Corporate Crime & Compliance UK

  • March 04, 2024

    FCC Inks Anti-Scam Partnership With UK Counterpart

    The Federal Communications Commission said Monday it will work formally with its U.K. counterpart to combat scam robocalls and robotexts, an announcement that came days after reaching a similar agreement with Britain's data privacy enforcer.

  • March 04, 2024

    Dentons Failed To Make AML Checks On PEP Client, SRA Says

    Dentons faced a battle at a London tribunal on Monday over its anti-money laundering procedures after the U.K. legal regulator said it had failed to conduct adequate checks on a politically exposed client for years.

  • March 04, 2024

    Barrister Disbarred For Falsely Trying To Double Fee

    A barrister who tried to double his fee for representing a client at a civil hearing and then misled the court when trying to cover up his tracks was disbarred by a tribunal on Monday.

  • March 04, 2024

    Associate Of Ex-Dechert Partner Says Settlement Ends Claims

    A British-Canadian businessman accused of conspiring with former Dechert partner Neil Gerrard to hack aviation tycoon Farhad Azima told an English judge on Monday that Azima's settlement with the law firm brings the claims against him to an end. 

  • March 04, 2024

    FCA Warns Asset Managers To Follow Sustainability Rules

    The Financial Conduct Authority has warned chief executives of asset management companies that it will focus on their compliance with rules on sustainability disclosure that come into force this year.

  • March 04, 2024

    5 Questions For Peter Carter On Insider Dealing Prosecutions

    The Financial Conduct Authority's successful prosecution of a former Goldman Sachs analyst for insider dealing provides new insights into what a determined criminal will do to get around compliance procedures and break the law. Here Peter Carter KC at Doughty Street Chambers, who led the prosecution for the FCA, talks to Law360 about the intricacies of tackling these kinds of cases.

  • March 04, 2024

    Apple Fined €1.8B For Restricting Music Streaming Developers

    The European Union's antitrust authority said Monday that it has fined tech giant Apple €1.8 billion ($1.95 billion) for abusing its dominant position in the market for music streaming apps by preventing developers from letting iPhone users know about cheaper subscriptions.

  • March 04, 2024

    KPMG Fined £1.46M For Ad Agency Accounting Breaches

    The Financial Reporting Council said on Monday that it has fined KPMG £1.46 million ($1.85 million) for a string of "serious failings" during the audit of advertising group M&C Saatchi PLC.

  • March 03, 2024

    UK Gov't Plans New Law To Reverse PACCAR Funding Fallout

    The U.K. government announced legislative changes on Monday designed to make it easier for people to secure funding for legal claims against companies in the wake of a landmark Supreme Court ruling that made many litigation agreements unenforceable.

  • March 01, 2024

    WealthTek Case Paused For FCA To Weigh Bringing Charges

    A judge on Friday delayed the Financial Conduct Authority's enforcement proceedings against a wealth manager over an £80 million ($101 million) shortfall, finding the watchdog should prioritize deciding whether to charge the company's founder over one of the "most significant frauds" it ever investigated.

  • March 01, 2024

    Ex-Stobart CEO Fights To Argue Conspiracy As A Shareholder

    Stobart Group's former chief executive should not be allowed to retry his claim that he was the victim of a conspiracy to remove him as chair, the company now known as Esken Ltd. told a London court on Friday.

  • March 01, 2024

    Wright Blames Enemies For Forged Email In Satoshi Trial

    Craig Wright hit back on Friday at accusations that he forged an email amid a trial over his claims that he is the inventor of bitcoin, telling a London court that an enemy could have doctored the message to sabotage his case.

  • March 01, 2024

    Greenwashing Risk Warning As EU Plans Benchmark Change

    European asset managers warned on Friday that expected revisions to the rules on benchmarks would remove transparency, hindering the explanations about sustainability that they need to give investors to fight against greenwashing.

  • March 01, 2024

    5 Questions For Ex-Public Prosecutions Director Max Hill KC

    Max Hill KC, the former head of the Crown Prosecution Service, was persuaded to join King & Spalding LLP as a consultant in its special matters and government investigations practice partly because of the changing economic crime landscape in the U.K.

  • March 01, 2024

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

    This past week in London has seen a legal battle between confectionary heavyweight Mars Wrigley UK and a frozen food manufacturer, a trademark infringement claim by Abbott Diabetes Care over glucose monitoring meters, Mercedes-Benz Group hit with two commercial fraud disputes, and the Mediterranean Shipping Company tackle a cargo claim by an insurance company. Here, Law360 looks at these and other new claims in the U.K.

  • March 01, 2024

    Home Office Ankle Tags For Migrants Breached Data Law

    A government pilot scheme to electronically monitor migrants breached privacy law, the U.K.'s data watchdog said on Friday as it issued an enforcement notice and warning.

  • February 29, 2024

    HMRC Uncovers Complex Offshore Tax Avoidance Scheme

    The U.K. tax authority said Thursday that it had exposed a complex tax avoidance scheme operating through a Singapore-based company.

  • February 29, 2024

    Drax May Face Group Litigation Over Greenwashing Claims

    Drax Group PLC shareholders could launch a group legal action against the energy company over claims it faked its environmental credentials to secure £6.5 billion ($8.2 billion) in U.K. government subsidies, the law firm helming the action said.

  • February 29, 2024

    Mozambique President Beats 'Tuna Bonds' Immunity Appeal

    Mozambique's president cannot be sued in England by shipbuilder Privinvest in the country's wide-ranging litigation over the $2 billion "tuna bonds" corruption scandal as a London appellate court on Thursday upheld a ruling that he has immunity as a sitting head of state.

  • February 29, 2024

    European Authorities Arrest 14 In €195M VAT Fraud Probe

    European law enforcement agencies said Thursday that they had arrested 14 people suspected in a €195 million ($211 million) value-added tax fraud across 17 countries.

  • February 29, 2024

    Global Regulator Seeks Stronger Swiss Bank Safeguards

    A global standards setter recommended on Thursday that the Swiss authorities introduce tougher rules for the country's biggest banks as it learns from the crisis that led to the rushed UBS-Credit Suisse merger in 2023.

  • February 29, 2024

    Academic Says Richard III Film Shows Him As Misogynistic

    A university academic who oversaw the discovery of Richard III's remains told the High Court in the first stage of a libel trial on Thursday that a Steve Coogan film portrays him as devious, misogynistic, patronizing and disablist.

  • February 29, 2024

    FCA Plan To Name Suspect Firms Early Alarms Finance Sector

    Plans put forward by the Financial Conduct Authority to name companies under investigation early might unfairly cause "catastrophic" damage to reputations, even if the regulator later drops the case, according to lawyers.

  • February 29, 2024

    £1.84B Of Gov't-Backed COVID Loans Suspected Fraudulent

    Some £1.84 billion ($2.32 billion) of U.K. government-backed COVID-19 loans granted to help businesses through the pandemic are suspected to be fraudulent, the Department for Business and Trade said Thursday.

  • February 29, 2024

    Meta Hit With GDPR Complaints By EU Consumer Groups

    Meta has been accused of "massive illegal data processing" by eight European consumer groups, which alleged on Thursday that the tech giant's "consent or pay" choice for customers is a cover-up for obtaining sensitive personal information.

Expert Analysis

  • BT Case May Shape UK Class Action Landscape

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    The first opt-out collective action trial commenced in Le Patourel v. BT in the U.K. Competition Appeal Tribunal last month, regarding BT's abuse of dominance by overcharging millions of customers, will likely provide clarification on damages and funder returns in collective actions, which could significantly affect the class action regime, say lawyers at RPC.

  • No-Poach Agreements Face Greater EU Antitrust Scrutiny

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    EU competition authorities are increasingly viewing employer no-poach agreements as anti-competitive and an enforcement priority, demonstrating that such provisions are no longer without risk in Europe, and proving the importance of understanding EU antitrust law concerns and implications, says Robert Hardy at Greenberg Traurig.

  • Key Points From EC Economic Security Screening Initiatives

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    Lawyers at Herbert Smith analyze the European Commission's five recently announced initiatives aimed at de-risking the EU's trade and investment links with third countries, including the implementation of mandatory screening mechanisms and extending coverage to investments made by EU companies that are controlled subsidiaries of non-EU investors.

  • Following The Road Map Toward Quantum Security

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    With the Financial Conduct Authority’s recent publication of a white paper on a quantum-secure financial sector, firms should begin to consider the quantum transition early — before the process is driven by regulatory obligations — with the goal of developing a cybersecurity architecture that is agile while also allowing for quantum security, say lawyers at Cleary.

  • Why EU Ruling On Beneficial Ownership May Affect The UK

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    Following the EU judgment in Sovim v. Luxembourg that public access to beneficial ownership information conflicts with data protection rights, several British overseas territories and dependencies have recently reversed their commitment to introduce unrestricted access, and challenges to the U.K.’s liberal stance may be on the cards, says Rupert Cullen at Allectus Law.

  • UK Gov't Response Clarifies AI Regulation Approach

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    Although the U.K. government’s recent response to its artificial intelligence consultation is a clear signal of its continuing pro-innovation approach to AI regulation, high-level systems are likely to be the focus of scrutiny and organizations may consider reviewing measures they have implemented to help identify risks, say Christopher Foo and Edward Machin at Ropes & Gray.

  • Key Changes In FRC Code Aim To Promote Good Governance

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    The focus of the recently published Financial Reporting Council Corporate Governance Code on risk management and internal controls is to ensure the competitiveness of the U.K. listing regime while not compromising on governance standards, and issuers may wish to consider updating their policies in order to follow best practice, say lawyers at Debevoise.

  • Ruling In FCA Case Offers Tips On Flexible Work Requests

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    In Wilson v. Financial Conduct Authority, the Employment Tribunal recently found that the regulator's rejection of a remote work request was justified, highlighting for employers factors that affect flexible work request outcomes, while emphasizing that individual inquiries should be considered on the specific facts, say Frances Rollin, Ella Tunnell and Kerry Garcia at Stevens & Bolton.

  • EU Vote Delay Puts Course Of Sustainability Directive In Doubt

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    With time to adopt the proposed EU Corporate Sustainability Due Diligence Directive during this Parliamentary term running out, and with upcoming elections threatening political uncertainty, the degree of compromise that may be needed to secure a "yes" vote now could undermine the shift the legislation seeks to achieve, say lawyers at Simpson Thacher.

  • Full EU Import Border Controls Pose Hurdles For UK Cos.

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    The U.K.’s long-anticipated introduction of full border controls on imports of goods from the EU, due to complete by the end of 2024, brings the system broadly into line with goods imported from the rest of the world, but may result in delays, increased costs and disruption as businesses adapt, say Ben Chivers and Jonathan Rush at Travers Smith.

  • 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.

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