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Corporate Crime & Compliance UK
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September 16, 2024
Jet Fuel Tax Could Raise Almost £6B A Year, Report Says
HM Treasury could raise up to £5.9 billion ($7.8 billion) a year by imposing tax on jet fuel to match the duty paid by motorists, according to a think tank report published Monday.
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September 16, 2024
Solicitor Barred Over Scheme That 'Bore Hallmarks' Of Fraud
A solicitor has been suspended for 12 months after he admitted to being involved in transactions that "bore hallmarks" of a suspected fraudulent scheme to scam companies by charging advance fees for loan deals that did not materialize.
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September 16, 2024
Lawyer Fined For Claiming Mishcon Represented Pinochet
A high-profile criminal defense lawyer has been fined £6,500 ($8,600) by a disciplinary tribunal for making misleading statements about Mishcon de Reya in an antisemitic broadcast on an Iranian state-owned documentary channel.
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September 16, 2024
Apple App Developers Bid To Go Ahead In £785M Class Action
A lawyer for a consumer advocate told Britain's antitrust tribunal on Monday that a proposed £785 million ($1 billion) claim by app developers against Apple over payments for commission should be allowed to go ahead as a class action.
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September 16, 2024
Global IT Outage Could 'Create New Types' Of Cyber-Cover
Global IT disruption caused this summer by a botched update to CrowdStrike, the technology platform, might fuel calls for a more comprehensive form of cyber-cover, a financial consultancy said Monday, after businesses met with little success when they claimed on their policies.
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September 16, 2024
Titanic Shipbuilder Sinks Under Weight Of Debt
Struggling shipbuilder Harland & Wolff said Monday that it plans to enter into administration and remove its shares from the London Stock Exchange after failing to win a £200 million ($264 million) government loan to help offset money owed to creditors.
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September 16, 2024
Law Firm Director Dishonestly Misled Insurer, SRA Says
The solicitors' watchdog told a disciplinary tribunal on Monday that a law firm director had dishonestly concealed the fact that his company had acquired another firm's work and staff after his insurer declined to offer cover for the change.
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September 16, 2024
Daughter Of ENRC Founder Overturns SFO Conviction
The daughter of one of the founders of Eurasian Natural Resources Corp. succeeded on Monday in overturning her conviction for failing to hand over documents during the Serious Fraud Office's corruption investigation into the mining company.
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September 13, 2024
EU Actors Lobby Hard For Top Jobs in New Commission
European Union lawmakers and national governments are lobbying intensely to pull top jobs and policy their way as the new European Commission is formed for the next five years.
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September 13, 2024
Kennedys Hires Cyber, AI Pro From Addleshaw In London
Kennedys Law LLP has recruited a data protection, cybersecurity and artificial intelligence specialist from Addleshaw Goddard LLP as a partner in London, with the new arrival saying Friday she made the switch to take advantage of the firm's global reach.
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September 13, 2024
Steptoe Hires Antitrust Lawyer From Arthur Cox
Steptoe LLP has hired partner Ronan Scanlan to its London office, where he will expand its antitrust practice to help clients anticipate and mitigate legal and regulatory risks through cross-jurisdictional work.
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September 13, 2024
4 UK Employment Law Developments To Watch In 2024
A bill expected to bring in new rights for workers and unions is the main event in U.K. employment law in what's left of 2024 — but lawyers say that an upcoming law change on sexual harassment and major disputes could also shape employers' practices. Here, Law360 looks at what to keep an eye on for the rest of 2024.
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September 13, 2024
Lawyers To Face Tribunal Over Allegations Of Asylum Lies
Two more solicitors must face a London disciplinary tribunal over allegations they advised clients to provide fake stories in their asylum claims following an undercover Daily Mail investigation into bogus asylum applications.
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September 13, 2024
Russia Expels 6 British Diplomats Accused Of Spying
Russia said Friday that it has revoked the diplomatic status of six British embassy employees after accusing the U.K. outpost of espionage, as geopolitical tensions between the two countries continue to rise.
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September 13, 2024
Transport Giants Bid To Ax $14B 'Guilt By Association' Claim
Emirati logistics giant DP World and a major Russian transport company urged a London judge Friday to stop or trim the $14 billion claim against them from an imprisoned Russian oligarch, as they argued that he was making "guilt by association" allegations.
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September 13, 2024
PM's 'Swift Justice' Pledge Needs Funding, Bar Council Says
Keir Starmer's commitment to "swift justice" can only be realized if the U.K. government pledges more resources to a chronically underfunded justice system, the Bar Council warned on Friday.
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September 13, 2024
HMRC Seeks Comments On Top-Up Tax Guidance
HM Revenue & Customs is seeking comments on new draft guidance on the multinational top-up tax as part of implementing the global minimum corporate tax rate.
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September 13, 2024
EU Finance Ministers Boycott Hungary Meeting Over Russia
Most European Union finance ministers protested on Friday against what they see as Hungary's Russia-friendly politics by boycotting a meeting with their EU peers in the country's capital, Budapest.
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September 13, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen a football agent sue Chelsea FC after being cleared of allegations he threatened the club’s former director, an ongoing patent dispute between Amgen and Regeneron Pharmaceuticals, and a private school in Edinburgh suing Riverstone Insurance over compensation claims tied to historical abuse allegations made by former pupils. Here, Law360 looks at these and other new claims in the U.K.
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September 13, 2024
NHS Scotland Sues Accord, Allergan Over Drug Pricing
Scotland has sued Actavis and Allergan to recover the additional money they allegedly charged for hydrocortisone tablets used to treat a rare autoimmune disorder, the specialist antitrust tribunal said Friday after an appeals court reinstated price-fixing fines against the drugmakers.
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September 13, 2024
Carer Accused Of Fraud Wins £26K Over Forced Resignation
A carer whose employer accused her of falsely filling in her timesheets has won more than £26,000 ($34,000) as a tribunal found that her boss refused to retract the allegations despite agreeing to extend her hours to cover travel time.
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September 13, 2024
Shell Companies Shuttered By Court For £1.6M COVID Fraud
The High Court has shut down two connected companies that fraudulently received £1.6 million ($2.1 million) in COVID-19 support loans, a U.K. government agency said Friday.
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September 13, 2024
UK Consumer Credit Firms Face New Reporting Requirements
The Financial Conduct Authority has proposed issuing a new reporting obligation for consumer credit firms as it seeks to prevent harm to consumers earlier and avoid another scandal such as the collapse of London Capital & Finance.
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September 13, 2024
Retraining Offer No Reason For NCA Investigator To Quit
A National Crime Agency investigator who quit his job a day after he was offered the opportunity to regain his official accreditation has lost his claim that he was forced to resign.
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September 12, 2024
DLA Piper Taps Brussels Veteran As Int'l Head Of Competition
A DLA Piper partner who has been with the firm in Brussels since 2015 is the new head of its international competition group.
Expert Analysis
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What To Expect For Private Capital Investment Funds In 2024
As 2024 gets underway, market sentiment in the private fundraising sphere seems more optimistic, with a greater focus on deal sourcing and operational optimizations, and an increased emphasis on impact and sustainability strategies, say lawyers at Ropes & Gray.
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Cayman Islands Off AML Risk Lists, Signaling Robust Controls
As a world-leading jurisdiction for securitization special purpose entities, the removal of the Cayman Islands from increased anti-money laundering monitoring lists is a significant milestone that will benefit new and existing financial services customers conducting business in the territory, say lawyers at Walkers Global.
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EU Report Is A Valuable Guide For Data Controllers
The European Data Protection Board recently published a study of cases handled by national supervisory authorities where uniform application of the General Data Protection Regulation was prioritized, providing data controllers with arguments for an adequate response to manage liability in case of a breach and useful insights into how security requirements are assessed, say Thibaut D'hulst and Malik Aouadi at Van Bael.
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UK Court Ruling Reinforces CMA's Info-Gathering Powers
An English appeals court's recent decision in the BMW and Volkswagen antitrust cases affirmed that the U.K. Competition and Markets Authority can request information from entities outside the U.K., reinstating an important implement in the CMA's investigative toolkit, say lawyers at White & Case.
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Cos. Should Plan Now For Extensive EU Data Act Obligations
The recently enacted EU Data Act imposes wide-ranging requirements across industries and enterprises of all sizes, and with less than 20 months until the provisions begin to apply, businesses planning compliance will need to incorporate significant product changes and revision of contract terms, say Nick Banasevic, Robert Spano and Ciara O'Gara at Gibson Dunn.
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How Decision On A Key Definition Affects SMEs
The Financial Conduct Authority's decision not to extend the definition of small and midsized enterprises may benefit banks and finance providers in the current high interest rate environment and where SMEs in certain sectors may be under financial pressure in light of the cost-of-living crisis in order to streamline it, says Rachael Healey at RPC.
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Together, GDPR And AI Act Can Boost Digital Rights In EU
The overlap between the General Data Protection Regulation and the forthcoming EU Artificial Intelligence Act is intriguing in that it demonstrates a shared commitment to upholding individual digital rights, and understanding this synergy is paramount in comprehending how the two domains can work in tandem, says Maria Moloney at PrivacyEngine.
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Acquisition Of AI Tech Poses Challenges For Media Industry
The artificial intelligence regulatory landscape is changing quickly, and media and entertainment companies planning to acquire AI technology through a merger, acquisition or licensing deal should be mindful of potential new compliance requirements and AI-specific insurance products, say lawyers at Covington.
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What Extending Corporate Liability Will Mean For Foreign Cos.
Certain sections of the Economic Crime Act enacted in December 2023 make it easier to prosecute companies for economic crimes committed abroad, and organizations need to consider their exposure and the new ways they can be held liable for the actions of their personnel, say Dan Hudson at Seladore Legal and Christopher Coltart at 2 Hare Court.
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Due Diligence Pointers After Entain Deferred Prosecution Deal
The Crown Prosecution Service's £615 million settlement with Entain last month signifies that the CPS is a serious enforcer of corporate crime, and illustrates the importance of carrying out a tailored risk assessment in preparation for and following an acquisition, say Matthew Cowie and Aziz Rahman at Rahman Ravelli.
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A Consequential Moment For Sanctions Activity
It is clear from the U.K. Office of Financial Sanctions Implementation's review of the 2022-2023 financial year that the unprecedented scale of designated persons and the value of assets frozen as a result has placed enormous pressure on OFSI and its partners, say lawyers at Greenberg Traurig.
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ECJ Ruling Triggers Reconsiderations Of Using AI In Hiring
A recent European Court of Justice ruling, clarifying that the General Data Protection Regulation could apply to decisions made by artificial intelligence, serves as a warning to employers, as the use of AI in recruitment may lead to more discrimination claims, say Dino Wilkinson and James Major at Clyde & Co.
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Economic Crime Act Offers Welcome Reform To AML Regime
The Economic Crime and Corporate Transparency Act exemption for mixed-property transactions that came into force on Jan. 15 as part of the U.K.'s anti-money laundering regime is long overdue, and should end economic harm to businesses, giving banks confidence to adopt a more pragmatic approach, say Matthew Getz and Joseph Fox-Davies at Pallas Partners.
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3 Financial Services Hot Topics To Watch In 2024
Technology, ESG and private markets are set to have the greatest impact on financial markets in 2024, as firms grapple with increasing regulatory change and a shifting political backdrop on both sides of the Atlantic, says Matthew Allen at Eversheds Sutherland.
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Key Litigation Funding Rulings Will Drive Reform In 2024
Ground-breaking judgments on disputes funding and fee arrangements from 2023 — including that litigation funding agreements could be damages-based agreements, rendering them unenforceable — will bring legislative changes in 2024, which could have a substantial impact on litigation risk for several sectors, say Verity Jackson-Grant and David Bridge at Simmons & Simmons.