Corporate Crime & Compliance UK

  • May 01, 2024

    Pension Scam Group's Future Hit By Lack Of Volunteers

    A voluntary body that works against pensions scams said on Wednesday that it is considering winding up its operations and is concerned that a fall in volunteer numbers might jeopardize its effectiveness.

  • May 01, 2024

    FCA's Investigation Regime May Tarnish Unnamed Individuals

    Financial Conduct Authority proposals to name companies early in investigations will damage the careers of many individuals involved, according to lawyers, with some unnamed employees coming under suspicion that puts them at risk of losing their jobs.

  • May 01, 2024

    Ex-Cartwright King Lawyer Denies Post Office Stalling Tactic

    A former Cartwright King lawyer who prosecuted people for the Post Office based on faulty IT data denied there was a "tactic" to delay the disclosure of vital evidence to the defense, as he gave evidence to the inquiry into the Horizon scandal on Wednesday.

  • May 01, 2024

    Boris Becker Gets UK Bankruptcy Order Lifted

    Boris Becker is no longer bankrupt after a London court released the multiple Grand Slam tennis champion on Wednesday from any further liability arising from his bankruptcy debt in the U.K.

  • May 01, 2024

    SFO Needs Urgent Funding Plan, Disclosure Review Warns

    The Serious Fraud Office "urgently" needs a long-term funding strategy if it is to compete to keep experienced staff, the U.K. prosecution watchdog has warned, although it said the agency has improved its practice on disclosure in investigations.

  • April 30, 2024

    Ex-Autonomy VP Says CEO Lynch Told Him To Lie To Investors

    A former Autonomy business development executive testified Tuesday that CEO Mike Lynch directed him to lie to a hedge fund investor about prepaid royalty deals that boosted the company's upfront revenue numbers, saying at Lynch's criminal fraud trial that it was hard to say no to the "big boss."

  • April 30, 2024

    Cartwright King Warned Post Office Of Giving Defense Ammo

    A Cartwright King lawyer warned that the Post Office announcing an independent review into the IT system used to wrongfully prosecute innocent people would "give ammunition" to the defense, according to documents disclosed to the inquiry into the scandal Tuesday.

  • April 30, 2024

    German Banker Gets 3 Years For €93M Cum-Ex Tax Evasion

    A German court on Tuesday sentenced a former bank board member to three years and two months in prison for his part in a €93.4 million ($100 million) so-called cum-ex dividend tax fraud.

  • May 07, 2024

    Kingsley Napley Hires M&A Pro From Deloitte

    Kingsley Napley LLP has hired a partner from Deloitte LLP as it seeks to expand its corporate practice and its focus on mergers and acquisitions despite the slowdown in the U.K. deals market.

  • April 30, 2024

    Oil Co. Claims Nigeria In For Windfall From $11B Win Legal Bill

    An oil and gas company urged a London appellate court on Tuesday to change the currency for Nigeria's legal costs from a battle over an $11 billion arbitration award due to bribery and fraud, arguing the West African state would profit from exchange rate fluctuations.

  • April 30, 2024

    Deliveroo, Uber Eats Commit To Extra Illegal Working Checks

    Food delivery giants Deliveroo, Just Eat and Uber Eats have agreed to extra security checks to stop delivery drivers from sharing their accounts in a bid to crack down on drivers working illegally, the U.K. government announced Tuesday.

  • April 30, 2024

    EU Banking Watchdog Warns Of New Payment Scams

    The European Union's banking watchdog has warned of the emergence of new forms of payment scams facing consumers and proposed new measures to "future proof" the bloc's anti-fraud rules in an opinion published Tuesday.

  • April 30, 2024

    Insurers Warn Of 'Irreparable Damage' From FCA's New Rules

    An association of insurers in the U.K. warned the country's financial regulator Tuesday that its new proposal to name the firms it probes and publish information about investigations at an earlier stage will cause more harm than good.

  • April 30, 2024

    Tesco Sues Truckmaker Over Emissions Price Fixing Cartel

    Supermarket giant Tesco is seeking damages from Scania after the Swedish truck manufacturer was fined by the European Commission over its role in a price-fixing cartel, according to a claim filed with the U.K.'s antitrust court Tuesday.

  • April 30, 2024

    Ex-DWF Barrister Disbarred Over False Discrimination Claims

    A tribunal disbarred a formed DWF barrister on Tuesday after concluding that he had dishonestly targeted his boss with false allegations of homophobia and racism, possibly to deflect attention from complaints of misconduct made against him.

  • April 29, 2024

    'I Don't Want To Try That Case,' Judge Tells Mike Lynch's Atty

    The California federal judge overseeing Autonomy founder Michael Lynch's fraud trial over claims he duped HP into paying an inflated $11.7 billion for his company pushed back Monday against an attempt by Lynch's lawyer to introduce evidence of events that took place after the acquisition, saying, "I don't want to try that case."

  • April 29, 2024

    Meta Can't Appeal Approval Of £2.3B Data Class Action

    Meta was blocked on Monday from challenging a decision by the Competition Appeal Tribunal to allow a £2.3 billion ($2.8 billion) class action accusing the Facebook owner of exploiting its users' data, after the court found the appeal had "no real prospect of success."

  • April 29, 2024

    DWF Barrister Made False Discrimination Claims, BSB Says

    A former DWF LLP barrister is facing disciplinary action over allegations that he dishonestly and deliberately targeted his boss with false accusations of homophobia and racism.

  • April 29, 2024

    Fugitive Money Launderer Forfeits Auerbach Painting, Gold

    A painting estimated to be worth £1.6 million ($2 million) and gold bars have been taken from a convicted money launderer after the National Crime Agency succeeded in a bid to have them forfeited at a London court Monday.

  • April 29, 2024

    Trade Bodies Want Gov't Action Over 'Damaging' FCA Rules

    A group of 16 financial services trade bodies has called on HM Treasury to intervene over recent Financial Conduct Authority proposals to name companies under investigation, saying the plans could have "damaging consequences" for the U.K.

  • April 30, 2024

    CORRECTED: Marketing Boss Said LC&F Was A Legitimate Biz, Not A 'Rinse'

    The head of a marketing company who referred to London Capital & Finance as a "not a rinse" insisted he was not aware of an alleged Ponzi scheme as he gave evidence on Monday at the trial over the £237 million ($296 million) investment scandal. Correction: An earlier version of the story misstated the content of Careless' 2015 email exchange. The error has been corrected.

  • April 29, 2024

    Ex-Man City Player Benjamin Mendy Pays £710K Tax Debt

    Former Manchester City footballer Benjamin Mendy avoided bankruptcy on Monday after paying a £710,000 ($892,000) tax bill minutes before a court hearing to determine whether an order should be made.

  • April 29, 2024

    Russia Sanctions Creating 'Shadow Fleet,' Insurers Warn

    The increasing compliance burdens that come from a price cap on Russian oil has led to the exodus of 800 tankers from the Western insurance market, a trade association has warned.

  • April 29, 2024

    FCA To Get Extra Data To Police Consumer Credit Lending

    The City watchdog set out on Monday final rules that will require consumer credit lenders to give it more detailed data, enabling it to act against problem companies.

  • April 29, 2024

    More Post Office Convictions Sent For Appeal

    The Criminal Cases Review Commission said on Monday that it has sent the cases of five more Post Office workers who were convicted during the Horizon IT scandal to the Crown Court for appeal, the latest in a string of proceedings to head for review after the major miscarriage of justice.

Expert Analysis

  • 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.

  • UK Court Ruling Reinforces CMA's Info-Gathering Powers

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    An English appeals court's recent decision in the BMW and Volkswagen antitrust cases affirmed that the U.K. Competition and Markets Authority can request information from entities outside the U.K., reinstating an important implement in the CMA's investigative toolkit, say lawyers at White & Case.

  • Cos. Should Plan Now For Extensive EU Data Act Obligations

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    The recently enacted EU Data Act imposes wide-ranging requirements across industries and enterprises of all sizes, and with less than 20 months until the provisions begin to apply, businesses planning compliance will need to incorporate significant product changes and revision of contract terms, say Nick Banasevic, Robert Spano and Ciara O'Gara at Gibson Dunn. 

  • How Decision On A Key Definition Affects SMEs

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    The Financial Conduct Authority's decision not to extend the definition of small and midsized enterprises may benefit banks and finance providers in the current high interest rate environment and where SMEs in certain sectors may be under financial pressure in light of the cost-of-living crisis in order to streamline it, says Rachael Healey at RPC.

  • Together, GDPR And AI Act Can Boost Digital Rights In EU

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    The overlap between the General Data Protection Regulation and the forthcoming EU Artificial Intelligence Act is intriguing in that it demonstrates a shared commitment to upholding individual digital rights, and understanding this synergy is paramount in comprehending how the two domains can work in tandem, says Maria Moloney at PrivacyEngine.

  • Acquisition Of AI Tech Poses Challenges For Media Industry

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    The artificial intelligence regulatory landscape is changing quickly, and media and entertainment companies planning to acquire AI technology through a merger, acquisition or licensing deal should be mindful of potential new compliance requirements and AI-specific insurance products, say lawyers at Covington.

  • What Extending Corporate Liability Will Mean For Foreign Cos.

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    Certain sections of the Economic Crime Act enacted in December 2023 make it easier to prosecute companies for economic crimes committed abroad, and organizations need to consider their exposure and the new ways they can be held liable for the actions of their personnel, say Dan Hudson at Seladore Legal and Christopher Coltart at 2 Hare Court.

  • Due Diligence Pointers After Entain Deferred Prosecution Deal

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    The Crown Prosecution Service's £615 million settlement with Entain last month signifies that the CPS is a serious enforcer of corporate crime, and illustrates the importance of carrying out a tailored risk assessment in preparation for and following an acquisition, say Matthew Cowie and Aziz Rahman at Rahman Ravelli.

  • A Consequential Moment For Sanctions Activity

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    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.

  • ECJ Ruling Triggers Reconsiderations Of Using AI In Hiring

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    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.

  • Economic Crime Act Offers Welcome Reform To AML Regime

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    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.

  • 3 Financial Services Hot Topics To Watch In 2024

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    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.

  • Key Litigation Funding Rulings Will Drive Reform In 2024

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    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.

  • 10 Global Antitrust Trends To Anticipate In 2024

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    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.

  • Breaking Down The New Rules For High Net Worth Individuals

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    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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