Corporate Crime & Compliance UK

  • November 08, 2024

    Apache To Pull North Sea Investments Over UK Windfall Tax

    Texas-based oil giant Apache Corp. said Friday that it will wind up its North Sea oil operations by 2030 in response to the U.K.'s plan to raise the energy profits levy — known as the windfall tax — by 3 percentage points.

  • November 08, 2024

    UK Litigation Roundup: Here's What You Missed In London

    This past week in London has seen collapsed German airline Air Berlin take action against its former auditor KPMG, the associate editor at The Spectator hit with a libel claim by a mosque over the far-right riots that took place in August and British licensing authority the Performing Right Society sue Parklife Manchester and four other festival organizers. Here, Law360 looks at these and other new claims in the U.K.

  • November 08, 2024

    Insurers Urge Shared Approach To Define Major Cyber-Events

    Limited historical evidence about major cyber-events makes it difficult to define the risks insurers face, experts have said, as they urge businesses to consider a shared approach when they describe "one of the most" prominent dangers to the sector.

  • November 08, 2024

    Auditor Blames Lendy's Misstatements For Investor Losses

    An auditor has admitted it made mistakes when it vetted a lending platform's accounts but denied the failures caused investors to lose an alleged £15.6 million ($20.2 million), claiming the platform had fraudulently misrepresented its financial health.

  • November 08, 2024

    Shipowner Wins OK To Sell Oil Stranded At Sea By Sanctions

    A shipowner can sell crude oil that was stranded at sea when the charterer was placed on a U.S. sanctions list, a London judge said Friday, ruling the cash from the ultimate buyer can be paid into the English courts.

  • November 08, 2024

    Nigerian Oil Mogul Wins Fight To Lift $33M Freezing Order

    A Nigerian oil and gas magnate won his battle to scrap a $33 million freezing order on Friday, as a London court ruled that he was not likely to dissipate his assets to avoid paying a fuel trader.

  • November 08, 2024

    Lawyers Deny Giving Bad Advice On £635K Crypto-Fraud

    A boutique investment law firm has denied providing "valueless advice" to an alleged victim of a cryptocurrency fraud on how to recover her money, and said it helped to secure a freezing order against the fraudsters.

  • November 07, 2024

    Binance Cites AML Breaches In €144M Solaris Debit Card Row

    A Binance company has hit back at online banking group Solaris' €144 million ($156 million) claim over a collapsed cryptocurrency debit card scheme, telling a London court it was entitled to end the deal after Solaris companies broke anti-money laundering rules.

  • November 07, 2024

    UK Sanctions Mercenaries Tied To Russia's War Machine

    The U.K. government on Thursday sanctioned 56 companies and individuals operating in Africa that it said were responsible for supporting Russia's military industrial complex, in the largest wave of restrictions since 2023.

  • November 07, 2024

    5 Lessons For Lawyers From The UK Gov't Anti-Fraud Advice

    Britain's largest companies face a challenge after being given 10 months to build safety rails to stop their employees committing fraud, lawyers say, after the government released advice on how they should comply with landmark anti-fraud legislation.

  • November 07, 2024

    Rainforest Investment Bosses Appeal £37M Fraud Convictions

    Two directors of an ethical-investment scheme imprisoned for defrauding investors out of £37 million ($48 million) sought to overturn their convictions at a London appeals court Thursday, arguing jurors were not told what the goal of the conspiracy was.

  • November 07, 2024

    EU Tax Nominee Says Bloc Could Go It Alone On Digital Tax

    The nominee to serve as the European Union's next tax commissioner said Thursday that the EU should seek its own solution to digital taxation if it can't keep the U.S. on its side following the elections this week.

  • November 07, 2024

    Malaysia Wins $15B Arbitration Case Against Sulu Heirs

    The French Supreme Court has tossed out a $14.9 billion arbitration award brought against Malaysia by the heirs of the long-defunct Sultanate of Sulu over a soured land deal agreement, as the court said the arbitration award is not recognized under French law.

  • November 07, 2024

    Eurojust Busts Fake Investment Platforms For Stealing €10M

    Authorities in Germany and Cyprus have dismantled 13 fake investment platforms that have allegedly defrauded victims out of more than €10 million ($10.8 million) in a cross-border operation, the European law enforcers said on Thursday.

  • November 07, 2024

    Modern Slavery Reports Hit Record High Of 4,750 In Quarter

    More than 4,750 potential victims of modern slavery were reported to the Home Office in the three months to September — the highest quarterly numbers since records began in 2009.

  • November 07, 2024

    FCA Warns Firms On Inaccurate Transaction Reporting

    The Financial Conduct Authority warned on Thursday that some regulated companies are reporting their transactions inaccurately — even after they have taken remedial measures.

  • November 14, 2024

    Mishcon Hires Video Games Pro From Lewis Silkin

    Mishcon de Reya LLP has hired a partner at its London office to head up its new dedicated video games team, where he will advise a range of clients from game developers and publishers to esports teams and licensors.

  • November 07, 2024

    2 Men Convicted Of £1.5M Crypto-Investment Fraud

    The Financial Conduct Authority said Thursday that it has secured convictions against two individuals involved in a £1.5 million ($1.9 million) crypto-investment fraud that spanned more than two years.

  • November 06, 2024

    EU Court Won't Toss Commission's Tax Clawback In Portugal

    A European Union court on Wednesday tossed two challenges to a European Commission ruling that Portugal must claw back tax breaks provided to companies with no local economic activity because that ran counter to commission-approved policies.

  • November 06, 2024

    Hedge Fund Lawyer Defends Signing Off On £1.4B Fraud Docs

    The former top lawyer at a hedge fund accused of defrauding Denmark's tax authority of £1.4 billion ($1.8 billion), who signed off on documents falsely confirming the trades were legitimate, told a London trial he didn't think it "was a big deal at the time."

  • November 06, 2024

    Fieldfisher Unfairly Fired Lawyer Amid Sex Assault Probe

    A former senior associate at Fieldfisher LLP was unfairly fired over allegations that he had sexually assaulted a colleague in a toilet at a work event after the firm relied on the co-worker's "deliberate false evidence," an employment tribunal has ruled.

  • November 06, 2024

    Serco Prison Van Tracking Disrupted By Cyberattack

    A U.K. tech company that provides fleet tracking software to government outsourcing giant Serco Group PLC, including to its prison van fleet, said Wednesday that it expects to largely return its operations to normal next week after suffering a cyberattack.

  • November 06, 2024

    Corning Hit With EU Probe Over Mobile Phone Glass Deals

    Corning faces an investigation by the European Commission over suspicions the multinational glass producer abused its dominant position in the global market for a glass used to protect mobile phone screens, the antitrust watchdog said Wednesday.

  • November 06, 2024

    Lawyer Fails To Overturn Striking Off For Fake Whiplash Claim

    A solicitor who made a false insurance claim over a road traffic accident failed in his bid to be restored to the profession, after a London judge found Wednesday that a lesser punishment would not be proportionate to the wrongdoing.

  • November 06, 2024

    Rachel Reeves Calls Budget A 'Once In A Parliament' Reset   

    Chancellor Rachel Reeves told lawmakers on Wednesday that her inaugural budget in October was a "once in a Parliament" reset and that her government would not set out fiscal proposals of a similar scale again.

Expert Analysis

  • Irish Businesses Should Act Now To Prepare For EU AI Act

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    Artificial intelligence is increasingly transforming the Irish job market, and proactive engagement with the forthcoming European Union AI Act, a significant shift in the regulatory landscape for Irish businesses, will be essential for Irish businesses to responsibly harness AI’s advantages and to maintain legal compliance, say lawyers at Pinsent Masons.

  • Takeaways From World Uyghur Congress Forced Labor Ruling

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    The Court of Appeal’s recent judgment in the World Uyghur Congress' case against the National Crime Agency confirms that companies dealing in goods that they suspect to be products of forced labor are potentially liable to criminal prosecution, presenting significant legal risks that cannot always be mitigated through conducting supply chain due diligence, say lawyers at King & Spalding.

  • 10 Ways To Manage AI Risks In Service Contracts

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    With the European Union Artificial Intelligence Act coming into force on Aug. 1 and introducing a new regulatory risk, and with AI technology continuing to develop at pace, parties to services arrangements should employ mechanisms now to build in flexibility and get on the front foot, says James Longster at Travers Smith.

  • What Future May Hold For AI Innovation In UK Under Labour

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    Labour’s recent King's Speech was notable in its absence of discussion of a comprehensive artificial intelligence bill, and while this may indicate to many that the UK is open for business, the party’s approach to cross-sectoral engagement will be critical for shaping Britain's AI landscape in the near term, says Alexander Amato-Cravero at Herbert Smith.

  • Unpacking The New Concept Of 'Trading Misfeasance'

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    In addition to granting one of the largest trading awards since the Insolvency Act was passed in 1986, the High Court recently introduced a novel claim for misfeasant trading in Wright v. Chappell, opening the door to liability for directors, even where insolvent liquidation or administration was not inevitable, say lawyers at Greenberg Traurig.

  • EU WhatsApp Deletion Fine Sends Clear Message

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    The recent European Commission fine of International Flavors & Fragrances — the first for the deletion of social media messages during a dawn raid — although halved as a result of IFF's cooperation, shows the commission's view on obstruction poses a real risk to companies under investigation, says Matthew Hall at McGuireWoods.

  • Key Takeaways From Proposed EU Anticorruption Directive

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    The European Commission's anticorruption proposal, on which the EU Council recently adopted a position, will substantially alter the landscape of corporate compliance and liability across the EU, so companies will need to undertake rigorous revisions of their compliance frameworks to align with the directive's demands, say lawyers at Linklaters.

  • Implications Of EU Network Directive For Data Center Owners

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    With the October implementation deadline of the EU’s new cybersecurity regime under the Network Systems Directive fast approaching, data center owners and operators need to consider compliance steps, and U.K. companies providing services in the EU should take note, say lawyers at Bird & Bird.

  • New EU Guidelines Provide Insights On Global AI Regulation

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    The European Data Protection Supervisor’s first guidelines on artificial intelligence only apply to governmental bodies, but together with the EU AI Act they demonstrate a strong and prescriptive policy, and offer a glimpse into what could be the next phase in world AI regulation, says Kevin Benedicto at Redgrave.

  • Boeing Plea Deal Is A Mixed Bag, Providing Lessons For Cos.

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    The plea deal for conspiracy to defraud regulators that Boeing has tentatively agreed to will, on the one hand, probably help the company avoid further reputational damage, but also demonstrates to companies that deferred prosecution agreements have real teeth, and that noncompliance with DPA terms can be costly, says Edmund Vickers at Red Lion Chambers.

  • Keeping Up With Carbon Capture Policy In The US And EU

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    Recent regulatory moves from the U.S. Environmental Protection Agency and the European Commission in the carbon capture, sequestration and storage space are likely to further encourage the owners and operators of fossil fuel-fired power plants to make decisions on shutdowns or reconfiguration to meet the expanding requirements, say Inosi Nyatta and Silvia Brünjes at Sullivan & Cromwell.

  • How AI Treaty Will Further Global Governance Cooperation

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    The EU’s recently adopted treaty on artificial intelligence represents a significant step toward global cooperation in AI governance in emphasizing human rights obligations, although additional guidance and clarity would be beneficial to minimize varied interpretations at national level, say lawyers at Eversheds Sutherland.

  • EU Investor-State Dispute Transparency Rules: Key Points

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    The European Union's recent vote to embrace greater transparency for investor-state arbitration will make managing newly public information more complex for all parties in a dispute — so it is important for stakeholders to understand the risks and opportunities involved, say Philip Hall, Tara Flores and Charles McKeon at Thorndon Partners.

  • How Regulation Of Tech Providers Is Breaking New Ground

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    The forthcoming EU regulation on digital operational resilience and the U.K. critical third-party regime, by expanding the direct application of financial services regulation to designated technology providers, represent a significant development that is not to be underestimated, say David Berman and Emily Lemaire at Covington.

  • Takeaways From EU's Initial Findings On Apple's App Store

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    A deep dive into the European Commission's recent preliminary findings that Apple's App Store rules are in breach of the Digital Markets Act reveal that enforcement of the EU's Big Tech law might go beyond the literal text of the regulation and more toward the spirit of compliance, say William Dolan and Pratik Agarwal at Rule Garza.

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