Corporate Crime & Compliance UK

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Wave Of Decisions Reshapes UK Competition Tribunal

A series of last-minute antitrust rulings in Britain have reshaped vital battleground issues affecting funding, certification and limitation, raising thorny questions about how the country's competition regime functions.
November 29, 2023
Banking Tycoon Loses EU Russia Sanctions Challenge

The European Union's General Court rejected on Wednesday a bid by a Ukrainian-Russian billionaire to lift sanctions imposed against him because of his close ties to Vladimir Putin and support for the Russian economy.
November 29, 2023
Newcastle United Can't Stop HMRC Sharing Docs In Tax Probe

A London court on Wednesday rejected Newcastle United's bid to block the U.K. tax authority from sharing documents seized during a criminal tax probe with its civil investigators, ruling that the authority did not need to delete copies.
November 29, 2023
HMRC's £585M DPA Signals A New Bribery Cop In Town

The blockbuster bribery settlement reached by a gambling company with Britain's tax collector signals that enforcement agencies other than the Serious Fraud Office have the ability to investigate and prosecute major international economic crime, lawyers say.
November 29, 2023
Investment Advisers Face Redress Capital Requirements

The Financial Conduct Authority set out proposed new rules on Wednesday that would require investment advisers to set aside more capital to pay out on compensation claims, a move aimed at easing demand on the Financial Services Compensation Scheme for redress.
November 28, 2023
Gov't And Banks Failing To Prepare For Net Zero, MPs Warn

The government is not doing enough to force financial firms and listed companies help the U.K. reach its targeted total reduction of greenhouse gas emissions known as net zero by 2050, the House of Commons Environmental Audit Committee said Wednesday.
November 28, 2023
UK Trustees File Ch. 15 Petition For Duet Group Founder

Joint trustees in England for the bankruptcy estate of Henry Gabay, a co-founder of the defunct global asset manager Duet Group, filed a Chapter 15 bankruptcy petition on Monday in New York seeking recognition of Gabay's personal insolvency in the United Kingdom.
November 28, 2023
UK Antitrust Agency Vet Rejoins As Merger Chief

The U.K.'s Competition and Markets Authority announced Tuesday that a former senior mergers official will be rejoining the agency to lead that division after nearly two years with strategic regulatory advisory firm Fingleton.
November 28, 2023
FCA Sets Sustainability Disclosure Rules For Investments

The Financial Conduct Authority on Tuesday set out its planned sustainability disclosure regime enabling consumers to invest with greater clarity in funds benefiting the environment or society.
November 28, 2023
Unregistered Barrister Disbarred For Hiding Tribunal Decision

An unregistered barrister in the United Kingdom has been disbarred by an independent disciplinary tribunal for professional misconduct after she continued to offer immigration advice while hiding the fact that she had been struck off as a solicitor, the Bar Standards Board has said.
November 28, 2023
Insurers Warn Over Search Engine Advert 'Spoofing' Scams

Consumers looking for insurance plans online must be more cautious due to the threat of "spoof" ad scams, Aviva and the nonprofit Insurance Fraud Bureau warned on Tuesday.
November 28, 2023
Cyberattack On A&O Highlights Perils Of Law Firm Mergers

The cyberattack against Allen & Overy LLP could be a measure of the firm's own success and a reminder of the perils of mergers in one of the prime target sectors for criminals. Here, Law360 hears from experts why law firms are such a ripe source for hackers.
November 28, 2023
Garnier Says Satisfying Fraud Law Brings Tinge Of Frustration

Edward Garnier KC, the Conservative peer, barrister, and one of the country's foremost experts on economic crime, tells Law360 the Economic Crime and Corporate Transparency Act will make Britain a fairer place to do business — but, he says, it could have accomplished more.
November 27, 2023
US, UK Unveil Global Agreement For Securing AI Systems

Cybersecurity officials in the U.S. and U.K. on Monday rolled out first-of-their-kind guidelines, backed by more than a dozen other countries, that are intended to help ensure developers of artificial intelligence systems are building and deploying secure products.
November 27, 2023
Judge OKs Investor Attys' $19.2M Fee For Libor-Rigging Deals

A New York federal judge on Monday approved a $19.2 million award for attorneys representing investors in a Libor-rigging case against several financial institutions for their role in securing multiple settlements totaling over $74 million.
August 10, 2023
Investor Attys Want $19.2M For $74M Libor-Rigging Deals

Attorneys representing California State Teachers Retirement System in the Libor-rigging case against several financial institutions asked a New York federal judge for a $19.2 million award for their role in securing several settlements totaling nearly $74 million.
November 27, 2023
EU Police Arrest Possible Leader Of €85M VAT Fraud Scheme

Police have arrested a suspect in an €85 million ($93 million) value-added tax fraud scheme as part of a multicountry investigation, European Union authorities said Monday.
November 27, 2023
British Gas Paid Off Engineers To Avoid Talks, Union Claims

U.K. trade union GMB said Monday that it has begun battling Centrica at an English tribunal after the energy multinational allegedly offered payments to more than 3,000 engineers to avoid collective bargaining during a labor dispute.
November 27, 2023
MP Says Defamatory Post About 'Corrupt' Councilors Is True

A senior Conservative member of parliament has hit back at a property developer's libel action, doubling down on allegations that the developer influenced local politicians including his son to secure planning permission.
November 27, 2023
Acquitted Exec Bids To Keep Name Out Of SFO Bribery DPA

A former company director who was acquitted of paying bribes for refurbishment contracts told a London court on Monday that his name should be kept out of a £2.5 million ($3.2 million) deferred prosecution agreement between the Serious Fraud Office and two businesses.
November 27, 2023
EU Withholding Measure Is Not On Agenda Of Dec. 8 Meeting

A measure that would simplify the way withholding tax refunds are issued in European Union member countries while also helping national authorities detect fraud won't be discussed at a coming EU finance ministers meeting, a draft agenda showed.
November 27, 2023
Ashfords Must Pay Over £100K For AML Failings, SRA Says

Ashfords LLP has been fined more than £100,000 (£126,150) after the law firm admitted that it failed to carry out appropriate anti-money laundering checks on three property transactions, the Solicitors Regulation Authority has announced.
November 27, 2023
Businessmen Hung 'Out To Dry' By UK Gov't On Saudi 'Bribes'

Two British businessmen charged with bribery accused the U.K.government on Monday of hanging them "out to dry" after it allegedly signed off payments to senior Saudi Arabian officials under a major arms deal.
November 27, 2023
FCA Bans 2 Pension Advisers Over Poor British Steel Advice

The Financial Conduct Authority said Monday that it has banned two pension professionals from giving retirement savings advice over the "careless and incompetent" guidance they gave to members of the British Steel Pension Scheme.
November 27, 2023
Revolution Beauty In Settlement Talks With Former CEO

U.K. cosmetics brand Revolution Beauty said Monday that it is in settlement talks to avoid potential legal proceedings against its founder and former chief executive for allegedly breaching his fiduciary duties, which caused a delay to the group's 2022 financial results.
November 24, 2023
UK Betting Giant To Pay £585M To End HMRC Bribery Probe

Entain, the owner of gambling businesses Ladbrokes and Coral, said Friday that it has agreed to pay £585 million ($737 million) to resolve an investigation by the U.K.'s tax authority into possible bribery offenses in connection with its former Turkish online affiliate.

Expert Analysis

UK Review May Lead To Lower Investment Screening Burden

The government’s current review of national security investment screening rules aims to refine the scope of mandatory notifications required for unproblematic deals, and is likely to result in much-needed modifications to minimize the administrative burden on businesses and investors, say lawyers at Simpson Thacher.
What Prince Harry Privacy Case May Mean For Media Ethics

An English High Court recently allowed the privacy case brought by Prince Harry and six other claimants against the Daily Mail publisher to proceed, which, if successful, could embolden other high-profile individuals to bring claims and lead to renewed calls for a judicial public inquiry into British press ethics, says Philippa Dempster at Freeths.
Economic Crime Act Exposure: What Companies Can Expect

The intention of the Economic Crime and Corporate Transparency Act is to make it easier to attribute criminal liability to companies if a senior manager has committed an offense, but the impact on corporate criminal convictions depends on who qualifies as a senior manager and the evidential challenges in showing it, say Hayley Ichilcik and Julius Handler at MoFo.
How European Authorities Are Foiling Anti-Competitive Hiring

Lawyers at Squire Patton discuss key labor practice antitrust concerns and notable regulation trends in several European countries following recent enforcement actions brought by the European Commission and U.K. Competition and Markets Authority.
FCA Promotions Review Sends A Strong Message To Firms

The recent FCA review into firms' compliance with the rules on promoting high-risk investments to retail clients clarifies that it expects the letter and the spirit of the rules to be followed, and given the interplay with the consumer duty, there are wider implications at stake, say Marina Reason and Chris Hurn at Herbert Smith.
When Can Bonuses Be Clawed Back?

The High Court's recent decision in Steel v. Spencer should remind employees that the contractual conditions surrounding bonuses and the timing of any resignation must be carefully considered, as in certain circumstances, bonuses can and are being successfully clawed back by employers, say Merrill April and Rachael Parker at CM Murray.
The State Of UK Litigation Funding After Therium Ruling

The recent English High Court decision in Therium v. Bugsby Property has provided a glimmer of hope for litigation funders about how courts will interpret this summer's U.K. Supreme Court ruling that called funding agreements impermissible, suggesting that its adverse effects may be mitigated, says Daniel Williams at DWF Law.
UK Shareholding Report A Missed Opportunity For New Tech

The recommendations in the U.K. Digitization Taskforce's recent report on digitizing and improving the U.K. shareholding framework are moderate but not revolutionary, and its failure to recommend digital ledger technology will impede a full transformation of the system, say Tom Bacon and Andrew Tsang at BCLP.
What Lawyers Need To Know About The UK Online Safety Act

The recently passed U.K. Online Safety Act requires regulated providers to take action to assess and mitigate user risks, and counsel for these companies should take advantage of Ofcom’s clear desire to have a collaborative relationship and improve governance, say Rachael Annear and Tristan Lockwood at Freshfields.
Trial By AI Could Be Closer Than You Think

In a known first for the U.K., a Court of Appeal justice recently admitted to using ChatGPT to write part of a judgment, highlighting how AI could make the legal system more efficient and enable the judicial process to record more accurate and fair decisions, say Charles Kuhn and Neide Lemos at Clyde & Co.
Employer Considerations After Visa And Application Fee Hikes

The U.K.'s recent visa and application fee increases are having a significant financial impact on businesses, and may heighten the risk of hiring discrimination, so companies should carefully reconsider their budgets accordingly, says Adam Sinfield at Osborne Clarke.
Why It's Urgent For Pharma Cos. To Halt Counterfeit Meds

With over 10.5 million counterfeit medicines seized in the EU in 2023, it is vital both ethically and commercially that pharmaceutical companies take steps to protect against such infringements, including by invoking intellectual property rights protection, says Lars Karnøe at Potter Clarkson.
Nix Of $11B Award Shows Limits Of Arbitral Process

A recent English High Court decision in Nigeria v. Process & Industrial Developments, overturning an arbitration award because it was obtained by fraud, is a reminder that arbitration decisions are ultimately still accountable to the courts, and that the relative simplicity of the arbitration rules is not necessarily always a benefit, say Robin Henry and Abbie Coleman at Collyer Bristow.
How The Netherlands Became A Hub For EU Class Actions

As countries continue to implement the European Union Collective Redress Directive, the Netherlands — the country with the largest class action docket in the EU — provides a real-world example of what class and mass litigation may eventually look like in the bloc, say lawyers at Faegre Drinker and Houthoff.
Navigating The Novel Challenges Facing The Legal Profession

The increasing prominence of ESG and AI have transformed the legal landscape and represent new opportunities for lawyers, but with evolving regulations and the ever-expanding reach of the Solicitors Regulation Authority, law firms should ensure that they have appropriate policies in place to adapt to these challenges, say Scott Ashby and Aimee Talbot at RPC.