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 07, 2025
Latham Loses Antitrust Pro To Sidley In Latest Exit

Sidley Austin LLP said Tuesday that it has hired an antitrust partner from Latham & Watkins LLP to its Brussels office — the latest lawyer to jump ship from Latham to its U.S. rival.
January 07, 2025
'I Was Crap At My Job,' Says Trader In £200M Dirty Money Trial

The former director of a gold trading business has denied trying to cover up a £200 million ($250 million) money laundering scheme, telling a criminal trial on Tuesday that he was simply bad at his job.
January 07, 2025
Solicitor Told 'Client' To Make False Asylum Claim, SRA Says

A lawyer advised someone he believed to be a client to provide a fake story to support a British asylum claim, the Solicitors Regulation Authority alleged at a disciplinary tribunal in London on Tuesday.
January 07, 2025
Law Firm Fined £28K For Not Complying With AML Laws

An English law firm has been fined for failing to implement adequate measures to protect it from being exposed to money laundering and terrorist financing, the Solicitors Regulation Authority has said.
January 07, 2025
Finance Sector Seeks To Limit EU Technology Rules

Finance trade bodies in Europe have urged lawmakers to exclude digital-based financial services from a new European Union regime that will strengthen cyber-resilience in finance when it starts in January because it would overlap with existing rules.
January 07, 2025
Hundreds Sue Payroll Biz Zellis Over Software Cyberattack

A group of more than 450 employees of organizations including the BBC, British Airways and high street pharmacist Boots have sued Zellis, a payroll and human resources provider, alleging that it failed to prevent a cyberattack.
January 07, 2025
Hundreds Of McDonald's Crew Join Group Harassment Claim

More than 700 young workers at McDonald's have joined a group harassment claim against the fast food giant as the company's chief executive told MPs on Tuesday that the allegations are "isolated incidents."
January 07, 2025
Northern Ireland's Barristers Strike In Legal Aid Protest

Criminal barristers in Northern Ireland have launched a four-week industrial action, withdrawing from all legally aided crown court cases in protest at "the relentless expectation" that they should do more for less pay, according to the country's Criminal Bar Association.
January 06, 2025
Odey Sues FT For £79M Libel After Sexual Misconduct Claims

Hedge fund manager Crispin Odey has sued the Financial Times for £79 million ($99 million), claiming the newspaper published libelous articles containing a string of allegations that he sexually assaulted or harassed multiple women.
January 06, 2025
Pallas Partners Promotes 2 Lawyers In London To Partnership

Pallas Partners LLP said Monday it has promoted two lawyers in its office in London to its partnership, adding to the ranks of the senior lawyers who will take the business forward in the coming years.
January 06, 2025
Ex-Entain CEO Sues Gambling Watchdog Over Bribery Reveal

Two former top executives at the predecessor of betting giant Entain have sued the Gambling Commission over claims that the regulator misused their private information by disclosing an investigation into potential bribery.
January 06, 2025
HMRC Faces £20M Libel Case Over Asahi Cargo Fraud Report

A British haulage company has sued HM Revenue and Customs for as much as £20 million ($25 million), alleging that the tax authority damaged its business by falsely accusing it of dodging tax on shipments of Asahi beer.
January 06, 2025
Most Fraud Starts On Social Media And Tech, Barclays Finds

Most frauds start on social media and technology platforms, with investment scams accounting for a third of the total, according to new findings by Barclays Bank.
January 06, 2025
Rail Operator Must Pay £54K To Penalized Whistleblower

A tribunal has ordered Great Western Railway to pay a former employee £53,800 ($67,400) after the rail operator recently failed to overturn a ruling that it victimized the worker for his whistleblowing activities.
January 03, 2025
'Don Car-Leone' Loses £3.5M Bitcoin Civil Recovery Battle

A convicted drug trafficker, fraudster and money launderer failed to stop efforts by prosecutors to recover an estimated £3.5 million ($4.3 million) worth of bitcoin when a London judge ruled Friday that the cryptocurrency was obtained through drug trafficking and money laundering.
January 03, 2025
Shein GC Gets Uyghur Labor Abuse Dossier Amid UK Inquiry

A Uyghur rights group said Friday that it had handed Shein's general counsel a dossier containing evidence of possible forced labor in the Chinese clothing seller's supply chain days before the lawyer faces questions from a U.K. parliamentary committee.
January 03, 2025
Investment Firm Calls On UK To Rule Out Pension Tax Hikes

The U.K. should pledge no changes to pension tax benefits for the next four years to assuage consumer fears of the government following up on hikes to other taxes with more increases, according to a survey by an investment firm.
January 03, 2025
Complaints Commissioner To Warn FCA About P2P Lending

The Complaints Commissioner for financial regulators has undertaken to write to the Financial Conduct Authority on significant issues in the peer-to-peer lending sector.
January 03, 2025
Dealer Of Unreleased Famed Musicians' Tracks Avoids Prison

A dealer of stolen unreleased music by famous artists obtained through cryptocurrency exchanges on the dark web was handed a suspended prison sentence on Friday for 14 counts relating to buying and selling copyrighted music without the consent of artists or labels.
January 03, 2025
Nationwide Wins Bid To Ax Contractor's Whistleblowing Claim

A former contractor at Nationwide Building Society had his case against the bank dismissed Friday after an Employment Tribunal judge ruled that he brought his whistleblowing case too late and without good reason for his delay.
January 03, 2025
Former Top Racehorse Owner John Dance Denies £64M Fraud

A former leading racehorse owner denied nine charges in connection with a £64 million ($79.4 million) fraud on Friday following an investigation by the Financial Conduct Authority into the client accounts of a wealth management firm.
January 03, 2025
UK Litigation Roundup: Here's What You Missed In London

This past week in London has seen Chris Eubank Jr. hit with a libel claim from a boxing promoter, a perfume boss face proceedings from his businesses following sanctions violations claims, and Israeli broadcasters file intellectual property claims against BT and Sky. Here, Law360 looks at these and other new claims in the U.K.
January 03, 2025
UK Levy Hike Drives Labor Costs Up In 2025, Think Tank Says

U.K. businesses are facing a spike in labor costs, thanks to the government's decision to raise employers' National Insurance contributions, a payroll levy used to fund social programs, a think tank said Friday.
January 03, 2025
Competition Lawyer Files £2.1B Microsoft Price Abuse Claim

A competition law expert has sued Microsoft for up to £2.1 billion ($2.6 billion) on behalf of thousands of U.K. businesses, accusing the technology giant of charging abusive licensing fees for Windows Server, a software used in cloud computing.
January 02, 2025
Ex-Kennedys Manager Fined £27K For Due Diligence Failures

A former manager with Kennedys Law LLP has been fined £27,500 ($34,000) for carrying out inadequate client due diligence surrounding a property development fraud that saw directors pocket over £6.5 million of their investors' money.

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

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.
How The Wirecard Judge Addressed Unreliability Of Memory

In a case brought by the administrator of Wirecard against Greybull Capital, High Court Judge Sara Cockerill took a multipronged and thoughtful approach to a common problem with fraudulent misrepresentation claims — how to assess the evidence of what was said at a meeting where recollections differ and where contemporaneous documentation is limited, says Andrew Head at Forsters.
Practical Considerations For Private Fund Side Letters

Side letters are a common way of formalizing negotiated arrangements between a private fund and a particular investor — and as the number and length of side letters per fundraise steadily climb, managers must consider the material legal risks carefully, say lawyers at Dechert.
Planning For UK And EU Crypto-Asset Regulations In 2025

Fims should expect to devote the rest of 2024 and much of 2025 to fine-tuning their compliance frameworks to align with European Union crypto-asset regulations taking effect soon and U.K. regulators' plans for updating their own crypto-asset regime in the coming year, says Steven Lightstone at Morgan Lewis.
What To Know About Plans For A UK Green Taxonomy

Rachel Richardson at Macfarlanes discusses the purpose of HM Treasury’s recent consultation on a U.K. green taxonomy, explains why the tool — which would define what economic activities support climate objectives — is necessary, and considers drafting challenges the U.K. government may face.
Key Takeaways From EU's Coming Digital Act

The European Union's impending Digital Operational Resilience Act will necessitate closer collaboration on resilience, risk management and compliance, and crucial challenges include ensuring IT third-party service providers meet the requirements on or before January 2025, says Susie MacKenzie at Coralytics.
Takeaways From EU's Draft AI Code Of Practice

The European Union AI Office’s recently published first draft of the General-Purpose AI Code of Practice sheds some welcome light on which Artificial Intelligence Act compliance issues the office finds particularly knotty and, importantly, acknowledges where further guidance will be necessary, say lawyers at Akin.