Corporate Crime & Compliance UK

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Forced Labor Ruling To Spur NCA Scrutiny On Supply Chains

An English appellate court's landmark findings that the National Crime Agency misunderstood the U.K.'s anti-money laundering powers could cast greater scrutiny on the extent of illicit goods flowing through companies' supply chains, lawyers say.
July 24, 2024
Gas Plant Subcontractor Can't Ax £165M Fraud Claims

A London appeals court refused to block an engineering company's £165 million ($213 million) fraud claims Wednesday, ruling that although the action should have been brought earlier, it is genuine, and the delay has caused little difference to the case's progression.
July 24, 2024
EU Trade Body Warns Against FCA Enforcement Plans

A trade body for European financial firms has warned that the Financial Conduct Authority's proposed naming of companies in enforcement investigations would make the U.K. an international outlier, damaging competitiveness.
July 24, 2024
Cuban Bank Denies Transferring €72M Debt To Offshore Fund

Cuba's former central bank told an English appeals court Wednesday that an offshore fund cannot sue it over €72 million ($78.2 million) of unpaid sovereign debt, because it did not consent to the assignment of the debt to the fund.
July 24, 2024
Gov't Backs Off Plans To Expand Scope of Anti-SLAPPs Laws

A government minister declined to say on Wednesday when politicians might introduce legislation to prevent powerful elites from making abusive legal claims to silence public scrutiny, saying they have to balance access to justice with legitimate claims.
July 24, 2024
Russia Sanctions Enforcement Lacks Bite, UK Charity Says

Britain must develop a clearer sanctions enforcement strategy, an anti-corruption charity said on Wednesday, as it revealed that the government has issued no fines for breaches of rules since Russia invaded Ukraine in February 2022, more than two years ago.
July 24, 2024
UK Bans 830 Directors For COVID Loan Abuse In 12 Months

Hundreds of company directors have been banned in the last year as a result of COVID loan abuse, the Insolvency Service said Wednesday, adding that it has recovered almost £3 million ($3.8 million) of taxpayers' money.
July 24, 2024
SRA Reports 2 Law Firms For Suspected Sanctions Breaches

The Solicitors Regulation Authority has reported two law firms to the sanctions watchdog for suspected breaches of measures against Russia for the first time since the invasion of Ukraine more than two years ago.
July 24, 2024
British Steel Pension Redress Scheme Pays Out £8.7M

The Financial Conduct Authority said Wednesday that its redress program for steelworkers given poor pensions advice has paid out a total of just £8.7 million ($11.2 million) in compensation.
July 23, 2024
US, UK, EU Antitrust Enforcers Outline AI Principles

The top antitrust officials from the U.S. Justice Department, the Federal Trade Commission, the European Commission and the U.K.'s Competition and Markets Authority presented a unified international commitment Tuesday to closely monitor artificial intelligence technology and the companies that they warned could wield AI anticompetitively.
July 23, 2024
'Bully' Solicitor Who Showed Paralegal Lewd Pix Struck Off

A solicitor accused of bullying "vulnerable" junior colleagues and showing a paralegal pornographic pictures on his phone was struck off by a tribunal Tuesday.
July 23, 2024
BHP Told To Stop Funding Brazil Dam Claim Ahead Of UK Trial

A London judge on Tuesday blocked mining group BHP from taking part in legal action that aims to prevent some Brazilian municipalities from participating in £36 billion ($46.4 billion) group litigation over one of the country's worst environmental disasters.
July 23, 2024
Post Office's Top In-House Lawyer Takes 'Temporary' Leave

The general counsel of the Post Office and its primary liaison for the public inquiry into the Horizon IT scandal has taken a "temporary" leave of absence, the organization has confirmed.
July 23, 2024
Lloyds Sued Over Payments Linked To Alleged £1.2B Fraud

Lloyds and its Bank of Scotland subsidiary have been hit with a £287 million ($370 million) claim brought by liquidators of the external broadcaster Arena Television for allegedly processing payments linked to an alleged £1.2 billion fraud.
July 23, 2024
SFO Hires Former Met Police Officer As Strategy Chief

A former senior London police officer with a background in economic crime has been tapped to oversee the Serious Fraud Office's strategy, reuniting with his former chief as director Nick Ephgrave fills the vacant role on his executive team.
July 23, 2024
Bond Administrator Enters Liquidation After FCA Restrictions

The Financial Conduct Authority has confirmed that a London-based bond administrator has entered into liquidation nearly a year after the financial watchdog imposed restrictions on the company over "serious concerns" about its systems and controls.
July 22, 2024
Derivatives Co. Bids To Reinstate Freeze In Global Fraud Case

International derivatives provider Multibank urged a London appeals court Monday to reimpose an asset freezing order on a German financial services company and its director, arguing that the judge applied the wrong legal tests when deciding whether to lift the restrictions.
July 22, 2024
NatWest Fends Off Bid To Revive Design School Fraud Case

The Court of Appeal on Monday ruled that the founders of an interior design school could not revive a fraud claim against NatWest because a settlement they penned with the bank prevented the pair from bringing any further claims.
July 22, 2024
Barclays Bids To Cut £330M From 'Dark Pool' Securities Claim

Barclays urged a London court on Monday to cut claims worth £330 million ($426 million) from securities fraud litigation, arguing that some institutional investors were unaware of a regulatory announcement issued by the bank about its "dark pool" trading platform.
July 22, 2024
Hoka Accused Of Fixing Retail Prices As Trial Kicks Off

A British running shoe store chain on Monday accused the sneaker maker behind Hoka of fixing retail prices by blocking the seller from using an online discount store, kicking off its trial at the U.K.'s specialist antitrust tribunal.
July 22, 2024
Foul-Mouthed Lawyer Showed Junior Colleague Lewd Pix

A solicitor bullied junior colleagues in profanity-laced rants and showed a paralegal pornographic pictures on his phone, the Solicitors Regulation Authority told a tribunal Monday.
July 22, 2024
Meta Hit With Fresh Complaint Over 'Pay Or Consent' Model

Meta has been hit with a complaint from European consumer protection authorities, which fear that the tech giant's "pay or consent" business model for Facebook and Instagram misleads its users, the European Commission said on Monday.
July 22, 2024
EU Renews Russian Financial Sanctions For 6 Months

The Council of the European Union said Monday that it has extended financial sanctions against Russia for an additional six months in response to the Kremlin's "unprovoked, unjustified and illegal" war against Ukraine.
July 22, 2024
UK Eases Reporting Rules For Investment Stewardship

Britain's accounting watchdog unveiled changes to the U.K.'s stewardship code for investment on Monday that it said would help reduce the reporting burden for investors.
July 19, 2024
Edwin Coe Adds To Team Ahead Of Planned UK Tax Changes

Edwin Coe LLP is preparing for an expected surge in disputes following the U.K.'s planned tax changes by hiring as a partner a Harbottle & Lewis lawyer with expertise in litigation and tax planning, according to a news release.
July 19, 2024
Ex-Lib Dem Leader Swinson Grilled Over Horizon Scandal

Former Liberal Democrat leader Jo Swinson told an inquiry on Friday into the Post Office accounting scandal that she was reassured when she was the minister responsible for the organization that its systems were robust.

Editor's Picks

How 3 Firms Cleared 2 Ex-Autonomy Execs In HP Fraud Case

A California federal jury's rejection last week of fraud charges against the founder and former finance vice president of British software company Autonomy validated an approach by the defendants' three law firms — Steptoe, Clifford Chance and Bird Marella — to form a "seamless" collaboration throughout the trial, from jury selection to closing arguments.
Starmer Could Crack Judicial Crisis, Former CPS Chiefs Say

Keir Starmer's lead in the polls as the general election in July approaches has sparked hopes among criminal justice advocates that the Labour leader — a former top prosecutor — will implement reforms as prime minister.
Pillsbury's New UK White Collar Chief Eyes Success In London

Former Serious Fraud Office "powerhouse" Audrey Koh is in the building, and Pillsbury Winthrop Shaw Pittman says it now has the tools to launch its white-collar and corporate investigations practice in London. Here, Koh and managing partner Matthew Oresman survey the legal landscape.

Expert Analysis

New EU Guidelines Provide Insights On Global AI Regulation

The European Data Protection Supervisor’s first guidelines on artificial intelligence only apply to governmental bodies, but together with the EU AI Act they demonstrate a strong and prescriptive policy, and offer a glimpse into what could be the next phase in world AI regulation, says Kevin Benedicto at Redgrave.
Boeing Plea Deal Is A Mixed Bag, Providing Lessons For Cos.

The plea deal for conspiracy to defraud regulators that Boeing has tentatively agreed to will, on the one hand, probably help the company avoid further reputational damage, but also demonstrates to companies that deferred prosecution agreements have real teeth, and that noncompliance with DPA terms can be costly, says Edmund Vickers at Red Lion Chambers.
Keeping Up With Carbon Capture Policy In The US And EU

Recent regulatory moves from the U.S. Environmental Protection Agency and the European Commission in the carbon capture, sequestration and storage space are likely to further encourage the owners and operators of fossil fuel-fired power plants to make decisions on shutdowns or reconfiguration to meet the expanding requirements, say Inosi Nyatta and Silvia Brünjes at Sullivan & Cromwell.
How AI Treaty Will Further Global Governance Cooperation

The EU’s recently adopted treaty on artificial intelligence represents a significant step toward global cooperation in AI governance in emphasizing human rights obligations, although additional guidance and clarity would be beneficial to minimize varied interpretations at national level, say lawyers at Eversheds Sutherland.
EU Investor-State Dispute Transparency Rules: Key Points

The European Union's recent vote to embrace greater transparency for investor-state arbitration will make managing newly public information more complex for all parties in a dispute — so it is important for stakeholders to understand the risks and opportunities involved, say Philip Hall, Tara Flores and Charles McKeon at Thorndon Partners.
How Regulation Of Tech Providers Is Breaking New Ground

The forthcoming EU regulation on digital operational resilience and the U.K. critical third-party regime, by expanding the direct application of financial services regulation to designated technology providers, represent a significant development that is not to be underestimated, say David Berman and Emily Lemaire at Covington.
Takeaways From EU's Initial Findings On Apple's App Store

A deep dive into the European Commission's recent preliminary findings that Apple's App Store rules are in breach of the Digital Markets Act reveal that enforcement of the EU's Big Tech law might go beyond the literal text of the regulation and more toward the spirit of compliance, say William Dolan and Pratik Agarwal at Rule Garza.
Why Trustees Should Take Note Of Charity Code Consultation

The Charity Governance Code Steering Group's recently launched governance code consultation is unlikely to result in a radical overhaul, but with the bigger issue being awareness and application by smaller underresourced charities, trustees should engage with the process to help shape the next iteration of this valuable tool, says Chris Priestley at Withers.
What EU Net-Zero Act Will Mean For Tech Manufacturers

Martin Weitenberg at Eversheds Sutherland discusses the European Council’s recently adopted Net-Zero Industry Act and provides an overview of its main elements relevant for net-zero technology manufacturers, including benchmarks, enhanced permitting procedures and the creation of new institutions.
Complying With EU Commission's Joint Purchasing Rules

One year after the European Commission released its revised guidelines on horizontal cooperation agreements, attorneys at Crowell & Moring reflect on the various forms such agreements can take, and how parties can avoid structuring arrangements that run afoul of competition law.
Tips For Implementing EU Sustainability Reporting Guidance

Lawyers at Sullivan & Cromwell discuss the European Financial Reporting Advisory Group’s recently published guidance on double materiality assessments and offer takeaways on achieving a sustainability directive-compliant process that could enhance clarity and consistency among multinational stakeholders.
How CMA's AI Strategic Update Addresses Industry Risks

The Competition and Markets Authority’s recent artificial intelligence strategic update, setting out the regulator’s understanding of AI risks and how it intends to address them, is indicative of its focus on incumbent technology organizations, although future political developments in the U.K. may also shape the CMA's approach, say Christopher Foo and Carol Slattery at Ropes & Gray.
Labour's 'Fresh Approach' To Tackling Financial Crime

Given newly elected Prime Minister Sir Keir Starmer’s background as a criminal defense lawyer and director of public prosecutions, an administration with strong views on financial crime can be expected, and revenue raising and proceeds of crime recovery are likely to be at the forefront, says Matthew Cowie at Rahman Ravelli.
What UK Digital Markets Act Will Mean For Competition Law

The new Digital Markets Act’s reforms will strengthen the Competition and Markets Authority's investigatory and enforcement powers across its full remit of merger control and antitrust investigations, representing a seismic shift in the U.K. competition and consumer law landscape, say lawyers at Travers Smith.
Examining The EU Sanctions Directive Approach To Breaches

In criminalizing sanctions violations and harmonizing the rules on breaches, a new European Union directive will bring significant change and likely increase enforcement risks across the EU, say lawyers at Hogan Lovells.