Try our Advanced Search for more refined results
Corporate Crime & Compliance UK
-
February 13, 2025
FRC Probes Former Finance Staff At Bankrupt Local Authority
Two former accountants are under investigation for their work at a bankrupt local authority in England that has amassed debts of £2.4 billion ($3 billion), a corporate governance watchdog said Thursday.
-
February 12, 2025
Keltbray Managers Found Guilty Of Taking £600K In Kickbacks
Three managers of Keltbray Ltd. were convicted Thursday of receiving £600,000 ($747,000) in kickbacks from an agency worker boss in exchange for sub-contracting his staff, according to prosecutors.
-
February 12, 2025
Employers Can't Rely On Offense After Free Speech Victory
Employers can no longer depend on the potential upset caused by employees who express controversial beliefs as a reason to discipline them after the Court of Appeal endorsed a Christian worker's claim of discrimination Wednesday, lawyers warned.
-
February 12, 2025
Russia Loses State Immunity Bid In $63B Yukos Case
A London appeals court on Wednesday dismissed the Russian government's attempt to use state immunity to block investors from enforcing an over $63 billion arbitration award, saying the state should honor the award without engaging in "trench warfare."
-
February 12, 2025
Ex-Oil Execs' Asset Freeze Axed After Beating $335M Fraud
A London court has removed a worldwide asset freeze on two former top executives at oil trader Arcadia Group after 10 years following the defeat of a $335 million fraud claim that the men had diverted trading profits into their own pockets.
-
February 12, 2025
Shell's Liability For Nigerian Oil Spills Set For UK Trial
Thousands of Nigerian villagers will begin efforts on Thursday to convince the High Court that energy giant Shell can be held responsible for the environmental damage caused by repeated oil leaks and systemic pollution from its pipelines and infrastructure.
-
February 12, 2025
EU Parliament Greenlights Changes To Digital VAT Rules
The European Parliament approved a series of changes to the European Union's plans to reform the value-added tax rules of the economic bloc including fully digitalizing VAT reporting, making it harder to dodge the tax in EU jurisdictions, according to a statement Wednesday.
-
February 12, 2025
Justices Rewrite Extradition Rules In Shock To DOJ's Reach
The decision by Britain's highest court to block the extradition of a British trader has rewritten decades of precedent, although lawyers are divided on whether the findings will weaken the long reach of U.S. law or simply refocus it.
-
February 12, 2025
Financial Ombudsman's Sudden Exit Draws MP Scrutiny
A cross-party group of MPs is scrutinizing the sudden and unexplained resignation of the chief executive of Britain's Financial Ombudsman Service after failing to get answers from the body's board.
-
February 12, 2025
Axiom Ince Execs' Fraud Trial Over Collapse Set For 2027
Five former leaders of Axiom Ince are to stand trial in 2027 over allegations they committed fraud and covered up their wrongdoing during a regulatory probe into the law firm, which collapsed with a hole of more than £60 million ($74.4 million) in its client accounts.
-
February 12, 2025
Arena Liquidators Challenge Lloyds' Directors' Authority Defense
Arena Television's liquidators have dismissed Lloyds Bank's defense to allegations it processed payments linked to a £1.2 billion ($1.5 billion) fraud, saying the bank's claim it was acting on the instructions of directors who were authorized to make the payments is "unsustainable."
-
February 12, 2025
Close Brothers Sets Aside £165M For Car Finance Probe
London merchant bank Close Brothers said Wednesday that it plans to set aside £165 million ($205 million) to cover potential costs stemming from a Financial Conduct Authority probe into motor finance commission agreements and a related appeal at the U.K.'s top court.
-
February 12, 2025
UK Supreme Court Bars Trader's Extradition To The US
Britain's highest court has barred the extradition of a British-Lebanese trader to the U.S. over insider dealing allegations, finding on Wednesday that the charges he faced for allegedly doling out lavish gifts in exchange for tips occurred in Britain.
-
February 11, 2025
£5.5B Tax Evasion Could Be 'Tip Of Iceberg,' Watchdog Warns
The £5.5 billion ($6.8 billion) annual cost of tax evasion drawn up by HM Revenue and Customs is probably "vastly underestimated" — and the authority has no plan to tackle the gap in the public purse, the government's spending watchdog warned Wednesday.
-
February 11, 2025
Vacuum Or Trap? What Trump's FCPA Halt Means For SFO
U.S. President Donald Trump's decision to stop enforcing bribery laws against American companies creates a potential vacuum for the Serious Fraud Office to fill, though lawyers caution that prosecuting U.S. companies could prove a political hazard for the U.K. enforcement agency.
-
February 11, 2025
Met Office Process For Tackling Sexual Misconduct Upended
A London court ruled Tuesday that the Met's process to pull clearance for police officers accused of sexual misconduct is unlawful, leaving the force in what it called "a hopeless position" to tackle unfit officers after Wayne Couzens' rape and murder conviction.
-
February 11, 2025
BT Fends Off Customers' Bid To Revive £1.3B Class Action
A group of BT landline customers have failed to revive a £1.3 billion ($2 billion) class action against the telecom giant, after a competition tribunal refused Tuesday to allow an appeal against the first substantive ruling deciding a U.K. collective proceedings order claim.
-
February 11, 2025
StanChart Bids To Slash £762M From UK Investor Claim
Standard Chartered urged the High Court on Tuesday to strike out claims from passive investors worth £762 million ($943 million) in litigation accusing the bank of making untrue or misleading market statements about its sanctions noncompliance.
-
February 11, 2025
Tribunal To Consider If FCA Has Equality Duty In Cum-Ex Row
The U.K.'s Upper Tribunal will hold a preliminary hearing to decide whether the Financial Conduct Authority has a duty to not discriminate when it fined and banned a cum-ex trader from the industry, according to a tribunal decision published Tuesday.
-
February 11, 2025
Barclays Sued Over Staffer's Alleged Role In $643K Fraud
A Singaporean fire safety business has sued Barclays Bank PLC over an elaborate fraud that caused it to send $643,000, alleging that a bank employee was involved in the plot to dupe it into transferring funds to criminals.
-
February 11, 2025
Procurement Biz Blocks Disclosure In Byju's $533M Debt Fight
A London judge on Tuesday ruled it would be oppressive to force a U.K. procurement company to provide evidence related to an allegedly fraudulent $533 million transaction for Delaware court proceedings involving the bankrupt U.S. subsidiary of Indian educational tech firm Byju's.
-
February 11, 2025
MPs' WhatsApp Scandal A Cautionary Tale On Privacy At Work
The sanctioning of two Labour members of Parliament for offensive comments made in a group chat is a reminder that what happens on WhatsApp is not private, employment law experts have warned.
-
February 10, 2025
Pension Execs Found Liable In $2B Danish Tax Fraud Case
A New York federal jury found Monday by "clear and convincing evidence" that Denmark's tax agency reasonably relied on the false statements made on pension plan applications that were part of a $2.1 billion tax fraud scheme by pension plan executives.
-
February 10, 2025
Financier Bids To Resurrect HMRC Bungled Prosecution Claim
A corporate financier sought permission Monday to challenge a decision to dismiss his claim against HM Revenue and Customs and the Crown Prosecution Service for wrongly prosecuting him, arguing that the judge had failed to properly consider the evidence.
-
February 10, 2025
Film Executives Ran £13M VAT Fraud, Prosecutors Tell Jury
Four former managers at a film production company best known for "Avatar" cheated taxpayers out of £13 million ($16.14 million) through a "convoluted" VAT scheme run out of the back garden of a modest home in London, prosecutors told a jury on Monday.
Expert Analysis
-
EU WhatsApp Deletion Fine Sends Clear Message
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
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
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
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.
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
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
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
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
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
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.
-
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.
-
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.
-
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.
-
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.
-
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.