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Corporate Crime & Compliance UK
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July 10, 2024
Citi Rebuked Over Botched Misconduct Probe Into Trader
A decision by Citigroup to fire a trader amid allegations that he had given misleading updates on deals was unfair because its probe was plagued by delays and led to an unreasonable finding of gross misconduct, a tribunal has ruled.
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July 10, 2024
Finance Co. Can't Escape Liability In £1.7M Failed Investments
A finance company has failed to duck liability for botched property investments worth approximately £1.7 million ($2.2 million) as a London appeals court found the firm had accepted responsibility for another business to arrange the deals.
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July 09, 2024
UK's Non-Dom Taxpayer Count Increased 7%
A growing number of taxpayers in the United Kingdom claimed last year that their permanent home is outside the country, qualifying them for a non-domiciled tax exemption in the crosshairs of lawmakers, HM Revenue & Customs said Tuesday.
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July 09, 2024
Global Standard Setter Guides Firms On Third-Party Risk
A global banking standard setter on Tuesday proposed new principles to guide banks and regulators on how to manage and supervise risks from services increasingly outsourced to external organizations due to technology growth.
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July 09, 2024
Lawyer Accused Of Making False Mishcon Claims On Iran TV
The solicitors' watchdog told a disciplinary tribunal on Tuesday that a high-profile criminal defense lawyer recklessly made false statements about Mishcon de Reya LLP while appearing on an antisemitic show on an Iranian state-owned media channel.
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July 09, 2024
MHA MacIntyre Hudson, 2 Ex-Staff Fined For Audit Failures
Britain's accounting watchdog on Tuesday said it had fined MHA MacIntyre Hudson LLP and two of its former employees for "numerous breaches" in the audits of a subsidiary of commodities business Monaco Resources Group.
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July 09, 2024
Malaysian Investor Fights To Block €36M Claim At Top Court
A Malaysian businessman urged the U.K.'s top court on Tuesday to rule that a creditor should be blocked from bringing a €36 million ($39 million) claim against him because it already won a declaration in an earlier action pursuing the debts.
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July 09, 2024
FCA To Require Criminal Record Checks On New Firm Owners
The Financial Conduct Authority has proposed to require owners and controllers of financial firms applying for authorization to obtain criminal background checks.
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July 09, 2024
Sports Broadcaster Sued For Fraud In Failed Streaming Deal
Liquidators of a licensing company have sued a broadcasting chief after their autosport streaming deal turned sour, telling a court he lied about his ability to sell streaming subscriptions in U.S. prisons to entice the company to hand over the licensing rights.
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July 09, 2024
Thomas Cook Creditors To Get Back £280M After Asset Sale
Creditors of Thomas Cook will receive a total of £280 million ($358 million) before the end of September after the senior civil servant overseeing the liquidation sold all available assets owned by the collapsed travel giant, according to the Insolvency Service.
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July 08, 2024
FX Fund Says Investments Wiped Out By Legit Trading Losses
An investment fund that lost a client's money trading on the foreign exchange market has denied running a scam, claiming it owes the investor nothing because the losses were part of normal day-to-day trading.
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July 08, 2024
Trader Denies Knowingly Making False Cum-Ex Trades
A British trader who has been convicted of defrauding Denmark in a sham tax reclaim scheme on Monday testified before a London court that he did not knowingly make false trades in order to make fraudulent tax refund applications, in a landmark £1.4 billion ($1.8 billion) trial.
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July 08, 2024
Audit Watchdog Creates New Monitoring, Digital Functions
Britain's accounting watchdog said Monday it will create two new market functions to support enforcement and supervision as well as digital reporting, driving U.K. growth as part of its response to earlier government-led criticisms.
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July 08, 2024
SRA Fines London Firm Over Anti-Money Laundering Failings
The English solicitors' regulator has hit a London law firm with a fine after investigators discovered a series of failures to comply with anti-money laundering regulations.
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July 08, 2024
Hermer Poised To Return Independence To AG Role
The appointment of Richard Hermer KC as attorney general in the new Labour government will restore independence to a position that had become increasingly politicized over recent years, top British lawyers say.
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July 05, 2024
Truckmakers Can Use Pass-On Defense In Price-Fixing Case
European truck manufacturers can argue that local U.K. authorities suing them over a price-fixing cartel passed the inflated costs allegedly paid for vehicles on to residents through tax and service charges, a tribunal ruled Thursday.
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July 05, 2024
Legal Teams' Costs Slashed By £253M In UK Dieselgate Case
Legal teams involved in unprecedented U.K "Dieselgate" vehicle emissions tests litigation had more than £250 million ($320 million) of their budgets slashed on Friday after a High Court judge ruled that the estimated costs were "out of all proportion".
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July 05, 2024
EU Watchdog Sets Out Sustainability Reporting Expectations
The European Union's financial markets regulator on Friday set out its expectations on new sustainability reporting standards for large companies with shares listed on stock exchanges and their regulators.
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July 05, 2024
Bitcoin Fraudster Gets £1.5M Of Assets Frozen
A London court on Friday froze assets worth over £1.5 million ($1.9 million) belonging to Craig Wright, the man who falsely claimed to be the inventor of bitcoin, to cover the costs of a cryptocurrency podcaster who had to defend against Wright's defamation allegation.
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July 05, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen collapsed sports television company Arena Television hit Bank of Scotland and Lloyds Bank with a claim, James Vorley, the Deutsche Bank metals trader convicted of fraud, sue his former employer, and journalist John Ware file a defamation claim against Pink Floyd band member Roger Waters and Al Jazeera Media Network. Here, Law360 looks at these and other new claims in the U.K.
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July 05, 2024
Barrister Struck Off After Buying Drugs From Clients
A tribunal has disbarred a barrister who spent 14 months in prison after he was convicted of buying crystal meth from his drug dealer clients.
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July 05, 2024
Matrix KC Richard Hermer Tapped For Attorney General
Matrix Chambers' human rights barrister Richard Hermer KC will serve as the U.K.'s attorney general in a surprise appointment from newly-elected Prime Minister Keir Starmer late Friday.
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July 05, 2024
Liz Kendall Tapped To Head Labour's DWP Amid Reform Talk
The new Labour government named Liz Kendall as Secretary of State for Work and Pensions on Friday as speculation grew about looming reforms to the U.K. benefits system.
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July 05, 2024
Shabana Mahmood Named Labour's New Justice Secretary
Prime Minister Keir Starmer named former barrister Shabana Mahmood as the Labour government's new justice secretary on Friday following a sweeping victory in the U.K. general election.
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July 05, 2024
Nordea Laundered $4B For Russians, Denmark Police Say
Police in Denmark charged Nordic bank Nordea on Friday with allegedly laundering $3.8 billion for Russian customers, in what could be the biggest violation of the country's safeguards against dirty money.
Expert Analysis
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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.
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Breaking Down The New Rules For High Net Worth Individuals
Andrew Northage at Walker Morris outlines what businesses need to be aware of to ensure ongoing compliance with revised conditions in the U.K. government's updated financial promotion exemptions for high net worth individuals and sophisticated investors, and suggests a few practical tips for businesses to follow.
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How Data Privacy Law Cases Are Evolving In UK, EU And US
To see where the law is heading in 2024, it is worth looking at privacy litigation and enforcement trends from last year, where we saw a focus on General Data Protection Regulation regulatory enforcement actions in the U.K. and EU, and class actions brought by private plaintiffs in the U.S., say lawyers at Morgan Lewis.
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Misleading Airline Ads Offer Lessons To Avoid Greenwashing
Following the Advertising Standards Authority's recent decision that three airlines' adverts misled customers about their environmental impact, companies should ensure that their green claims comply with legal standards to avoid risking reputational damage, which could have financial repercussions, say Elaina Bailes and Olivia Shaw at Stewarts.
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CMA Guidance Can Help Businesses Act On Climate Change
Guidance recently published by the Competition and Markets Authority, which explains how competition law applies to sustainability and climate change agreements, provides clarity for businesses seeking to collaborate and emphasizes the regulator’s open-door policy, says Andrew Maxwell at Freeths.
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An Overview Of UK Short Selling Regulation Reforms
The steps taken by the U.K. government to reform the short selling regime show a thoughtful and considered approach and a willingness to listen to industry feedback in adapting the legacy EU regime to the realities of the U.K. markets, say Anna Maleva-Otto and Matthew Dow at Schulte Roth.
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Supreme Court Ruling Is A Gift To Insolvency Practitioners
As corporate criminal liability is in sharp focus, the Supreme Court's recent decision in Palmer v. Northern Derbyshire Magistrates' Court that administrators are not company officers and should not be held liable under U.K. labor law is instructive in focusing on the substance and not merely the title of a person's role within a company, say lawyers at Greenberg Traurig.
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What Can Be Learned From Adobe-Figma Merger Termination
The Competition and Markets Authority’s role in the recent termination of the proposed Adobe-Figma merger deal indicates the regulator's intention to be seen as a strong enforcer in the technology sphere, and serves as a warning for companies to address antitrust risks early on in the merger process, say Deirdre Taylor and Molly Heslop at Gibson Dunn.
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How FCA Listing Regime Reform Proposals Are Developing
The Financial Conduct Authority’s recently proposed U.K. equity listings reforms maintain increased flexibility with a disclosure-based approach, but much of the new regime’s success will depend on the eligibility criteria used and whether additional governance will be required for inclusion, say lawyers at Debevoise.
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Major EU AI Banking Ruling Will Reverberate Across Sectors
Following the European Court of Justice's recent OQ v. Land Hessen decision that banks' use of AI-driven credit scores to make consumer decisions did not comply with the General Data Protection Regulation, regulators indicated that the ruling would apply broadly, leaving numerous industries that employ AI-powered decisions open to scrutiny, say lawyers at Alston & Bird.