Corporate Crime & Compliance UK

  • May 30, 2024

    EU Adopts New AML Measures, Sets Up Supervisory Agency

    The Council of the European Union adopted anti-money laundering measures on Thursday in a move to close loopholes exploited by organized crime, which include setting up a dedicated agency to fight illicit financial activities across the bloc.

  • May 30, 2024

    Odey Sues FT For Libel After Sexual Misconduct Allegations

    Crispin Odey has sued the Financial Times at a London court after the newspaper published articles that contained a string of allegations of sexual misconduct against the well-known financier.

  • May 29, 2024

    Autonomy Founder Pushed Sales Team Hard, Jury Hears

    A federal prosecutor cross-examining ex-Autonomy CEO Michael Lynch on Wednesday in a criminal fraud trial over claims the British tech tycoon conned HP into overpaying billions for his software company sought to portray Lynch as an overbearing leader who put intense pressure on his team to generate "revenue revenue revenue."

  • May 29, 2024

    Malaysia Plans Suits Over $14.9B Award To Sulu Claimants

    Units of Malaysia's national natural gas company are planning to file litigation in Europe against claimants awarded $14.9 billion and their litigation funder following a high-stakes arbitration with the Southeast Asian country over a 19th-century land deal, according to newly filed documents in New York.

  • May 29, 2024

    EU Unveils Office To Police New Artificial Intelligence Law

    The European Union's executive arm on Wednesday unveiled details of its new AI Office to police compliance with the newly launched Artificial Intelligence Act across member states, including financial services.

  • May 29, 2024

    Russian Billionaire Beats Sanctions Over Lack Of Evidence

    The European Union lacked justification to sanction billionaire Farkhad Akhmedov following Russia's invasion of Ukraine since there's no credible evidence he's a leading figure in economic industries vital to the government, an EU court ruled Wednesday.

  • May 29, 2024

    Barrister Fined For Not Disclosing SRA Investigation

    A lawyer was fined £5,000 ($6,360) Wednesday for not informing the barrister's regulator of an investigation into him by the Solicitors Regulation Authority over a failure to safeguard client information and assets by a law firm he ran.

  • May 29, 2024

    Belarus Airline Can't Curb Sanctions Over Lukashenko Ties

    The General Court of the European Union upheld sanctions against a Belarusian airline on Wednesday, ruling that the carrier is backed by President Alexander Lukashenko and helped to facilitate the illegal entry of migrants from the Middle East into the bloc.

  • May 29, 2024

    FCA Warns Firms To Prepare Better For Disrupted Operations

    The Financial Conduct Authority has warned businesses that some are taking the wrong approach to maintaining operation of important services during a crisis, such as after a cyberattack.

  • May 28, 2024

    Autonomy Founder Says HP 'Panicked,' Tried To Unwind Deal

    Autonomy founder Michael Lynch testified Tuesday in a California federal criminal trial over claims he conned HP into overpaying for his company that HP's board "panicked" after news of the acquisition leaked and HP's stock dropped 20%, that HP fired its CEO and that it attempted to back out of the deal.

  • May 28, 2024

    RBS, Lloyds Bank, Others Ink $1.9M Libor Settlement

    A group of plaintiffs in the yearslong suit alleging several big banks manipulated the London Interbank Offered Rate, or Libor, have reached a $1.9 million settlement with the Royal Banks of Scotland, Lloyds Bank and others, bringing the total settlement recovery amount to more than $780 million.

  • May 28, 2024

    Property Firm Fined £12K For Anti-Money Laundering Failures

    The Solicitors Regulation Authority fined a London property solicitors £12,777 ($16,300) after the firm carried out transactions for partners and their family members without appropriate anti-money laundering policies.

  • May 28, 2024

    Major Insurers Face £472M Claim For Russia-Stranded Planes

    An aircraft lessor has brought a £472 million ($604 million) claim against dozens of major insurers over planes stranded since the invasion of Ukraine, following a landmark London court ruling that blocked attempts to move similar cases to Russia.

  • May 28, 2024

    Police To Expand Criminal Probe Into Post Office Scandal

    The criminal investigation into the Post Office IT scandal will be expanded to examine whether senior executives should be charged with per­jury and perverting the course of justice, the Metropolitan Police said Tuesday, the latest chapter in the major miscarriage of justice.

  • May 28, 2024

    UK Gov't Faces Threat Of Fresh Infected-Blood Litigation

    Lawyers representing victims of the infected blood scandal have said they could restart civil litigation against the government unless it accepts findings that officials failed to warn the public of the risks of treatment and keep patients safe. 

  • May 28, 2024

    EU Investment Firms Told To Upgrade Marketing Reports

    The European Union's financial markets regulator has said that investment firms should improve their marketing disclosures to investors, calling on national watchdogs to act against rule-breakers.

  • May 24, 2024

    The UK Laws That Will Pass Or Fail As Election Looms

    Prime Minister Rishi Sunak's decision to call an early general election to be held on July 4 has left several pieces of legislation hanging in the balance during the so-called "wash-up" period before Parliament is formally dissolved, while others have been pushed through. 

  • May 24, 2024

    UK's 2nd CPO Settlement Points To More Scrutiny On Payouts

    Britain's competition tribunal scrutinized how the U.K.'s second-ever class action settlement will be handed out to rail passengers before approving the deal, shedding light on what information it will expect to see before signing off on future settlements.

  • May 24, 2024

    Labour Gov't Could Force Big Tech Into Fraud Repayments

    A potential new Labour government means a turning point in tackling financial fraud if it should force big tech companies like Meta and Google to join banks in having to reimburse customers duped into sending fraudsters money, according to lawyers.

  • May 24, 2024

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

    This past week in London has seen an IT engineer seek permission to search a landfill hiding a hard drive supposedly storing millions of pounds in bitcoin, Glencore take on legal action by American Century Investments, gold payment app Glint bring a breach of duty claim against FRP Advisory, and an ongoing dispute between a solicitor and the Solicitors Regulation Authority. Here, Law360 looks at these and other new claims in the U.K.

  • May 24, 2024

    Banking 'Selfie' Fraudster Gets 3 Years In Prison

    A fraudster was handed a three-year prison sentence for making fake applications to obtain loans and pensions potentially losing banks around £178,000 ($227,000), the Crown Prosecution Service announced Friday.

  • May 24, 2024

    FCA Bans Two Advisers Accused Of Misleading Clients

    The Financial Conduct Authority has banned two advisers from working in financial services for "recklessly" exposing pension holders to high-risk investments, the regulator said Friday.

  • May 24, 2024

    Ex-Post Office Boss Blames Scandal On Bad Legal Advice

    Paula Vennells blamed the advice of her senior lawyers for not becoming aware of the wrongful prosecutions by the Post Office of innocent people based on faulty IT data, as she gave evidence to the inquiry into the scandal Friday.

  • May 24, 2024

    PE Firm, Pharma Cos. Overturn £31M Drug Price-Fixing Fines

    Private equity group Cinven and three pharmaceutical companies have successfully overturned a decision by the U.K. antitrust regulator to fine them £31 million ($39 million) for allegedly fixing the price of drugs sold to the National Health Service.

  • May 24, 2024

    Woman Imprisoned For Laundering From $5B Bitcoin Fraud

    A British-Chinese woman was imprisoned for more than six years on Friday at a London court for laundering bitcoin converted from an alleged £5 billion ($6.3 billion) investment fraud.

Expert Analysis

  • Examining Senior Managers' Accountability For AI Use

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    With the Financial Conduct Authority's artificial intelligence update and the Prudential Regulation Authority’s letter to the government offering key guidance on the Senior Managers and Certification Regime, Senior Managers in these organizations need to show they have taken steps to prevent breaching requirements in order not to be held personally accountable, says Jennifer Holyoake at DLA Piper.

  • FCA Brokerage Changes Offer Asset Managers Wider Options

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    The Financial Conduct Authority’s fast-tracked plan to lift its controversial ban on joint payments to broker-dealers for third-party services will be welcomed by many asset managers wishing to return to a soft commission structure, say Richard Frase and Simon Wright at Dechert.

  • What Cos. Should Know About The EU Greenwashing Rules

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    The EU's recently proposed Green Claims Directive introduces new rules to improve the transparency and honesty of environmental claims in advertising, which will help ensure that consumers receive accurate and reliable information to make informed purchasing decisions, says Daja Apetz-Dreier at Morgan Lewis.

  • Sanctions Ruling Opens Door For Enforcer To Clear Up Rules

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    In Vneshprombank v. Bedzhamov, the High Court recently argued against a broader interpretation of the test on reasonable suspicion for asset freezes, offering the Office of Financial Sanctions Implementation an opportunity to clarify when freezes should be applied and respond to judicial criticism of its guidance on financial sanctions, says Tasha Benkhadra at Corker Binning.

  • How Gov't Response Addresses Investment Act Concerns

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    The government’s recently published response to a call for evidence on the National Security and Investment Act is largely appropriate to stakeholder concerns raised and demonstrates in its five areas of focus that it is willing to respond to live issues, say lawyers at Watson Farley.

  • New Legislation May Jeopardize The Future Of Data Protection

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    While U.K. officials argue that the recently enacted Investigatory Powers (Amendment) Act seeks to enhance national security and the pending Data Protection and Digital Information Bill aims to modernize data protection regulations, both give rise to concerns about achieving a balance between security needs and individual liberties, says Maria Moloney at PrivacyEngine.

  • 'Debanking' Complaints Highlight Need For Flexibility In AML

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    The House of Commons' Treasury Committee's concerns about bank account closures have highlighted certain counterproductive features of anti-money laundering laws, and the review offers the opportunity for a more flexible approach, says John Binns at BCL Solicitors.

  • Mitigating Incarceration's Impacts On Foreign Nationals

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    Sentencing arguments that highlighted the disparate impact incarceration would have on a British national recently sentenced for insider training by a New York district court, when compared to similarly situated U.S. citizens, provide an example of the advocacy needed to avoid or mitigate problems unique to noncitizen defendants, say attorneys at Lankler Siffert.

  • How Sustainability Directive Will Contribute to EU Regulation

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    The EU Sustainability Directive, in potentially enhancing certain obligations and setting a new benchmark for environmental and human rights due diligence practices, is a significant piece of legislation that will likely support the broader legal framework of other laws in a developing legal puzzle, say Rebecca Chin and Silke Goldberg at HSF.

  • Experian Ruling Helps Cos. Navigate GDPR Transparency

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    In Information Commissioner v. Experian, the Upper Tribunal recently reaffirmed the lawfulness of the company's marketing practices, providing guidance that will assist organizations in complying with the GDPR’s transparency obligations, say lawyers at Jenner & Block.

  • Clarity Is Central Theme In FCA's Greenwashing Guidance

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    Recent Financial Conduct Authority guidance for complying with the U.K. regulator's anti-greenwashing rule sends an overarching message that sustainability claims must be clear, accurate and capable of being substantiated, say lawyers at Cadwalader.

  • What The EU Sustainability Directive Will Mean For Companies

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    The European Parliament’s recent approval of the landmark Corporate Sustainability Due Diligence Directive provides welcome clarity for small and midsize enterprises regarding human rights and environmental due diligence expectations, forming part of a growing pressure on companies around the world to operate ethically and sustainably, say lawyers at Jenner & Block.

  • What Can Be Learned From CMA's Green Claims Investigation

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    The Competition and Markets Authority's recent investigation into retailers' allegedly misleading environmental claims demonstrates that all consumer-facing businesses must exercise caution and ensure their green credentials are genuine, say Charlotte Kong and Stephen Sidkin at Fox Williams.

  • The Art Of Corporate Apologies: Crafting An Effective Strategy

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    Public relations challenges often stop companies from apologizing amid alleged wrongdoing, but a recent U.K. government consultation seeks to make this easier, highlighting the importance of corporate apologies and measures to help companies balance the benefits against the potential legal ramifications, says Dina Hudson at Byfield Consultancy.

  • AI Tools Could Enhance UK Gov't Public Services Strategy

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    The government’s recently announced intention to pilot artificial intelligence tools in routine policy work is part of a wider strategy to revolutionize the delivery of public services, and could improve productivity and create efficiencies, provided it is mindful of the potential risks involved, say attorneys at Akin.

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