Corporate Crime & Compliance UK

  • March 01, 2024

    WealthTek Case Paused For FCA To Weigh Bringing Charges

    A judge on Friday delayed the Financial Conduct Authority's enforcement proceedings against a wealth manager over an £80 million ($101 million) shortfall, finding the watchdog should prioritize deciding whether to charge the company's founder over one of the "most significant frauds" it ever investigated.

  • March 01, 2024

    Ex-Stobart CEO Fights To Argue Conspiracy As A Shareholder

    Stobart Group's former chief executive should not be allowed to retry his claim that he was the victim of a conspiracy to remove him as chair, the company now known as Esken Ltd. told a London court on Friday.

  • March 01, 2024

    Wright Blames Enemies For Forged Email In Satoshi Trial

    Craig Wright hit back on Friday at accusations that he forged an email amid a trial over his claims that he is the inventor of bitcoin, telling a London court that an enemy could have doctored the message to sabotage his case.

  • March 01, 2024

    Greenwashing Risk Warning As EU Plans Benchmark Change

    European asset managers warned on Friday that expected revisions to the rules on benchmarks would remove transparency, hindering the explanations about sustainability that they need to give investors to fight against greenwashing.

  • March 01, 2024

    5 Questions For Ex-Public Prosecutions Director Max Hill KC

    Max Hill KC, the former head of the Crown Prosecution Service, was persuaded to join King & Spalding LLP as a consultant in its special matters and government investigations practice partly because of the changing economic crime landscape in the U.K.

  • March 01, 2024

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

    This past week in London has seen a legal battle between confectionary heavyweight Mars Wrigley UK and a frozen food manufacturer, a trademark infringement claim by Abbott Diabetes Care over glucose monitoring meters, Mercedes-Benz Group hit with two commercial fraud disputes, and the Mediterranean Shipping Company tackle a cargo claim by an insurance company. Here, Law360 looks at these and other new claims in the U.K.

  • March 01, 2024

    Home Office Ankle Tags For Migrants Breached Data Law

    A government pilot scheme to electronically monitor migrants breached privacy law, the U.K.'s data watchdog said on Friday as it issued an enforcement notice and warning.

  • February 29, 2024

    HMRC Uncovers Complex Offshore Tax Avoidance Scheme

    The U.K. tax authority said Thursday that it had exposed a complex tax avoidance scheme operating through a Singapore-based company.

  • February 29, 2024

    Drax May Face Group Litigation Over Greenwashing Claims

    Drax Group PLC shareholders could launch a group legal action against the energy company over claims it faked its environmental credentials to secure £6.5 billion ($8.2 billion) in U.K. government subsidies, the law firm helming the action said.

  • February 29, 2024

    Mozambique President Beats 'Tuna Bonds' Immunity Appeal

    Mozambique's president cannot be sued in England by shipbuilder Privinvest in the country's wide-ranging litigation over the $2 billion "tuna bonds" corruption scandal as a London appellate court on Thursday upheld a ruling that he has immunity as a sitting head of state.

  • February 29, 2024

    European Authorities Arrest 14 In €195M VAT Fraud Probe

    European law enforcement agencies said Thursday that they had arrested 14 people suspected in a €195 million ($211 million) value-added tax fraud across 17 countries.

  • February 29, 2024

    Global Regulator Seeks Stronger Swiss Bank Safeguards

    A global standards setter recommended on Thursday that the Swiss authorities introduce tougher rules for the country's biggest banks as it learns from the crisis that led to the rushed UBS-Credit Suisse merger in 2023.

  • February 29, 2024

    Academic Says Richard III Film Shows Him As Misogynistic

    A university academic who oversaw the discovery of Richard III's remains told the High Court in the first stage of a libel trial on Thursday that a Steve Coogan film portrays him as devious, misogynistic, patronizing and disablist.

  • February 29, 2024

    FCA Plan To Name Suspect Firms Early Alarms Finance Sector

    Plans put forward by the Financial Conduct Authority to name companies under investigation early might unfairly cause "catastrophic" damage to reputations, even if the regulator later drops the case, according to lawyers.

  • February 29, 2024

    £1.84B Of Gov't-Backed COVID Loans Suspected Fraudulent

    Some £1.84 billion ($2.32 billion) of U.K. government-backed COVID-19 loans granted to help businesses through the pandemic are suspected to be fraudulent, the Department for Business and Trade said Thursday.

  • February 29, 2024

    Meta Hit With GDPR Complaints By EU Consumer Groups

    Meta has been accused of "massive illegal data processing" by eight European consumer groups, which alleged on Thursday that the tech giant's "consent or pay" choice for customers is a cover-up for obtaining sensitive personal information.

  • February 29, 2024

    Car Leasing Execs To Face 2026 Trial In £88M SFO Fraud Case

    Two directors of a failing car leasing company accused by the Serious Fraud Office of carrying out an £88 million ($111 million) investment fraud are set to face trial in September 2026, a judge confirmed on Thursday. 

  • February 28, 2024

    Autonomy Founder's Fraud Trial Risks 'Morass,' Judge Warns

    The California federal judge overseeing the upcoming criminal fraud trial of Autonomy founder Mike Lynch over the software company's $11.7 billion sale to Hewlett-Packard warned prosecutors and defense attorneys Wednesday about growing estimates for the trial's length, saying they're "going to lose [jurors] in the morass" of a monthslong trial.

  • February 28, 2024

    MPs Launch Inquiry Into Effectiveness Of Russia Sanctions

    Parliament's Treasury Select Committee on Thursday said it is launching a parliamentary inquiry into whether Britain's sanctions against Russia have been effective in hampering the Kremlin's ability to finance its war with Ukraine.

  • February 28, 2024

    Fieldfisher Hires New ESG Chief From BCLP

    Fieldfisher LLP has recruited a former general counsel at Bryan Cave Leighton Paisner LLP to lead its environmental, social and governance function as the law firm continues building its credentials in sustainability.

  • February 28, 2024

    Insurer To Pay £15K To End Abuse Payout Row With Ex-Vicar

    The Church of England's main insurer has agreed to pay £15,000 ($18,950) in a settlement to resolve a dispute over a former vicar's liability for money the insurer paid to settle victims' claims after he was convicted of child abuse.

  • February 28, 2024

    IPO Launches Campaign To Fight Risky Fake Cosmetics

    The Intellectual Property Office said Wednesday it wants to crack down on demand for fake beauty and hygiene products with a campaign designed to educate consumers called "Choose Safe Not Fake," following research that buyers were unaware of the health risks they posed.

  • February 28, 2024

    Post Office Confirms Investigation Into Own CEO

    The U.K. Post Office has confirmed that its chief executive is facing an investigation after the former chair alleged that the CEO had considered resigning amid the probe and the ongoing scandal over the wrongful convictions of subpostmasters.

  • February 28, 2024

    Bogus Insurance Claim Lawyer Seeks To Overturn Striking Off

    A solicitor who made a false insurance claim over a road traffic accident urged a court on Wednesday to restore him to the profession, saying that a tribunal did not consider the "exceptional circumstances" of the case.

  • February 28, 2024

    Sanctions Ruling Affords Gov't Leeway In Foreign Affairs

    The failed attempt by two wealthy businessmen to overturn U.K. sanctions on appeal has underscored the court's limited role in questioning matters of foreign policy, even though the judiciary has carved out a larger role in weighing the proportionality of individual sanctions, lawyers say.

Expert Analysis

  • Key Points From EC Economic Security Screening Initiatives

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    Lawyers at Herbert Smith analyze the European Commission's five recently announced initiatives aimed at de-risking the EU's trade and investment links with third countries, including the implementation of mandatory screening mechanisms and extending coverage to investments made by EU companies that are controlled subsidiaries of non-EU investors.

  • Following The Road Map Toward Quantum Security

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    With the Financial Conduct Authority’s recent publication of a white paper on a quantum-secure financial sector, firms should begin to consider the quantum transition early — before the process is driven by regulatory obligations — with the goal of developing a cybersecurity architecture that is agile while also allowing for quantum security, say lawyers at Cleary.

  • Why EU Ruling On Beneficial Ownership May Affect The UK

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    Following the EU judgment in Sovim v. Luxembourg that public access to beneficial ownership information conflicts with data protection rights, several British overseas territories and dependencies have recently reversed their commitment to introduce unrestricted access, and challenges to the U.K.’s liberal stance may be on the cards, says Rupert Cullen at Allectus Law.

  • UK Gov't Response Clarifies AI Regulation Approach

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    Although the U.K. government’s recent response to its artificial intelligence consultation is a clear signal of its continuing pro-innovation approach to AI regulation, high-level systems are likely to be the focus of scrutiny and organizations may consider reviewing measures they have implemented to help identify risks, say Christopher Foo and Edward Machin at Ropes & Gray.

  • Key Changes In FRC Code Aim To Promote Good Governance

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    The focus of the recently published Financial Reporting Council Corporate Governance Code on risk management and internal controls is to ensure the competitiveness of the U.K. listing regime while not compromising on governance standards, and issuers may wish to consider updating their policies in order to follow best practice, say lawyers at Debevoise.

  • Ruling In FCA Case Offers Tips On Flexible Work Requests

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    In Wilson v. Financial Conduct Authority, the Employment Tribunal recently found that the regulator's rejection of a remote work request was justified, highlighting for employers factors that affect flexible work request outcomes, while emphasizing that individual inquiries should be considered on the specific facts, say Frances Rollin, Ella Tunnell and Kerry Garcia at Stevens & Bolton.

  • EU Vote Delay Puts Course Of Sustainability Directive In Doubt

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    With time to adopt the proposed EU Corporate Sustainability Due Diligence Directive during this Parliamentary term running out, and with upcoming elections threatening political uncertainty, the degree of compromise that may be needed to secure a "yes" vote now could undermine the shift the legislation seeks to achieve, say lawyers at Simpson Thacher.

  • Full EU Import Border Controls Pose Hurdles For UK Cos.

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    The U.K.’s long-anticipated introduction of full border controls on imports of goods from the EU, due to complete by the end of 2024, brings the system broadly into line with goods imported from the rest of the world, but may result in delays, increased costs and disruption as businesses adapt, say Ben Chivers and Jonathan Rush at Travers Smith.

  • 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.

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