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Corporate Crime & Compliance UK
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August 15, 2024
Thousands Of Fare-Dodging Convictions To Be Quashed
Up to 74,000 convictions for evading train fares are set to be quashed after a senior district judge ruled on Thursday that rail operators should never have used the single justice procedure to prosecute passengers behind closed doors.
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August 15, 2024
Medical Tester Wins Order To Stop Release Of Hacked Data
A medical testing company hit in a ransomware attack that disrupted London hospitals has secured an injunction at the High Court in an effort to prevent publication of patients' private medical data that was stolen by the hackers.
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August 15, 2024
FCA Censures Audit Firm On Client Assets Report Breaches
The Financial Conduct Authority said Thursday it has censured auditor Macintyre Hudson LLP for failing to report breaches of the FCA's rules on treatment of client assets.
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August 15, 2024
Hamlins Media Pro To Face SDT Over Alleged Litigation Threat
A Hamlins LLP partner will face a disciplinary tribunal over allegations that he improperly threatened to bring litigation, the solicitors' watchdog has said, marking the second time the SRA has prosecuted a lawyer over the use of SLAPPs.
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August 14, 2024
NC Court Defers Ruling To Unseal Cadwalader Coverage Suit
The North Carolina Business Court on Monday did not outright reject a bid by a Lloyd's of London syndicate looking to unseal a complaint by Cadwalader Wickersham & Taft LLP seeking coverage for a November 2022 data breach, though the judge did admonish the syndicate for failing to consult with Cadwalader's counsel before filing the motion.
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August 14, 2024
Mauritius Gov't Report On Lawyer's Conduct Was Unfair
A Mauritian barrister can challenge a report that branded him a "spy" for drug traffickers, as the Judicial Committee of the Privy Council found on Wednesday that the principles of fairness and natural justice were not followed when those conclusions were reached.
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August 14, 2024
Tribunal Must Re-Try Harassment Win Against Now-Dead Boss
An appellate tribunal has overturned a £19,000 ($24,400) payout made to an administrative assistant over claims of sexual harassment, ruling that her boss, who has since died, might have been too sick to defend himself at the time.
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August 14, 2024
EU Watchdog Sets Priorities For Bank Resolution Rules
The European Union banking watchdog has found banks need to prepare better for the process of orderly failure known as resolution, including by obtaining more accurate data for assessing their financial positions.
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August 14, 2024
FCA Fines, Bans Consultant For Leaving Clients Uninsured
The financial regulator said Wednesday that it has banned an insurance consultant from working in financial services and hit him with a fine of just over £5,000 ($6,430) fine for using funds from clients to pay his business and personal debts.
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August 14, 2024
Cypriot Forex Firm Fined For Exploiting Customers
Britain's financial watchdog said Wednesday that it has hit Cypriot trading firm Forex TB Ltd. with a £276,100 ($355,000) fine for failing to treat customers fairly and providing unauthorized investment advice.
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August 13, 2024
Probe Unveils €500M Money-Laundering Group, Agency Says
European and Brazilian authorities have searched multiple homes and frozen millions in assets during an operation investigating what is alleged to be an Italian mafia-run money-laundering network worth more than €500 million ($547.8 million), the European Union law enforcement agency Eurojust announced Tuesday.
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August 13, 2024
PA Forced To Visit Boss' Home During Lockdown Wins £115K
Two hedge fund bosses must pay a former personal assistant over £115,000 ($147,468) after an employment tribunal found the businessman had asked her to unnecessarily go against COVID-19 restrictions by working from their homes.
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August 13, 2024
1st Sub-Class CPO Gives Funders Chance To Hedge Bets
A recent decision by the U.K. antitrust tribunal makes it possible for litigation-funders to hedge their bets on complex competition disputes with rival sub-classes of claimants by allowing a truck-cartel claim to proceed after it tackled concerns about conflicts of interest by reshaping the financing arrangements that back the case.
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August 13, 2024
Firm Ex-Director Gets 15-Year Sanction For Investment Scam
A former director of an investment firm has had a ban on working as a company executive extended to 2033 after he was convicted of a Ponzi scheme fraud at an English court, the U.K.'s Insolvency Service has said.
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August 13, 2024
UK Regulators Mull Digital Reporting Future Outside EU
Britain's accounting watchdog on Tuesday proposed a number of potential reforms for the future of digital reporting in the U.K., amid recent legislative changes after the country's departure from the European Union.
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August 12, 2024
UK Railway Project Forced To Pay £6.2M Tax Bill
A public agency building a high-speed railway in the U.K. had to pay a £6.2 million ($8 million) tax bill for failing to comply with "off-payroll rules" for the contracted employees it engages, according to the agency's annual report.
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August 19, 2024
Kirkland Hires Simmons & Simmons' Antitrust Head In London
Kirkland & Ellis LLP announced Monday that it has recruited the head of competition, antitrust and trade at Simmons & Simmons LLP in a move to boost its capabilities representing clients in U.K. and European Union matters in its London office.
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August 12, 2024
Kuwaiti Diplomat's Maid Cannot Sue For Modern Slavery
A Kuwaiti diplomat has won his bid to nix an employment claim brought by an employee for forced labor, with a tribunal finding that while her working conditions violated U.K. law, they did not amount to servitude.
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August 12, 2024
Spanish Lawyer Arrested For Alleged €4.5M Fishery Bribe
The Spanish national police have arrested a lawyer who allegedly transferred €4.5 million ($4.9 million) through his own company to officials close to the Equatorial Guinea government to secure a factory contract, according to the European Union's law enforcement agency.
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August 12, 2024
EU Watchdog Warned Of Crypto Risk For Retail Funds
Fund managers warned the European Union markets regulator Monday that there is no consensus on how to value crypto-assets, in a consultation on whether such products should be accessible to retail funds.
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August 12, 2024
Glencore Charges Tee Up 'Mother Of All' Disclosure Fights
Charges brought by the Serious Fraud Office accusing former Glencore employees of bribery — including the commodities company's ex-head of oil — mark one of the biggest prosecutions the agency has taken on in years, which will test its resources and appetite for the toughest fights, lawyers say.
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August 12, 2024
Man Who Incited Violence Against Lawyers Gets 3 Years
A man who incited violence online against immigration solicitors and asylum seekers has been imprisoned for more than three years.
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August 09, 2024
X Halts Training AI On EU Users' Posts After Irish Backlash
X Corp., formerly known as Twitter, has agreed to suspend its efforts to train its artificial intelligence chatbot Grok on personal data lifted from public posts made by its users in the European Union, on the heels of Ireland's data protection commission making an urgent appeal to an Irish court to shut down the practice.
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August 09, 2024
Ex-Mozambique Finance Minister Convicted For $2B Scheme
Mozambique's former finance minister was convicted of wire fraud and money laundering conspiracy charges in connection with his role in the $2 billion "tuna bonds" scandal, prosecutors announced.
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August 09, 2024
Conveyancing Firm Fined Over AML Failings
An English solicitors firm has been fined £21,843 ($27,864) for failing to keep records required under anti-money laundering regulations, the Solicitors Regulation Authority said Friday.
Expert Analysis
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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.
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Comparing EU, Southeast Asia Approaches To AI Regulation
Although Southeast Asian countries often adopt statutory frameworks similar to those in the European Union, the region’s more business-friendly approach to artificial intelligence regulation may be a setback to the EU’s push for coordination with its AI Act and a barrier to establishing a global standard, say Anne-Gabrielle Haie at Steptoe and Nop Chitranukroh at Tilleke & Gibbins.
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Exploring The EU's Draft Standards On Crypto Authorization
The European Securities and Markets Authority’s recently published draft standards aim to promote fair competition and a safer environment for crypto providers and investors, detailing precisely the information to be provided to national authorities in charge of screening the acquisitions of a qualifying holding, says Mathieu de Korvin at Norton Rose.
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Assessing Exposure Under UK Foreign Influence Scheme
While the proposed Foreign Influence Registration Scheme, designed to ensure transparency around foreign state-directed activities, may be delayed by the snap general election, organizations should prepare for compliance, including addressing concerns about the extent of unintended consequences arising from the scheme's scope, say Gavin Costelloe and Gillian Sproul at Greenberg Traurig.
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How FCA Guidance Aligns With Global Cyberattack Measures
The U.K. Financial Conduct Authority’s recent guidance on preparing for cyberattacks aligns with the global move by financial regulators to focus on operational resilience, highlighting the importance of proactive strategies and robust resilience frameworks to mitigate disruptions, while observing a disappointing level of engagement by the industry, say Alix Prentice and Grace Ncube at Cadwalader.
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Contractual Drafting Takeaways From Force Majeure Ruling
Lawyers at Cleary discuss the U.K. Supreme Court's recent judgment RTI v. MUR Shipping and its important implications, including how the court approached the apparent tension between certainty and commercial pragmatism, and considerations for the drafting of force majeure clauses going forward.
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Takeaways From Regulators' £61.6M Citigroup Trading Fine
Following the Financial Conduct Authority and Prudential Regulation Authority’s recent significant fining of Citigroup for its catastrophic trading error, and with more enforcement likely, institutions should update their controls and ensure system warnings do not become routine and therefore disregarded, says Abdulali Jiwaji at Signature Litigation.
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Factors For London Cos. To Consider If Adding US Listings
Recent reports of a continuing valuation gap between London and New York have resulted in some London-listed companies considering U.S. listings to gain an increased investor base, but with various obligations and implications involved in such a move, organizations should consider whether there is a real benefit from trading there, say lawyers at Winston & Strawn.