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Corporate Crime & Compliance UK
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September 12, 2024
Lloyd's To Overhaul Rules In Crackdown On Misconduct
Lloyd's of London on Thursday floated new rules to tackle non-financial misconduct after the specialist insurance market suffered reputational damage from accusations of misogyny and bullying.
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September 12, 2024
Ex-Barrister Andy Slaughter Elected Justice Committee Chair
Former barrister Andy Slaughter has been elected chair of the parliamentary panel responsible for holding Britain's justice system to account, at a time when courts face record backlogs and many legal professionals are threatening to leave the industry.
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September 12, 2024
Crypto-Scam Victim Can't Trace Lost £2M To Thai Exchange
A judge at a London court ruled Thursday that a victim of crypto-fraud had failed to trace the stolen money to an exchange in Thailand, the first ruling to deal with the status and treatment of cryptocurrency in English law after a full trial.
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September 12, 2024
Teenager Arrested Over Cyberattack On London Tube Network
The National Crime Agency said Thursday that it has arrested a teenager in connection with a cyberattack on London's transportation network that disrupted its online services and might have exposed the banking details of some customers.
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September 12, 2024
Austrian Bank Can't Recover Licence Axed Over AML Controls
The European Union's highest court upheld on Thursday a decision by the bloc's central bank to strip an Austrian lender of its license over alleged anti-money laundering failures and regulatory breaches.
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September 11, 2024
Proskauer Lands Fried Frank's Arbitration Head In London
Proskauer Rose LLP has recruited the former head of arbitration at Fried Frank Harris Shriver & Jacobson LLP in London as the firm looks to boost its litigation practice in the U.K.
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September 11, 2024
EU Struggles With Setup Of G7 Use Of Frozen Russian Assets
European Union countries are struggling to agree on a legal solution to reassure the U.S. that windfall profits from frozen and immobilized Russian state assets will be used to repay a $50 billion loan to Ukraine over the entire length of the loan.
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September 11, 2024
EU Court Upholds Sanctions On Russian Clearinghouse
Russia's securities clearinghouse has lost its appeal challenging sanctions imposed by the European Union in response to the invasion of Ukraine, after a Luxembourg court ruled Wednesday that the decisions were backed up by evidence.
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September 11, 2024
Watchdog Warns Small Banks To Improve Lending Controls
The Bank of England's regulatory arm warned smaller banks and building societies in a letter Tuesday to improve their lending controls and affordability assessments.
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September 11, 2024
UK Gov't To Classify Cryptocurrency As Personal Property
The U.K. government introduced a bill on Wednesday that classifies bitcoin and other cryptocurrencies as personal property, a move that will give owners of digital assets certainty and protection under the law if it passes.
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September 11, 2024
Barrister Accused Of Groping Paralegal At Work Dinner
A barrister with One Essex Court groped a legal assistant during a work dinner, the Bar Standards Board told a tribunal Wednesday.
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September 11, 2024
UK Sanctions 10 Ships In Russia's 'Shadow Fleet'
The British government said Wednesday that it has sanctioned a group of 10 ships allegedly using illegal means to avoid Russian oil restrictions, preventing them from entering the country and refusing them permission to register with authorities.
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September 11, 2024
Oligarchs Fridman, Aven Fail To Ax Sanctions Reporting Rules
European Union measures that require oligarchs including Mikhail Fridman and Petr Aven to disclose their assets and cooperate in investigations are lawful and "necessary" for maintaining the bloc's sanctions regime, a European court ruled Wednesday, saying the rules were "unprecedented."
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September 11, 2024
TV Property Developer Appears In Court On Fraud Charges
A television property developer appeared at a London criminal court on Wednesday to face charges for the first time that he defrauded a U.S. rental company out of £2 million ($2.6 million).
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September 11, 2024
Oil Biz Sues Ex-Chief Exec For Allegedly Embezzling €144M
A Singapore-based petroleum company has accused its former chief executive and "de facto" chief financial officer of embezzling €143.8 million ($158.8 million) to pay for the acquisition of North Sea oil assets, according to a legal claim filed in London.
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September 10, 2024
TPG, Rosatom Seek To Bar Jailed Oligarch's $14B Fraud Claim
Russia's state atomic energy corporation and private equity firm TPG Group on Tuesday urged a London judge to block an imprisoned oligarch's $14 billion fraud conspiracy claim over the alleged seizure of his port and transport businesses led by the Russian state.
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September 10, 2024
UK Watchdogs Link Up To Tackle Cybersecurity Enforcement
The U.K.'s data protection watchdog said Tuesday that it has signed a new cooperation agreement with the country's top criminal investigator to help tackle cybercrime in the U.K.
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September 10, 2024
Meet The Lawyers Tapped To Defend In Glencore Bribery Case
Six former Glencore employees, including the commodity giant's billionaire former head of oil, who have been charged with bribery by the Serious Fraud Office, have tapped an all-star list of the U.K.'s most experienced trial solicitors and barristers with a track record of prevailing against the white-collar agency.
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September 10, 2024
Symbion Claims 'Serious Defects' In Power Plant Arbitration
A U.S. power engineering company has urged a New York federal court to rip up an arbitral award issued over a sourced project in Madagascar, arguing that the process was tainted by "a myriad of serious defects" that led to an unfair decision.
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September 10, 2024
EU Nations OK To Seize Profits From Brokering Russia Trade
European Union countries are permitted to confiscate the proceeds of a brokering transaction that are covered by the EU's sanctions against Russia even if the goods never enter the bloc, the EU's highest court said Tuesday.
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September 10, 2024
Local Gov't Audit Deadlines 'Necessary Step,' Watchdog Says
Legislation recently tabled in Parliament that introduces statutory deadlines for local authorities and their auditors to publish accounts is a "necessary step" to rebuild a system hampered by delays, Britain's accounting watchdog said Tuesday.
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September 10, 2024
FCA Charges 1st Individual With Running Illegal Crypto-ATMs
The Financial Conduct Authority said Tuesday that it has launched its first criminal prosecution of an individual suspected of running a network of illegal cryptocurrency ATMs.
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September 10, 2024
Investors Sue Broker For Assisting $129M Forex Fraud
A group of investors who lost tens of millions of dollars in a fraudulent foreign exchange scheme have sued a London broker for approximately $43 million for allegedly providing credit for the company to trade through brokerage accounts which perpetuated the fraud.
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September 10, 2024
Glencore's Billionaire Ex-Head Of Oil In Court Over Bribery
Six former Glencore employees, including the commodity giant's billionaire former global head of oil, appeared at a London court on Tuesday for the first time to face charges of making corrupt payments to an agent in West Africa.
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September 10, 2024
Apple Illegally Obtained €13B In State Aid, Top EU Court Rules
The European Union's highest court ruled on Tuesday that Ireland illegally granted Apple state aid in past tax rulings, requiring the U.S. technology giant to repay €13 billion ($14.3 billion) in back taxes as well as interest.
Expert Analysis
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FCA 'Finfluencer' Trial Exposes Social Media Promo Risks
The upcoming Financial Conduct Authority prosecution of nine individuals for Financial Services and Markets Act 2000 violations is the first time an online influencer will be tried for using social media to promote investments, demonstrating the need to be wary of the specific legal requirements surrounding financial product promotion, says David Claxton at Red Lion.
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Appeal Ruling Clarifies 3rd-Party Contract Breach Liability
The Court of Appeal's recent decision in Northamber v. Genee World serves as a warning to parties that they may be held liable for inducing another party to breach a contract, even if that party was a willing participant, say Neil Blake, Maura McIntosh and Jennifer O'Brien at HSL.
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How Law Firms Can Handle Challenges Of Mass Claims
With a wave of volume litigation possibly about to hit the U.K. courts, firms developing mass claim practices should ensure they heed the Solicitors Regulation Authority's May warning and adopt strategies to ensure regulatory compliance and fair client representation, says Claire Van der Zant at Shieldpay.
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EU Directive Significantly Strengthens Enviro Protection
The recently revised European Union directive on environmental protection significantly strengthens its prior legislation and broadens the scope of environmental crime through the introduction of offenses for conduct resulting in severe damage, say Katharina Humphrey and Julian Reichert at Gibson Dunn.
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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.