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Corporate Crime & Compliance UK
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December 18, 2024
UK Must Address Regulatory Bias Toward Risk, ABI Says
Regulation in the U.K. has become heavily weighted toward risk rather than growth and its "structural bias," which creates layers of rules in the financial services sector, must be tackled, the Association of British Insurers said Wednesday.
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December 18, 2024
Briton Can Appeal S. African Extradition In £36M Bribery Case
A Briton wanted in South Africa over an alleged £36 million ($46 million) government bribery scandal has been granted permission to appeal against his extradition after a London court found that recent legal developments in the African country could mean it is an abuse of process.
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December 17, 2024
NI Journalists Win Surveillance Claim Against Police
Two Northern Irish journalists won their claim against two U.K. police services Tuesday when a London tribunal ruled that Northern Irish and London police had unlawfully spied on them, awarding them £4,000 ($5,083) in damages and quashing a surveillance order against the two men.
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December 17, 2024
Gov't Ignores Calls For Redress Over State Pension Failings
The Labour government said on Tuesday it will not compensate women affected by historical failures to inform them that their retirement age had changed, in a move campaigners called an "unprecedented political choice" set to have long-term repercussions.
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December 17, 2024
MI5 Wins Case Against Lawyer Accused Of Being Chinese Spy
A solicitor accused of being a Chinese spy has lost her legal challenge against MI5, after a tribunal found Tuesday that the U.K. security service acted lawfully when it warned parliamentarians that she was trying to interfere with the political process.
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December 17, 2024
Broker Banned For 'Lack Of Integrity' Over Indemnity Risk
The director of a mortgage broker who demonstrated a "lack of integrity" has been banned and must pay a £10,000 ($12,700) fine after a London appeals court ruled Tuesday that he recklessly risked his company operating without professional indemnity insurance.
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December 17, 2024
Osborne Clarke Pro Denies Trying To Block Zahawi Scrutiny
A partner with Osborne Clarke LLP who represented Nadhim Zahawi has denied trying to prevent the former Conservative chancellor from facing scrutiny over his tax affairs by sending an allegedly threatening letter to a blogger, as he testified at a disciplinary tribunal on Tuesday.
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December 17, 2024
UK Broker Fights New Danish Cum-Ex Fraud Allegations
An English brokerage argued at the Court of Appeal on Tuesday that Danish authorities should be barred from bringing new tax fraud claims against it because the court has already thrown out a case that turns on the same fundamental question.
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December 17, 2024
Ireland Could Lose €15B Due To Trump, Central Bank Warns
The Irish government could lose up to €15 billion ($15.7 billion) of this year's corporate tax surplus if the incoming U.S. administration changes policy, the Central Bank of Ireland warned Tuesday.
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December 17, 2024
Campaigners Win Right To Publish SFO Bribery Trial Docs
A British anti-corruption charity has won the right to publish the full transcript from a criminal trial that implicated the U.K. government in bribery as a judge ruled on Tuesday that the courts should not interfere with editorial discretion.
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December 17, 2024
FCA Bans Director, Adviser Over 'Flawed' Pensions Advice
The City watchdog has banned a company director and pensions adviser from the financial services sector for giving "fundamentally flawed" guidance that jeopardized consumer retirement savings.
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December 17, 2024
UK To Compensate Postmasters For Pre-Horizon IT Errors
Postmasters affected by accounting errors dating from before the Horizon IT scandal will be awarded compensation, the government said on Tuesday.
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December 17, 2024
SFO Makes Arrest As Probe Into Failed TV Sports Co. Widens
Britain's anti-fraud enforcer said Tuesday that it has arrested a third individual in connection with its investigation into a TV sports company that fell into administration in late 2021 after administrators uncovered a £280 million ($355 million) hole in its finances.
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December 16, 2024
Ladbrokes Owner Sued For AML Breaches By Aussie Watchdog
Ladbrokes operator Entain Group is facing civil penalty proceedings in Australian Federal Court for "serious and systemic non-compliance" with anti-money laundering and counter-terrorism financing, the country's primary financial regulator said Monday.
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December 16, 2024
HMRC Chief Defends Record On Fighting Tax Evasion
The chief executive of HM Revenue & Customs told Parliament on Monday that the British tax authority has reduced the level of tax noncompliance in response to claims it needs a better strategy on tax evasion.
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December 16, 2024
Investment Boss Broke Freezing Order In Global Fraud Case
A London court has found the director of a Luxembourg-based investment firm in contempt of court after concluding that he had refused to disclose his assets for a worldwide freezing order won by trading services company Multibank in a global fraud case.
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December 16, 2024
Post Office 'Hasn't Changed' Despite Scandal, Lawyers Say
The attitude of the Post Office has not been reformed from the "corporate psychopathy" its lawyers exhibited throughout the Horizon IT scandal, a barrister representing former postmasters told the three-year-long inquiry in closing submissions on Monday.
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December 16, 2024
Osborne Clarke Pro Accused Of 'Abusive' SLAPP Threat
An Osborne Clarke LLP partner who represented Nadhim Zahawi faced a disciplinary tribunal on Monday over allegations that he sent an intimidatory letter in an attempt to silence a critic who was investigating the former Conservative chancellor's tax affairs.
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December 16, 2024
Smaller Auditors Lag In Quality, UK Regulator Warns
More than half of smaller U.K. auditing firms are "falling short" in the provision of consistent levels of standards of quality, transparency and accountability, the Financial Reporting Council warned on Monday.
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December 16, 2024
FCA Proposes To Cut Crypto-Laundering Risk, Clarify Rules
The Financial Conduct Authority set out plans on Monday to make rules clearer for crypto-assets with a regime that will cover new issues of the assets and market abuse, aiming to cut the risk of money laundering and fraud.
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December 13, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen a group of franchise operators hit Vodafone with a £120 million ($151 million) claim for allegedly imposing commission cuts, green energy tycoon Dale Vince pursue another libel action against the publisher of the Daily Mail, and parcel delivery giant Yodel face a claim by an investor that helped save it from collapse earlier in the year.
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December 13, 2024
Pakistani Broadcaster Beats Media Mogul's Libel Claim
A libel claim by a Pakistani media magnate against another major broadcaster was dismissed Friday, with a London appellate court ruling that a lower judge mistakenly found the media mogul had a realistic chance to succeed at a full trial.
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December 13, 2024
Google's Victory Dashes Hopes For Mass Data Privacy Claims
Failed efforts by millions of patients to revive mass litigation against Google over the transfer of medical records has extinguished hopes that collective redress claims for data privacy breaches can be brought against companies because of difficulties in claimants being able to establish the same loss.
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December 13, 2024
LC&F Bosses Must Repay £180M Over Ponzi Scheme
The group of co-conspirators who ran London Capital & Finance like a Ponzi scheme must repay the administrators of the collapsed investment fund more than £180 million ($227 million), after a judge said on Friday that the full amount of the fraud will likely never be recovered.
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December 13, 2024
Helicopter Biz Must Continue To Employ Pilot, Judge Rules
A commercial helicopter company has lost its bid to overturn a court order to keep employing a suspended pilot, while he pursues a claim that he was penalized for whistleblowing.
Expert Analysis
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Cayman Islands Off AML Risk Lists, Signaling Robust Controls
As a world-leading jurisdiction for securitization special purpose entities, the removal of the Cayman Islands from increased anti-money laundering monitoring lists is a significant milestone that will benefit new and existing financial services customers conducting business in the territory, say lawyers at Walkers Global.
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EU Report Is A Valuable Guide For Data Controllers
The European Data Protection Board recently published a study of cases handled by national supervisory authorities where uniform application of the General Data Protection Regulation was prioritized, providing data controllers with arguments for an adequate response to manage liability in case of a breach and useful insights into how security requirements are assessed, say Thibaut D'hulst and Malik Aouadi at Van Bael.
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UK Court Ruling Reinforces CMA's Info-Gathering Powers
An English appeals court's recent decision in the BMW and Volkswagen antitrust cases affirmed that the U.K. Competition and Markets Authority can request information from entities outside the U.K., reinstating an important implement in the CMA's investigative toolkit, say lawyers at White & Case.
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Cos. Should Plan Now For Extensive EU Data Act Obligations
The recently enacted EU Data Act imposes wide-ranging requirements across industries and enterprises of all sizes, and with less than 20 months until the provisions begin to apply, businesses planning compliance will need to incorporate significant product changes and revision of contract terms, say Nick Banasevic, Robert Spano and Ciara O'Gara at Gibson Dunn.
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How Decision On A Key Definition Affects SMEs
The Financial Conduct Authority's decision not to extend the definition of small and midsized enterprises may benefit banks and finance providers in the current high interest rate environment and where SMEs in certain sectors may be under financial pressure in light of the cost-of-living crisis in order to streamline it, says Rachael Healey at RPC.
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Together, GDPR And AI Act Can Boost Digital Rights In EU
The overlap between the General Data Protection Regulation and the forthcoming EU Artificial Intelligence Act is intriguing in that it demonstrates a shared commitment to upholding individual digital rights, and understanding this synergy is paramount in comprehending how the two domains can work in tandem, says Maria Moloney at PrivacyEngine.
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Acquisition Of AI Tech Poses Challenges For Media Industry
The artificial intelligence regulatory landscape is changing quickly, and media and entertainment companies planning to acquire AI technology through a merger, acquisition or licensing deal should be mindful of potential new compliance requirements and AI-specific insurance products, say lawyers at Covington.
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What Extending Corporate Liability Will Mean For Foreign Cos.
Certain sections of the Economic Crime Act enacted in December 2023 make it easier to prosecute companies for economic crimes committed abroad, and organizations need to consider their exposure and the new ways they can be held liable for the actions of their personnel, say Dan Hudson at Seladore Legal and Christopher Coltart at 2 Hare Court.
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Due Diligence Pointers After Entain Deferred Prosecution Deal
The Crown Prosecution Service's £615 million settlement with Entain last month signifies that the CPS is a serious enforcer of corporate crime, and illustrates the importance of carrying out a tailored risk assessment in preparation for and following an acquisition, say Matthew Cowie and Aziz Rahman at Rahman Ravelli.
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A Consequential Moment For Sanctions Activity
It is clear from the U.K. Office of Financial Sanctions Implementation's review of the 2022-2023 financial year that the unprecedented scale of designated persons and the value of assets frozen as a result has placed enormous pressure on OFSI and its partners, say lawyers at Greenberg Traurig.
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ECJ Ruling Triggers Reconsiderations Of Using AI In Hiring
A recent European Court of Justice ruling, clarifying that the General Data Protection Regulation could apply to decisions made by artificial intelligence, serves as a warning to employers, as the use of AI in recruitment may lead to more discrimination claims, say Dino Wilkinson and James Major at Clyde & Co.
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Economic Crime Act Offers Welcome Reform To AML Regime
The Economic Crime and Corporate Transparency Act exemption for mixed-property transactions that came into force on Jan. 15 as part of the U.K.'s anti-money laundering regime is long overdue, and should end economic harm to businesses, giving banks confidence to adopt a more pragmatic approach, say Matthew Getz and Joseph Fox-Davies at Pallas Partners.
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3 Financial Services Hot Topics To Watch In 2024
Technology, ESG and private markets are set to have the greatest impact on financial markets in 2024, as firms grapple with increasing regulatory change and a shifting political backdrop on both sides of the Atlantic, says Matthew Allen at Eversheds Sutherland.
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Key Litigation Funding Rulings Will Drive Reform In 2024
Ground-breaking judgments on disputes funding and fee arrangements from 2023 — including that litigation funding agreements could be damages-based agreements, rendering them unenforceable — will bring legislative changes in 2024, which could have a substantial impact on litigation risk for several sectors, say Verity Jackson-Grant and David Bridge at Simmons & Simmons.
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10 Global Antitrust Trends To Anticipate In 2024
Proactive navigation of the antitrust enforcement environment remains crucial this year as legal policy and tools evolve to meet intensifying global economic complexity, including geopolitical tensions, trade realignment, market volatility and inflation, say attorneys at Freshfields.