Corporate Crime & Compliance UK

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ENRC Settlement Shows SFO Ready To Draw Line Under Past

The Serious Fraud Office's recent settlement ending litigation with Eurasian Natural Resources Corp. over alleged misconduct by its officials sidesteps weeks of awkward testimony to free the agency to pursue its growing caseload while drawing another line under its blighted investigation into the miner.
November 22, 2024
Former Nigerian Politician Denies NCA Bribery Charges

A former Nigerian oil minister pleaded not guilty in London on Friday to accepting cash, cars and luxury goods, appearing in court alongside two associates who also denied steering the bribes her way in exchange for oil and gas contracts worth millions of pounds.
November 21, 2024
Glencore Failed Checks In Chad Oilfield Toxic Spill

Glencore UK did not take appropriate steps to prevent and mitigate a 2018 toxic spill in one of its Chad oilfields, the U.K. government announced Thursday following a years-long probe into the incident.
November 21, 2024
Chauffeur Startup Founder Bids To Sue 'Disinformation' Sites

The founder of an international luxury chauffeur ride-hailing company asked a London court Thursday to allow him to sue the anonymous publishers of two websites, saying that they are likely part of a "disinformation campaign" against him.
November 21, 2024
Ex-CBA Chief Gets Majority Of Sexual Misconduct Case Nixed

The former chair of the Criminal Bar Association, Jo Sidhu KC, was unable to get the entirety of a sexual misconduct case involving a female law student thrown out, but a professional tribunal on Thursday set aside allegations involving two other aspiring lawyers.
November 21, 2024
EU Watchdogs Set Rules On Sharing Staff Fitness Reports

European Union regulators have set out guidelines for their new information exchange system to help national regulators assess the suitability of senior managers for key roles in financial services.
November 21, 2024
SFO Opens Investigation Into Thales Over Suspected Bribery

The Serious Fraud Office said Thursday that it has opened an investigation into "serious allegations" of bribery and corruption at the international aviation and defense electronics giant Thales SA.
November 21, 2024
Sanctions Enforcer Alerts Businesses To Russian Oil Dealing

The U.K. sanctions enforcer warned companies on Thursday to be on the lookout for red flags when dealing in oil, after identifying cases where shipments from Russia have been manipulated to appear from elsewhere to thwart sanctions.
November 21, 2024
Capt. Tom's Family Benefited Financially From Charity Ties

The family of Captain Tom Moore earned more than £1 million ($1.27 million) from the charity set up in his name to fund the National Health Service and other good causes during the COVID-19 pandemic, a watchdog said Thursday in a scathing report.
November 21, 2024
LetterOne Loses 1st Security Act Challenge On Forced Sale

An investment group backed by Russian oligarchs has failed to convince a court that the U.K. government unfairly forced it to sell a regional broadband provider — in the first legal challenge to a decision under the National Security and Investment Act 2021.
November 21, 2024
FCA Weighing Wider Impact Of Motor Finance Ruling

The Financial Conduct Authority said it is considering issuing guidance amid growing legal uncertainty over commission arrangements following a bombshell court ruling on motor finance.
November 21, 2024
Ex-Barrister Loses Appeal Over Disbarment For Misconduct

A judge has tossed out a former barrister's bid to appeal against his disbarment, saying that a tribunal was right to conclude that it was fair to impose the most serious possible sanction because of his long history of infractions.
November 21, 2024
UK Sanctions Angola's Dos Santos, Others For Looting Nations

The British government hit three kleptocrats, including Africa's richest women, and their associates with sanctions and travel bans on Thursday, saying that they siphoned millions of pounds from their countries and concealed their illegal assets in the U.K.
November 20, 2024
5 Charged For 'Scattered Spider' Phishing Hacks, Crypto Theft

California federal prosecutors unveiled a criminal case Wednesday accusing five alleged members of the "Scattered Spider" cybercrime group of using a phishing scheme to access the confidential data of media and technology companies and steal $11 million worth of cryptocurrency from digital wallets.
November 20, 2024
Pfizer, Flynn Still Face Fines Over Epilepsy Drug Sale To NHS

Britain's competition tribunal issued a ruling Wednesday imposing £69 million ($87.2 million) in fines on Pfizer Ltd. and Flynn Pharma Ltd. for claims they overcharged for an epilepsy drug, after setting aside a decision from enforcers and finding its own violations.
November 20, 2024
Irish Social Democrats Run On Wealth Tax For Millionaires

Ireland's Social Democrats are campaigning for this month's general election on a 0.5% tax on individuals' assets over €1 million ($1.1 million) — excluding homes, family businesses, art and pensions — and 1% for assets over €2 million, according to its manifesto.
November 20, 2024
Teacher Stern Breached Regs With Payments, SRA Alleges

The English solicitors regulator accused commercial firm Teacher Stern LLP and two partners of effectively providing banking services to two clients by allowing them to transfer money that was not related to an underlying legal transaction or service.
November 20, 2024
ICO Compliance Officer Loses 'Character Assassination' Claim

The Information Commissioner's Office has beaten a claim by a compliance officer that his manager discriminated against him by trying to sway the outcome of a probe into his alleged misconduct, as a tribunal found there was limited evidence that his allegations were true.
November 20, 2024
Watchdog Censures Insurance Agency Over Breaches In Sales

The Competition and Markets Authority censured Prima Insurance on Wednesday for failing to properly explain the costs over more than a year of a policy add-on to thousands of consumers.
November 20, 2024
Marsh Says Greensill Bank Can't Add It To Australian Dispute

Marsh urged a court Wednesday to maintain an order banning Greensill Bank AG from dragging it into litigation in Australia linked to the collapse of the wider group, arguing that the lender is bound by an English jurisdiction clause in its contract with the insurance broker.
November 20, 2024
All Eyes On The SFO After LC&F Ponzi Scheme Ruling

Damning findings in civil litigation that the directors of London Capital & Finance ran the bonds company as a Ponzi scheme could foreshadow the Serious Fraud Office's parallel criminal investigation into the failed £237 million ($300 million) investment business, lawyers say.
November 20, 2024
Top UK Court Rejects Bedzhamov Russian Bankruptcy Order

The U.K. Supreme Court refused Wednesday to recognize a Russian bankruptcy order against two properties owned by banker Georgy Ivanovich Bedzhamov in Britain, confirming a legal principle that foreign courts do not have jurisdiction over English land.
November 19, 2024
EU Sanctions Bite Russian Patent Holders At EPO

The European Patent Office has rolled out fresh restrictions on patent requests made by Russian or Russian-affiliated entities, as it looks to bring the patent authority in line with the European Union's latest round of sanctions.
November 19, 2024
Cuban Bank Can't Block Fund's €72M Debt Claim

Cuba's former central bank can't block an offshore fund from suing it for over €72 million ($76.2 million) of unpaid sovereign debt because the lender authorized the assignment of the debt to the fund, a London appeals court ruled Tuesday.
November 19, 2024
Court Staffer Fired For Bad Performance, Not Race

An usher who left an East London courtroom unattended, allowing a member of the public to enter and "violently throw a holy book on the court floor," has lost her race discrimination case after a tribunal found that she was dismissed because of her performance.
November 19, 2024
Airbnb Ireland Puts Aside $1B For Tax Investigations

Airbnb has put aside €950 million ($1 billion) in Ireland during talks with the Italian Revenue Authority over a tax audit, according to company accounts reported in Irish media.

Editor's Picks

FCA's £29M Fine Of Starling Sends Wider Compliance Warning

The Financial Conduct Authority hit Starling Bank Ltd. with a £28.9 million ($38.4 million) fine on Wednesday for inadequate anti-money laundering and sanctions controls. This has sent a wider warning to companies that compliance levels must match growth.
NCA Ducks Litigation Risk In 1st Seizure Of Sanctioned Assets

The decision by the National Crime Agency to secure the forfeiture of the assets of a sanctioned Russian oligarch is a pragmatic victory that avoids the risk of setting a damaging legal precedent, lawyers say.
How 3 Firms Cleared 2 Ex-Autonomy Execs In HP Fraud Case

A California federal jury's rejection last week of fraud charges against the founder and former finance vice president of British software company Autonomy validated an approach by the defendants' three law firms — Steptoe, Clifford Chance and Bird Marella — to form a "seamless" collaboration throughout the trial, from jury selection to closing arguments.

Expert Analysis

When Investigating An Adversary, Be Wary Of Forged Records

Warnings against the use of investigators who tout their ability to find an adversary’s private documents generally emphasize the risk of illegal activity and attorney discipline, but a string of recent cases shows an additional danger — investigators might be fabricating records altogether, says Brian Asher at Asher Research.
EU Enviro Directive Compliance Must Be A Priority For CEOs

The new European Union Environmental Crime Directive makes clear that criminal liability of a company for causing environmental damage does not preclude proceedings being brought against individuals who aid and abet, including CEOs, board members and other corporate leaders, say lawyers at Crowell & Moring.
New Offense Expands Liability For Corporate Enviro Fraud

The Economic Crime Act's new corporate fraud offense — for which the Home Office recently released guidance — underscores the U.K.'s commitment to hold companies accountable on environmental grounds, and in lowering the bar for establishing liability, offers claimants a wider set of tools to wield against multinational entities, say lawyers at Bracewell.
CMA Heat Maps Call Attention To Warning Letters

The Competition and Markets Authority's first heat maps illustrating the location of warning letters sent to businesses are intended to increase awareness of the letters, and provide new information that reflects distribution and density across the U.K., says Matthew Hall at McGuireWoods.
What UK Security Act Report Indicates For Future Gov't Policy

Following the recent publication of the National Security and Investment Act report on the scrutiny of proposed investments, it will be interesting to see how the act’s powers fit into a government policy that plans to cut regulatory obstacles, while maintaining a hard line on national security, say lawyers at Katten Muchin.
What UK Takeover Code's Narrowed Focus Will Mean For Cos.

In narrowing its scope of application, the U.K. Takeover Panel's forthcoming amended code will have practical implications for U.K.-registered companies and ultimately provide greater market clarity and certainty, say lawyers at Davis Polk.
Examining UK And EU Approaches To Sanctions Enforcement

In light of the Financial Conduct Authority’s recent £28.9 million fine of Starling Bank for its lax sanctions screening processes, businesses should understand both the U.K.’s and the European Union’s enforcement approaches, the larger sanctions landscape and the importance of cooperation, says Angelika Hellweger at Rahman Ravelli.
M&A Takeaways From 1st EU Foreign Subsidies Merger Ruling

The European Commission’s recent decision on the merger between e& and PFF Telecom is the first to approve a transaction subject to commitments under the Foreign Subsidies Regulation, serving as a helpful guide by confirming that behavioral measures ring-fencing EU activities from the potential effect of third-country subsidies are acceptable, say lawyers at Cleary.
What New Int'l Treaty Means For Global AI Regulation

Lawyers at Bird & Bird consider how global artificial intelligence regulation will be affected by the first international AI treaty recently signed by the U.S., EU and U.K., as well as its implications for business and several issues that stakeholders should be aware of.
Factors Driving EU Competition Policy For The Next 5 Years

Teresa Ribera Rodríguez’s recent nomination as the new European Union commissioner for competition prompts questions about policy and enforcement, with goals to enhance competition in business, implement stronger and faster enforcement, and promote and fund decarbonization likely in her sights during a five-year term, say lawyers at Linklaters.
2 Highlights From Labour's Notable Employment Rights Bill

The Labour government’s recently unveiled Employment Rights Bill marks the start of a generational shift in U.K. employment law, and its updates to unfair dismissal rights and restrictions on fire-and-rehire tactics are of particular note, say lawyers at Covington.
How Energy Scheme Is Affecting Large Co. Fund Investment

The latest phase of the Department of Energy and Climate Change's Energy Savings Opportunity Scheme implicates funds with investments in large companies by establishing significant and complex changes to the reporting cycle for mandatory assessments, say lawyers at Macfarlanes.
How Companies House Enforcement Powers Are Growing

Companies House's recently increased ability to assess what material is submitted to the U.K. register of companies, and to proportionately enforce where violations have occurred, may require some degree of cultural shift within many companies, say lawyers at Greenberg Traurig.
How New Sanctions Office Will Affect UK Trade Landscape

The recent launch of the Office of Trade Sanctions Implementation will help to create a more comprehensive civil enforcement terrain, but the potential for multiple investigations means businesses should reassess their systems to ensure they do not inadvertently incur civil liability, says Julia Pearce at Robertson Pugh.
FCA Savings Update Focuses On Good Customer Outcomes

The Financial Conduct Authority’s recent cash savings update emphasizes its expectations of firms to deliver fair value to consumers by documenting the rationale for actions at each stage, considering customer communications and demonstrating that potential harms are acted upon, say Matt Handfield, Charlotte Rendle and Caroline Hunter-Yeats at Simmons & Simmons.