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Corporate Crime & Compliance UK
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January 13, 2025
UK Unveils Blueprint To Become AI World Leader
The government unveiled Monday an ambitious blueprint to make Britain a world leader in artificial intelligence to benefit financial services and other sectors, supported by pro-growth regulation.
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January 13, 2025
Tax Hikes Hit Business Confidence, UK Industry Chair Says
The Labour government's decision to raise payroll taxes on employers in last year's budget has hurt business confidence, the chair of an influential British industry group said Monday.
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January 13, 2025
Credit Reference Firms Urged To Up Game On Cyberattacks
The financial watchdog has told credit reference agencies and information providers to prevent cyberattacks better than they do now because they face potential digital threats as they accumulate more data.
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January 10, 2025
Nottingham Forest Owner Can Continue Libel Claim
Nottingham Forest Football Club owner Evangelos Marinakis can continue his libel claim against the chair of Greek team Aris after a London court ruled Friday that the claim "seems well worth bringing."
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January 10, 2025
Woman Who Laundered Bitcoin Fraud Proceeds Must Pay £3M
A British-Chinese woman convicted for laundering bitcoin converted from an alleged £5 billion ($6.1 billion) investment fraud must pay £3.1 million or face an additional seven years in prison, a London court judge ruled Friday.
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January 10, 2025
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen legal services group RBG Holdings face a winding-up petition from founder Ian Rosenblatt amid soured talks about the group's leadership, J.P. Morgan file a fresh claim against WeRealize, retailer Asda face an intellectual property claim over a specific type of mandarin and financier Nathaniel Rothschild sue German entrepreneur Lars Windhorst and his investment vehicle Tennor International. Here, Law360 looks at these and other new claims in the U.K.
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January 10, 2025
Lawyer Cleared Of Dishonesty Over AML Compliance Failings
A disciplinary tribunal on Friday cleared a lawyer of dishonesty over allegations that he misled an insurer and the English solicitors regulator about his lack of compliance with anti-money laundering regulations.
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January 10, 2025
Apple Showdown Starts 1st Wave Of Big Tech Class Actions
Apple will become the first big technology company to go on trial under the U.K. collective action regime on Monday, facing a claim of abuse of dominance that could have significant consequences for several other class actions against tech giants including Google, Meta and Amazon.
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January 10, 2025
Sports Betting Company Challenges CMA Order To Sell Biz
Sports betting company Spreadex has appealed against an order by the Competition and Markets Authority that it must sell a business it acquired in 2023 over concerns that a combined entity would harm the market for licensed online sports spread-betting.
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January 10, 2025
Broker Arian Hit With Fine For Cum-Ex Trade Failings
The finance watchdog said Friday that it has fined broker Arian Financial LLP £289,000 ($354,000) for having inadequate systems and controls against financial crime in a cum-ex dividend trading case.
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January 10, 2025
NCA Has 'Pokers In The Fire' On Sanctions, Top Official Says
The effectiveness of Britain's sanctions regime should not be judged solely by court victories, according to a top U.K. law enforcement official who said there are "unrealistic" expectations about the policing of sanctions imposed in response to the war in Ukraine.
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January 10, 2025
FCA Objects To Proposed Acquisition Of Payments Firm
The financial watchdog said Friday that it has issued an objection to a proposed acquisition of a small payments firm, saying the buyer had demonstrated "a serious lack of professional competence."
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January 17, 2025
Fieldfisher Hires Disputes Pro From DWF In Birmingham
Fieldfisher LLP has hired a new dispute resolution partner to its Birmingham office from DWF LLP, with the new arrival saying Friday that he is keen to work on high-value matters that are "unheard of" at other firms in central England.
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January 10, 2025
Investors Sue Ackland & Co. Over Negligent Property Advice
A Welsh law firm has been sued by a group of individuals over alleged breaches of duty in connection with their failed purchases of property in a development in England that collapsed before the promised residential apartments were built.
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January 09, 2025
Ex-Yodel Director Denies Stripping Millions Off Courier
A former director of Yodel has denied stripping over £4 million ($4.9 million) of the delivery company's assets for his own pocket under the pretext of a merger, claiming he had no involvement in money sent to a company he founded.
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January 09, 2025
UK Supermarkets Fear Higher Costs Amid Tax Changes
Supermarket companies Marks & Spencer and Tesco reported Thursday that they had high sales figures due to Christmas, but both retailers also said they expect to face higher tax costs in 2025 due to changes to National Insurance, a payroll tax used to fund social programs.
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January 09, 2025
Tech Biz Says Barrister Failed To Flag Law Firm's Negligence
A tech company has accused a barrister of failing to spot his instructing law firm's alleged negligence, telling a London court that this armed the law firm with a limitation defense that cut the value of an eventual settlement.
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January 09, 2025
Pair Face COVID Vaccination Fraud Charges In Court
Two men appeared in court Thursday on charges following a joint National Crime Agency and National Health Service England investigation into the creation and sale of fraudulent COVID-19 vaccination records during the height of the pandemic.
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January 09, 2025
UK To Introduce Sanctions Law Targeting People-Smuggling
The U.K. government will create a new sanctions regime to target people-smuggling networks, clamping down on the finances of organized crime groups as it seeks to curb illegal migration, the foreign secretary said Thursday.
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January 09, 2025
SFO To Claw Back £1M From Solicitor Convicted Of Fraud
A lawyer who was imprisoned for 14 years for siphoning off investors' money through a fraudulent offshore "get-rich-quick" legal aid scheme will repay victims more than £1 million ($1.23 million), the Serious Fraud Office said Thursday.
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January 09, 2025
BoE Pledges To Get Tough On Cyberthreat, Climate Change
The Prudential Regulation Authority wrote to chief executives in the insurance sector on Thursday, setting out tough regulatory priorities for 2025, as it seeks better resistance to cyberthreats and greater management of climate-change risk.
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January 09, 2025
Admiral Casino To Pay £1M For AML Regulatory Failures
Online gambling firm Admiral Casino has been hit with a £1 million ($1.2 million) penalty for failing to set up anti-money laundering protection and failures in establishing spending limits and financial checks for vulnerable customers, the Gambling Commission said Thursday.
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January 08, 2025
Lawyer Accused Of AML Failings And Accounts Rules Breach
England's solicitors watchdog told a tribunal Wednesday that a lawyer lied about anti-money laundering failings and used his firm's client account as a banking facility to hold more than £2 million ($2.7 million) for a client.
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January 08, 2025
Prosecutors Say Keltbray Managers Took £600K In Kickbacks
A worker agency boss gave kickbacks to construction site managers in various projects, including the Battersea Power Station redevelopment, in exchange for them sub-contracting his staff, prosecutors told the opening of a £600,000 ($742,000) bribery trial Wednesday.
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January 15, 2025
Charles Russell Hires Disputes Pro From Swiss Firm
Charles Russell Speechlys LLP has hired a dispute resolution specialist from Altenburger Ltd. Legal + Tax in Switzerland as the firm looks to continue growing its business internationally.
Expert Analysis
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Cum-Ex Prosecutions Storm Shows No Sign Of Abating
The ongoing trial of Sanjay Shah in Denmark is a clear indicator that efforts remain focused on holding to account the alleged architects and beneficiaries of cum-ex trading, and with these prosecutions making their way across Europe, it is a more turbulent time now than ever, says Niall Hearty at Rahman Ravelli.
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Traversing The Web Of Nonjudicial Grievance Mechanisms
Attorneys at Covington provide an overview of how companies can best align their environmental and human rights compliance with "hard-law" requirements like the EU's recently approved Corporate Sustainability Due Diligence Directive while also navigating the complex global network of existing nonjudicial grievance mechanisms.
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Opinion
FCA Greenwashing Rules Need To Be Stronger To Be Effective
The Financial Conduct Authority's forthcoming anti-greenwashing measures, aimed at ensuring the veracity of regulated entities’ statements about sustainability credentials, need external scrutiny and an effective definition of "corporate social responsibility" to give them bite, says Jingchen Zhao at Nottingham Trent University.
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Companies House False Filings Raise Issues Of Integrity
A recent spate of unauthorized company filings with Companies House raises specific concerns for secured lenders, but also highlights the potential for false filings to be used to facilitate fraudulent schemes, says Daniel Sullivan at Charles Russell.
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Gov't Probe Highlights Computer-Based Evidence Issues
A recently launched U.K. Home Office probe, following the alleged use of faulty data in criminal cases, illuminates the need for scrutiny on the presumed reliability of evidence from computer-based systems, says Jessica Sobey at Stokoe Partnership.
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UK Courts Continue To Struggle With Crypto-Asset Cases
Although the common law has proved capable of applying established principles to crypto-assets, recent cases highlight persistent challenges in identifying defendants, locating assets and determining jurisdiction, suggesting that any meaningful development will likely come from legislative or regulatory change, say Emily Saunderson and Sam Mitchell at Quadrant Chambers.
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Why Computer Evidence Is Not Always Reliable In Court
Recent challenges to the admissibility of encrypted communication from the messaging tool EncroChat highlight the flawed presumption in the U.K. common law framework that computer evidence is always accurate, and why a nuanced assessment of such evidence is needed, say Sam De Silva and Josie Welland at CMS Legal.
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Comparing The UK And EU Approaches To AI Regulation
While there are significant points of convergence between the recently published U.K. approach to artificial intelligence regulation and the EU AI Act, there is also notable divergence between them, and it appears that the U.K. will remain a less regulatory environment for AI in the foreseeable future, say lawyers at Steptoe.
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Lessons On Using 3rd-Party Disclosure Orders In Fraud Cases
The expansion of the gateway for service out of jurisdiction regarding third-party information orders has proven to be an effective tool against fraud since it was introduced in 2022, and recent case law offers practical tips on what applicants should be aware of when submitting such orders, says Rosie Wild at Cooke Young.
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Compliance Points To Know About The EU Digital Services Act
Online service providers in the European Union should prioritize understanding the scope of the recently implemented Digital Services Act, their specific legal obligations under it and the practical steps they must take to comply with the new law while obeying a raft of overlapping EU digital reforms, say Leo Moore and Róisín Culligan at William Fry.
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Independent Regulator Could Chip Away At FIFA Autonomy
After the U.K.'s recent proposal for an independent football regulator, FIFA's commitment to safeguarding football association autonomy remains unwavering, despite a history of complexities arising from controversies in the bidding and hosting of major tournaments, say Yasin Patel at Church Court Chambers and Caitlin Haberlin-Chambers at SLAM Global.
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A Look At The Latest EU Alternative Investment Regulation
Recent amendments to the EU Alternative Investment Fund Managers Directive governing a range of alternative investment funds reflect a growing regulatory focus on nonbanking financial institutions, which expand credit to support economic growth but carry a commensurate risk, say Juliette Mills and Alix Prentice at Cadwalader.
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Unpacking The Law Commission's Digital Assets Consultation
The Law Commission recently published a consultation on recognizing a third personal property category to accommodate the development of digital assets, highlighting difficulties with current models of property rights and the potential consequences of considering digital assets as personal property, say Andrew Tsang and Tom Bacon at BCLP.
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Unpacking The FCA's Approach To AML Compliance Failures
In light of the upward trend of skilled-person reviews by the Financial Conduct Authority, including the latest investigation into Lloyds' anti-money laundering controls, financial firms should familiarize themselves with the mechanisms of FCA supervision and enforcement investigations, says Kathryn Westmore at RUSI.
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New Russia Sanctions Reveal Int'l Enforcement Capabilities
Significant new U.K., U.S. and EU sanctions imposed on Russia notably target Europe-based individuals and entities accused of sanctions evasion, and with an apparent political will to enhance capabilities, the rhetoric is translating into international enforcement activity, say lawyers at Cadwalader.