Corporate Crime & Compliance UK

  • October 24, 2024

    EU Court Upholds Annulment Of Intel's €1B Antitrust Fine

    Computer chip giant Intel Corp. has beaten the European Commission's €1.06 billion ($1.14 billion) fine against it after the European Union's highest court ruled that a lower court could invalidate the EU administrative arm's conclusions, ending a long-running legal battle over the 2009 fine.

  • October 24, 2024

    UK Corporate Register Warns Of AI Threat To Enforcement

    Britain's corporate register said Thursday in its first-ever strategic intelligence assessment that it will use identity verification to help clamp down on the abuse of company formations by criminals and money launderers, but that artificial intelligence poses a threat to enforcement.

  • October 24, 2024

    Russian Airline Kept Jets To Avoid Unrest, Lessor Exec Says

    A Siberian regional airline had to retain leased aircraft after the Russian invasion of Ukraine to avoid "social unrest," an executive for one of the aircraft lessors suing their insurers told a London trial Thursday.

  • October 24, 2024

    Watchdog Finds Inadequacies In Consumer Credit Firms

    The Financial Conduct Authority has found in a multifirm review that most consumer credit firms and nonbank mortgage lenders lack a clear view of the financial resources they consider adequate, making risk management difficult.

  • October 31, 2024

    Bird & Bird Taps Dutch Financial Regulation Pro

    Bird & Bird LLP has hired an experienced financial regulation expert as a partner in The Hague, as the law firm looks to bolster its finance practice in the Netherlands and across Europe.

  • October 24, 2024

    FCA 'Finfluencers' Crackdown May Prove More Bark Than Bite

    The Financial Conduct Authority's criminal prosecutions of finfluencers who might be illegally promoting unauthorized investments is likely to have only limited deterrence if overseas firms can simply ignore British rules with online offerings, according to lawyers.

  • October 23, 2024

    ECJ Won't Call Off Clawback Of Portugal's Tax Breaks

    The European Court of Justice declined to overturn a European Commission decision that Portugal must claw back tax breaks provided in a free trade zone to companies with no local economic activity, as those breaks violated the bloc's state aid rules, according to a judgment issued Wednesday.

  • October 23, 2024

    EU Tax Nominee Vows Corp. Tax Simplification, Pillar 1 Work

    The nominee to serve as the European Union's next tax commissioner pledged to simplify corporate rules and affirmed his support for the reallocation of taxing rights known as Pillar One in remarks to the European Parliament.

  • October 23, 2024

    Ex-Business Partners Deny Deceiving Investors For £12M

    Two former business partners have denied deceiving investors about how much money was required to set up a specialist bank and said the investment company suing the lender was prepared to invest regardless.

  • October 23, 2024

    BHP Pans 'Extreme' Brazilian Law Interpretation In £36B Trial

    BHP argued at a £36 billion ($46.6 billion) London trial Wednesday that it was not legally liable to more than 600,000 Brazilians for the country's worst environmental disaster, arguing it could not be held liable vicariously for the alleged wrongdoing of its joint venture.

  • October 23, 2024

    Firms Say FCA Could Better Encourage Innovation

    The Financial Conduct Authority could do more to facilitate growth and innovation and to act proportionately when making requests on firms, according to industry feedback published by the regulator Wednesday.

  • October 23, 2024

    FCA Warns Investors In Novus Black Investment Fund

    The financial watchdog said Wednesday it has written to investors into an alternative investment fund, warning them that it suspected the firm failed to tell them about "significant losses."

  • October 23, 2024

    SRA Taps New AML Director As Regulatory Uncertainty Looms

    The Solicitors Regulation Authority said Wednesday that it has appointed a new director of anti-money laundering, as the watchdog awaits a decision from the government on whether it will continue to supervise the industry in this area.

  • October 22, 2024

    Patients Seek To Revive Class Action Over Google Data Use

    Counsel for a group of patients urged an appeals court Tuesday to allow a claim accusing Google of misusing their health records for a kidney injury alert app to go ahead as a class action, arguing they had a reasonable expectation of privacy.

  • October 22, 2024

    Financial Ombudsman Beats Ex-Staffer's Whistleblowing Case

    The Financial Ombudsman Service has defeated a former employee's claim that it did not offer him a new role due to his alleged whistleblowing, convincing a tribunal in a ruling released Tuesday that his emails were not protected disclosures.

  • October 22, 2024

    Commerzbank Urges Contempt Case Over False Assault Claim

    Commerzbank AG asked a London court in a hearing Tuesday to allow it to bring contempt of court proceedings against a former employee who made false sexual assault allegations against a colleague as part of his failed harassment case against the bank.

  • October 22, 2024

    Director Imprisoned For Concealing £220K Tax Debt

    The former director of a wholesale company has been jailed for 10 months after failing to deliver accounting records when his business went into liquidation owing more than £220,000 ($290,000), the Insolvency Service announced Tuesday.

  • October 22, 2024

    Food Supplier Denies It Owes Ex-Director Unpaid Commission

    A food product business has said it never agreed to pay its former director £150,000 ($195,000) in commission he claims is outstanding, insisting instead that he owes over £1.1 million that he pocketed after artificially inflating suppliers' costs.

  • October 22, 2024

    FCA Restricts Financial Services Platform After Failings

    London-based financial firm Business Agent Ltd. has been restricted from acting as an individual savings accounts manager due to major regulatory breaches, including the unauthorized handling of client funds, the Financial Conduct Authority said Tuesday.

  • October 21, 2024

    FCA Cracking Down On Illegal 'Finfluencing'

    Britain's financial watchdog is cracking down on individuals who may be promoting financial services products illegally, announcing Tuesday that it is interviewing 20 "finfluencers."

  • October 21, 2024

    UK Director's Use Of Tax Planning Data Subject For Retrial

    Whether a director of a U.K. company is liable for a breach of confidence over the misuse of information in marketing a complex tax structure is an issue to be retried, a London court ruled.

  • October 21, 2024

    Former Unite Official Loses Tribunal Claim Amid Fraud Probe

    A tribunal has concluded that a former legal chief at Unite the Union did not face a "baseless" disciplinary investigation in connection with a police raid over a £112 million ($145 million) construction project that has since been referred to the Serious Fraud Office.

  • October 21, 2024

    Campaigners To Submit Whistleblowing Protections Bill

    Campaigners announced plans Monday to submit a new bill before Parliament that would establish a new government office to crack down on retaliation against whistleblowers who reveal fraud, corruption and misconduct.

  • October 21, 2024

    D&G Wins Case Against Firms Over Fraudulent Cold Calls

    A London court ruled Monday that a string of companies pretended to be associated with Domestic & General during cold calls to lure away its customers and steal business from the insurance and warranties giant.

  • October 21, 2024

    FCA Sustainability Labels Prompt Worries From Trade Groups

    Financial advisers and wealth managers remain concerned about the low range of labels the U.K.'s financial watchdog has included in its new sustainability disclosure regime, a trade group said in research released Monday.

Expert Analysis

  • Sanctions Ruling Opens Door For Enforcer To Clear Up Rules

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    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.

  • How Gov't Response Addresses Investment Act Concerns

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    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.

  • New Legislation May Jeopardize The Future Of Data Protection

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    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.

  • 'Debanking' Complaints Highlight Need For Flexibility In AML

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    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.

  • Mitigating Incarceration's Impacts On Foreign Nationals

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    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.

  • How Sustainability Directive Will Contribute to EU Regulation

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    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.

  • Experian Ruling Helps Cos. Navigate GDPR Transparency

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    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.

  • Clarity Is Central Theme In FCA's Greenwashing Guidance

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    Recent Financial Conduct Authority guidance for complying with the U.K. regulator's anti-greenwashing rule sends an overarching message that sustainability claims must be clear, accurate and capable of being substantiated, say lawyers at Cadwalader.

  • What The EU Sustainability Directive Will Mean For Companies

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    The European Parliament’s recent approval of the landmark Corporate Sustainability Due Diligence Directive provides welcome clarity for small and midsize enterprises regarding human rights and environmental due diligence expectations, forming part of a growing pressure on companies around the world to operate ethically and sustainably, say lawyers at Jenner & Block.

  • What Can Be Learned From CMA's Green Claims Investigation

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    The Competition and Markets Authority's recent investigation into retailers' allegedly misleading environmental claims demonstrates that all consumer-facing businesses must exercise caution and ensure their green credentials are genuine, say Charlotte Kong and Stephen Sidkin at Fox Williams.

  • The Art Of Corporate Apologies: Crafting An Effective Strategy

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    Public relations challenges often stop companies from apologizing amid alleged wrongdoing, but a recent U.K. government consultation seeks to make this easier, highlighting the importance of corporate apologies and measures to help companies balance the benefits against the potential legal ramifications, says Dina Hudson at Byfield Consultancy.

  • AI Tools Could Enhance UK Gov't Public Services Strategy

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    The government’s recently announced intention to pilot artificial intelligence tools in routine policy work is part of a wider strategy to revolutionize the delivery of public services, and could improve productivity and create efficiencies, provided it is mindful of the potential risks involved, say attorneys at Akin.

  • Taking Stock Of The Latest Criminal Court Case Statistics

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    The latest quarterly statistics on the type and volume of cases processed through the criminal court illustrate the severity of the case backlog, highlighting the need for urgent and effective investment in the system, say Ernest Aduwa and Jessica Sarwat at Stokoe Partnership.

  • ICO Data Protection Guidance Offers Clarity On Fining Powers

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    New guidance from the Information Commissioners' Office is designed to offer transparency about its fining powers, and, combined with the office's wide-ranging enforcement authority, clearly intends to ensure breaching companies concentrate on the external harm they cause and not only internal changes, say Robert Allen and Amelia Handoll-Clark at Simmons & Simmons.

  • Hugh Grant Case Raises Questions About Part 36 Offers

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    Actor Hugh Grant's recent decision to settle his privacy suit by accepting a so-called Part 36 offer from News Group — to avoid paying a larger sum in legal costs by proceeding to trial — illustrates how this legal mechanism can be used by parties to force settlements, raising questions about its tactical use and fairness, says Colin Campbell at Kain Knight.

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