Corporate Crime & Compliance UK

  • May 17, 2024

    Imprisoned Oligarch Partly Wins Bid To Expand $14B Claim

    An imprisoned Russian billionaire partly succeeded in a London court Friday in adding new allegations to his $13.8 billion claim alleging his business empire was fraudulently taken in a wide-ranging Russian state conspiracy.

  • May 17, 2024

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

    This past week in London has seen a wave of claims filed against Verity Trustees Ltd., Harley-Davidson hit retailer Next with an intellectual property claim, Turkish e-commerce entrepreneur Demet Mutlu sue her ex-husband and Trendyol co-founder Evren Üçok and the Solicitors Regulation Authority file a claim against the former boss of collapsed law firm Axiom. Here, Law360 looks at these and other new claims in the U.K.

  • May 17, 2024

    SEC Can Try To Show Jurisdiction Over German In $3M Claim

    The U.S. Securities and Exchange Commission will be allowed to pursue evidence to support its case for disgorgement of $3.3 million in allegedly ill-gotten gains from a German man whose son was implicated in a $150 million pump-and-dump scheme, a federal judge in Boston ruled on Thursday.

  • May 17, 2024

    Sanctions Ruling Clarifies Force Majeure Contractual Rights

    A decision by Britain's highest court that a shipowner could reject a client's attempt to sidestep payment restrictions imposed by U.S. sanctions has implications for disputes over force majeure clauses sparked by the effects of those measures, the war in Ukraine and the COVID pandemic on supply chains.

  • May 17, 2024

    Post Office Used Womble Bond To Avoid Looking Like 'Bullies'

    The Post Office retained Womble Bond Dickinson in a civil case brought by victims of the Horizon scandal because a more aggressive law firm might make it look like "bullies," an executive for the organization told an inquiry Friday.

  • May 17, 2024

    Local Authorities Bid To Toss Truck Makers' Pass-On Defense

    A lawyer acting for 136 local authorities across the U.K. urged a tribunal on Friday to prevent European truck manufacturers from arguing that they passed on higher costs allegedly paid for vehicles through higher tax and service charges for residents.

  • May 17, 2024

    FCA To Weigh 'Sensitive, Emotive Issue' Of Probes Policy

    The Financial Conduct Authority has said it "will take time" to consider widespread concerns over its proposals to identify companies or individuals under investigation after lawyers said the move could damage careers.

  • May 17, 2024

    Ex-Investment Manager Gets 6 Years For £19M Ponzi Scheme

    A former investment manager was sentenced to six years in prison on Friday for defrauding hundreds of investors out of £19 million ($24 million) in a Ponzi scheme that prosecutors said helped fuel a lavish lifestyle.

  • May 17, 2024

    Why The NCA's Milestone Bribery Win Is A Hard Act To Follow

    The first bribery conviction of a foreign official in Britain suggests that law enforcers are taking an increasingly active approach to investigations, although lawyers caution that it will be hard to repeat the use of undercover officers secretly recording suspects in financial crime cases.

  • May 16, 2024

    Post Office's Ex-IT Head Says She Blocked Ex-CEO Requests

    The Post Office's former head of information technology said she blocked phone communication from former chief executive Paula Vennells after Vennells contacted her for help to "avoid an independent inquiry" into the wrongful prosecutions of sub-postmasters, according to a document made public in the probe Thursday.

  • May 16, 2024

    Meta Hit With EU Probe Over Child Safety Concerns

    Meta was hit on Thursday with an investigation by the European Commission over concerns its Facebook and Instagram services could promote addictions in children.

  • May 16, 2024

    NCA Says Uyghur Cotton Probe Would Soon Unravel

    The National Crime Agency defended on Thursday its decision to refuse to investigate imported cotton produced in a Chinese province with forced labor, telling an appeals court that it would be kneecapped by the difficulty of separating legal goods from criminal property.

  • May 16, 2024

    FCA Charges Reality TV Stars Over Risky Investment Ads

    The Financial Conduct Authority said Thursday it has charged nine social media influencers and reality TV stars for promoting an unauthorized trading scheme online that dealt with high-risk financial products tied to foreign exchange rates. 

  • May 16, 2024

    Russian Wealth Fund Fails To Curb EU Sanctions

    The European Union's General Court has upheld sanctions against a Russian sovereign wealth fund, ruling it is the "archetypal" company for attracting international investors who sustain the country's war in Ukraine.

  • May 16, 2024

    Nationwide Cited For Compliance Breaches In PPI Market

    The competition watchdog said on Thursday it has written to Nationwide Building Society, telling the lender that it had breached the rules by giving clients incorrect information about insurance covering mortgage repayments.

  • May 15, 2024

    Uyghur Group Fights To Revive Bid For Chinese Cotton Probe

    Campaigners for the Uyghurs told an appellate court Wednesday that Britain was wrong to refuse to launch a broad investigation into imported cotton produced in China with forced labor rather than specific shipments, arguing that the decision could create a market for criminal property.

  • May 15, 2024

    Food Supplier's £1.1M Suit Alleges Ex-Director Inflated Price

    A food product company has alleged its former director owes it over £1.1 million ($1.4 million) for devising a scheme to artificially inflate suppliers' costs and pocketing the difference between the real price.

  • May 15, 2024

    Crypto 'Academy' Closed After Probe Into False Assurances

    A cryptocurrency firm that "recklessly" persuaded customers to put money into investment plans has been wound up after the government's insolvency agency found that the company had given false assurances and traded without regulatory approval.

  • May 15, 2024

    Watchdog Warns Bank CEOs Of Inadequate Recovery Plans

    The Prudential Regulation Authority told the chief executives of smaller U.K. banks and building societies in a letter on Wednesday that their companies should improve recovery plans, saying that they use insufficiently severe scenarios in testing.

  • May 15, 2024

    Ex-Candey Partner Did Not Think Client Funds Were Criminal

    A former Candey partner who is accused of not adequately checking the source of almost £24 million ($30 million) in client funds earmarked for a property purchase told a tribunal on Wednesday that he did not believe the money was the proceeds of crime.

  • May 15, 2024

    Fired Judge Loses Appeal Over Deleting Data During Probe

    A former judge who was removed from office for deleting data relevant to a police investigation had his bid to appeal his dismissal rejected by the High Court on Wednesday as a judge ruled that his removal from the bench was "clearly justified."

  • May 15, 2024

    FCA Charges 3 For Alleged £8M Pension Fraud

    The Financial Conduct Authority said Wednesday it has charged three consultants over an alleged fraudulent investment scheme in which victims lost £8 million ($10.1 million) of their pension savings.

  • May 15, 2024

    Lloyd's Further Tightens 'Cyberwar' Insurance Cover

    Lloyd's of London has tightened rules on members of the specialist insurance market over cover for state-backed cyberattacks.

  • May 15, 2024

    Sanctions Give Shipper Force Majeure Escape From Contract

    Britain's highest court ruled Wednesday that a shipowner should not be forced to vary the payment terms of a freight contract to overcome a potential force majeure event amid concerns about U.S. sanctions.

  • May 15, 2024

    Experts See Risks In FCA's Soft-Touch Response To AI

    The Financial Conduct Authority has so far failed to detail its rules on artificial intelligence and is moving toward a reliance on companies to self-report, putting it at risk of deferring excessively to the sector it regulates, legal experts say.

Expert Analysis

  • Companies House False Filings Raise Issues Of Integrity

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    A recent spate of unauthorized company filings with Companies House raises specific concerns for secured lenders, but also highlights the potential for false filings to be used to facilitate fraudulent schemes, says Daniel Sullivan at Charles Russell.

  • Gov't Probe Highlights Computer-Based Evidence Issues

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    A recently launched U.K. Home Office probe, following the alleged use of faulty data in criminal cases, illuminates the need for scrutiny on the presumed reliability of evidence from computer-based systems, says Jessica Sobey at Stokoe Partnership.

  • UK Courts Continue To Struggle With Crypto-Asset Cases

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    Although the common law has proved capable of applying established principles to crypto-assets, recent cases highlight persistent challenges in identifying defendants, locating assets and determining jurisdiction, suggesting that any meaningful development will likely come from legislative or regulatory change, say Emily Saunderson and Sam Mitchell at Quadrant Chambers.

  • Why Computer Evidence Is Not Always Reliable In Court

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    Recent challenges to the admissibility of encrypted communication from the messaging tool EncroChat highlight the flawed presumption in the U.K. common law framework that computer evidence is always accurate, and why a nuanced assessment of such evidence is needed, say Sam De Silva and Josie Welland at CMS Legal.

  • Comparing The UK And EU Approaches To AI Regulation

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    While there are significant points of convergence between the recently published U.K. approach to artificial intelligence regulation and the EU AI Act, there is also notable divergence between them, and it appears that the U.K. will remain a less regulatory environment for AI in the foreseeable future, say lawyers at Steptoe.

  • Lessons On Using 3rd-Party Disclosure Orders In Fraud Cases

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    The expansion of the gateway for service out of jurisdiction regarding third-party information orders has proven to be an effective tool against fraud since it was introduced in 2022, and recent case law offers practical tips on what applicants should be aware of when submitting such orders, says Rosie Wild at Cooke Young.

  • Compliance Points To Know About The EU Digital Services Act

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    Online service providers in the European Union should prioritize understanding the scope of the recently implemented Digital Services Act, their specific legal obligations under it and the practical steps they must take to comply with the new law while obeying a raft of overlapping EU digital reforms, say Leo Moore and Róisín Culligan at William Fry.

  • Independent Regulator Could Chip Away At FIFA Autonomy

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    After the U.K.'s recent proposal for an independent football regulator, FIFA's commitment to safeguarding football association autonomy remains unwavering, despite a history of complexities arising from controversies in the bidding and hosting of major tournaments, say Yasin Patel at Church Court Chambers and Caitlin Haberlin-Chambers at SLAM Global.

  • A Look At The Latest EU Alternative Investment Regulation

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    Recent amendments to the EU Alternative Investment Fund Managers Directive governing a range of alternative investment funds reflect a growing regulatory focus on nonbanking financial institutions, which expand credit to support economic growth but carry a commensurate risk, say Juliette Mills and Alix Prentice at Cadwalader.

  • Unpacking The Law Commission's Digital Assets Consultation

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    The Law Commission recently published a consultation on recognizing a third personal property category to accommodate the development of digital assets, highlighting difficulties with current models of property rights and the potential consequences of considering digital assets as personal property, say Andrew Tsang and Tom Bacon at BCLP.

  • Unpacking The FCA's Approach To AML Compliance Failures

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    In light of the upward trend of skilled-person reviews by the Financial Conduct Authority, including the latest investigation into Lloyds' anti-money laundering controls, financial firms should familiarize themselves with the mechanisms of FCA supervision and enforcement investigations, says Kathryn Westmore at RUSI.

  • New Russia Sanctions Reveal Int'l Enforcement Capabilities

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    Significant new U.K., U.S. and EU sanctions imposed on Russia notably target Europe-based individuals and entities accused of sanctions evasion, and with an apparent political will to enhance capabilities, the rhetoric is translating into international enforcement activity, say lawyers at Cadwalader.

  • Legal Sector Will Benefit From New Data Security Standard

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    The U.K. Information Commissioner's Office-approved new privacy certification scheme for the legal profession will inevitably become the default for law firms, chambers and vendors to prove their U.K. General Data Protection Regulation compliance, says Orlagh Kelly at Briefed.

  • Spartan Arbitration Tactics Against Well-Funded Opponents

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    Like the ancient Spartans who held off a numerically superior Persian army at the Battle of Thermopylae, trial attorneys and clients faced with arbitration against an opponent with a bigger war chest can take a strategic approach to create a pass to victory, say Kostas Katsiris and Benjamin Argyle at Venable.

  • EU Inquiry Offers First Insight Into Foreign Subsidy Law

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    The European Commission's first in-depth investigation under the Foreign Subsidies Regulation into a public procurement process, and subsequent brief on regulatory trends, sheds light on the commission's approach to such cases, as well as jurisdictional, procedural and substantive issues under the regulation, says Matthew Hall at McGuireWoods.

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