Corporate Crime & Compliance UK

  • September 11, 2024

    TV Property Developer Appears In Court On Fraud Charges

    A television property developer appeared at a London criminal court on Wednesday to face charges for the first time that he defrauded a U.S. rental company out of £2 million ($2.6 million).

  • September 11, 2024

    Oil Biz Sues Ex-Chief Exec For Allegedly Embezzling €144M

    A Singapore-based petroleum company has accused its former chief executive and "de facto" chief financial officer of embezzling €143.8 million ($158.8 million) to pay for the acquisition of North Sea oil assets, according to a legal claim filed in London.

  • September 10, 2024

    TPG, Rosatom Seek To Bar Jailed Oligarch's $14B Fraud Claim

    Russia's state atomic energy corporation and private equity firm TPG Group on Tuesday urged a London judge to block an imprisoned oligarch's $14 billion fraud conspiracy claim over the alleged seizure of his port and transport businesses led by the Russian state.

  • September 10, 2024

    UK Watchdogs Link Up To Tackle Cybersecurity Enforcement

    The U.K.'s data protection watchdog said Tuesday that it has signed a new cooperation agreement with the country's top criminal investigator to help tackle cybercrime in the U.K.

  • September 10, 2024

    Meet The Lawyers Tapped To Defend In Glencore Bribery Case

    Six former Glencore employees, including the commodity giant's billionaire former head of oil, who have been charged with bribery by the Serious Fraud Office, have tapped an all-star list of the U.K.'s most experienced trial solicitors and barristers with a track record of prevailing against the white-collar agency.

  • September 10, 2024

    Symbion Claims 'Serious Defects' In Power Plant Arbitration

    A U.S. power engineering company has urged a New York federal court to rip up an arbitral award issued over a sourced project in Madagascar, arguing that the process was tainted by "a myriad of serious defects" that led to an unfair decision.

  • September 10, 2024

    EU Nations OK To Seize Profits From Brokering Russia Trade

    European Union countries are permitted to confiscate the proceeds of a brokering transaction that are covered by the EU's sanctions against Russia even if the goods never enter the bloc, the EU's highest court said Tuesday.

  • September 10, 2024

    Local Gov't Audit Deadlines 'Necessary Step,' Watchdog Says

    Legislation recently tabled in Parliament that introduces statutory deadlines for local authorities and their auditors to publish accounts is a "necessary step" to rebuild a system hampered by delays, Britain's accounting watchdog said Tuesday.

  • September 10, 2024

    FCA Charges 1st Individual With Running Illegal Crypto-ATMs

    The Financial Conduct Authority said Tuesday that it has launched its first criminal prosecution of an individual suspected of running a network of illegal cryptocurrency ATMs.

  • September 10, 2024

    Investors Sue Broker For Assisting $129M Forex Fraud

    A group of investors who lost tens of millions of dollars in a fraudulent foreign exchange scheme have sued a London broker for approximately $43 million for allegedly providing credit for the company to trade through brokerage accounts which perpetuated the fraud.

  • September 10, 2024

    Glencore's Billionaire Ex-Head Of Oil In Court Over Bribery

    Six former Glencore employees, including the commodity giant's billionaire former global head of oil, appeared at a London court on Tuesday for the first time to face charges of making corrupt payments to an agent in West Africa.

  • September 10, 2024

    Apple Illegally Obtained €13B In State Aid, Top EU Court Rules

    The European Union's highest court ruled on Tuesday that Ireland illegally granted Apple state aid in past tax rulings, requiring the U.S. technology giant to repay €13 billion ($14.3 billion) in back taxes as well as interest.

  • September 10, 2024

    Top EU Court Upholds €2.4B Google Shopping Fine

    The European Court of Justice rejected an appeal from Google on Tuesday challenging a €2.4 billion ($2.7 billion) fine for steering users toward its own comparison shopping service, as the tech giant faces mounting pressure from antitrust enforcers at home and abroad.

  • September 09, 2024

    Spain Hit With $18B Claim Over Massive Malaysia Award

    Spain is facing an $18 billion claim asserted by a group of Filipinos who accuse the country of stymying their efforts to enforce a $14.9 billion arbitral award against Malaysia, which they won following a land use dispute over a portion of territory along the northern coast of Borneo.

  • September 09, 2024

    Brit Fights Fraud Extradition, Says He Is Protected Witness

    A retired British accountant urged a London court Monday to block Spanish authorities' request that he be extradited to face money laundering and fraud charges, arguing that the request is abusive because he is entitled to protection as a witness for prosecutors in related cases.

  • September 09, 2024

    Millicom Denies Ignoring Staffer's Assassination Plot Claim

    Millicom denied claims at a London employment tribunal on Monday that it took no action on allegations that its Tanzanian subsidiary illegally gave the country's government a political opponent's mobile phone location data before a suspected assassination attempt.

  • September 09, 2024

    COVID Contracts Worth £15B Had Corruption 'Red Flags'

    An anti-corruption organization has identified corruption "red flags" in COVID-19 contracts worth more than £15.3 billion ($20 billion) that were awarded by the last Conservative government, equivalent to one in every three pounds spent on contracts issued during the pandemic.

  • September 09, 2024

    FCA Proposes Rules For Banks Delaying Suspicious Transfers

    The Financial Conduct Authority set out guidance on Monday for banks seeking to delay suspicious payment transactions under new legislation as the watchdog seeks to ensure fair treatment for customers and efficient processing.

  • September 09, 2024

    UK Crypto-Marketing Rules Risk Regulatory Overreach

    Legal advisers for crypto-asset companies are concerned by how strenuously the financial watchdog will enforce new guidelines for promoting complex digital financial products for consumers, and have warned that overinterpreting the rules could handicap development of the market.

  • September 09, 2024

    HMRC Fails To Nab £4B In Small-Biz Tax Evasion, Report Says

    HM Revenue & Customs has failed to stop small businesses from dodging more than £4.4 billion ($5.8 billion) in taxes because it lacks a focused strategy to tackle different tax evasion schemes, the U.K.'s National Audit Office reported Monday.

  • September 06, 2024

    Google Hit With Ad Tech Complaint In UK As DOJ Trial Looms

    The U.K.'s competition enforcer accused Google on Friday of abusing its dominance over the technology used to place ads on third-party websites, as the tech giant gears up for a trial on similar claims from the U.S. Department of Justice.

  • September 06, 2024

    UK Litigation Roundup: Here's What You Missed In London

    This past week in London has seen Rockfire Capital sue its former director, Liam Kavanagh, after he was accused of cheating cash-strapped Thurrock Council out of £150 million ($197 million), FedEx launch a claim against an Israeli supply chain business, and a legal dispute between steel magnate Sanjeev Gupta and a former colleague. Here, Law360 looks at these and other new claims in the U.K.

  • September 06, 2024

    FCA Fines, Bans 4 For 'Reckless' Pension Transfer Advice

    Britain's finance watchdog on Friday announced it has fined four people a total of nearly £600,000 ($793,300) and banned them from working in financial services because of pension transfer advice they gave that showed a "reckless disregard" for customers.

  • September 06, 2024

    Swiss Oil Trader Wins Pause Of Wholesaler's Abuja Claims

    A Swiss oil trader won an interim court order Friday to prevent a Nigerian company from pursuing civil claims in the West African country over an alleged fraudulent scheme to misappropriate its cargo or proceeds arising out of a diesel fuel deal.

  • September 06, 2024

    EU Gears Up For New Commission With A Plea: More Women

    European Commission President Ursula von der Leyen is gearing up to distribute the top jobs in foreign trade, economics and antitrust among the new commissioners for their five-year mandate, but she is pressing countries in the bloc to nominate more female candidates.

Expert Analysis

  • Cos. Should Review Cookie Compliance After ICO Warnings

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    The Information Commissioner's Office recently restated its intention to take enforcement action on the unlawful use of nonessential cookies, and with the additional threat of public exposure and reputational damage, organizations should review their policies and banners to ensure they comply with data protection legislation, says Murron Marr at Shepherd & Wedderburn.

  • New Fraud Prevention Offense May Not Make Much Difference

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    By targeting only large organizations, the Economic Crime Act's new failure to prevent fraud offense is striking in that, despite its breadth, it will affect so few companies, and is therefore unlikely to help ordinary victims, says Andrew Smith at Corker Binning.

  • Mitigating And Managing Risks Of AI Use In Private Equity

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    While generative artificial intelligence has the ability to transform private equity firms and their portfolio companies, its deployment brings inherent risks, including those presented by the forthcoming EU AI Act, requiring appropriate risk management strategies, processes and policies to be adopted, says Barry Fishley at Weil.

  • Vodafone Decision Highlights Wide Scope Of UK's FDI Rules

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    The U.K. government’s recently imposed conditions required for its approval of Vodafone and Etisalat’s strategic relationship agreement under its National Security and Investment Act jurisdiction, illustrating the significance of the act as an important factor for transactions with a U.K. link, says Matthew Hall at McGuireWoods.

  • Decoding UK Case Law On Anti-Suit Injunctions

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    The English High Court's forthcoming decision on an anti-suit injunction filed in Augusta Energy v. Top Oil last month will provide useful guidance on application grounds for practitioners, but, pending that ruling, other recent decisions offer key considerations when making or resisting claims when there is an exclusive jurisdiction clause in the contract, says Abigail Healey at Quillon Law.

  • Consultation Docs Can Help EU Firms Prep For Crypto Regs

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    Firms providing crypto services should note two recent papers from the European Securities and Markets Authority defining proposals on reverse solicitation and financial instrument classification that will be critical to clarifying the scope of the regulatory framework under the impending Markets in Crypto-Assets Regulation, say lawyers at Hogan Lovells.

  • A Closer Look At Novel Jury Instruction In Forex Rigging Case

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    After the recent commodities fraud conviction of a U.K.-based hedge fund executive in U.S. v. Phillips, post-trial briefing has focused on whether the New York federal court’s jury instruction incorrectly defined the requisite level of intent, which should inform defense counsel in future open market manipulation cases, say attorneys at Lankler Siffert.

  • Investors' Call For Voting Changes Faces Practical Challenges

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    A recent investor coalition call on fund managers to offer pass-through voting on pooled funds highlights a renewed concern for clients’ interests, but legal, regulatory and technological issues need to be overcome to ensure that risks related to the product are effectively mitigated, says Angeli Arora at Allectus.

  • Litigation Funding Implications Amid Post-PACCAR Disputes

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    An English tribunal's recent decision in Neill v. Sony, allowing an appeal on the enforceability of a litigation funding agreement, highlights how the legislative developments on funding limits following the U.K. Supreme Court's 2023 decision in Paccar v. Competition Appeal Tribunal may affect practitioners, say Andrew Leitch and Anoma Rekhi at BCLP.

  • EU Product Liability Reforms Represent A Major Shakeup

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    The recent EU Parliament and Council provisional agreement on a new product liability regime in Europe revises the existing strict liability rules for the first time in 40 years by easing the burden of proof to demonstrate that a product is defective, a hurdle that many had previously failed to overcome, say Anushi Amin and Edward Turtle at Cooley.

  • Amazon's €32M Data Protection Fine Acts As Employer Caveat

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    The recent decision by French data privacy regulator CNIL to fine Amazon for excessive surveillance of its workers opens up a raft of potential employment law, data protection and breach of contract issues, and offers a clear warning that companies need coherent justification for monitoring employees, say Robert Smedley and William Richmond-Coggan at Freeths.

  • What Extension Of French FDI Control Means For Investors

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    The recently published French order on foreign investment control expands the regime's application to more sectors and at a lower threshold of share ownership, illustrating France's determination to maintain sovereignty over its supply chains in sensitive sectors, and adding new considerations for potential investors in these areas, say lawyers at Linklaters.

  • What To Expect For Private Capital Investment Funds In 2024

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    As 2024 gets underway, market sentiment in the private fundraising sphere seems more optimistic, with a greater focus on deal sourcing and operational optimizations, and an increased emphasis on impact and sustainability strategies, say lawyers at Ropes & Gray.

  • Cayman Islands Off AML Risk Lists, Signaling Robust Controls

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    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.

  • EU Report Is A Valuable Guide For Data Controllers

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    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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