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Corporate Crime & Compliance UK
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December 17, 2024
UK To Compensate Postmasters For Pre-Horizon IT Errors
Postmasters affected by accounting errors dating from before the Horizon IT scandal will be awarded compensation, the government said on Tuesday.
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December 17, 2024
SFO Makes Arrest As Probe Into Failed TV Sports Co. Widens
Britain's anti-fraud enforcer said Tuesday that it has arrested a third individual in connection with its investigation into a TV sports company that fell into administration in late 2021 after administrators uncovered a £280 million ($355 million) hole in its finances.
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December 16, 2024
Ladbrokes Owner Sued For AML Breaches By Aussie Watchdog
Ladbrokes operator Entain Group is facing civil penalty proceedings in Australian Federal Court for "serious and systemic non-compliance" with anti-money laundering and counter-terrorism financing, the country's primary financial regulator said Monday.
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December 16, 2024
HMRC Chief Defends Record On Fighting Tax Evasion
The chief executive of HM Revenue & Customs told Parliament on Monday that the British tax authority has reduced the level of tax noncompliance in response to claims it needs a better strategy on tax evasion.
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December 16, 2024
Investment Boss Broke Freezing Order In Global Fraud Case
A London court has found the director of a Luxembourg-based investment firm in contempt of court after concluding that he had refused to disclose his assets for a worldwide freezing order won by trading services company Multibank in a global fraud case.
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December 16, 2024
Post Office 'Hasn't Changed' Despite Scandal, Lawyers Say
The attitude of the Post Office has not been reformed from the "corporate psychopathy" its lawyers exhibited throughout the Horizon IT scandal, a barrister representing former postmasters told the three-year-long inquiry in closing submissions on Monday.
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December 16, 2024
Osborne Clarke Pro Accused Of 'Abusive' SLAPP Threat
An Osborne Clarke LLP partner who represented Nadhim Zahawi faced a disciplinary tribunal on Monday over allegations that he sent an intimidatory letter in an attempt to silence a critic who was investigating the former Conservative chancellor's tax affairs.
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December 16, 2024
Smaller Auditors Lag In Quality, UK Regulator Warns
More than half of smaller U.K. auditing firms are "falling short" in the provision of consistent levels of standards of quality, transparency and accountability, the Financial Reporting Council warned on Monday.
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December 16, 2024
FCA Proposes To Cut Crypto-Laundering Risk, Clarify Rules
The Financial Conduct Authority set out plans on Monday to make rules clearer for crypto-assets with a regime that will cover new issues of the assets and market abuse, aiming to cut the risk of money laundering and fraud.
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December 13, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen a group of franchise operators hit Vodafone with a £120 million ($151 million) claim for allegedly imposing commission cuts, green energy tycoon Dale Vince pursue another libel action against the publisher of the Daily Mail, and parcel delivery giant Yodel face a claim by an investor that helped save it from collapse earlier in the year.
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December 13, 2024
Pakistani Broadcaster Beats Media Mogul's Libel Claim
A libel claim by a Pakistani media magnate against another major broadcaster was dismissed Friday, with a London appellate court ruling that a lower judge mistakenly found the media mogul had a realistic chance to succeed at a full trial.
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December 13, 2024
Google's Victory Dashes Hopes For Mass Data Privacy Claims
Failed efforts by millions of patients to revive mass litigation against Google over the transfer of medical records has extinguished hopes that collective redress claims for data privacy breaches can be brought against companies because of difficulties in claimants being able to establish the same loss.
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December 13, 2024
LC&F Bosses Must Repay £180M Over Ponzi Scheme
The group of co-conspirators who ran London Capital & Finance like a Ponzi scheme must repay the administrators of the collapsed investment fund more than £180 million ($227 million), after a judge said on Friday that the full amount of the fraud will likely never be recovered.
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December 13, 2024
Helicopter Biz Must Continue To Employ Pilot, Judge Rules
A commercial helicopter company has lost its bid to overturn a court order to keep employing a suspended pilot, while he pursues a claim that he was penalized for whistleblowing.
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December 13, 2024
Dyson Must Face Forced Labor Allegations In UK Court
Appliance manufacturer Dyson has lost its fight to keep a forced labor case out of England, as a London appeals court ruled on Friday that claims that migrant workers were abused in Malaysian factories should be heard in Britain.
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December 13, 2024
Lloyd's Trade Body Wants Reporting Burden Eased More
A Lloyd's of London trade body has said that the specialist market has made good progress in its bid to reduce the compliance and reporting obligations for participants this year — but it must take more action 2025 to "fully realize" the benefits of easing the burden.
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December 13, 2024
Pensions Pro Wins Whistleblower Appeal, But Was Fairly Fired
A pensions administrator has convinced an appeals tribunal that a Scottish government agency wrongly penalized him for blowing the whistle on problems with a retirement savings plan, but he could not prove that the decision to sack him was unfair.
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December 12, 2024
CJEU Upholds €1.8M Tax On Volvo Group In Belgium
Belgium can impose a "fairness tax" totaling €1.8 million ($1.9 million) on nonresident companies without a permanent office in the country, the Court of Justice of the European Union said Thursday.
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December 12, 2024
German Fund Managers Charged In €45M Cum-Ex Scheme
Two fund managers have been charged in Germany for "particularly serious" tax evasion over their alleged role in a €45 million ($47 million) cum-ex dividend tax fraud, prosecutors confirmed Thursday.
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December 12, 2024
Chauffeur Startup Founder Must Identify Website 'Phantoms'
A London judge has blocked the founder of an international luxury ride-hailing company from suing the anonymous publishers of two websites, allegedly part of a "disinformation campaign" against the executive, ruling that he had not done enough to identify the people behind the sites.
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December 12, 2024
UK Launches Anti-Corruption Unit For Domestic Bribery
The government launched a new police unit to tackle domestic corruption and a fresh clampdown on the flow of dirty money on Thursday as a minister admitted that law enforcement agencies are in the dark about the scale of bribery in the country.
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December 12, 2024
Trader Sentenced To 12 Years For Cum-Ex Fraud In Denmark
A Danish court sentenced a British hedge fund trader to 12 years in prison on Thursday after finding him guilty of defrauding the country's tax authority by masterminding a nine billion kroner ($1.3 billion) cum-ex fraud scheme.
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December 12, 2024
Gov't Eyes Trimming Jury Trials To Cut Criminal Case Backlog
The government launched a major review on Thursday of the criminal court system that could lead to a drastic reduction in numbers of jury trials to ease pressure on a system struggling with delays.
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December 12, 2024
Barrister's 'Boys Club' Posts Not Misconduct, Tribunal Rules
A disciplinary tribunal dismissed on Thursday five charges against barrister Charlotte Proudman, which had been brought by her regulator over social media posts she had made saying that a judge's decision had "echoes of [the] boys club" about it.
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December 11, 2024
SFO Arrests Five In Probe Of Suspect Timeshare Fraud
The Serious Fraud Office launched an investigation on Thursday into fraudulent timeshare schemes believed to have been run by organized criminals suspected of conning consumers using high-pressure sales tactics over six years to con them out of service fees.
Expert Analysis
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Hugh Grant Case Raises Questions About Part 36 Offers
Actor Hugh Grant's recent decision to settle his privacy suit by accepting a so-called Part 36 offer from News Group — to avoid paying a larger sum in legal costs by proceeding to trial — illustrates how this legal mechanism can be used by parties to force settlements, raising questions about its tactical use and fairness, says Colin Campbell at Kain Knight.
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Investment Security Act Fine-Tune May Help Businesses
Although the government’s recent response to feedback on the National Security and Investment Act regime makes it clear that its approach is one of fine-tuning and substantial reforms will have to wait, there is still room to ease the burden on businesses by issuing guidance and refining the terms of mandatory area definitions, say lawyers at Linklaters.
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How New FCA Rules Strengthen Borrower Protections
The Financial Conduct Authority’s recently published final rules, aimed at strengthening protections for borrowers in financial difficulty by regularizing good practices across the industry, put its previous guidance on a permanent footing and send a clear message to firms that this issue remains a regulatory priority, say James Black, Julie Patient and Mark Aengenheister at Hogan Lovells.
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How Cos. Can Prepare For EU's Forced Labor Regulation
Before a new European Union regulation takes effect banning products made with forced labor from the internal market, economic operators will need to get their supply chain compliance functions ready, familiarizing themselves with international standards and case law, say Vassilis Akritidis and Jean-Baptiste Blancardi at Crowell & Moring.
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Opinion
New Property Category Not Needed To Regulate Digital Assets
The U.K. Law Commission's exploration of whether to create a third category of property for digital assets is derived from a misreading of historical case law, and would not be helpful in resolving any questions surrounding digital assets, says Duncan Sheehan at the University of Leeds.
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FTSE Draft Rules Show Impact Of FCA Listing Reforms
FTSE Russell’s recently published provisional rule changes represent a much-awaited indication of its response to the U.K. Financial Conduct Authority’s proposed listing reforms, providing a level of certainty that will assist issuers and advisers in preparing for the implementation of the regime, say lawyers at Davis Polk.
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FCA Strikes A Balance With 'Finfluencer' Guidance
With financial firms leveraging social media to engage with a broader audience, the Financial Conduct Authority’s recent "finfluencer" guidance signals a recognition of the imperative to adapt regulatory frameworks while maintaining a firm commitment to consumer protection, say David Allinson and Damien O'Malley at RPC.
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Pharma Remains A Key Focus Of EU Antitrust Enforcement
The recently published European Commission report on pharmaceutical sector competition law illustrates that effective enforcement of EU rules remains a matter of high priority for EU and national authorities, say lawyers at Dechert.
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Dissecting Recent Developments Against The Misuse Of NDAs
The U.K. government's recent plans to nullify nondisclosure agreements that prevent victims from reporting crimes should remind lawyers to proactively consider the necessity of such agreements, especially in light of the Solicitors Regulation Authority's warning notice on drafting improper NDAs, say Clare Davis and Macaela Joyes at RPC.
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What UK Energy Charter Treaty Exit Would Mean For Investors
While the U.K.'s recent announcement that it intends to withdraw from the Energy Charter Treaty is a bold political signal, investor protections will remain in place for a significant period of time, ensuring that an element of certainty and business continuity will remain, say Karel Daele and Jessica Thomas at Taylor Wessing.
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Assessing The FCA Data Study's Response To User Concerns
The Financial Conduct Authority’s recently published report on the supply of wholesale financial data differs from others in its exceptional breadth and analysis of an enormous volume of information, but in its reluctance to address market power or pricing directly, the regulator’s approach is still cautious, say Emma Radcliffe and Greg Dowell at Macfarlanes.
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Uber Payout Offers Employer Lessons On Mitigating Bias
Uber Eats' recent payout to a driver over allegations that the company's facial recognition software was discriminatory sheds light on bias in AI, and offers guidance for employers on how to avoid harming employees through the use of such technology, says Rachel Rigg at Fieldfisher.
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Apple Ruling Offers Morsel Of Certainty On Litigation Funding
An English court's recent decision in Gutmann v. Apple, finding that a litigation funder could be paid via a damages award, offers a piece of guidance on the permissibility of such agreement terms amid the ongoing uncertainty around funded group litigation in the U.K., says Mohsin Patel at Factor Risk Management.
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Cum-Ex Prosecutions Storm Shows No Sign Of Abating
The ongoing trial of Sanjay Shah in Denmark is a clear indicator that efforts remain focused on holding to account the alleged architects and beneficiaries of cum-ex trading, and with these prosecutions making their way across Europe, it is a more turbulent time now than ever, says Niall Hearty at Rahman Ravelli.
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Traversing The Web Of Nonjudicial Grievance Mechanisms
Attorneys at Covington provide an overview of how companies can best align their environmental and human rights compliance with "hard-law" requirements like the EU's recently approved Corporate Sustainability Due Diligence Directive while also navigating the complex global network of existing nonjudicial grievance mechanisms.