Corporate Crime & Compliance UK

  • 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.

  • February 13, 2024

    Analyst Must Pay £20K For False Claim Against Commerzbank

    A former Commerzbank AG compliance analyst must pay £20,000 ($25,000) in costs for his false claims of sexual harassment and discrimination in the workplace, after a London appeals tribunal found nothing wrong with the order.

  • February 13, 2024

    Jury Urged To Decide If Businessmen Knew Of Saudi Bribes

    A Serious Fraud Office prosecutor urged a jury on Tuesday to consider the extent to which two businessmen knew of corrupt payments to military officials in Saudi Arabia under a major British defense contract.

  • February 13, 2024

    Ex-Tech CEO Wins £96K For Bullying, Payroll Whistleblowing

    The former chief executive of a technology startup has won more than £96,000 ($120,000) from an employment tribunal that found she was forced out of the company after blowing the whistle on bullying by directors and investors being lied to.

  • February 13, 2024

    Man Sentenced For Name Change To Hide Role In £17M Fraud

    A "serial fraudster" who used an alias to conceal his conviction for a £17 million ($21.5 million) solar panels scam has avoided being sent to prison after being handed a suspended sentence on Tuesday.

  • February 13, 2024

    Old Bailey Reopens After Shutdown Following Fire

    The Old Bailey has reopened after it was forced to shut for three days following a fire at a nearby electrical substation that left the landmark court building without power and caused hundreds of people to evacuate.

  • February 13, 2024

    Former LC&F Exec Fined, Banned Over Misleading Ads

    The Financial Conduct Authority said Tuesday that it has fined and banned a former director at London Capital & Finance PLC from working in financial services after he recklessly oversaw scores of financial promotions that left investors out of pocket.

Expert Analysis

  • 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.

  • CMA Guidance Can Help Businesses Act On Climate Change

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    Guidance recently published by the Competition and Markets Authority, which explains how competition law applies to sustainability and climate change agreements, provides clarity for businesses seeking to collaborate and emphasizes the regulator’s open-door policy, says Andrew Maxwell at Freeths.

  • 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.

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