Corporate Crime & Compliance UK

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ENRC Settlement Shows SFO Ready To Draw Line Under Past

The Serious Fraud Office's recent settlement ending litigation with Eurasian Natural Resources Corp. over alleged misconduct by its officials sidesteps weeks of awkward testimony to free the agency to pursue its growing caseload while drawing another line under its blighted investigation into the miner.
January 14, 2025
Consumers Lose Bid To Bring £500M Apple Claim In UK

Apple and Amazon on Tuesday evaded a consumer advocate's nearly £500 million ($610 million) price-fixing class action accusing the two technology giants of illegally colluding to keep prices for products high.
January 14, 2025
Gov't Mulls Ban On Public Bodies Paying Ransomware Gangs

The Home Office on Tuesday proposed banning all public bodies from making ransomware payments, including operators of so-called critical national infrastructure, such as the National Health Service or the National Grid.
January 14, 2025
'I Was Like Howard Hughes,' Socialite Says In Laundering Trial

A socialite accused of being at the heart of a £200 million ($244 million) money laundering scheme said while giving evidence at his trial Tuesday that he was "like Howard Hughes" in the aftermath of police launching the investigation.
January 14, 2025
Spain Plans 100% Tax On Foreign-Owned Homes

The Spanish government plans to introduce a 100% tax on foreign-owned homes and stricter rules for holiday rentals to tourists, Prime Minister Pedro Sánchez said.
January 14, 2025
SFO Taps Insider As Top Lawyer As Osofsky Era Ends

Britain's anti-graft agency said Tuesday that a long-serving official with a background in running fraud and corruption investigations will serve as its top lawyer at least on an interim basis as it hunts to fill the crucial role on its executive committee.
January 14, 2025
UK Russia Sanctions Face Landmark Test At Supreme Court

The U.K.'s sanctions regime faces a major test on Wednesday as billionaire Eugene Shvidler seeks to have his financial restrictions cast off — the first case to challenge Russian sanctions that has reached the country's highest court.
January 14, 2025
Apple Tells UK Trial That App Developers Get Fair Price

Apple told a trial in London on Tuesday that a £1.5 billion ($1.8 billion) claim over the commission it charges to third-party app developers overlooks the benefits users get from its App Store and ignores the company's intellectual property rights.
January 14, 2025
Siddiq Resigns as City Minister Amid Bangladeshi Questions

Tulip Siddiq resigned on Tuesday as the Treasury minister in charge of economic policy over questions about her family ties to the deposed prime minister of Bangladesh, amid a widening corruption probe by Bangladeshi authorities.
January 14, 2025
Gunnercooke Pro Fined For Improper Use Of Client Account

A lawyer at Gunnercooke LLP has been fined more than £14,000 ($17,000) for allowing clients to use the law firm's client account as a banking facility, the Solicitors Regulation Authority has said.
January 13, 2025
NYDFS Launches Staff Exchange With Bank Of England

The New York Department of Financial Services on Monday launched an international secondment program to allow the department to exchange staff with other regulators, starting with a digital assets-focused exchange with the Bank of England next month.
January 13, 2025
Shippers Accused Of Overcharging Motorists In £100M Trial

A group of shipping companies caused motorists to pay higher prices for their vehicle than they would otherwise have done by artificially inflating delivery charges, lawyers for the vehicle owners said at the start of a £100 million ($121.4 million) class action trial Monday in London.
January 13, 2025
BNP Paribas Sues Oil Co. Boss For £104M Over Fraud Claims

BNP Paribas has accused an oil company of defrauding it with forged invoices, making the allegation in a London court claim against the oil business's boss to claw back £104 million ($126 million).
January 13, 2025
Employment Tribunal Rules All-Staff Email Not Whistleblowing

An employment tribunal ruled that an accountant at a charity in central London did not blow the whistle on the organization's equality practices, finding that his staffwide email contained nothing more than his personal opinion.
January 13, 2025
BHP Disputes Strict Liability Claim In £36B Dam Collapse Trial

Individuals and municipalities suing BHP for £36 billion ($43.8 billion) do not need to prove a direct causal link between the miner and a dam collapse that caused Brazil's worst environmental disaster, an expert on the country's law told a trial on Monday.
January 13, 2025
Apple Accused At Trial Of 'Eliminating' App Store Competition

Apple was accused Monday of "eliminating" competition to its App Store, allowing it to charge developers excessively high commissions that cost consumers up to £1.5 billion ($1.8 billion), as the first U.K. class action trial against a Big Tech company started.
January 13, 2025
UK Unveils Blueprint To Become AI World Leader

The government unveiled Monday an ambitious blueprint to make Britain a world leader in artificial intelligence to benefit financial services and other sectors, supported by pro-growth regulation.
January 13, 2025
Tax Hikes Hit Business Confidence, UK Industry Chair Says

The Labour government's decision to raise payroll taxes on employers in last year's budget has hurt business confidence, the chair of an influential British industry group said Monday.
January 13, 2025
Credit Reference Firms Urged To Up Game On Cyberattacks

The financial watchdog has told credit reference agencies and information providers to prevent cyberattacks better than they do now because they face potential digital threats as they accumulate more data.
January 10, 2025
Nottingham Forest Owner Can Continue Libel Claim

Nottingham Forest Football Club owner Evangelos Marinakis can continue his libel claim against the chair of Greek team Aris after a London court ruled Friday that the claim "seems well worth bringing."
January 10, 2025
Woman Who Laundered Bitcoin Fraud Proceeds Must Pay £3M

A British-Chinese woman convicted for laundering bitcoin converted from an alleged £5 billion ($6.1 billion) investment fraud must pay £3.1 million or face an additional seven years in prison, a London court judge ruled Friday.
January 10, 2025
UK Litigation Roundup: Here's What You Missed In London

This past week in London has seen legal services group RBG Holdings face a winding-up petition from founder Ian Rosenblatt amid soured talks about the group's leadership, J.P. Morgan file a fresh claim against WeRealize, retailer Asda face an intellectual property claim over a specific type of mandarin and financier Nathaniel Rothschild sue German entrepreneur Lars Windhorst and his investment vehicle Tennor International. Here, Law360 looks at these and other new claims in the U.K.
January 10, 2025
Lawyer Cleared Of Dishonesty Over AML Compliance Failings

A disciplinary tribunal on Friday cleared a lawyer of dishonesty over allegations that he misled an insurer and the English solicitors regulator about his lack of compliance with anti-money laundering regulations.
January 10, 2025
Apple Showdown Starts 1st Wave Of Big Tech Class Actions

Apple will become the first big technology company to go on trial under the U.K. collective action regime on Monday, facing a claim of abuse of dominance that could have significant consequences for several other class actions against tech giants including Google, Meta and Amazon.
January 10, 2025
Sports Betting Company Challenges CMA Order To Sell Biz

Sports betting company Spreadex has appealed against an order by the Competition and Markets Authority that it must sell a business it acquired in 2023 over concerns that a combined entity would harm the market for licensed online sports spread-betting.
January 10, 2025
Broker Arian Hit With Fine For Cum-Ex Trade Failings

The finance watchdog said Friday that it has fined broker Arian Financial LLP £289,000 ($354,000) for having inadequate systems and controls against financial crime in a cum-ex dividend trading case.

Editor's Picks

FCA's £29M Fine Of Starling Sends Wider Compliance Warning

The Financial Conduct Authority hit Starling Bank Ltd. with a £28.9 million ($38.4 million) fine on Wednesday for inadequate anti-money laundering and sanctions controls. This has sent a wider warning to companies that compliance levels must match growth.
NCA Ducks Litigation Risk In 1st Seizure Of Sanctioned Assets

The decision by the National Crime Agency to secure the forfeiture of the assets of a sanctioned Russian oligarch is a pragmatic victory that avoids the risk of setting a damaging legal precedent, lawyers say.
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.

Expert Analysis

How Listing Act Measures Will Modernize EU Capital Markets

The new European Union Listing Act, in line with the capital markets union initiative, aims to simplify market access for small and midsize enterprises, laying a foundation for a more integrated framework and representing a modernization milestone, say lawyers at Cleary.
Forced Labor Imports Raise Criminal Risks For UK Retailers

Last summer’s London appeals court ruling applying the Proceeds of Crime Act to products made with forced labor, potential legislative reforms and recent BBC allegations about Chinese produce harvested by Uyghur detainees suggest British importers and retailers should increase scrutiny of their supply chains, says Ian Hargreaves at Quillon Law.
Insider Info Compliance Highlights From New FCA Guidance

The Financial Conduct Authority's recent guidance to companies on identifying inside information clarifies the regulator's expectation of case-by-case assessment, helpfully highlighting that abuse of U.K.-regulated markets can arise earlier than some might think, say lawyers at Sullivan & Cromwell.
EU's AI Act May Lead To More M&A Arbitration

With the EU's Artificial Intelligence Act and its stiff penalties beginning to take effect, companies acquiring AI targets should pay close attention to the provisions in the dispute resolution clauses of their deal documents, say Nelson Goh at Pallas Partners and Benjamin Qiu at EKLJ.
A Look At PCAOB's Record-Breaking Enforcement In 2024

The Public Company Accounting Oversight Board in 2024 brought more enforcement actions against auditors and imposed increasingly higher monetary penalties, showing that it was not afraid to exercise its power to fine and reprimand firms, a trend that will likely continue in 2025, say attorneys at Briglia Hundley.
Key Points From EU's Latest FDI Screening Regulation Review

The European Commission’s recent assessment of the Foreign Direct Investment Screening Regulation indicates that with strong control here to stay, precautionary filings are likely to remain necessary, and member states should prepare for greater rule alignment to reduce inefficiencies caused by a current lack of synchronization, say lawyers at Linklaters.
UK Businesses Need To Plan For Accessibility Act Compliance

With the European Accessibility Act’s compliance deadline approaching this June, U.K. businesses trading in the European Union need to think broadly in addressing its requirements to ensure equality of access to the digital world, says Louisa Chambers at Travers Smith.
Interpreting Newly Released Consumer Fraud Complaints Data

The Financial Ombudsman Service’s latest complaint data focuses on scams and customer service, and demonstrates that as fraud is becoming rapidly more complex, financial regulators need to acknowledge that technology is here to stay and work together with firms to protect consumers, say lawyers at RPC.
Applying New FCA Guidance On Control Of Financial Firms

Buyers seeking to acquire or increase their stakes in U.K. financial services firms can streamline prudential review of their transactions by understanding the Financial Conduct Authority’s recently published guidance on updated change-in-control regulations, says Mark Chalmers at Davis Polk.
How Lawyers Can Work On Unmasking Beneficial Ownership

The Solicitors Regulation Authority's recent anti-money laundering report suggests that identifying ultimate beneficial owners in a transaction is one of the key day-to-day challenges that law firms face, and the solution lies in combining know-your-business processes with know-your-client verification, says Sam Ruback at Thirdfort.
Anticipating The UK's Top M&A Trends In 2025

Conversations with market participants are focusing on five key questions about 2025's transactional markets, ranging from issues of artificial intelligence, to the boom in takeovers and increased regulatory scrutiny, says Layla D’Monte at King & Spalding.
Takeaways On Freezing Injunctions After Dos Santos Ruling

The Court of Appeal's recent decision in dos Santos v. Unitel moved the needle in favor of applicants for freezing injunctions in two ways, say lawyers at Cooke Young.
What To Know About New Art Market Reporting Obligations

Recent U.K. sanctions reporting obligations on art market participants and high value dealers come into effect in May 2025, and businesses should review risk assessments and compliance controls to identify areas that may require strengthening, say lawyers at Steptoe.
Businesses Should Expect A Role In Tackling Fraud Next Year

If one word sums up a key trend in financial crime enforcement in 2024, it would be fraud, as enforcement agencies clamped down on consumer-focused crime — and businesses will need to be prepared to play a part in 2025 with the coming of the "failure to prevent fraud" offense, says Jessica Parker at Corker Binning.
What FCA's 2024 Changes Suggest For Enforcement In 2025

Though the Financial Conduct Authority is likely to enter 2025 hungry for enforcement wins after fielding intense criticism in 2024 over proposed policy amendments, firms can glean ideas for mitigating their risk from heightened scrutiny by studying the regulator's changing behavior from the year just past, says Imogen Makin at WilmerHale.