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Corporate Crime & Compliance UK
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November 06, 2024
Gov't Advice Kick-Starts Race To Comply With UK Fraud Law
The largest companies in Britain have 10 months to install safeguards to prevent employees from committing fraud after the government published guidance Wednesday on a sweeping new offense that would hold businesses criminally responsible for profiting from fraud.
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November 05, 2024
HMRC Tells High Court It Can Tax Canadian Bank's Oil Income
HM Revenue & Customs has the right to tax loan payments made to the Royal Bank of Canada relating to oil-drilling rights in the North Sea under the terms of a bilateral agreement, it told the British Supreme Court in the appeal of its case against the bank.
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November 05, 2024
Top French Soccer League, CVC Snared In Corruption Probe
French financial law enforcement officials searched the offices of France's top professional soccer league and of private-equity investment partner CVC Capital Partners on Tuesday, Law360 confirmed, as part of an investigation of possible corruption in their collaboration on the league's media rights company.
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November 05, 2024
Netflix Europe Offices Raided In Tax Fraud Probe
French and Dutch authorities raided Netflix's offices in the two countries as part of an investigation into possible tax fraud by the streaming giant, news outlets reported Tuesday.
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November 12, 2024
DWF Hires 2 Barristers For In-House Chambers
DWF LLP has taken on two senior barristers for its in-house set of chambers to boost its services in areas such as personal injury and civil fraud.
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November 05, 2024
MI5 Called 'Institutionally Defensive' After Manchester Attack
More than 250 survivors and the family members of people killed in the Manchester Arena bombing accused the U.K. intelligence services on Tuesday of "institutional defensiveness" about its failings to uncover information that would have prevented the attack.
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November 05, 2024
Bank Of Africa Appeals Whistleblower's Unfair Dismissal Ruling
The Bank of Africa urged the Employment Appeal Tribunal on Tuesday to toss out a judgment that it had unfairly dismissed an employee, arguing that the ruling was wrong to find she was punished for blowing the whistle on alleged regulatory failures.
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November 05, 2024
ICO Seeks To Appeal Dixons Carphone Data Breach Ruling
The U.K.'s Information Commissioner's Office is seeking permission to appeal a tribunal ruling that revived electronics retailer Dixons Carphone's bid to have a fine for a privacy breach affecting at least 14 million people reassessed.
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November 05, 2024
Greensill Bank Says Marsh Can't Dodge Australian Litigation
Greensill Bank AG has said that it should be allowed to add Marsh to litigation in Australia linked to the wider group's collapse, arguing in a court filing that it is not bound by an English jurisdiction clause in its contract with the insurance broker.
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November 05, 2024
FCA Charges Businesses Over Unauthorized Operations
The Financial Conduct Authority said Tuesday that it has charged three individuals involved in two commercial retailers that allegedly generated at least £4 million ($5.2 million) from unlawful business that involved thousands of consumers.
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November 05, 2024
EU Secures VAT Reform Deal To Fit Digital Economy
The European Union is preparing to adapt the bloc's value-added tax rules for the growing digital economy, including e-invoicing on cross-border transactions, after a long-awaited agreement announced Tuesday.
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November 04, 2024
UK Stock Pumper Admits To $100M Market Manipulation Rap
A London-based trader on Monday admitted to his role in what prosecutors say was a $100 million multi-faceted international stock manipulation scheme that used a Swiss asset manager tied to numerous claims of securities fraud to secretly control and falsely inflate the stock of several microcap companies.
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November 04, 2024
Man Loses Extradition Fight Over $9M Romanian Tax Fraud
A man convicted twice of tax fraud in Romania can be extradited despite the fact that a warrant was missing details about his second conviction because those details were later supplied, a London court has ruled.
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November 04, 2024
Ex-SNP Leader Alex Salmond Hit With New Sex Assault Claim
Scottish police told Law360 on Monday that they have received a new allegation of sexual assault against Alex Salmond, the former first minister of Scotland, less than a month after the 69-year-old died suddenly of a heart attack.
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November 04, 2024
Barings Solicitors Sent Claims For Mickey Mouse, SRA Says
The Solicitors Regulation Authority has accused two senior lawyers at the consumer finance firm Barings Ltd. of misleading clients over their payday loans and sending out claim letters on behalf of fictional clients, including Mickey Mouse, in a London legal disciplinary tribunal Monday.
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November 11, 2024
Browne Jacobson Hires SRA Legal Chief As First-Ever GC
Browne Jacobson LLP said Monday that a legal chief at the Solicitors Regulation Authority has returned to the firm as its first-ever general counsel as it looks to ensure that it abides by the highest ethical standards.
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November 04, 2024
Hedge Fund Lawyer Denies Role In £1.4B Cum-Ex Fraud
The former top lawyer at a hedge fund accused of defrauding Denmark's tax authority of £1.4 billion ($1.8 billion) told a London trial Monday he had no knowledge of cum-ex trading fraud at the business.
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November 04, 2024
FCA Warns SIPP CEOs On Handling Pensions Money
The financial watchdog has written to the chief executives of self-invested personal pension operators, warning them in a letter published Monday that it has growing concerns about how they handle pensions money, risking fraudulent payments from the savings plans.
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November 04, 2024
Conservative MP Revives Bill To Target Abusive SLAPPs
A Conservative MP has reintroduced a bill to tackle spurious litigation brought by wealthy elites designed to gag reporting and silence criticism, reviving legislation that had broad cross-party support before July's general election.
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November 04, 2024
Marsh Launches Insurance For Carbon Credit Fraud
Broker Marsh said on Monday that it has launched a new insurance facility designed to protect businesses against the risk of purchasing fraudulent carbon credit certificates.
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November 04, 2024
Questions Loom Over World-First Pay Reporting Regulations
A plan to require employers in Britain to report their ethnic and disability pay gaps would be a world first — but it is also fraught with data management challenges and uncertainty about how much it will actually improve pay equality, lawyers say.
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November 01, 2024
Investors Solely Liable For £5.4M Investment, Say Law Firms
Two law firms have hit back against a £5.4 million ($7 million) negligence claim by property investors, arguing there was no indication that the building project the investors put their money into was a Ponzi scheme.
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November 01, 2024
Danish Tax Agency To Settle With Atty In $2.1B Tax Fraud Suit
Denmark's tax authority has agreed to settle with an attorney whom it has accused of helping clients claim fraudulent tax refunds in a sprawling $2.1 billion case, according to a letter by its attorney in New York federal court.
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November 01, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen two industry magnates take on the Gambling Commission, Ordinance Survey hit with a claim from a Swiss GPS maker, and China's largest oil company PetroChina face a claim from a Polish documentary maker. Here, Law360 looks at these and other new claims in the U.K.
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November 01, 2024
Uber Sued For £199M By Cab Drivers Over Market Dominance
A group of more than 13,000 London black cab drivers have sued Uber for over £199 million ($258 million), arguing the ride-hailing app undercut their profits by unlawfully operating a private hire service in the capital.
Expert Analysis
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Why Trustees Should Take Note Of Charity Code Consultation
The Charity Governance Code Steering Group's recently launched governance code consultation is unlikely to result in a radical overhaul, but with the bigger issue being awareness and application by smaller underresourced charities, trustees should engage with the process to help shape the next iteration of this valuable tool, says Chris Priestley at Withers.
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What EU Net-Zero Act Will Mean For Tech Manufacturers
Martin Weitenberg at Eversheds Sutherland discusses the European Council’s recently adopted Net-Zero Industry Act and provides an overview of its main elements relevant for net-zero technology manufacturers, including benchmarks, enhanced permitting procedures and the creation of new institutions.
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Complying With EU Commission's Joint Purchasing Rules
One year after the European Commission released its revised guidelines on horizontal cooperation agreements, attorneys at Crowell & Moring reflect on the various forms such agreements can take, and how parties can avoid structuring arrangements that run afoul of competition law.
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Tips For Implementing EU Sustainability Reporting Guidance
Lawyers at Sullivan & Cromwell discuss the European Financial Reporting Advisory Group’s recently published guidance on double materiality assessments and offer takeaways on achieving a sustainability directive-compliant process that could enhance clarity and consistency among multinational stakeholders.
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How CMA's AI Strategic Update Addresses Industry Risks
The Competition and Markets Authority’s recent artificial intelligence strategic update, setting out the regulator’s understanding of AI risks and how it intends to address them, is indicative of its focus on incumbent technology organizations, although future political developments in the U.K. may also shape the CMA's approach, say Christopher Foo and Carol Slattery at Ropes & Gray.
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Labour's 'Fresh Approach' To Tackling Financial Crime
Given newly elected Prime Minister Sir Keir Starmer’s background as a criminal defense lawyer and director of public prosecutions, an administration with strong views on financial crime can be expected, and revenue raising and proceeds of crime recovery are likely to be at the forefront, says Matthew Cowie at Rahman Ravelli.
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What UK Digital Markets Act Will Mean For Competition Law
The new Digital Markets Act’s reforms will strengthen the Competition and Markets Authority's investigatory and enforcement powers across its full remit of merger control and antitrust investigations, representing a seismic shift in the U.K. competition and consumer law landscape, say lawyers at Travers Smith.
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Examining The EU Sanctions Directive Approach To Breaches
In criminalizing sanctions violations and harmonizing the rules on breaches, a new European Union directive will bring significant change and likely increase enforcement risks across the EU, say lawyers at Hogan Lovells.
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What New UK Labour Gov't Is Planning For Financial Services
Following the Labour Party’s U.K. election win on July 4, the new government has already announced its key missions for economic growth, green investment and tax reform, so affected Financial Conduct Authority-regulated entities should be prepared for change and on the lookout for details, says Rachael Healey at RPC.
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Companies Trading In The EU Should Heed Mondelēz Ruling
The European Commission’s recent €337.5 million fine of Mondelēz is the latest decision targeting restrictions on EU cross-border trade, and serves as a warning to companies active in the region to check their contracts and practices for illegal restraints, and to perform audits to ensure compliance, says Matthew Hall at McGuireWoods.
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Why Reperforming Loan Securitization In UK And EU May Rise
The recently published new U.K. securitization rules will largely bring the U.K.’s nonperforming loan regime in line with the European Union, and together with the success of EU and U.K. banks in reducing loan ratios, reperforming securitizations may feature more prominently in relevant markets going forward, say lawyers at Morgan Lewis.
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How Extension Of EU License Exemption Affects Subsidiaries
Since many European Union entities with a presence in Russia will soon need to obtain a license to continue providing certain services and software to Russian subsidiaries, organizations and legal professionals should prepare in advance and assess their companies' supply chain compliance with EU sanctions, say lawyers at McDermott.
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What Legal Cannabis In Germany Means For Employers
Since April 1, the consumption and limited possession of cannabis has been permitted in Germany, so employers should take a few steps to maintain safe and productive workplaces while respecting the new legal landscape, says Sven Lombard at Simmons & Simmons.
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What French Watchdog Ruling Means For M&A Landscape
Although ultimately dismissed due to lack of evidence, the French competition authority’s recent post-closing review of several nonreportable mergers is a landmark case that highlights the increased complexity of such transactions, and is further testament to the European competition authorities’ willingness to expand their toolkit to address below-threshold M&As, say lawyers at Cleary.
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New Directors' Code Of Conduct May Serve As Useful Guide
Although the Institute of Directors’ current proposal for a voluntary code of conduct is strongly supported by its members, it must be balanced against the statutory requirement for directors to promote their company’s success, and the risk of claims by shareholders if their decisions are influenced by wider social considerations, says Matthew Watson at RPC.