Corporate Crime & Compliance UK

  • February 21, 2024

    Money Laundering Checks No Evidence Of Crime, Court Hears

    A British-Chinese woman accused of laundering bitcoin converted from a £5 billion ($6.32 billion) investment fraud made several online searches about money laundering after being stopped by customs officials, a London jury heard on Wednesday.

  • February 21, 2024

    Assange Extradition Not Political, US Gov't Says

    Julian Assange faces criminal charges in the U.S. for the "unprecedented" theft of military secrets that were published online rather than for his political views, lawyers for the American government said at his extradition appeal in London on Wednesday.

  • February 21, 2024

    EU Enforcers Detain 4 In €4.5M Money Laundering Swoop

    European law enforcement agencies said on Wednesday that they have arrested four suspects in Latvia as part of a multinational operation against a Russian-Eurasian criminal network and a finance company based in Malta that allegedly laundered €4.5 million ($4.9 million).

  • February 21, 2024

    Finance Firms Shuttered For £3M Loan Notes Fraud

    Two financial firms have been wound up after misleading investors into putting at least £3 million ($3.8 million) into an unprotected bond scheme, according to the Insolvency Service.

  • February 21, 2024

    Satoshi Associates Deny Wright's Claim To Be Bitcoin Creator

    Two cryptocurrency specialists who had interactions with the pseudonymous inventor of bitcoin in the 2000s told a London court on Wednesday that they do not believe Craig Wright's claims to be the elusive Satoshi Nakamoto.

  • February 21, 2024

    SFO Launches £140M Property Fraud Probe With Raids

    The Serious Fraud Office raided three homes and made four arrests on Wednesday in a criminal investigation into property manager Signature Group over a suspected £140 million ($177 million) investment fraud.

  • February 20, 2024

    Wells Fargo Says SEC Has Closed Hiring Practices Probe

    Wells Fargo said Tuesday that the U.S. Securities and Exchange Commission has closed an investigation into the bank's hiring practices, following allegations that some bank managers conducted sham interviews to meet a diversity quota, while Barclays PLC has said it no longer faces an investigation into its anti-money laundering compliance.

  • February 20, 2024

    Dutch Court Rejects Russia's Appeal Of $50B Yukos Awards

    Russia on Tuesday lost its last-ditch appeal to overturn $50 billion in arbitral awards issued a decade ago to former shareholders of Yukos Oil Co., once the country's largest oil company, after it was seized by the Kremlin amid allegations of allegedly phony tax debts.

  • February 20, 2024

    HMRC's Civil Tax Avoidance Case Investigations Fall By Half

    HM Revenue & Customs investigated nearly half as many potential civil tax avoidance cases in the 2022-23 tax year as it did in 2018-19, including an even bigger drop in cases opened by its team investigating offshore, corporate and wealthy taxpayers, two local news agencies said.

  • February 20, 2024

    Banking Oligarch's Wife Loses Russian Sanctions Challenge

    A Ukrainian-Russian tycoon's wife lost a bid on Tuesday to lift sanctions imposed on her after Russia invaded Ukraine, with a London court finding they strike a fair balance between the U.K.'s foreign policy objectives and her individual rights.

  • February 20, 2024

    Ransomware Group LockBit Hit By Coordinated Crackdown

    Two suspects linked to LockBit have been arrested and dozens of servers taken down as part of a global operation to disrupt the Russia-based ransomware group's activities, law enforcement agencies said Tuesday.

  • February 20, 2024

    EU Drops 4 Jurisdictions From Tax Haven Blacklist

    The European Union removed four jurisdictions Tuesday from its list of noncooperative jurisdictions for tax purposes, the Council of the EU announced, saying the jurisdictions had either resolved their deficiencies or were waiting for a review of improvements made.

  • February 20, 2024

    Senior SFO Exec Appointed To Run Judicial Office

    A senior executive at the Serious Fraud Office has been appointed as the next chief executive of the Judicial Office, the Courts and Tribunals Judiciary said on Tuesday.

  • February 20, 2024

    Liquidators, Claiming Fraud, Blast Tycoon's Bid To Keep $1B

    Liquidators of U.K. companies that allege a diamond and jewelry tycoon swindled over $1 billion from banks have denied forming trumped-up fraud accusations to destroy his business, telling a London court the businessman has suffered as a "consequence of his own orchestration."

  • February 20, 2024

    Madagascan President's Ex-Aide Found Guilty Of Bribery

    A former leading aide to the president of Madagascar was found guilty by a London jury on Tuesday of soliciting bribes to secure mining rights in the east African country for a U.K. gem company.

  • February 20, 2024

    HarperCollins Settles With Maxwell Assistant In Epstein Book

    The lawyer for a former assistant to Ghislaine Maxwell said Tuesday that her client has been "vindicated" after HarperCollins admitted that a book it published wrongly said she led one of Jeffrey Epstein's victims to his bedroom.

  • February 20, 2024

    Alleged Putin Ally To Face UK Sanctions Breach Trial In 2025

    A former Russian politician and alleged ally of Vladimir Putin will face a criminal trial in London in 2025 over allegations he breached the U.K.'s Russian sanctions regime, a judge said Tuesday.

  • February 20, 2024

    Extraditing Assange For Political Offenses Breaches Int'l Law

    Extraditing Julian Assange to face espionage charges in the U.S. would be a fundamental breach of international laws that protect "pure political offenses," lawyers for the WikiLeaks founder argued at his last-ditch appeal in London on Tuesday.

  • February 19, 2024

    Barrister Disbarred For Pocketing £149K In VAT Payments

    A barrister was ordered to be disbarred on Monday after he admitted to receiving value-added tax on his professional fees despite not being registered for it, with a tribunal saying he acted dishonestly and that his behavior amounted to "serious misconduct."

  • February 19, 2024

    Sex Offense Suspect Can't Get Evidence From BBC

    An anonymous, internationally known figure under investigation for alleged serious sexual offenses cannot use a witness statement from the BBC to persuade prosecutors not to charge him, a London court ruled on Monday.

  • February 19, 2024

    UK Launches Crackdown On 'Fire And Rehire' Tactics

    Employers could face sanctions for firing staff and rehiring them on worse contracts under new rules that will strictly police the practice, the U.K. government said Monday.

  • February 19, 2024

    No Room For Doubt Over Madagascan Aide Bribery, Jury Told

    The way a former top aide of the Madagascan president asked about payments "removes any room for doubt" that she knew she was soliciting bribes to secure mining rights for a U.K. gem company, prosecutors told a jury Monday.

  • February 19, 2024

    Lawyers For LC&F Chief Quit 'Ponzi Scheme' Trial Over Pay

    Lawyers representing a former chief at London Capital & Finance walked out on the first day of a trial at a London court over the £237 million ($298 million) investment scandal, saying that one of the directors of the alleged Ponzi scheme was unable to pay him. 

  • February 19, 2024

    EU Opens Formal Probe Into TikTok Content Risks

    The European Commission said Monday it is opening formal proceedings to examine whether TikTok has breached European Union law on protecting minors and potentially exposed young users to addictive and harmful content.

  • February 19, 2024

    Ex-Autonomy Boss Wants SFO Docs To Sink DOJ Fraud Case

    Mike Lynch wants the Serious Fraud Office to turn over information it holds on him over concerns that U.S. authorities sought international assistance to avoid running out of time to charge him for fraud, according to particulars of the extradited entrepreneur's legal claim against the U.K. agency.

Expert Analysis

  • Cos. Should Review Cookie Compliance After ICO Warnings

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    The Information Commissioner's Office recently restated its intention to take enforcement action on the unlawful use of nonessential cookies, and with the additional threat of public exposure and reputational damage, organizations should review their policies and banners to ensure they comply with data protection legislation, says Murron Marr at Shepherd & Wedderburn.

  • New Fraud Prevention Offense May Not Make Much Difference

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    By targeting only large organizations, the Economic Crime Act's new failure to prevent fraud offense is striking in that, despite its breadth, it will affect so few companies, and is therefore unlikely to help ordinary victims, says Andrew Smith at Corker Binning.

  • Mitigating And Managing Risks Of AI Use In Private Equity

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    While generative artificial intelligence has the ability to transform private equity firms and their portfolio companies, its deployment brings inherent risks, including those presented by the forthcoming EU AI Act, requiring appropriate risk management strategies, processes and policies to be adopted, says Barry Fishley at Weil.

  • Vodafone Decision Highlights Wide Scope Of UK's FDI Rules

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    The U.K. government’s recently imposed conditions required for its approval of Vodafone and Etisalat’s strategic relationship agreement under its National Security and Investment Act jurisdiction, illustrating the significance of the act as an important factor for transactions with a U.K. link, says Matthew Hall at McGuireWoods.

  • Decoding UK Case Law On Anti-Suit Injunctions

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    The English High Court's forthcoming decision on an anti-suit injunction filed in Augusta Energy v. Top Oil last month will provide useful guidance on application grounds for practitioners, but, pending that ruling, other recent decisions offer key considerations when making or resisting claims when there is an exclusive jurisdiction clause in the contract, says Abigail Healey at Quillon Law.

  • Consultation Docs Can Help EU Firms Prep For Crypto Regs

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    Firms providing crypto services should note two recent papers from the European Securities and Markets Authority defining proposals on reverse solicitation and financial instrument classification that will be critical to clarifying the scope of the regulatory framework under the impending Markets in Crypto-Assets Regulation, say lawyers at Hogan Lovells.

  • A Closer Look At Novel Jury Instruction In Forex Rigging Case

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    After the recent commodities fraud conviction of a U.K.-based hedge fund executive in U.S. v. Phillips, post-trial briefing has focused on whether the New York federal court’s jury instruction incorrectly defined the requisite level of intent, which should inform defense counsel in future open market manipulation cases, say attorneys at Lankler Siffert.

  • Investors' Call For Voting Changes Faces Practical Challenges

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    A recent investor coalition call on fund managers to offer pass-through voting on pooled funds highlights a renewed concern for clients’ interests, but legal, regulatory and technological issues need to be overcome to ensure that risks related to the product are effectively mitigated, says Angeli Arora at Allectus.

  • Litigation Funding Implications Amid Post-PACCAR Disputes

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    An English tribunal's recent decision in Neill v. Sony, allowing an appeal on the enforceability of a litigation funding agreement, highlights how the legislative developments on funding limits following the U.K. Supreme Court's 2023 decision in Paccar v. Competition Appeal Tribunal may affect practitioners, say Andrew Leitch and Anoma Rekhi at BCLP.

  • EU Product Liability Reforms Represent A Major Shakeup

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    The recent EU Parliament and Council provisional agreement on a new product liability regime in Europe revises the existing strict liability rules for the first time in 40 years by easing the burden of proof to demonstrate that a product is defective, a hurdle that many had previously failed to overcome, say Anushi Amin and Edward Turtle at Cooley.

  • Amazon's €32M Data Protection Fine Acts As Employer Caveat

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    The recent decision by French data privacy regulator CNIL to fine Amazon for excessive surveillance of its workers opens up a raft of potential employment law, data protection and breach of contract issues, and offers a clear warning that companies need coherent justification for monitoring employees, say Robert Smedley and William Richmond-Coggan at Freeths.

  • What Extension Of French FDI Control Means For Investors

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    The recently published French order on foreign investment control expands the regime's application to more sectors and at a lower threshold of share ownership, illustrating France's determination to maintain sovereignty over its supply chains in sensitive sectors, and adding new considerations for potential investors in these areas, say lawyers at Linklaters.

  • What To Expect For Private Capital Investment Funds In 2024

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    As 2024 gets underway, market sentiment in the private fundraising sphere seems more optimistic, with a greater focus on deal sourcing and operational optimizations, and an increased emphasis on impact and sustainability strategies, say lawyers at Ropes & Gray.

  • Cayman Islands Off AML Risk Lists, Signaling Robust Controls

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    As a world-leading jurisdiction for securitization special purpose entities, the removal of the Cayman Islands from increased anti-money laundering monitoring lists is a significant milestone that will benefit new and existing financial services customers conducting business in the territory, say lawyers at Walkers Global.

  • EU Report Is A Valuable Guide For Data Controllers

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    The European Data Protection Board recently published a study of cases handled by national supervisory authorities where uniform application of the General Data Protection Regulation was prioritized, providing data controllers with arguments for an adequate response to manage liability in case of a breach and useful insights into how security requirements are assessed, say Thibaut D'hulst and Malik Aouadi at Van Bael.

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