Corporate Crime & Compliance UK

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Wave Of Decisions Reshapes UK Competition Tribunal

A series of last-minute antitrust rulings in Britain have reshaped vital battleground issues affecting funding, certification and limitation, raising thorny questions about how the country's competition regime functions.
December 04, 2023
Businesses Deny Fraud In Fight Over Oligarch's $3.7B Assets

Five Panamanian companies have denied taking part in an international fraud to deprive the immediate family of a dead Russian billionaire of assets worth up to $3.7 billion.
December 04, 2023
Global Body Issues Third-Party Financial Risks Toolkit

A global standards setter unveiled on Monday a comprehensive toolkit designed to strengthen the ability of financial institutions to manage risks arising from providers of third-party services and to boost the resilience of the global financial system.
December 04, 2023
Clifford Chance Lawyer Traded Shares On Banker Bro's Order

A former Clifford Chance lawyer traded shares on his brother's orders, knowing that the Goldman Sachs banker had inside information on the companies whose stocks they were buying and selling, the Financial Conduct Authority told a London court on Monday.
December 04, 2023
FCA Proposes Tough Rules For Selling Overseas Funds In UK

The Financial Conduct Authority proposed tough new rules on Monday that would enable asset managers to sell overseas funds to U.K. retail investors if the Treasury finds they are regulated to the same standard.
December 04, 2023
Telecom Co.'s £327M Loan Suit Is Too Late, Billionaire Says

The daughter of Angola's former president has told the High Court in London that the country's largest telecoms operator has waited too long to bring a £327 million ($414 million) claim to recover loans issued when she chaired the business.
December 01, 2023
TV Anchor Wins 9-Yr. Tax Fight Over BBC Employment Status

Presenter Kaye Adams was not a mislabeled BBC employee and does not owe £124,440 ($157,000) in back taxes, a tax tribunal has ruled in her nine-year dispute with HM Revenue & Customs.
December 01, 2023
EU Cyber Resilience Act Moves Closer To Becoming Law

The European Council and the European Parliament have reached a political agreement on the Cyber Resilience Act, which will introduce tougher rules for digital goods and services coming into the European Union.
December 01, 2023
UK Litigation Roundup: Here's What You Missed In London

This past week in London has seen Lenovo Group and LM Ericsson embroiled in a patent dispute, Jaguar Land Rover face legal action from a number of employees over contract breaches, and Dexia Credit file another swaps claim with property administrator Patrimonio del Trentino. Here, Law360 looks at these and other new claims in the U.K.
December 01, 2023
Hilton Hotel Deflects Liability For Rare Coin Theft

A Hilton hotel has denied liability for the theft of £450,000 ($568,000) of property including rare coins from a guest's room, arguing the actions of the maid who allegedly let the thieves in were a contractor's responsibility.
December 01, 2023
Briton Faces US Extradition Over Darknet Card Market

A British man faces extradition to the U.S. to face trial over allegations that he was involved in a fraud and money laundering ring which sold stolen financial information on the darknet after a London court blocked his attempt to challenge it again.
December 01, 2023
SFO Nets Just £450K After $500M Balli Steel Fraud

The Serious Fraud Office confiscated just £450,000 ($570,000) on Friday from former Balli Steel company executives who were convicted of orchestrating a $500 million fraud after prosecutors admitted that a luxury property and other assets were beyond their reach.
November 30, 2023
Financier Can't Trim Publisher's Defense In Vatican Libel Case

An Anglo-Italian financier failed to have an Italian newspaper's defense against his libel suit cut down on Thursday, as a London judge ruled that the business executive had not passed the "high hurdle" needed to do so.
November 30, 2023
Ex-Post Office Lawyer Denies Writing 'Bandwagon' Emails

A former in-house Post Office lawyer told an inquiry on Thursday that an email where he described an innocent sub-postmistress that raised concerns about the IT system as "jumping on the Horizon-bashing bandwagon" must have been dictated to him by others.
November 30, 2023
Drivers Poised To Sue BMW, Mercedes-Owned Free Now App

Leigh Day is assembling a claim against German ride-hailing app Free Now on behalf of at least 20,000 drivers, the latest claim seeking to recover unpaid wages for allegedly misclassified gig-economy workers.
November 30, 2023
Lawyer, Banker Brothers On Trial For Insider Dealing

A former Clifford Chance lawyer and his Goldman Sachs analyst brother used insider information to "gamble on the stock exchange" with money they unlawfully obtained from a U.K. lender, the Financial Conduct Authority told jurors at a London trial on Thursday.
November 30, 2023
EU Lawmakers Agree Deal For New SLAPPs Law

European Union lawmakers have reached a deal with member states for new legislation to protect journalists and human rights defenders against unfounded and abusive litigation, the European Parliament said Thursday.
November 30, 2023
UK Moves To Collect Unpaid Tax On Crypto-Assets

The U.K. tax authority has launched a campaign to encourage investors in crypto-assets to disclose taxes owed on capital gains — or face penalties for failing to comply.
November 30, 2023
Lawyer Who Told Client About SFO Probe Avoids Prison

A City solicitor was hit with a nine-month suspended prison sentence at a London court on Thursday for tipping off a client about an anti-money laundering investigation by the Serious Fraud Office.
November 30, 2023
Irish Watchdog Fines Fund €192K For Derivatives Breaches

The Central Bank of Ireland said Thursday it has fined GlobalReach Multi-Strategy ICAV €192,500 ($210,147) for failing to report derivatives trades in its first penalty against an investment fund.
November 30, 2023
FCA Fines 3 Money Transfer Firms £150K For Price Fixing

The U.K. financial watchdog said on Thursday that it has fined three money transfer firms a combined £150,000 ($190,000) after they admitted to fixing prices charged to customers in Glasgow, Scotland, who converted British pounds into Pakistani rupees.
November 30, 2023
CMA Can Revive Probe Into Google, Apple Gaming Services

The Competition and Markets Authority can open a fresh investigation into Apple and Google's mobile browser and cloud gaming services, the Court of Appeal ruled Thursday, overturning a decision that the antitrust regulator had no power to launch the inquiry.
November 30, 2023
Underwriter CFC Shuffles Management After Lloyd's Probe

CFC has said that it has replaced its two most senior executives after Lloyd's of London carried out an investigation into non-financial misconduct at the insurance underwriter.
November 30, 2023
Hopes Rise For Deal On Ownership Rules For EU Tax List

European Union member countries hope they are nearing an agreement on a beneficial ownership criterion for its process of flagging countries outside the bloc that fail to reach international standards on tax transparency, the chair of the listing committee said in testimony Thursday.
November 30, 2023
Carbon Fraudster Gets 8 Extra Years For Not Repaying £2.7M

A former solicitor who persuaded wealthy individuals to invest in fake green projects has been handed almost nine additional years in prison for failing to pay his £2.7 million ($3.4 million) confiscation order, the Crown Prosecution Service has said.
November 29, 2023
Axis Fights To Overturn £6M Payout Over Atty's Fund Misuse

Axis urged the Court of Appeal on Wednesday to overturn a ruling forcing the insurer to pay £6 million ($7.6 million) for a judgment against a law firm that misappropriated client funds, arguing the judge had been "excessively benign" toward a partner at the firm.

Expert Analysis

How EU Sustainability Directive Will Improve Co. Reporting

The need for organizations to make nonfinancial disclosures under the recently adopted EU Sustainability Reporting Standards will significantly change workforce and human rights reporting, and with the objective of fostering transparency, should bring about an increased focus on risks, policies and action plans, say Philip Spyropoulos and Thomas Player at Eversheds Sutherland.
Extradition Ruling Hints At Ways Around High Burden Of Proof

The U.K. Supreme Court's recent ruling in Popoviciu v. Curtea De Apel Bucharest confirmed that, in a conviction extradition case, the requested person must establish a flagrant violation of their right to a fair trial, but the court's reasoning reveals creative opportunities to test this boundary in the U.K. and Strasbourg alike, says Rebecca Hughes at Corker Binning.
What Lawyers Can Learn From FDI Screening Report Findings

The recent European Commission report on the screening of foreign direct investments into the EU reveals how member states need to balance national security concerns with openness, and with more cross-border transactions subject to screening, lawyers must be alert to jurisdictional variances, says Jonathon Gunn at Faegre Drinker.
Why Law Firms Should Heed Calls To Put ESG Over Profit

According to Deloitte’s recent survey, the majority of Gen Z and millennials remain unimpressed with businesses’ societal impact, and junior lawyers in particular are increasingly expecting the legal profession to shift to a business model that prioritizes sustainability above profitability, says Dana Denis-Smith at Obelisk Support.
UK Review May Lead To Lower Investment Screening Burden

The government’s current review of national security investment screening rules aims to refine the scope of mandatory notifications required for unproblematic deals, and is likely to result in much-needed modifications to minimize the administrative burden on businesses and investors, say lawyers at Simpson Thacher.
What Prince Harry Privacy Case May Mean For Media Ethics

An English High Court recently allowed the privacy case brought by Prince Harry and six other claimants against the Daily Mail publisher to proceed, which, if successful, could embolden other high-profile individuals to bring claims and lead to renewed calls for a judicial public inquiry into British press ethics, says Philippa Dempster at Freeths.
Economic Crime Act Exposure: What Companies Can Expect

The intention of the Economic Crime and Corporate Transparency Act is to make it easier to attribute criminal liability to companies if a senior manager has committed an offense, but the impact on corporate criminal convictions depends on who qualifies as a senior manager and the evidential challenges in showing it, say Hayley Ichilcik and Julius Handler at MoFo.
How European Authorities Are Foiling Anti-Competitive Hiring

Lawyers at Squire Patton discuss key labor practice antitrust concerns and notable regulation trends in several European countries following recent enforcement actions brought by the European Commission and U.K. Competition and Markets Authority.
FCA Promotions Review Sends A Strong Message To Firms

The recent FCA review into firms' compliance with the rules on promoting high-risk investments to retail clients clarifies that it expects the letter and the spirit of the rules to be followed, and given the interplay with the consumer duty, there are wider implications at stake, say Marina Reason and Chris Hurn at Herbert Smith.
When Can Bonuses Be Clawed Back?

The High Court's recent decision in Steel v. Spencer should remind employees that the contractual conditions surrounding bonuses and the timing of any resignation must be carefully considered, as in certain circumstances, bonuses can and are being successfully clawed back by employers, say Merrill April and Rachael Parker at CM Murray.
The State Of UK Litigation Funding After Therium Ruling

The recent English High Court decision in Therium v. Bugsby Property has provided a glimmer of hope for litigation funders about how courts will interpret this summer's U.K. Supreme Court ruling that called funding agreements impermissible, suggesting that its adverse effects may be mitigated, says Daniel Williams at DWF Law.
UK Shareholding Report A Missed Opportunity For New Tech

The recommendations in the U.K. Digitization Taskforce's recent report on digitizing and improving the U.K. shareholding framework are moderate but not revolutionary, and its failure to recommend digital ledger technology will impede a full transformation of the system, say Tom Bacon and Andrew Tsang at BCLP.
What Lawyers Need To Know About The UK Online Safety Act

The recently passed U.K. Online Safety Act requires regulated providers to take action to assess and mitigate user risks, and counsel for these companies should take advantage of Ofcom’s clear desire to have a collaborative relationship and improve governance, say Rachael Annear and Tristan Lockwood at Freshfields.
Trial By AI Could Be Closer Than You Think

In a known first for the U.K., a Court of Appeal justice recently admitted to using ChatGPT to write part of a judgment, highlighting how AI could make the legal system more efficient and enable the judicial process to record more accurate and fair decisions, say Charles Kuhn and Neide Lemos at Clyde & Co.
Employer Considerations After Visa And Application Fee Hikes

The U.K.'s recent visa and application fee increases are having a significant financial impact on businesses, and may heighten the risk of hiring discrimination, so companies should carefully reconsider their budgets accordingly, says Adam Sinfield at Osborne Clarke.