims across jurisdictions, say lawyers at Paul Weiss.
What 2025 Holds For UK, EU Restructuring And Insolvency

European Union and U.K. restructuring developments in 2024, with a new era of director accountability, the use of cramdown tools and the emergence of aggressive liability management exercises, mean greater consideration of creditors' interests and earlier engagement in restructuring discussions can be expected this year, says Inga West at Ashurst.
What To Know As EU Urges Outbound Investment Reviews

A recent European Commission recommendation urges European Union member states to review outbound investments in certain critical technologies sectors, but does not clarify the next steps for states once information on relevant transactions in third countries is received, say lawyers at Cleary.
Competition Act Brings Important UK Merger Control Changes

Although recently effective sections of the Digital Markets, Competition and Consumers Act provide clarity on the transactions that may attract Competition and Markets Authority attention, some reforms potentially expanding the regulator's scope may be concerning to transacting parties, say lawyers at Fried Frank.
How GCs Can Protect Cos. From Geopolitical Headwinds

Geopolitical uncertainty is perceived by corporate leaders as the biggest short-term threat to global business, but many of the potential crises are navigable if general counsel focus on what is being said about a company and what the company is doing, says Juliet Young at Schillings.
What BT Ruling Will Mean For UK Class Actions

The Competition Appeal Tribunal’s recent dismissal of a £1.3 billion mass consumer claim against BT, the first trial decision for a U.K. collective action, reminds claimants and funders of the high bar for establishing an abuse, and provides valuable insight into how pending mass consumer cases may be resolved, say lawyers at Ashurst.
Navigating PRA's Data Request For Crypto-Asset Exposure

The Prudential Regulation Authority’s recent data request for details on financial institutions' crypto-asset exposures should be used as an opportunity for firms to update their compliance procedures, and consider the future use of crypto-assets and related services, says James Wickes at RPC.