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Corporate Crime & Compliance UK
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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November 12, 2024
Biffa Sues Contractor For £2M Over Waste Scheme Tax Scam
Biffa is suing one of its contractors for £2.2 million ($2.8 million) for allegedly conspiring with two other waste management companies to disguise their waste in a scheme to secure lower tax rates.
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November 12, 2024
NHS Medic Loses Appeal Over Health & Safety Whistleblowing
A paramedic has failed to convince a London appeals judge that a National Health Service trust punished him for blowing the whistle on an emergency call handler's health and safety failings.
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November 12, 2024
BoE, Regulators Set Out Regime For Critical Third Parties
The Bank of England and other City regulators set out new rules on Tuesday for critical third parties such as cloud service providers used by finance firms to reduce the risk of failure and disruption to the market.
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November 12, 2024
New Defined Benefit Pension Funding Code Goes Live
A long-awaited funding code for defined benefit retirement savings plans in the U.K. went live on Tuesday, introducing what the pensions minister described as a "stronger set of standards" for the sector.
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November 12, 2024
FCA Strengthens Disclosure Process In Enforcement Cases
The Financial Conduct Authority has said it has improved its process for disclosing evidence to individuals and companies under investigation in regulatory enforcement cases, a move designed to cut the risk of omitting necessary documents.
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November 12, 2024
Metro Bank Fined £16M For Failed Money Laundering Controls
Metro Bank PLC has been fined more than £16.6 million ($21.2 million) for not having proper systems to detect potential money laundering activity for more than four years, the financial watchdog said Tuesday.
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November 11, 2024
Barings Lawyers Cleared Of Misleading Clients In SRA Case
A tribunal has dismissed a case against two senior lawyers at the consumer finance firm Barings Ltd. who were accused of misleading clients over payday loans claims and sending out letters on behalf of fictional clients, including Mickey Mouse.
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November 11, 2024
Rival Amazon Claims Compete To Lead Retailers' Class Action
Lawyers representing two proposed rival class actions faced off at the Competition Appeal Tribunal on Monday as they vie to represent thousands of third-party Amazon retailers that claim the technology giant abuses its dominant position to boost its sales.
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November 11, 2024
Motorola Fights UK Watchdog's Emergency Network Price Cap
Motorola asked the appellate court Monday to toss a decision by the antitrust watchdog that restricted how much the tech giant can charge Britain's emergency services to use its Airwave network, saying the limitation was based on errors in market calculations.
Expert Analysis
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Comparing The UK And EU Approaches To AI Regulation
While there are significant points of convergence between the recently published U.K. approach to artificial intelligence regulation and the EU AI Act, there is also notable divergence between them, and it appears that the U.K. will remain a less regulatory environment for AI in the foreseeable future, say lawyers at Steptoe.
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Lessons On Using 3rd-Party Disclosure Orders In Fraud Cases
The expansion of the gateway for service out of jurisdiction regarding third-party information orders has proven to be an effective tool against fraud since it was introduced in 2022, and recent case law offers practical tips on what applicants should be aware of when submitting such orders, says Rosie Wild at Cooke Young.
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Compliance Points To Know About The EU Digital Services Act
Online service providers in the European Union should prioritize understanding the scope of the recently implemented Digital Services Act, their specific legal obligations under it and the practical steps they must take to comply with the new law while obeying a raft of overlapping EU digital reforms, say Leo Moore and Róisín Culligan at William Fry.
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Independent Regulator Could Chip Away At FIFA Autonomy
After the U.K.'s recent proposal for an independent football regulator, FIFA's commitment to safeguarding football association autonomy remains unwavering, despite a history of complexities arising from controversies in the bidding and hosting of major tournaments, say Yasin Patel at Church Court Chambers and Caitlin Haberlin-Chambers at SLAM Global.
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A Look At The Latest EU Alternative Investment Regulation
Recent amendments to the EU Alternative Investment Fund Managers Directive governing a range of alternative investment funds reflect a growing regulatory focus on nonbanking financial institutions, which expand credit to support economic growth but carry a commensurate risk, say Juliette Mills and Alix Prentice at Cadwalader.
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Unpacking The Law Commission's Digital Assets Consultation
The Law Commission recently published a consultation on recognizing a third personal property category to accommodate the development of digital assets, highlighting difficulties with current models of property rights and the potential consequences of considering digital assets as personal property, say Andrew Tsang and Tom Bacon at BCLP.
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Unpacking The FCA's Approach To AML Compliance Failures
In light of the upward trend of skilled-person reviews by the Financial Conduct Authority, including the latest investigation into Lloyds' anti-money laundering controls, financial firms should familiarize themselves with the mechanisms of FCA supervision and enforcement investigations, says Kathryn Westmore at RUSI.
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New Russia Sanctions Reveal Int'l Enforcement Capabilities
Significant new U.K., U.S. and EU sanctions imposed on Russia notably target Europe-based individuals and entities accused of sanctions evasion, and with an apparent political will to enhance capabilities, the rhetoric is translating into international enforcement activity, say lawyers at Cadwalader.
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Legal Sector Will Benefit From New Data Security Standard
The U.K. Information Commissioner's Office-approved new privacy certification scheme for the legal profession will inevitably become the default for law firms, chambers and vendors to prove their U.K. General Data Protection Regulation compliance, says Orlagh Kelly at Briefed.
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Spartan Arbitration Tactics Against Well-Funded Opponents
Like the ancient Spartans who held off a numerically superior Persian army at the Battle of Thermopylae, trial attorneys and clients faced with arbitration against an opponent with a bigger war chest can take a strategic approach to create a pass to victory, say Kostas Katsiris and Benjamin Argyle at Venable.
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EU Inquiry Offers First Insight Into Foreign Subsidy Law
The European Commission's first in-depth investigation under the Foreign Subsidies Regulation into a public procurement process, and subsequent brief on regulatory trends, sheds light on the commission's approach to such cases, as well as jurisdictional, procedural and substantive issues under the regulation, says Matthew Hall at McGuireWoods.
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Opinion
PACCAR Should Be 1st Step To Regulating Litigation Funders
Rather than reversing the U.K. Supreme Court's well-reasoned judgment in PACCAR v. Competition Appeal Tribunal, imposing a regulatory regime on litigation funders in parity with that of lawyers, legislators should build upon it to create a more transparent, competitive and fairer funding industry, says Rosa Curling at Foxglove.
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EEA Equivalence Statement Is Welcomed By Fund Managers
The recent statement confirming European Economic Area equivalence to undertakings for collective investment in transferable securities for U.K. overseas funds regime purposes removes many managers’ concerns in the wake of Brexit, giving a clear pathway out of temporary marketing permissions and easing the transition from one regime to another, says Catherine Weeks at Simmons & Simmons.
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In Int'l Arbitration Agreements, Be Clear About Governing Law
A trilogy of recent cases in the English High Court and Court of Appeal highlight the importance of parties agreeing to explicit choice of law language at the outset of an arbitration agreement in order to avoid costly legal skirmishes down the road, say lawyers at Faegre Drinker.
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Post Office Scandal Stresses Key Directors Duties Lessons
The Post Office scandal, involving hundreds of wrongful convictions of subpostmasters based on an IT failure, offers lessons for company directors on the magnitude of the impact that a failure to fulfill their duties can have on employees and the company, says Simon Goldberg at Simons Muirhead.