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Corporate Crime & Compliance UK
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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.
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August 05, 2024
TikTok Removes 'Addictive' Feature In EU Amid Pressure
TikTok has agreed to permanently discontinue a viewing rewards program from the European Union after regulators there said its "addictive" nature could pose a risk to users' mental health, the European Commission announced Monday.
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August 05, 2024
Terrorism Order Evidence Disclosable, UK Top Court Rules
The U.K.'s highest court ruled Monday that the Home Office must disclose evidence used to decide whether to impose legal restrictions under terrorism legislation on a man returning from Syria to allow him to fairly challenge an allegation that he was aligned with a group associated with al-Qaeda.
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August 05, 2024
Azeri Banker's Wife Forfeits Golf Club, Knightsbridge Home
The wife of a jailed Azeri banker has agreed to forfeit a house and golf course that the National Crime Agency says were bought with embezzled money, the agency announced on Monday.
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August 05, 2024
Glencore Ordered To Pay $152M In Swiss Bribery Case
Switzerland's federal prosecutor ordered commodities trader and miner Glencore on Monday to pay $152 million for failing to prevent bribery linked to the acquisition by a business partner of minority stakes in two mining companies in the Democratic Republic of Congo in 2011.
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August 05, 2024
Food Supplier's Ex-Director Denies Artificially Inflating Prices
The former director of a food product import company has denied a £1.1 million ($1.4 million) claim that he artificially inflated supplier costs to pocket the difference and has hit back with his own £150,000 counterclaim for allegedly unpaid commission.
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August 05, 2024
Ukraine War Shifts Contours Of Russian Litigation Landscape
The war in Ukraine and global sanctions have caused the number of Russian litigants using England's commercial courts to tumble dramatically, and lawyers expect that the consequences of the invasion will continue to influence the disputes landscape.
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August 05, 2024
Unauthorized Mortgage Broker Must Pay £4M To FCA
A court has ordered two unauthorized investment firms that misled vulnerable people into handing over their homes to hand over £4 million ($5.1 million) to the Financial Conduct Authority, the regulator said Monday
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August 02, 2024
Truck Buyers Get OK To Bring £2B Price Fixing Class Action
The Competition Appeal Tribunal has agreed to certify a trade group to represent a class of truck drivers who say that major truck-makers owe them some £2 billion ($2.6 billion) after running a price-fixing cartel to inflate the price of the vehicles.
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August 02, 2024
Self-Styled 'Business Guru' Faces Investor's £5.6M Fraud Case
An investor has hit a self-styled business guru with a £5.6 million ($7.2 million) fraud claim, accusing the entrepreneur of running a Ponzi scheme and of duping him into funding a loan for a luxury hotel development that was never lent.
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August 02, 2024
Property Investor Denies Hiding Info From Franchise Buyers
A real estate investment scheme's former owner has hit back at a £6.4 million ($8.1 million) counterclaim by the management consultancy that acquired it, saying in London court documents that he did not conceal any important information and that he had not breached any agreement.
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August 02, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen insurance broker Marsh sue the collapsed Greensill Bank, the former chair of the Islamic Students Association of Britain pursue a defamation case against the Jewish Chronicle, Berkshire Hathaway and Lloyd's face action from a shipping company, and alleged fraudster Ronald Bauer hit a loan company with a claim. Here, Law360 looks at these and other new claims in the U.K.
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August 02, 2024
Post Office Probe Reveals Ethical Conflict Facing Lawyers
In-house and external lawyers who gave evidence during the most recent phase of the Post Office inquiry, which concluded on Wednesday, revealed widespread poor conduct by barristers and solicitors that contributed to a major miscarriage of justice.
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August 02, 2024
SFO Claws Back Funds From Convicted Property Developer
Britain's white-collar crime prosecutor said Friday it has seized £86,000 ($110,000) from a former commercial property developer who was convicted of fraud more than a decade ago after it discovered that he had acquired a luxury car.
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August 02, 2024
FCA Charges Unauthorized Mortgage Broker With Fraud
An unauthorized mortgage broker has been charged with fraud for allegedly arranging mortgage applications based on false information, the Financial Conduct Authority said Friday.
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August 01, 2024
Headteacher Loses Challenge To Sanction For Sharing Data
A London judge ruled Thursday that a headmaster was rightly accused of damaging public trust in the teaching profession by sharing confidential information about pupils with her husband.
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August 01, 2024
DAF Can't Take Trucks Cartel Appeal To Top UK Court
The U.K. Supreme Court has refused to hear an appeal brought by DAF Trucks Ltd. against a ruling requiring it to shell out more than £15.2 million ($19.3 million) to BT and Royal Mail over a price-fixing scheme.
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August 01, 2024
2023 Worst Year Yet For Cyberattacks On Law Firms: Study
Last year was the worst on record in terms of cyberattacks on law firms, according to an industry study published Thursday that found there were 45 known attacks, 1.6 million records affected and an average ransomware demand of $2.47 million in 2023.
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August 01, 2024
Barclays Wins £13.7M Freezing Order Action Against Directors
Barclays Bank PLC has proven that two businessmen breached freezing orders on £13.7 million ($17.5 million) of assets, after a London court on Thursday ruled it was beyond reasonable doubt the men allowed the assets to move offshore.
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August 01, 2024
15 Arrested In Albanian Ring Involving Money Laundering
A "prominent money launderer" was among 15 members of what was called a high-profile Albanian organized crime group arrested by authorities under suspicion of crimes including contract killings and money laundering using cryptocurrency transactions, Europol said Thursday.
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August 01, 2024
NCA Pulls The Plug On Spoofing Service Behind Scam Calls
The National Crime Agency said Thursday that it has shut down a spoofing service used to defraud more than 100,000 victims out of tens of millions of pounds and arrested three people in connection with the ongoing investigation.
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August 01, 2024
EU Watchdog Warns Of Risk From Global Crypto-Asset Firms
Europe's financial markets watchdog has warned national regulators to address the risk that global crypto groups may seek authorization in the European Union to obtain clients unlawfully and expose them to non-EU-regulated services.
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August 01, 2024
Tragedy And A Hustle: 5 Takeaways From The 'Tuna Bonds' Ruling
A London judge took the opportunity as he delivered a ruling that Mozambique was defrauded in a controversial maritime project to raise questions about the role played by international banks and the lack of financial standards in the multibillion-dollar "tuna bonds" scandal.
Expert Analysis
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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.
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How Sustainability Directive Will Contribute to EU Regulation
The EU Sustainability Directive, in potentially enhancing certain obligations and setting a new benchmark for environmental and human rights due diligence practices, is a significant piece of legislation that will likely support the broader legal framework of other laws in a developing legal puzzle, say Rebecca Chin and Silke Goldberg at HSF.
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Experian Ruling Helps Cos. Navigate GDPR Transparency
In Information Commissioner v. Experian, the Upper Tribunal recently reaffirmed the lawfulness of the company's marketing practices, providing guidance that will assist organizations in complying with the GDPR’s transparency obligations, say lawyers at Jenner & Block.