Corporate Crime & Compliance UK

  • November 28, 2024

    UK To Ban 'Rogue,' 'Shameless' Firms From Hiring Overseas

    Employers that breach visa rules to exploit foreign workers will be banned from hiring overseas help for at least two years, the government said Thursday as it launched measures to crack down on abuse of the immigration system.

  • November 28, 2024

    EU Closes Tax Investigations Into Amazon, Fiat, Starbucks

    The European Commission said Thursday that it is closing tax investigations into three multinational companies — Amazon, Fiat and Starbucks — following a series of high-profile court decisions.

  • November 28, 2024

    Lawyer Duped By Fraudulent Barrister Overturns Firm Closure

    A court has ordered the solicitors' regulator to end the closure of a law firm, concluding that it was unlikely that its manager knew that a "fraudulent impostor" was forging property titles and making false mortgage applications.

  • November 28, 2024

    BHP Exec Denies Mining Giant's Role In Brazil Dam Disaster

    The former chief financial officer of Australian miner BHP Billiton told the High Court on Thursday that it was a "separate entity" from Samarco — the company responsible for running a mine that caused Brazil's worst environmental disaster.

  • November 28, 2024

    UK Trial Of Bulgarians Accused Of Spying For Russia Begins

    Three Bulgarians "tasked to spy" for Russia gathered information on prominent targets before passing it along to a Russian agent, a prosecutor told the first day of a trial in London on Thursday.

  • November 28, 2024

    Former Finance Execs Must Pay £45M For Takeover Violations

    The financial troubles of three former executives of MWB Group, an investment firm that has collapsed, does not preclude them from owing £44.8 million ($56.8 million) in compensation for violating the U.K. takeover rules by deceiving shareholders, a court ruled on Thursday.

  • November 28, 2024

    Ex-HMRC Compliance Officer Helped Husband Launder £3M

    A former compliance officer with HM Revenue and Customs has been handed a suspended sentence for her role in a £3 million ($3.8 million) money laundering operation carried out by her husband, the Crown Prosecution Service has said.

  • November 28, 2024

    SFO General Counsel Sara Lawson To Step Down Early 2025

    The Serious Fraud Office said on Thursday that its general counsel, Sara Lawson KC, is stepping down at the end of January after almost six years as the agency's most senior lawyer.

  • November 28, 2024

    FCA Reworks Plans To Name Firms Under Investigation

    The Financial Conduct Authority issued "significant" revisions to controversial proposals for publicizing investigations of wrongdoing on Thursday, including a move to give businesses more time to make justifications to the watchdog before being named.

  • November 27, 2024

    BlueCrest Disputes 'Disguised Salary' Claim In HMRC Case

    British-American hedge fund BlueCrest Capital Management LLP pushed back Wednesday against arguments from the U.K. tax authority that its portfolio managers are employees receiving a disguised salary.

  • November 27, 2024

    FCA Strengthens Whistleblowing Policy After Staff Complaints

    The Financial Conduct Authority said Wednesday that it has updated its internal whistleblowing policy in the wake of complaints from employees that it has failed to properly act on intelligence provided by informers.

  • November 27, 2024

    SFO Must Disclose Cost Of Botched Unaoil Probe

    The Serious Fraud Office must disclose the total cost of its controversial Unaoil investigation after a tribunal rejected the authority's argument that providing the details would hamper its ability to prosecute economic crime.

  • November 27, 2024

    LSB Needs Bigger Budget After Axiom Ince Probe Overspend

    The body that oversees the regulation of lawyers plans to increase its next annual budget by 11% as it admitted it had overspent in the current financial year because of higher-than-expected costs from its review of Axiom Ince.

  • November 27, 2024

    Dyson Fights To Keep Workers' Forced Labor Claim Out Of UK

    British appliance manufacturer Dyson fought on Wednesday to keep a forced labor case out of England, telling a London appeals court that claims that migrant workers were abused in Malaysian factories should be heard in the Asian country.

  • November 27, 2024

    FCA Fines Former Wizz Air Exec Over Share Trades

    The City watchdog said Wednesday it has fined a former executive at budget airline operator Wizz Air Holdings PLC over unallowed trading in the airline's shares worth more than £4 million ($5 million).

  • November 27, 2024

    UK Investors Denied Appeal In Barclays Dark Pool Claim

    A High Court Judge refused Wednesday to allow U.K. investors to challenge his decision striking out claims worth £330 million ($418 million) from securities fraud litigation alleging that Barclays dishonestly delayed publishing information about its dark pool trading system.

  • November 27, 2024

    Briton Fights South African Extradition In £36M Bribery Case

    A British businessman wanted in South Africa over an alleged £36 million ($46 million) government bribery scandal urged a London judge on Wednesday to hit the brakes on his extradition following recent findings that the request is unconstitutional.

  • November 27, 2024

    HSBC Loses Challenge To €32M Euribor Rigging Fine

    HSBC Holdings PLC has lost its challenge to a €31.7 million ($33.4 million) European Union fine for rigging Euribor, as a European court rejected on Wednesday the bank's argument that the penalty was imposed out of time.

  • November 27, 2024

    UK Court's National Security Decision Highlights M&A Risk

    A court decision that compelled LetterOne, a Russian-backed investment firm, to sell a broadband provider highlights the regulatory risk posed to corporate dealmakers by the government's far-reaching national security discretion, including the costly prospect that they might have to unwind concluded transactions.

  • November 26, 2024

    UK Gov't Urged To Hold Off On Changes To Inheritance Tax

    The British Labour government should hold off on inheritance tax changes for farmers, scheduled to take effect in April, that would make gifts to their heirs taxable if they occur within seven years of the giver's death, a U.K. economics think tank said.

  • November 26, 2024

    Prince Harry, Celebs Can Keep Daily Mail Burglary Allegations

    Prince Harry and Elton John saw their case against the Daily Mail's publishers get a boost on Tuesday, as a London court refused to toss claims that its journalists had hired investigators to carry out burglaries.

  • November 26, 2024

    'Incompetent' FCA Needs Gov't-Led Radical Reform, MPs Say

    The Financial Conduct Authority is not fit for purpose and requires government intervention for an extensive overhaul to address its "significant shortcomings" if it is to be an effective regulator, a group of cross-party MPs said in a report published Tuesday.

  • November 26, 2024

    Migrant Workers Want Dyson Forced Labor Claim Heard In UK

    A group of migrant workers urged the Court of Appeal on Tuesday to allow a compensation claim to be brought against British appliance maker Dyson in the U.K. over alleged labor abuses that took place at a Malaysian factory run by a former contractor.

  • November 26, 2024

    Brokerage Service Denies Helping $129M Forex Fraud

    A provider of brokerage services has denied giving credit for a company that carried out an alleged $129 million Ponzi scheme, saying in court filings that it had no knowledge of the fraud.

  • November 26, 2024

    UK Regulators Propose Relaxing Rules On Bankers' Pay

    The Prudential Regulation Authority and Financial Conduct Authority jointly announced plans on Tuesday to ease restrictions on bonuses for senior bankers, with the aim to make the U.K. more competitive while ensuring accountability in risk management.

Expert Analysis

  • Opinion

    UK Whistleblowers Flock To The US For Good Reason

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    The U.K. Serious Fraud Office director recently brought renewed attention to the differences between the U.K. and U.S. whistleblower regimes — differences that may make reporting to U.S. agencies a better and safer option for U.K. whistleblowers, and show why U.K. whistleblower laws need to be improved, say Benjamin Calitri and Kate Reeves at Kohn Kohn.

  • 4 Ways To Prepare For EU's Digital Finance Security Law

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    Companies that will fall under the scope of the Digital Operational Resilience Act when it goes into effect next January should take several proactive steps as they prepare for new corporate governance, risk management, incident reporting and third-party contracting obligations, says Edward Machin at Ropes & Gray.

  • 4 Legal Privilege Lessons From Dechert Disclosure Ruling

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    The Court of Appeal's recent decision in Al Sadeq v. Dechert LLP, finding that evidence may have been incorrectly withheld, provides welcome clarification of the scope of legal professional privilege, including the application of the iniquity exception, says Tim Knight at Travers Smith.

  • 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.

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