Corporate Crime & Compliance UK

  • August 06, 2024

    Forfeiture Gives NCA's Rarely Used 'McMafia' Order A Boost

    The seizure by the National Crime Agency of £22 million ($28 million) in properties from a banker's wife who is in prison allowed it to display its "McMafia" powers, although lawyers still have doubts about the future of the rarely-used enforcement tool.

  • August 06, 2024

    Senior SFO Official Heads For Exit After Less Than 2 Years

    The Serious Fraud Office's chief operating officer is set to leave after less than two years on the job, leaving a vacancy at the top of the white-collar crime prosecutor as it undergoes a shake-up in leadership.

  • August 06, 2024

    Law Firm Sued Over Negligent Property 'Ponzi Scheme' Advice

    Four investors have sued AI Law for £373,000 ($473,000) over the regional English firm's alleged failure to advise them that there is a risk their purchase of leases in apartments was an investment in a potential Ponzi scheme.

  • August 06, 2024

    Austria Records 'Problematic' Rise In Fake Companies

    Fake companies are on the rise in Austria, the country's Finance Ministry said Tuesday, adding that it hoped that a newly agreed-to law against tax evasion and fraud could reverse the trend.

  • August 06, 2024

    Drugmakers Can Fight To Nix Pay-For-Delay Claim, CAT Says

    An antitrust court in the U.K. has green-lit a challenge by a Danish drugmaker to an earlier decision not to apply a two-year limitation period to government claims that it raised prices of an antidepressant by having generics manufacturers put their rival medicines on hold.

  • August 05, 2024

    NCA Not Liable For Regulator's License Withdrawal Decision

    A former financial investigator cannot sue the National Crime Agency for losing his license, after an employment tribunal ruled that the agency could lobby on his behalf but couldn't overturn a regulatory body's decision.

  • August 05, 2024

    TikTok Removes 'Addictive' Feature In EU Amid Pressure

    TikTok has agreed to permanently discontinue a viewing rewards program from the European Union after regulators there said its "addictive" nature could pose a risk to users' mental health, the European Commission announced Monday.

  • August 05, 2024

    Terrorism Order Evidence Disclosable, UK Top Court Rules

    The U.K.'s highest court ruled Monday that the Home Office must disclose evidence used to decide whether to impose legal restrictions under terrorism legislation on a man returning from Syria to allow him to fairly challenge an allegation that he was aligned with a group associated with al-Qaeda.

  • August 05, 2024

    Azeri Banker's Wife Forfeits Golf Club, Knightsbridge Home

    The wife of a jailed Azeri banker has agreed to forfeit a house and golf course that the National Crime Agency says were bought with embezzled money, the agency announced on Monday.

  • August 05, 2024

    Glencore Ordered To Pay $152M In Swiss Bribery Case

    Switzerland's federal prosecutor ordered commodities trader and miner Glencore on Monday to pay $152 million for failing to prevent bribery linked to the acquisition by a business partner of minority stakes in two mining companies in the Democratic Republic of Congo in 2011.

  • August 05, 2024

    Food Supplier's Ex-Director Denies Artificially Inflating Prices

    The former director of a food product import company has denied a £1.1 million ($1.4 million) claim that he artificially inflated supplier costs to pocket the difference and has hit back with his own £150,000 counterclaim for allegedly unpaid commission.

  • August 05, 2024

    Ukraine War Shifts Contours Of Russian Litigation Landscape

    The war in Ukraine and global sanctions have caused the number of Russian litigants using England's commercial courts to tumble dramatically, and lawyers expect that the consequences of the invasion will continue to influence the disputes landscape.

  • August 05, 2024

    Unauthorized Mortgage Broker Must Pay £4M To FCA

    A court has ordered two unauthorized investment firms that misled vulnerable people into handing over their homes to hand over £4 million ($5.1 million) to the Financial Conduct Authority, the regulator said Monday

  • August 02, 2024

    Truck Buyers Get OK To Bring £2B Price Fixing Class Action

    The Competition Appeal Tribunal has agreed to certify a trade group to represent a class of truck drivers who say that major truck-makers owe them some £2 billion ($2.6 billion) after running a price-fixing cartel to inflate the price of the vehicles.

  • August 02, 2024

    Self-Styled 'Business Guru' Faces Investor's £5.6M Fraud Case

    An investor has hit a self-styled business guru with a £5.6 million ($7.2 million) fraud claim, accusing the entrepreneur of running a Ponzi scheme and of duping him into funding a loan for a luxury hotel development that was never lent.

  • August 02, 2024

    Property Investor Denies Hiding Info From Franchise Buyers

    A real estate investment scheme's former owner has hit back at a £6.4 million ($8.1 million) counterclaim by the management consultancy that acquired it, saying in London court documents that he did not conceal any important information and that he had not breached any agreement.

  • August 02, 2024

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

    This past week in London has seen insurance broker Marsh sue the collapsed Greensill Bank, the former chair of the Islamic Students Association of Britain pursue a defamation case against the Jewish Chronicle, Berkshire Hathaway and Lloyd's face action from a shipping company, and alleged fraudster Ronald Bauer hit a loan company with a claim. Here, Law360 looks at these and other new claims in the U.K.

  • August 02, 2024

    Post Office Probe Reveals Ethical Conflict Facing Lawyers

    In-house and external lawyers who gave evidence during the most recent phase of the Post Office inquiry, which concluded on Wednesday, revealed widespread poor conduct by barristers and solicitors that contributed to a major miscarriage of justice.

  • August 02, 2024

    SFO Claws Back Funds From Convicted Property Developer

    Britain's white-collar crime prosecutor said Friday it has seized £86,000 ($110,000) from a former commercial property developer who was convicted of fraud more than a decade ago after it discovered that he had acquired a luxury car.

  • August 02, 2024

    FCA Charges Unauthorized Mortgage Broker With Fraud

    An unauthorized mortgage broker has been charged with fraud for allegedly arranging mortgage applications based on false information, the Financial Conduct Authority said Friday.

  • August 01, 2024

    Headteacher Loses Challenge To Sanction For Sharing Data

    A London judge ruled Thursday that a headmaster was rightly accused of damaging public trust in the teaching profession by sharing confidential information about pupils with her husband.

  • August 01, 2024

    DAF Can't Take Trucks Cartel Appeal To Top UK Court

    The U.K. Supreme Court has refused to hear an appeal brought by DAF Trucks Ltd. against a ruling requiring it to shell out more than £15.2 million ($19.3 million) to BT and Royal Mail over a price-fixing scheme.

  • August 01, 2024

    2023 Worst Year Yet For Cyberattacks On Law Firms: Study

    Last year was the worst on record in terms of cyberattacks on law firms, according to an industry study published Thursday that found there were 45 known attacks, 1.6 million records affected and an average ransomware demand of $2.47 million in 2023.

  • August 01, 2024

    Barclays Wins £13.7M Freezing Order Action Against Directors

    Barclays Bank PLC has proven that two businessmen breached freezing orders on £13.7 million ($17.5 million) of assets, after a London court on Thursday ruled it was beyond reasonable doubt the men allowed the assets to move offshore.

  • August 01, 2024

    15 Arrested In Albanian Ring Involving Money Laundering

    A "prominent money launderer" was among 15 members of what was called a high-profile Albanian organized crime group arrested by authorities under suspicion of crimes including contract killings and money laundering using cryptocurrency transactions, Europol said Thursday.

Expert Analysis

  • An Overview Of UK Short Selling Regulation Reforms

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    The steps taken by the U.K. government to reform the short selling regime show a thoughtful and considered approach and a willingness to listen to industry feedback in adapting the legacy EU regime to the realities of the U.K. markets, say Anna Maleva-Otto and Matthew Dow at Schulte Roth.

  • Supreme Court Ruling Is A Gift To Insolvency Practitioners

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    As corporate criminal liability is in sharp focus, the Supreme Court's recent decision in Palmer v. Northern Derbyshire Magistrates' Court that administrators are not company officers and should not be held liable under U.K. labor law is instructive in focusing on the substance and not merely the title of a person's role within a company, say lawyers at Greenberg Traurig.

  • What Can Be Learned From Adobe-Figma Merger Termination

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    The Competition and Markets Authority’s role in the recent termination of the proposed Adobe-Figma merger deal indicates the regulator's intention to be seen as a strong enforcer in the technology sphere, and serves as a warning for companies to address antitrust risks early on in the merger process, say Deirdre Taylor and Molly Heslop at Gibson Dunn.

  • How FCA Listing Regime Reform Proposals Are Developing

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    The Financial Conduct Authority’s recently proposed U.K. equity listings reforms maintain increased flexibility with a disclosure-based approach, but much of the new regime’s success will depend on the eligibility criteria used and whether additional governance will be required for inclusion, say lawyers at Debevoise.

  • Major EU AI Banking Ruling Will Reverberate Across Sectors

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    Following the European Court of Justice's recent OQ v. Land Hessen decision that banks' use of AI-driven credit scores to make consumer decisions did not comply with the General Data Protection Regulation, regulators indicated that the ruling would apply broadly, leaving numerous industries that employ AI-powered decisions open to scrutiny, say lawyers at Alston & Bird.

  • Key Points From Ireland's New Accountability Framework

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    The recently introduced Individual Accountability Framework is a positive step for the financial services industry in Ireland, and in contributing to cultural and practical change will encourage positive behavior and good governance for the benefit of the industry and investors, say Aongus McCarthy and Niall Esler at Walkers Global.

  • Technology And AI: 2024's Legal And Regulatory Landscape

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    Alexander Amato-Cravero at Herbert Smith discusses what businesses and their lawyers can expect in the year ahead in terms of regulation, policies and associated risks related to advancing technologies and artificial intelligence, including the need for increased internal governance and workforce engagement.

  • A Look At 2023's Landmark Insolvency Developments

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    The insolvency landscape in 2023 witnessed pivotal court decisions that will continue to shape the industry in 2024, with a focus on refining director and administrator duties and obligations, and addressing emerging challenges, says Kerri Wilson at Ontier.

  • EU And US Artificial Intelligence Regs: Comparing Key Points

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    With divergent approaches to artificial intelligence regulation in the EU and U.S. making it challenging for companies to navigate the global landscape, it is wise to adopt a proactive compliance approach and begin mapping upcoming obligations in each jurisdiction, say lawyers at Steptoe.

  • 5 Key UK Employment Law Developments From 2023

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    Key employment law issues in 2023 suggest that topics such as trade union recognition for collective bargaining in the gig economy, industrial action and menopause discrimination will be at the top of the agenda for employers and employees in 2024, say Merrill April and Anaya Price at CM Murray.

  • Looking Ahead At AI Regulation In The EU And UK

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    With AI regulation agreed upon in Europe and a U.K. regulatory authority on the horizon, organizations developing AI should consider deploying governance, addressing accountability and establishing internal guardrails to achieve a balanced approach to responsible innovation while managing risk, says Chris Eastham at Fieldfisher.

  • What 2024 Has In Store For White Collar Crime Enforcement

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    Changes in Serious Fraud Office leadership and corporate crime laws in the U.K. signal a chance to kickstart enforcement in 2024, and companies need to stay alive to risks within their business, preparing in particular for the new offense of failure to prevent fraud, say lawyers at Latham.

  • Emerging Trends From A Busy Climate Litigation Year

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    Although many environmental cases brought in the U.K. were unsuccessful in 2023, they arguably clarified several relevant issues, such as climate rights, director and trustee obligations, and the extent to which claimants can hold the government accountable, illustrating what 2024 may have in store for climate litigation, say Simon Bishop and Patrick Kenny at Hausfeld.

  • Key 2024 Arbitration Trends In A Changing World

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    As key sectors such as ESG and the global mining and commodities market will continue to generate more arbitration in 2024, procedural developments in arbitral law will both guide future arbitration proceedings and provide helpful lessons on confidentiality, disclosure and professional duty, say Louise Woods and Elena Guillet at V&E.

  • How Businesses Can Prepare For Cyber Resilience In 2024

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    With cybersecurity breaches one of the biggest threats to U.K. businesses and as legislation tightens, organizations should prioritize their external security measures in 2024 and mitigate risks by being well-informed on internal data protection procedures, says Kevin Modiri at Nelsons.

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