Corporate Crime & Compliance UK

  • September 22, 2023

    UK Cements 'Bridge' To Ease US Data Transfers

    U.K. businesses beginning Oct. 12 will be able to transfer personal data without restrictions to U.S. companies that have met certain privacy requirements laid out by the European Union, under a new data exchange "bridge" agreement.

  • September 22, 2023

    EU Enforcers Hit Intel With $400M Antitrust Fine On Redo

    Europe's competition enforcer hit Intel Corp. with a lowered €376.4 million ($401.3 million) fine Friday for its 2009 case accusing the chipmaker of abusing its dominance over the supply of chips to computer manufacturers, after a court wiped out a €1 billion penalty last year.

  • September 22, 2023

    UK Litigation Roundup: Here's What You Missed In London

    The past week in London has seen the liquidators of a defunct gold dealership sue NatWest after it failed to detect a massive money laundering scheme, a Ukrainian airline and an aircraft lessor launch a claim against insurers, and the University of Sheffield sue AstraZeneca after a long-running deal to develop a cancer treatment. Here, Law360 looks at these and other new claims in the U.K.

  • September 22, 2023

    No Double Jeopardy Protection For Spanish Exec, ECJ Says

    The European Union's top court has declared that a Portuguese arrest warrant for an individual already behind bars in Spain for fraud did not breach the double jeopardy ban, because the facts cited in each country's judgment on a cross-border scam differed.

  • September 22, 2023

    All Eyes On SFO As New Chief Inherits Fraud-Heavy Agenda

    Nick Ephgrave begins his tenure as the head of the Serious Fraud Office on Monday, prompting questions about the direction the agency will take under the leadership of the long-serving police officer.

  • September 22, 2023

    Ex-Consultant Gets 8 Years In Prison For Lawyer Bomb Hoax

    A former management consultant was sentenced Friday to eight years and two months in prison at a London court for waging a harassment campaign against leading financial crime lawyers that culminated in a fake bomb attack on their office in the capital's legal district.

  • September 22, 2023

    KC Denies Knowing Of Bugs In Post Office Horizon IT System

    A barrister who successfully helped the Post Office recover debt from a sub-postmaster wrongly accused of theft told an inquiry on Friday that he had never been told of software defects that produced shortfalls on accounts. 

  • September 22, 2023

    SRA Tightens Money Laundering Risk Guidance

    The Solicitors Regulation Authority has updated its guidance on assessing the risks of money laundering after it found that a "significant proportion" of law firms were failing to meet its expectations.

  • September 22, 2023

    FCA Lacks Teeth To Enforce New Crypto Rules Abroad

    The City watchdog has warned that it will take action against unregulated overseas financial companies that promote crypto-assets to U.K. consumers without complying with new rules, but lawyers say it lacks the enforcement tools to stop illegal activity.

  • September 21, 2023

    Bankman-Fried's Expert Witnesses Rejected By Judge

    A Manhattan federal judge on Thursday rejected all the expert witnesses proposed by FTX founder Sam Bankman-Fried for his looming criminal trial, including the former chair of the Federal Election Commission and an English barrister.

  • September 21, 2023

    Post Office Solicitor Defends Disclosure In Horizon IT Cases

    A solicitor who advised the Post Office said at an inquiry into the wrongful convictions of hundreds of company workers that he did not think it fell within procedural rules to disclose the number of claims being pursued against sub-postmasters in an early legal battle.

  • September 21, 2023

    Nightclub Owner Gets 4 Years' Prison For Bribing Cop

    Two men were handed a total prison sentence of more than six years at a London court on Thursday for bribing a "thoroughly corrupt police officer" in return for preferential treatment and confidential information about competitors.

  • September 21, 2023

    FCA Says Publisher's Failed Bid For Contract Was 'Poor'

    The financial watchdog has denied awarding a contract for the publication of its rules book based on undisclosed criteria, arguing that the demonstration given by a publishing company suing the agency after losing its bid for the deal was "poor." 

  • September 21, 2023

    FCA Warns Insurance Bosses Over Financial Crime Controls

    The Financial Conduct Authority has warned insurance bosses in the London market to beef up their controls against internal corruption and financial crime after sanctions were imposed on Russia.

  • September 21, 2023

    FCA Issues Final Warning On Crypto Promotions Rules

    Britain's financial watchdog issued a final warning on Thursday for crypto-asset firms to comply with its new rules on promotional advertising starting Oct. 8 or risk fines and up to two years in prison.

  • September 20, 2023

    Ex-Allianz Exec Says $6B Fraud Charges Too Thin On Detail

    The former lead portfolio manager of Allianz Global Investors U.S. on Tuesday asked a New York federal judge to force prosecutors to turn over more details about their $6 billion fraud case alleging that the former executive lied to certain institutional investors about the riskiness of some Allianz funds, and trim down the indictment.

  • September 20, 2023

    Post Office Adviser Wrongly Denied The Existence Of IT Bugs

    A former Post Office Ltd. investigator said Wednesday at a London inquiry into how postal workers were wrongly convicted of fraud due to faulty software that he now "cringes" that he once gave a witness statement that there was no evidence of software bugs. 

  • September 20, 2023

    London Financier Gets 20 Months For Role In $86M Art Scam

    A Manhattan federal judge sentenced an art-focused finance pro from the United Kingdom to 20 months in prison Wednesday for assisting fraudster Inigo Philbrick in perpetrating an $86 million scheme to deceive collectors, investors and lenders.

  • September 20, 2023

    'Dieselgate' Legal Funder Hits Back at Insurer's £9M Claim

    A litigation funder has hit back at an insurer's claim that it owes a £9 million ($11.1 million) premium after backing motorists in a group action against Volkswagen over "Dieselgate" emissions, arguing the insurer renounced the policy when it ran into financial difficulties.

  • September 20, 2023

    Hayes Says Jurors Were Misled In Libor-Rigging Trial

    Former UBS and Citigroup banker Tom Hayes has launched his latest legal salvo in a bid to overturn his conviction for conspiring to rig the Libor benchmark interest rate, saying the judge overseeing his case led jurors astray.

  • September 20, 2023

    Global Standard Setter Proposes Rules For Failing CCPs

    The Financial Stability Board has proposed a global standard that would give resolution authorities the resources to manage the restructuring of a failing organization that processes and guarantees securities trades.

  • September 20, 2023

    Mozambique's $2B Case Can Be Heard In UK, Top Court Says

    Britain's highest court ruled Wednesday that Mozambique's bribery lawsuit against an Abu Dhabi-based shipbuilder over a $2 billion corruption scandal could be heard in England's courts rather than in arbitration in Switzerland. 

  • September 19, 2023

    £122M Already Paid To Postmasters, U.K. Gov't Reports

    The U.K. government announced Tuesday that £122 million ($151 million) has now been paid in compensation to more than 2,600 wrongly convicted Post Office postmasters across three schemes as the lead inquiry into the scandal resumed hearings. 

  • September 19, 2023

    Russell Brand Scandal Highlights Complexity For Employers

    Employers are stuck between a rock and a hard place when there are red flags about an employee’s conduct but no firm evidence or formal complaints — but they can’t ignore rumors, experts say.

  • September 19, 2023

    London Crown Court Staffer Injured By Electric Shock

    A member of staff at a London courthouse has minor injuries after receiving an electric shock while at work, the Ministry of Justice confirmed Tuesday, as a senior law firm partner criticized the "broken" courts system.

Expert Analysis

  • 6 Key Factors For Successful Cross-Border Dispute Mediation

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    The European landscape of cross-border disputes diverges markedly from the U.S. experience and presents unique challenges, including the amalgamation of diverse cultures and legal systems, but there are several practical steps that practitioners can take to effectively navigate the process, says Peter Kamminga at JAMS.

  • Understanding EU's AI Act And Its Enforcement Mechanisms

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    Companies wishing to use or market AI technology in the EU will need to become familiar with the risk-based regulatory framework and strict enforcement mechanisms of the draft EU Artificial Intelligence Act, which may be effective as early as next year, say Matthew Justus at AT&T and Wade Barron at Kilpatrick Townsend.

  • Operational Resilience Considerations In Financial Services

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    A recent letter from the Financial Conduct Authority reminds CEOs of U.K. wholesale banks of their role in the safety and soundness of markets, but all firms can draw lessons and consider their own operational resilience for longer-term security and commercial benefit, says Richard Tall at Faegre Drinker.

  • UK Tech Cases Warn Of Liability Clause Drafting Pitfalls

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    The recent U.K. High Court cases Drax Energy Solutions v. Wipro and EE v. Virgin Mobile Telecoms indicate a more literal judicial approach to construing limitations of liability, even when this significantly limits a claimant's recoverable damages, highlighting the importance of carefully drafted liability provisions, say Helen Armstrong and Tania Williams at RPC.

  • UK Report Clear On Pro-Innovation Approach To AI Regulation

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    A recent U.K. government report focuses on the benefits and challenges of artificial intelligence, highlighting an opportunity for the U.K. to be an international leader, but unless it acts soon the EU will dominate and flexibility is likely to be helpful only at the margin, say Caroline Raul, Patrick O’Connell and Greg Palmer at Linklaters.

  • How The UK Investment Screening Regime Is Taking Shape

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    A recent order imposing remedies on an acquisition by EDF Energy highlights emerging trends in the U.K. government's national security reviews of transactions under the U.K. National Security and Investment Act, and shows how the U.K. remedy landscape compares to the U.S. regime, say lawyers at Arnold & Porter.

  • Consultations Underpin Mandatory Fraud Victim Repayment

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    The U.K. Payment Systems Regulator’s recent consultations on authorized push payment fraud reinforce its June policy expectation, which said that unless there is evidence of gross negligence and the consumer standard of caution has not been followed, providers must reimburse fraud victims, say lawyers at Hogan Lovells.

  • EU Directive Implementation Facilitates Class Action Shift

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    Lawyers at Faegre Drinker discuss the increase in class and consumer action filings leading up to the implementation of the EU's Collective Redress Directive, and predict that certain aspects of the directive will result in a pro-claimant landscape that may mirror that of the U.S. and other common law countries.

  • Swiss Privacy Law Reforms Present Divergences From GDPR

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    The differences between Switzerland’s recently reformed Federal Act on Data Protection and the EU's General Data Protection Regulation, particularly around data breach reporting and the liability of company officers, will need to be carefully managed by multinationals that may have competing obligations under different laws, say Kim Roberts and Vanessa Alarcon Duvanel at King & Spalding.

  • EU Antitrust Rules Set To Pose Challenges To US Businesses

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    With stark differences between U.S. and European Union antitrust regimes, and potential for the forthcoming EU guidelines to turbocharge the commission's appetite for intervention, it is important that U.S. businesses with activities in the region take note of the reforms, say Andrea Pomana and Sarah Wilks at Mayer Brown.

  • Navigating The Rising Threat Of Greenwashing Enforcement

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    Recent high-profile cases before the Danish Consumer Ombudsman are a signal that authorities are ready to take robust action against greenwashing, and with a likely increase in the stringency of laws and severity of penalties, it is vital that businesses promoting their sustainable credentials do so in a compliant manner, says Lars Karnøe at Potter Clarkson.

  • New Legislation May Not Be Needed For Recovery Of Crypto

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    The recent seizure of cryptocurrency under a civil recovery order raises the issue of whether extended powers under the forthcoming Economic Crime Bill are necessary, with the ability to seize crypto-related items that may be the subject of a search order more likely to be of assistance, says Nicola McKinney at Quillon Law.

  • Employers Should Prepare For UK Immigration Changes

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    In light of the U.K. government's recent proposal to raise civil penalties for illegal working breaches and toughen visa sponsorship rules, employers should ensure they have foolproof systems for carrying out compliance checks and retaining specified documentation, says Annabel Mace at Squire Patton.

  • EU Act Will Have Sweeping Implications For AI Use

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    The European Union Artificial Intelligence Act, expected to pass this year, will have far-reaching effects on businesses that use AI, but requires legislators to strike a delicate balance between its laudable aims to protect fundamental rights and ensuring that exciting technology is able to thrive, say Gretchen Scott and Omer Tene at Goodwin Procter.

  • Opinion

    Russia Ruling Should Lead UK To Review Sanctions Policy

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    The High Court's recent dismissal of the first-ever court challenge to Russian sanctions in Shvidler v. Secretary of State sets a demanding standard for overturning designation decisions, highlighting the need for an independent review of the Russia sanctions regime, says Helen Taylor at Spotlight on Corruption.

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