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Corporate Crime & Compliance UK
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April 09, 2025
Ex-Russian Politician Convicted Of Breaching UK Sanctions
A former Russian politician once appointed by President Vladimir Putin to serve in occupied Crimea was convicted of breaching sanctions in London on Wednesday, the first person ever to be held criminally responsible for circumventing the country's financial restrictions.
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April 09, 2025
Ex-Everton Director Loses Fight Over Sanctions Disclosure
A former director of Everton Football Club lost on Wednesday his fight to force the British government to identify a public body that proposed sanctioning him after Russia invaded Ukraine, which was part of his challenge against sanctions.
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April 08, 2025
Revolut Bank Fined €3.5M In Lithuania Over AML Failures
Lithuania's central bank said Tuesday that it has fined Revolut Bank UAB €3.5 million ($3.8 million) for breaching anti-money laundering requirements.
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April 08, 2025
BDO Faces Probe Over Collapsed Home REIT's Audit
The Financial Reporting Council is investigating BDO LLP's audit of the ailing real estate investment trust Home REIT PLC's consolidated financial statements from years before the investor announced it would wind down, the corporate governance regulator said Tuesday.
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April 08, 2025
Kuwait Pension Chief's Estate Denies $1B Bribery Claims
The estate of the deceased Kuwaiti pension authority director denied on Tuesday that the businessman was involved in an unlawful scheme of corrupt payments in excess of $1 billion, saying he believed the payments were legitimate and above-board.
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April 08, 2025
Barclays Denies Ex-Employee's Role In Transfer Fraud Case
Barclays Bank told a London court that it is not responsible for a $643,000 fraud targeting a Singaporean fire safety company, arguing that the loss resulted from the company's "own failures" rather than any wrongdoing by the bank.
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April 08, 2025
Legal Advice No Shield For Ex-Metro Bank Execs, FCA Says
The City watchdog told a tribunal on Tuesday that two former Metro Bank executives could not use legal advice from Linklaters LLP as a "get-out-of-jail-free card" for publishing a statement at the heart of a £900 million ($1.2 billion) scandal.
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April 08, 2025
Nigerian Villagers Seek Shell Execs' Docs In Pollution Case
Thousands of Nigerian villagers urged the High Court on Tuesday to rebalance the "inequality of arms" in their battle with Shell by giving them access to documents that they believe could reveal the involvement of senior executives in decisions that led to widespread pollution.
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April 08, 2025
Ex-SFO Official Joins BNY Mellon As Senior Counsel
A former official of the Serious Fraud Office has joined the Bank of New York Mellon as a senior in-house counsel after more than a decade at law firms including Reed Smith.
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April 08, 2025
Former Georgian PM Wins Fight To Nix $1.8M Extortion Case
A former prime minister of Georgia won his bid on Tuesday to avoid a court case in London over allegations that he extorted a businessman for almost $1.8 million and tried to take over a tobacco business.
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April 08, 2025
Law Firm And Gov't Settle Axed Legal Aid Contract Dispute
A criminal law firm has settled its case against the Ministry of Justice, in which it had alleged that the government department unlawfully pulled a contract for legal aid services after the solicitors missed a deadline.
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April 08, 2025
FCA Boosts Testing Support For Innovative Products
The financial watchdog said Tuesday that it will make it easier for companies to test innovative products and support those which apply for regulatory approval as part of its work program for 2025/26.
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April 07, 2025
Starmer Calls For US Trade Deal That Avoids Tax Hikes
The Labour government would sign a trade deal with the U.S. only if the terms fit Britain's national interest, which would mean avoiding the need for further domestic tax hikes, Prime Minister Keir Starmer said in a news conference Monday.
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April 07, 2025
UK Gov't Fails To Keep Apple Legal Battle Secret
The legal challenge by Apple to the U.K. government's attempt to create a "back door" to personal encrypted data will not be kept secret, after a tribunal refused Monday to accept that revealing the bare details of the case would threaten national security.
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April 07, 2025
1 In 3 Criminal Barristers Report Bullying, Harassment
A third of criminal barristers say they have been bullied or harassed, the Criminal Bar Association revealed Monday, amid high attrition rates that add to the crisis in the criminal justice system.
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April 07, 2025
Cash Uncovered In FCA Probe Was My Dad's, Analyst Testifies
A former analyst for an asset management firm testified in London on Monday that £198,000 ($253,000) unearthed by investigators as part of an insider dealing probe was not dirty money, but was partially cash destined for his father's construction business in Albania.
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April 07, 2025
Linklaters Names New Global Financial Regulation Boss
Linklaters LLP said Monday that it has appointed a new global head of its financial regulation group who will be based in Hong Kong.
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April 07, 2025
Doubts Grow Over Impact Of UK Capital Market Deregulation
Government efforts to revitalize the country's sluggish economy by stripping away regulatory burdens on financial markets have raised concerns among lawyers that consumers might be exposed to more risk, amid doubts that the steps can stimulate broader U.K. economic output.
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April 07, 2025
Allianz Luxembourg Unit Penalized For AML Breaches
Luxembourg's financial regulator has hit the domestic branch of insurer Allianz with a €283,000 ($310,000) fine for breaching the country's anti-money-laundering and terrorist-financing rules.
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April 07, 2025
Brit Jailed For Money Laundering Plot After 7 Yrs On The Run
An extradited tax fugitive has been jailed for five-and-a-half years for his involvement in a £3.5 million ($4.5 million) money laundering scheme, HM Revenue and Customs said Monday.
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April 07, 2025
Credit Agency Hit With Fine For Misleading Approval Claims
A European Union financial markets regulator said on Monday that it has fined a financial technology credit ratings agency €420,000 ($460,000) for "misleadingly" using the authority's name to suggest that it endorsed the company's activities.
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April 04, 2025
Deutsche Bank Not Liable For ISIS Terror, Judge Finds
A New York federal judge on Friday dismissed a lawsuit accusing Deutsche Bank AG of facilitating the financing of the Islamic State, saying that the families of two journalists and an aid worker the terrorist group killed failed to sufficiently allege that the bank participated in a human trafficking venture.
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April 04, 2025
Alleged 'Hollywood Con Queen' Bids To Halt Extradition To US
An Indonesian man accused of impersonating female Hollywood executives to con hundreds of movie workers into paying him fees urged a London judge Friday to block his extradition to the U.S. to face fraud charges, arguing he is at risk of self-harm and could be victimized because of his sexuality.
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April 04, 2025
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen Russian industrialist Oleg Deripaska target the intelligence arm of CT Group with a commercial fraud claim, Big Technologies sue its former CEO for allegedly concealing interests in several shareholders, and an investment firm tackle a professional negligence claim by Adidas. Here, Law360 looks at these and other new claims in the U.K.
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April 04, 2025
Extended Visa Checks Put Companies At Risk, Lawyers Warn
The government's plan to bring in right-to-work checks on self-employed gig economy workers is unlikely to trouble, say, Deliveroo and Uber Eats. But lawyers tell Law360 that they are concerned that the change will create confusion and legal uncertainty for smaller companies.
Expert Analysis
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Banker Remuneration Proposals Could Affect More Than Pay
The Financial Conduct Authority and Prudential Regulation Authority’s pending proposals to reduce banker remuneration restrictions bring obvious personal financial advantages for bankers, but may have repercussions that result in increased scrutiny of bonus payments and wider changes to workplace culture and overall accountability, say lawyers at Fox Williams.
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Rethinking 'No Comment' For Clients Facing Public Crises
“No comment” is no longer a cost-free or even a viable public communications strategy for companies in crisis, and counsel must tailor their guidance based on a variety of competing factors to help clients emerge successfully, says Robert Bowers at Moore & Van Allen.
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EU Report May Influence Regulation Of Decentralized Finance
The European supervisory authorities’ recent report on decentralized finance highlights the major regulatory challenges and increased cybersecurity risks of this ecosystem, and will likely provide useful guidance on how the market could be regulated to limit potential risks for investors, say Hubert de Vauplane and Hugo Bordet at Morgan Lewis.
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EU Paper Urges Data Protection And Competition Law Unity
A recent European Data Protection Board position paper calls for closer cooperation among data protection and competition authorities, and provides valuable insight for businesses seeking to ensure compliance across an increasingly complex regulatory landscape, say lawyers at Paul Weiss.
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Market Infrastructure Regs Aim To Reinvigorate EU Trading
The recently amended European Market Infrastructure Regulation, imposing a requirement on certain financial and nonfinancial institutions to maintain an active EU counterparty account, hopes to incentivize the central clearing of trades, although there are concerns that higher compliance costs will lead to a decrease in competitiveness, say lawyers at McDermott.
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The Pros And Cons Of A 2nd Trump Term For UK Tech Sector
While U.S. President Donald Trump’s protectionist stance on trade could disrupt global supply chains on which many U.K. tech firms are reliant, anticipated deregulation could provide fertile ground for investment and growth, and the U.K. tech sector is bracing for a mix of opportunities, say lawyers at Shoosmiths.
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Why EU Omnibus Package Is Receiving Mixed Reactions
Although the forthcoming European Union omnibus simplification package consolidating corporate sustainability reporting requirements aims to reduce the regulatory burden on businesses, reaction to the proposals has been mixed, and reassurance is needed that these measures will not result in a watering down of the legislation, say lawyers at Peters & Peters.
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Review Of Computer Evidence Use Raises Complex Issues
The Ministry of Justice’s recent call for a review of computer-generated evidence used in criminal proceedings, solicits questions of how such evidence will be defined while also ensuring that changes can withstand technological advances and uphold the effective functioning of the criminal justice system, say lawyers at BCL Solicitors.
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How Proposed Private Share Trading System May Benefit Cos.
The government's proposal for a private securities and capital exchange system intends to enhance market practices and risk tolerances, offering a significant way for firms to free up liquidity by allowing investors to trade existing private company shares, say lawyers at Mishcon de Reya.
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New Bill Introduces Important Whistleblower Protections
If enacted, a bill that proposes the establishment of an independent whistleblower office in the U.K. offering protected disclosures will encourage individual whistleblowers, and alleviate the pressure for companies to investigate complaints, say lawyers at Tenet Law.
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Important Changes To Note In Accountant Ethics Code Update
The Institute of Chartered Accountants of England and Wales' forthcoming code of ethics will bring a number of significant updates to raise standards within the profession, but also risks of professional indemnity claims that could lead to challenges for firms, say lawyers at RPC.
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What EU Sustainable Category Proposals Will Mean For Funds
The European Union Platform on Sustainable Finance’s recent proposals to apply stricter product categorization standards for funds subject to the Sustainable Finance Disclosure Regulation will assist retail investors in selecting sustainable products, and allow advisers to easily match their clients’ preferences, say lawyers at Debevoise.
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What To Expect As CAT Considers Mastercard Settlement
It is expected that the Competition Appeal Tribunal will closely scrutinize the proposed collective settlement in Merricks v. Mastercard, including the role of the case’s litigation funder, as the CAT's past approach to such cases shows it does not treat the process as a rubber stamp exercise, say lawyers at BCLP.
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Managing Transatlantic Antitrust Investigations And Litigation
As transatlantic competition regulators cooperate more closely and European antitrust investigations increasingly spark follow-up civil suits in the U.S., companies must understand how to simultaneously juggle high-stakes multigovernment investigations and manage the risks of expensive new claims across jurisdictions, say lawyers at Paul Weiss.
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What 2025 Holds For UK, EU Restructuring And Insolvency
European Union and U.K. restructuring developments in 2024, with a new era of director accountability, the use of cramdown tools and the emergence of aggressive liability management exercises, mean greater consideration of creditors' interests and earlier engagement in restructuring discussions can be expected this year, says Inga West at Ashurst.