Corporate Crime & Compliance UK

  • January 30, 2024

    Woman Accused Of Laundering Proceeds From £5B Fraud

    A British-Chinese woman accused of laundering bitcoin converted from a £5 billion ($6.32 billion) investment fraud by a fugitive began deleting encrypted messaging apps off her mobile phone following a morning raid by police, prosecutors told jurors on Tuesday.

  • January 30, 2024

    Lawyer Struck Off For Misleading Client About Case Progress

    A disciplinary board has struck off a law firm owner and ordered him to pay £10,000 ($12,700) for lying to a client about the progress of his case and the instruction of a barrister.

  • January 30, 2024

    BT Says 'Flawed' £1.3B Unfair Pricing Claim Ignores Case Law

    Telecoms operator BT argued at the U.K. antitrust tribunal on Tuesday that a £1.3 billion ($1.7 billion) class action accusing the company of excessive and unfair pricing is "profoundly flawed and ignores the basic principles" of competition case law.

  • January 30, 2024

    Employee Faking Invoices Can Be Liable For VAT, ECJ Says

    A Polish fuel seller's employee using her company's details without its consent to issue fraudulent value-added tax receipts can be held liable for paying the VAT, provided that the company took appropriate anti-fraud measures, the European Court of Justice ruled Tuesday.

  • January 30, 2024

    Barrister Defends His 'Rolls-Royce' Services In Fraud Case

    A barrister accused of milking the taxpayers for unnecessary legal fees told jurors in London on Tuesday that he did not falsely submit claims for reimbursement as he provided his clients "Rolls-Royce" service.

  • January 30, 2024

    Ex-Plexus Lawyer Who Groped Colleague Suspended

    A former Plexus Law solicitor who drunkenly groped a colleague's bottom at a work party before crudely propositioning her was given a three-month suspension by a tribunal on Tuesday.

  • January 30, 2024

    Global Anti-Corruption Fight Is Fizzling, Study Says

    Efforts to combat corruption in the public sector have stalled in the U.S. and globally while some developed countries, including the United Kingdom and Iceland, appear to be drifting backward, according to an annual study released Tuesday.

  • January 30, 2024

    Defendants Won't Testify In SFO Saudi Bribery Case

    Lawyers for two businessmen on trial for allegedly bribing Saudi Arabian military officials under a major British defense contract said on Tuesday that their clients will not testify in their defense. 

  • January 30, 2024

    Regulator Takes Aim At Banks Delaying Fraud Repayment

    The U.K.'s payments watchdog told members of Parliament on Tuesday that some banks are far from ready for compulsory reimbursement for authorized push payment fraud from Oct. 7 and that it is ready to take enforcement action against laggards.

  • January 30, 2024

    Watchdog Moves To Boost Solicitors' Sanctions Compliance

    The Solicitors Regulation Authority has written to more than 1,000 law firms in a move to improve compliance with the U.K. financial sanctions regime after its research found insufficient protection in place at many of the companies it regulates.

  • January 30, 2024

    HSBC Fined £57.4M For Breaching Depositor Protection Rules

    Two subsidiaries of HSBC Holdings PLC UK have been fined a total of £57.4 million ($72.8 million) after failing to properly comply with a requirement to guarantee customers' bank deposits in the event of insolvency, the Prudential Regulation Authority said Tuesday.

  • January 29, 2024

    OpenAI's Chatbot Breaks EU Privacy Law, Italian Agency Says

    Italy's data protection regulator revealed Monday that its investigation into OpenAI has found that the artificial intelligence research company's popular text generator ChatGPT isn't compliant with the European Union's stringent data protection rules. 

  • January 29, 2024

    SDT Bans Solicitor Who Concealed Client Loans From Firm

    A London tribunal has banned a solicitor after it was satisfied that he misled HM Revenue & Customs to get a stamp duty land tax refund and concealed from his employer that he had received two loans from clients and entered into referral arrangements.

  • January 29, 2024

    HMRC Started Over 1,000 Serious Tax Probes In 2022-23

    The U.K. tax authority launched more than 1,000 serious tax investigations in the fiscal year ended March 31, 2023, following a yearly increase in tax evasion and avoidance, Pinsent Masons LLP said on Monday.

  • January 29, 2024

    Leigh Day Says Saudis Abandoned Defense To Spyware Claim

    Saudi Arabia lost the chance to appeal a London judge's dismissal of its attempt to block a prominent dissident's claim over the alleged use of spyware on mobile phones after it fired its legal team, the dissident's lawyers said Monday.

  • January 29, 2024

    EU Member States Extend Sanctions Against Russia

    The European Union decided to roll over existing economic sanctions against Russia because of its war against Ukraine for another six months until July 31, the council of member countries said Monday. 

  • January 29, 2024

    Barrister Denies Fraud Charges In £1.8M Legal Aid Case

    A barrister testified at his criminal trial in London on Monday that he had filed legitimate claims for costs stemming from work on criminal proceedings and did not cheat taxpayers in a £1.8 million ($2.3 million) fraud.

  • January 29, 2024

    Gov't Proposes Pay Rise For Police Station, Youth Court Work

    The U.K. government has launched a consultation on proposals to raise pay for criminal legal aid solicitors for work they carry out in police stations and youth courts, after an independent review of the sector found that the current fee scheme for such work is outdated.

  • January 29, 2024

    BT Accused Of 'Abusive' Pricing In £1.3B Class Action

    A lawyer representing millions of BT customers told Britain's antitrust court on Monday that they are owed £1.3 billion ($1.7 billion) in compensation after they were charged "excessive and unfair prices" for landline services.

  • January 29, 2024

    EU Watchdog To Limit Foreign Crypto Selling Into Bloc

    Europe's regulator of financial markets proposed on Monday that firms outside the European Union be able to sell crypto-assets to clients in the bloc only when the clients initiate the service, under a narrow exemption to rules in force from December.

  • January 29, 2024

    Swindler Sentenced For 45 Bogus TV Insurance Claims

    A man who made 45 bogus insurance claims for broken televisions against 87 home insurance policies has been handed a suspended prison sentence after he pled guilty to two counts of fraud, police in London have said.

  • January 29, 2024

    Brown Rudnick Hires Ex-SFO Prosecutor To Head Corp. Crime

    Brown Rudnick LLP has hired a former Serious Fraud Office prosecutor from Jenner & Block LLP to head the international law firm's white-collar crime practice.

  • January 26, 2024

    Moroccan Grain Tycoon Sees Jail Term For Hiding Assets Cut

    An English appeals court on Thursday overturned a contempt of court conviction of a grains importer executive, who was accused of failing to comply with an asset disclosure order over a $3.5 million arbitral award issued to a subsidiary of food specialist Archer-Daniels-Midland Co., or ADM, in Switzerland.

  • January 26, 2024

    FCA Asks For Halt In WealthTek Case To Mull Fraud Charges

    The Financial Conduct Authority asked a London judge on Friday to pause its enforcement case against a wealth manager as it considers whether to charge its founder with fraud over an £80 million ($103 million) black hole.

  • January 26, 2024

    I'm Not Antisemitic, Solicitor In Controversial Tweets Case Says

    A solicitor accused the Solicitors Regulation Authority on Friday of "weaponizing antisemitism" by conflating it with legitimate criticism of Zionism, as he faces a disciplinary case over allegedly abusive tweets about prominent U.K. figures.

Expert Analysis

  • Takeaways From CMA's Grocery Sector Unit Pricing Report

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    The Competition and Markets Authority’s recently published report identifying grocery retailers' problematic and inconsistent behaviors in their use of unit pricing signals that retailers will want to take care to use all pricing structures in a clear and transparent way, and that the CMA's soft approach is ending and enforcement is becoming a costly reality, says Michael Cordeaux at Walker Morris.

  • Report Can Aid With Sustainable Finance Disclosure Filings

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    The European Supervisory Authorities recently issued a report on companies' consideration of the principal adverse impacts of their investment decisions on sustainability factors, providing examples of good and bad disclosure practices under the Sustainable Finance Disclosure Regulation, which firms should note in their future reporting, say lawyers at Debevoise.

  • Protecting The Arbitral Process In Russia-Related Disputes

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    Four recent High Court and Court of Appeal rulings concerning anti-suit injunction claims illustrate that companies exposed to litigation risk in Russia may need to carefully consider how to best protect their interests and the arbitral process with regard to a Russian counterparty, say lawyers at Linklaters.

  • Audit Reform Takeaways After Record KPMG Fine

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    The Financial Reporting Council’s recent £21 million fine against KPMG for its Carillion audit work failures is representative of the agency’s increasing proactivity in policing audit quality, and brings to light the U.K. government’s slow-moving but ongoing efforts to majorly reform audit sector regulations, says Paul Brehony at Signature Litigation.

  • Takeaways From The CMA's Green Collaboration Guidance

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    Recently published Competition and Markets Authority guidance on the application of competition law to environmental sustainability agreements should remove barriers for businesses that want to collaborate on environmental sustainability without breaking the law, say attorneys at Eversheds Sutherland.

  • RSA Insurance Ruling Clarifies Definition Of 'Insured Loss'

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    A London appeals court's recent ruling in Royal & Sun Alliance Insurance v. Tughans, that the insurer must provide coverage for a liability that included the law firm's fees, shows that a claim for the recovery of fees paid to a firm can constitute an insured loss, say James Roberts and Sophia Hanif at Clyde & Co.

  • Putin Ruling May Have Unintended Sanctions Consequences

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    By widening the scope of control, the Court of Appeal's recent judgment in Mints v. PJSC opens the possibility that everything in Russia could be deemed to be controlled by President Vladimir Putin, which would significantly expand the U.K.'s sanctions regime in unintended ways, say attorneys at Greenberg Traurig.

  • Navigating The New Framework On Nature-Related Reporting

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    The Taskforce on Nature-related Financial Disclosures’ recently published disclosure framework represents a significant step toward the coalescence of nature-related disclosure standards for corporates and financial institutions, and has the potential to influence investor expectations and future regulation, say lawyers at Kirkland.

  • FCA Engagement Signals New Direction In ESG Disclosures

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    The Financial Conduct Authority recently published a response to a consultation on sustainability-related standards, highlighting the regulator's priorities for the U.K.'s green transition, including an early indication that it may turn its attention to nature-based disclosures, say Ferdisha Snagg and Andreas Wildner at Cleary.

  • New Policies Will Aid UK Cos. Accessing US Capital Markets

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    The U.K. government's recent adoption of regulations permitting the use of U.S. generally accepted accounting principles, and announcement of measures to remove a 1.5% tax on certain share issues and transfers, should help ensure that England remains an attractive holding company jurisdiction for companies seeking a listing on U.S. stock exchanges, say lawyers at Davis Polk.

  • Key Takeaways From ICO Report On Workforce Monitoring

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    The Information Commissioner's Office recently published guidance on workplace monitoring, highlighting that employers must strike a balance between their business needs and workers' privacy rights to avoid falling afoul of U.K. data protection law requirements, say lawyers at MoFo.

  • Creating A Safe Workplace Goes Beyond DEI Compliance

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    The Financial Conduct Authority and Prudential Regulation Authority recently proposed a new diversity and inclusion regulatory framework to combat sexual harassment in the workplace, and companies should take this opportunity to holistically transform their culture to ensure zero tolerance for misconduct, says Vivek Dodd at Skillcast.

  • How UK AI Agency Will Affect Regulatory Landscape

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    The U.K. government recently unveiled plans for its new Digital Regulation Cooperation Forum AI and Digital Hub, which is poised to be influential in the U.K.’s emerging artificial intelligence landscape through effective collaboration and synchronization between regulators, says Ludovico Lugnani at BDB Pitmans.

  • Asset Managers Should Prepare For Nature-Related Reporting

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    Although it is doubtful that the U.K. nature-related task force’s recent recommendations for mandatory nature reporting will come into effect imminently, it is likely that investors will begin to use them to assess risks and will request asset managers to shift capital flows to more sustainable outcomes, say lawyers at Macfarlanes.

  • Firms Should Prepare For New DEI Reporting Requirements

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    While the Financial Conduct Authority and Prudential Regulation Authority's recent proposals on diversity and inclusion in the financial sector are progressive, implementing reporting requirements will pose data collection and privacy protection challenges for employers, say lawyers at Fieldfisher.

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