Corporate Crime & Compliance UK

  • November 15, 2024

    LSB Seeks Feedback On New Economic Crime Guidance

    The Legal Services Board on Friday called for feedback on draft guidance designed to help regulators tackle money laundering, fraud and sanctions evasion as the government continues to crack down on economic crime.

  • November 15, 2024

    UK Vows To Fund Tax-Fraud Fight As HMRC Probes Slump

    The government has pledged to throw money at the fight against tax fraudsters in the U.K. as investigations by HM Revenue and Customs into high-value cases have hit a new low, raising concerns over whether it has the capacity to tackle the most serious probes.

  • November 14, 2024

    Icelandic Artist Loses TM Case Over Fake 'Fishrot' Apology

    An Icelandic seafood company won its claim against a performance artist and activist on Thursday over allegations that he created a website impersonating the company to publish a fake apology about its involvement in the so-called fishrot scandal.

  • November 14, 2024

    Australia Bill Seeks To Expand Rules On Reporting Ownership

    Australia's government wants to fight tax avoidance by making owners of equity derivatives disclose significant owners to regulators and investors, expanding access to that information and giving securities regulators new powers to issue freezing orders for noncompliance, the Australian Treasury said Thursday.

  • November 21, 2024

    Ex-Gibson Dunn Disputes Pro To Move Into In-House Role

    Marsh McLennan has hired a dispute resolution partner from Gibson Dunn & Crutcher LLP in London as a general counsel for two of its consulting businesses, the firm said Thursday.

  • November 14, 2024

    Mercedes Loses Preliminary Fight In 'Dieselgate' Case

    U.K. motorists won a preliminary battle against automakers on Thursday in the first major London court hearing over litigation alleging that emissions test cheating devices were fitted into their cars.

  • November 14, 2024

    UK Unveils Plan To Roll Back Post-Financial Crisis Safeguards

    The U.K. government said on Thursday that it is launching reforms to drive economic growth and competitiveness in financial services by rebalancing a regulatory regime that is focused more on minimizing risk.

  • November 14, 2024

    EC Challenges German Capital Gains Tax In EU High Court

    The European Commission said Thursday that it is referring Germany to the Court of Justice of the European Union over the commission's claims that the country's capital gains tax of certain real estate transactions infringes on the free movement of capital.

  • November 14, 2024

    Ex-BDO Auditor Gets 20-Year Ban For 'Serious' Misconduct

    A former BDO auditor has been banned from the accountancy profession for two decades after the sector's watchdog said Thursday she acted with "sustained dishonesty" by forging signatures and other official documents over a five-year period.

  • November 14, 2024

    European Police Detain 43 Suspects In €520M VAT Fraud

    European police detained 43 suspects linked to a value-added tax fraud scam valued at €520 million ($550 million) in a cross-border operation against organized crime, law enforcement agencies said Thursday.

  • November 14, 2024

    Developer Loses Bid To Duck £780K Investor Loan Repayment

    A property developer has lost his bid to avoid repaying a £780,000 ($990,000) loan to real-estate investors, as a London appeals court rejected on Thursday his case that he was bullied into signing a personal guarantee.

  • November 14, 2024

    Standard Setter Warns Watchdogs To Address AI Risk Better

    A global standard setter warned Thursday that artificial intelligence might amplify vulnerability in the financial sector and damage market stability, telling regulators to improve data-led monitoring.

  • November 14, 2024

    Meta Fined €798M For Tying Marketplace Ads To Facebook

    The European Union's antitrust watchdog hit Meta Platforms Inc. with a €797.8 million ($841 million) fine Thursday for giving its Facebook Marketplace an unfair advantage over rival online classified ads services by automatically showing postings to its social media users.

  • November 14, 2024

    LC&F Systematically Misled Investors In £237M Ponzi Scheme

    London Capital & Finance misrepresented its business in a "widespread, fundamental and systematic way" and was run as a £237 million ($300 million) Ponzi scheme, a judge concluded at a London court on Thursday.

  • November 13, 2024

    PrivatBank Says Ukraine Ruling Doesn't Bar Looting Suit

    An attorney for Ukraine's PrivatBank urged a Delaware vice chancellor Wednesday to reject arguments that the bank's multibillion-dollar fraud and unjust enrichment loan claims against two oligarchs and others were undone by an allegedly narrow Ukrainian high court ruling in favor of the borrowers.

  • November 13, 2024

    Apple Faces £3B UK Class Action Over ICloud Monopoly

    Apple is facing another competition claim accusing the iPhone maker of unlawfully monopolizing the market for cloud storage after a campaign group announced plans on Thursday to spearhead a £3 billion ($3.8 billion) U.K. class action.

  • November 13, 2024

    Ex-CBA Chief Sexually Exploited Law Students, BSB Says

    The English barristers regulator told a disciplinary tribunal Wednesday that Jo Sidhu KC, former chair of the Criminal Bar Association, abused his power and influence to sexually exploit young women aspiring to be lawyers.

  • November 13, 2024

    UK Fights To Keep Sanctions On Banking Oligarch's Wife

    The U.K. government urged a London appellate court to uphold a ruling that maintained sanctions on a Ukrainian-Russian tycoon's wife, arguing that she was "plainly associated" with her husband, who has ties to Vladimir Putin.

  • November 13, 2024

    Pension Watchdog Lays Out Law For New Collective Schemes

    The retirement savings watchdog set out on Wednesday how it will intervene if a new generation of collective pension plans are not being properly run, warning that it will act if it sees a risk to savers.

  • November 13, 2024

    Watchdog Mulls Extension For Motor Financing Complaints

    Britain's financial watchdog said Wednesday it plans to consult on extending the time motor finance firms have to respond to consumer complaints about commission arrangements, following a recent Court of Appeal ruling on non-discretionary commissions.

  • November 13, 2024

    FCA Admits Mishandling Of 'Name And Shame' Roll-Out

    The Financial Conduct Authority conceded on Wednesday that it might have handled its announcement of controversial plans to publish names of the firms it probes and other details of investigations at an earlier stage differently after heated protests from the sector.

  • November 12, 2024

    Ex-CBA Chief Jo Sidhu Loses Privacy Bid In Harassment Case

    The former chair of the Criminal Bar Association on Tuesday lost his bid to have a sexual harassment case against him heard behind closed doors, with a disciplinary tribunal ruling that the case should be held in public.

  • November 12, 2024

    Forsters, Ex-Bank Lawyer Avoid Case Of Failed Property Deal

    Forsters LLP and a former Bank of Tokyo-Mitsubishi lawyer have avoided being sucked into a philanthropist's £3.5 million ($4.7 million) legal battle over a collapsed property deal.

  • November 12, 2024

    VistaJet Owner Loses Appeal To Block Tech Venture Claim

    The Court of Appeal has rejected further efforts by the owner of one of the world's biggest private jet firms to block legal claims that he defrauded a Guernsey tech venture capital fund two decades ago.

  • November 12, 2024

    Young Drivers Buying Fake Insurance, Aviva Says

    Nearly one in three young drivers have bought fraudulent car insurance from criminals on social media, Aviva has said, urging teenagers and early adults to treat "too good to be true" deals with suspicion despite soaring costs testing consumers.

Expert Analysis

  • 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.

  • Taking Stock Of The Latest Criminal Court Case Statistics

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    The latest quarterly statistics on the type and volume of cases processed through the criminal court illustrate the severity of the case backlog, highlighting the need for urgent and effective investment in the system, say Ernest Aduwa and Jessica Sarwat at Stokoe Partnership.

  • ICO Data Protection Guidance Offers Clarity On Fining Powers

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    New guidance from the Information Commissioners' Office is designed to offer transparency about its fining powers, and, combined with the office's wide-ranging enforcement authority, clearly intends to ensure breaching companies concentrate on the external harm they cause and not only internal changes, say Robert Allen and Amelia Handoll-Clark at Simmons & Simmons.

  • Hugh Grant Case Raises Questions About Part 36 Offers

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    Actor Hugh Grant's recent decision to settle his privacy suit by accepting a so-called Part 36 offer from News Group — to avoid paying a larger sum in legal costs by proceeding to trial — illustrates how this legal mechanism can be used by parties to force settlements, raising questions about its tactical use and fairness, says Colin Campbell at Kain Knight.

  • Investment Security Act Fine-Tune May Help Businesses

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    Although the government’s recent response to feedback on the National Security and Investment Act regime makes it clear that its approach is one of fine-tuning and substantial reforms will have to wait, there is still room to ease the burden on businesses by issuing guidance and refining the terms of mandatory area definitions, say lawyers at Linklaters.

  • How New FCA Rules Strengthen Borrower Protections

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    The Financial Conduct Authority’s recently published final rules, aimed at strengthening protections for borrowers in financial difficulty by regularizing good practices across the industry, put its previous guidance on a permanent footing and send a clear message to firms that this issue remains a regulatory priority, say James Black, Julie Patient and Mark Aengenheister at Hogan Lovells.

  • How Cos. Can Prepare For EU's Forced Labor Regulation

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    Before a new European Union regulation takes effect banning products made with forced labor from the internal market, economic operators will need to get their supply chain compliance functions ready, familiarizing themselves with international standards and case law, say Vassilis Akritidis and Jean-Baptiste Blancardi at Crowell & Moring.

  • Opinion

    New Property Category Not Needed To Regulate Digital Assets

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    The U.K. Law Commission's exploration of whether to create a third category of property for digital assets is derived from a misreading of historical case law, and would not be helpful in resolving any questions surrounding digital assets, says Duncan Sheehan at the University of Leeds.

  • FTSE Draft Rules Show Impact Of FCA Listing Reforms

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    FTSE Russell’s recently published provisional rule changes represent a much-awaited indication of its response to the U.K. Financial Conduct Authority’s proposed listing reforms, providing a level of certainty that will assist issuers and advisers in preparing for the implementation of the regime, say lawyers at Davis Polk.

  • FCA Strikes A Balance With 'Finfluencer' Guidance

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    With financial firms leveraging social media to engage with a broader audience, the Financial Conduct Authority’s recent "finfluencer" guidance signals a recognition of the imperative to adapt regulatory frameworks while maintaining a firm commitment to consumer protection, say David Allinson and Damien O'Malley at RPC.

  • Pharma Remains A Key Focus Of EU Antitrust Enforcement

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    The recently published European Commission report on pharmaceutical sector competition law illustrates that effective enforcement of EU rules remains a matter of high priority for EU and national authorities, say lawyers at Dechert.

  • Dissecting Recent Developments Against The Misuse Of NDAs

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    The U.K. government's recent plans to nullify nondisclosure agreements that prevent victims from reporting crimes should remind lawyers to proactively consider the necessity of such agreements, especially in light of the Solicitors Regulation Authority's warning notice on drafting improper NDAs, say Clare Davis and Macaela Joyes at RPC.

  • What UK Energy Charter Treaty Exit Would Mean For Investors

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    While the U.K.'s recent announcement that it intends to withdraw from the Energy Charter Treaty is a bold political signal, investor protections will remain in place for a significant period of time, ensuring that an element of certainty and business continuity will remain, say Karel Daele and Jessica Thomas at Taylor Wessing.

  • Assessing The FCA Data Study's Response To User Concerns

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    The Financial Conduct Authority’s recently published report on the supply of wholesale financial data differs from others in its exceptional breadth and analysis of an enormous volume of information, but in its reluctance to address market power or pricing directly, the regulator’s approach is still cautious, say Emma Radcliffe and Greg Dowell at Macfarlanes.

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