Corporate Crime & Compliance UK

  • February 16, 2024

    Illegal Lender Imprisoned For Refusing To Pay Back Victims

    An illegal moneylender has been sentenced to almost eight years in prison for failing to pay a £5.1 million ($6.4 million) confiscation order to compensate victims he charged exorbitant interest rates for small loans, the finance watchdog said on Friday.

  • February 16, 2024

    Claims Managers Are Clouding Regulatory Status, FCA Warns

    Claims management companies are failing to distinguish between regulated and unregulated activity, which can mislead consumers into thinking that it all enjoys the same protection, according to a review by the Financial Conduct Authority.

  • February 16, 2024

    Ex-Goldman Sachs Banker Gets 22 Months For Insider Dealing

    A former Goldman Sachs banker was sentenced at a London court on Friday to 22 months in prison for insider dealing after he was convicted of using price-sensitive information gleaned from his job at the investment bank to trade in company shares.

  • February 15, 2024

    Facebook Users Win Class Status For £2.3B Data Claim

    One year after sending a £2.3 billion ($2.9 billion) proposed class action against Meta Platforms Inc. back to the drawing board, the U.K. Competition Appeal Tribunal has agreed to certify a 44 million-strong class of U.K. consumers who say that the social media titan exploited their data.

  • February 15, 2024

    EUIPO Helps Crack Down On €64M In Fake Medicine Sales

    The European Union Intellectual Property Office said Wednesday it helped charge over 1,200 people for crimes relating to illegal medicine between April and October as part of a Europe-wide crackdown on fake and trafficked substances.

  • February 15, 2024

    Collapsed Pension Fund Claws Back £1.9M Lost In Fraud

    The liquidators of a pension fund said they have clawed back £1.9 million ($2.4 million) as part of their long-running quest to recover many millions of pounds of investors' pension savings lost to an elaborate fraud.

  • February 15, 2024

    SFO Says Directing Mind Reforms Were A 'Christmas Present'

    Reforms that make it easier to hold companies criminally liable for their employees were a "Christmas present" for the Serious Fraud Office and will have a "huge" effect on its work, the general counsel for the anti-corruption agency said Thursday.

  • February 15, 2024

    Utility Bills Biz Seeks £4M Over Fraudulent Gas Supply Deals

    A utility bills company is seeking to claw back £4.1 million ($5.1 million) it paid to an energy trader it alleges deceived it into believing it would supply gas to customers, when in reality fraudulent contracts had been set up with other suppliers.

  • February 15, 2024

    Bitcoin 'Inventor' Mentioned Blockchain in 2008, Witness Says

    A former business associate of Craig Wright told a London court Thursday that he believes Wright's claim to be the inventor of bitcoin is "feasible" based on conversations he remembers dating back to the 2000s.

  • February 15, 2024

    FCA Quizzes Top Firms On Advice Services Fees

    The Financial Conduct Authority said Thursday it has written to 20 of the largest financial adviser firms to gauge how those businesses charge clients after giving advice amid its broader focus on ensuring customers are treated fairly.

  • February 15, 2024

    UK Gov't Asks Financial Regulators To Review AI Policing

    The government said on Thursday that it has told financial markets regulators to publish an update by April 30 on how they will police artificial intelligence.

  • February 15, 2024

    Ex-Goldman Sachs Banker Guilty Of Insider Dealing

    A former Goldman Sachs banker was convicted of insider dealing by a London jury on Thursday, over allegations he used his price-sensitive information gleaned from his job at the investment bank to trade in company shares.

  • February 14, 2024

    Deputy AG Warns Of Harsher Penalties For Crimes Aided By AI

    Deputy Attorney General Lisa Monaco on Wednesday said the U.S. Department of Justice will seek harsher penalties for crimes committed with the aid of artificial intelligence, calling the technology a "double-edged sword" that can be exploited by criminals but utilized by prosecutors with the right controls in place.

  • February 14, 2024

    Orrick Hit By Exodus To Hogan Lovells, BonelliErede In Italy

    Orrick Herrington & Sutcliffe LLP's Italian arm this week has seen nearly 40 lawyers — around half its Italian cohort — jump ship to rival firms Hogan Lovells and BonelliErede, in a blow to the U.S. firm's European presence.

  • February 14, 2024

    5 Key Takeaways From The SFO Director's Maiden Speech

    Serious Fraud Office director Nick Ephgrave has signaled his desire to carry out more dawn raids, use more intelligence and pay whistleblowers to carry out swifter investigations. Here, lawyers tell Law360 that it is a return to an old-fashioned approach to enforcement.

  • February 14, 2024

    Madagascar Official 'Never' Sought Bribes For Gem Deal

    A former top aide to Madagascar's president denied asking for bribes to secure mining rights for a U.K. company, saying at her London trial Wednesday that she wanted to "deploy all her energy" to ensure the deal happened.

  • February 14, 2024

    SRA Refuses To Lift Suspension Of Former Axiom Manager

    The Solicitors Regulation Authority has refused to reinstate one of the Axiom Ince managers it suspended in August over nearly £65 million ($82 million) of client funds that went missing, saying it would not be in the public interest.

  • February 14, 2024

    Visa, Mastercard Accused Of Anticompetitive 'Floor' In Fees

    A group of merchants argued on Wednesday that Visa and Mastercard breach antitrust laws when they charge interchange fees and impose rules on some card schemes, saying that they are anticompetitive because there is no fair negotiation.

  • February 14, 2024

    FCA Arrests Insider Dealing Suspects At London Homes

    U.K. investigators arrested three individuals in London on suspicion of insider dealing, conspiracy to insider deal and money laundering linked to organized crime, the financial watchdog said Wednesday.

  • February 14, 2024

    Barrister Convicted Of Fraud In £1.8M Legal Aid Case

    A barrister accused of pocketing legal fees that he did not earn was convicted of fraud at a London court on Wednesday for his role in attempting to con a public legal aid fund out of £1.8 million ($2.3 million). 

  • February 14, 2024

    Prosecution Deflected From MoD Saudi Bribes, Briton Says

    A businessman accused of bribing Saudi Arabian officials under a major British defense contract is being prosecuted only to deflect attention from the U.K. government's decades of corrupt payments in the region, his lawyer told a London court in closing submissions Wednesday.

  • February 14, 2024

    HMRC Warns Self-Employed Taxpayers Of Scammers

    Fraudsters are likely to target people who fill in self-assessment tax returns with phishing scams promising a tax refund now that the Jan. 31 filing deadline has passed, HM Revenue and Customs warned Wednesday.

  • February 14, 2024

    FCA Flagged 10,000 Misleading Financial Ads In 2023

    Britain's finance watchdog has ramped up its fight against misleading financial advertisements, reporting on Wednesday that it intervened to have more than 10,000 promotions posted online without proper authorization pulled or amended in 2023.

  • February 13, 2024

    EU Says Apple IMessage, Microsoft Bing Not Gatekeepers

    European enforcers have found that Apple's iMessage and several Microsoft services do not qualify for "gatekeeper" designations under the Digital Markets Act, but the companies nevertheless must abide by new rules giving users more choice and freedom with other products.

  • February 13, 2024

    Pay Whistleblowers To Spur Fraud Fight, SFO Director Says

    The U.K. should compensate whistleblowers to incentivize corporate insiders to report corruption and fraud, a measure that would spur the U.K.'s anti-graft agency's complex, data-heavy investigations, the director of the Serious Fraud Office said Tuesday.

Expert Analysis

  • Cos. Should Plan Now For Extensive EU Data Act Obligations

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    The recently enacted EU Data Act imposes wide-ranging requirements across industries and enterprises of all sizes, and with less than 20 months until the provisions begin to apply, businesses planning compliance will need to incorporate significant product changes and revision of contract terms, say Nick Banasevic, Robert Spano and Ciara O'Gara at Gibson Dunn. 

  • How Decision On A Key Definition Affects SMEs

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    The Financial Conduct Authority's decision not to extend the definition of small and midsized enterprises may benefit banks and finance providers in the current high interest rate environment and where SMEs in certain sectors may be under financial pressure in light of the cost-of-living crisis in order to streamline it, says Rachael Healey at RPC.

  • Together, GDPR And AI Act Can Boost Digital Rights In EU

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    The overlap between the General Data Protection Regulation and the forthcoming EU Artificial Intelligence Act is intriguing in that it demonstrates a shared commitment to upholding individual digital rights, and understanding this synergy is paramount in comprehending how the two domains can work in tandem, says Maria Moloney at PrivacyEngine.

  • Acquisition Of AI Tech Poses Challenges For Media Industry

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    The artificial intelligence regulatory landscape is changing quickly, and media and entertainment companies planning to acquire AI technology through a merger, acquisition or licensing deal should be mindful of potential new compliance requirements and AI-specific insurance products, say lawyers at Covington.

  • What Extending Corporate Liability Will Mean For Foreign Cos.

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    Certain sections of the Economic Crime Act enacted in December 2023 make it easier to prosecute companies for economic crimes committed abroad, and organizations need to consider their exposure and the new ways they can be held liable for the actions of their personnel, say Dan Hudson at Seladore Legal and Christopher Coltart at 2 Hare Court.

  • Due Diligence Pointers After Entain Deferred Prosecution Deal

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    The Crown Prosecution Service's £615 million settlement with Entain last month signifies that the CPS is a serious enforcer of corporate crime, and illustrates the importance of carrying out a tailored risk assessment in preparation for and following an acquisition, say Matthew Cowie and Aziz Rahman at Rahman Ravelli.

  • A Consequential Moment For Sanctions Activity

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    It is clear from the U.K. Office of Financial Sanctions Implementation's review of the 2022-2023 financial year that the unprecedented scale of designated persons and the value of assets frozen as a result has placed enormous pressure on OFSI and its partners, say lawyers at Greenberg Traurig.

  • ECJ Ruling Triggers Reconsiderations Of Using AI In Hiring

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    A recent European Court of Justice ruling, clarifying that the General Data Protection Regulation could apply to decisions made by artificial intelligence, serves as a warning to employers, as the use of AI in recruitment may lead to more discrimination claims, say Dino Wilkinson and James Major at Clyde & Co.

  • Economic Crime Act Offers Welcome Reform To AML Regime

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    The Economic Crime and Corporate Transparency Act exemption for mixed-property transactions that came into force on Jan. 15 as part of the U.K.'s anti-money laundering regime is long overdue, and should end economic harm to businesses, giving banks confidence to adopt a more pragmatic approach, say Matthew Getz and Joseph Fox-Davies at Pallas Partners.

  • 3 Financial Services Hot Topics To Watch In 2024

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    Technology, ESG and private markets are set to have the greatest impact on financial markets in 2024, as firms grapple with increasing regulatory change and a shifting political backdrop on both sides of the Atlantic, says Matthew Allen at Eversheds Sutherland.

  • Key Litigation Funding Rulings Will Drive Reform In 2024

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    Ground-breaking judgments on disputes funding and fee arrangements from 2023 — including that litigation funding agreements could be damages-based agreements, rendering them unenforceable — will bring legislative changes in 2024, which could have a substantial impact on litigation risk for several sectors, say Verity Jackson-Grant and David Bridge at Simmons & Simmons.

  • 10 Global Antitrust Trends To Anticipate In 2024

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    Proactive navigation of the antitrust enforcement environment remains crucial this year as legal policy and tools evolve to meet intensifying global economic complexity, including geopolitical tensions, trade realignment, market volatility and inflation, say attorneys at Freshfields.

  • Breaking Down The New Rules For High Net Worth Individuals

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    Andrew Northage at Walker Morris outlines what businesses need to be aware of to ensure ongoing compliance with revised conditions in the U.K. government's updated financial promotion exemptions for high net worth individuals and sophisticated investors, and suggests a few practical tips for businesses to follow.

  • How Data Privacy Law Cases Are Evolving In UK, EU And US

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    To see where the law is heading in 2024, it is worth looking at privacy litigation and enforcement trends from last year, where we saw a focus on General Data Protection Regulation regulatory enforcement actions in the U.K. and EU, and class actions brought by private plaintiffs in the U.S., say lawyers at Morgan Lewis.

  • Misleading Airline Ads Offer Lessons To Avoid Greenwashing

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    Following the Advertising Standards Authority's recent decision that three airlines' adverts misled customers about their environmental impact, companies should ensure that their green claims comply with legal standards to avoid risking reputational damage, which could have financial repercussions, say Elaina Bailes and Olivia Shaw at Stewarts.

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