Corporate Crime & Compliance UK

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Wave Of Decisions Reshapes UK Competition Tribunal

A series of last-minute antitrust rulings in Britain have reshaped vital battleground issues affecting funding, certification and limitation, raising thorny questions about how the country's competition regime functions.
November 27, 2023
US, UK Unveil Global Agreement For Securing AI Systems

Cybersecurity officials in the U.S. and U.K. on Monday rolled out first-of-their-kind guidelines, backed by more than a dozen other countries, that are intended to help ensure developers of artificial intelligence systems are building and deploying secure products.
November 27, 2023
Judge OKs Investor Attys' $19.2M Fee For Libor-Rigging Deals

A New York federal judge on Monday approved a $19.2 million award for attorneys representing investors in a Libor-rigging case against several financial institutions for their role in securing multiple settlements totaling over $74 million.
August 10, 2023
Investor Attys Want $19.2M For $74M Libor-Rigging Deals

Attorneys representing California State Teachers Retirement System in the Libor-rigging case against several financial institutions asked a New York federal judge for a $19.2 million award for their role in securing several settlements totaling nearly $74 million.
November 27, 2023
EU Police Arrest Possible Leader Of €85M VAT Fraud Scheme

Police have arrested a suspect in an €85 million ($93 million) value-added tax fraud scheme as part of a multicountry investigation, European Union authorities said Monday.
November 27, 2023
British Gas Paid Off Engineers To Avoid Talks, Union Claims

U.K. trade union GMB said Monday that it has begun battling Centrica at an English tribunal after the energy multinational allegedly offered payments to more than 3,000 engineers to avoid collective bargaining during a labor dispute.
November 27, 2023
MP Says Defamatory Post About 'Corrupt' Councilors Is True

A senior Conservative member of parliament has hit back at a property developer's libel action, doubling down on allegations that the developer influenced local politicians including his son to secure planning permission.
November 27, 2023
Acquitted Exec Bids To Keep Name Out Of SFO Bribery DPA

A former company director who was acquitted of paying bribes for refurbishment contracts told a London court on Monday that his name should be kept out of a £2.5 million ($3.2 million) deferred prosecution agreement between the Serious Fraud Office and two businesses.
November 27, 2023
EU Withholding Measure Is Not On Agenda Of Dec. 8 Meeting

A measure that would simplify the way withholding tax refunds are issued in European Union member countries while also helping national authorities detect fraud won't be discussed at a coming EU finance ministers meeting, a draft agenda showed.
November 27, 2023
Ashfords Must Pay Over £100K For AML Failings, SRA Says

Ashfords LLP has been fined more than £100,000 (£126,150) after the law firm admitted that it failed to carry out appropriate anti-money laundering checks on three property transactions, the Solicitors Regulation Authority has announced.
November 27, 2023
Businessmen Hung 'Out To Dry' By UK Gov't On Saudi 'Bribes'

Two British businessmen charged with bribery accused the U.K.government on Monday of hanging them "out to dry" after it allegedly signed off payments to senior Saudi Arabian officials under a major arms deal.
November 27, 2023
FCA Bans 2 Pension Advisers Over Poor British Steel Advice

The Financial Conduct Authority said Monday that it has banned two pension professionals from giving retirement savings advice over the "careless and incompetent" guidance they gave to members of the British Steel Pension Scheme.
November 27, 2023
Revolution Beauty In Settlement Talks With Former CEO

U.K. cosmetics brand Revolution Beauty said Monday that it is in settlement talks to avoid potential legal proceedings against its founder and former chief executive for allegedly breaching his fiduciary duties, which caused a delay to the group's 2022 financial results.
November 24, 2023
UK Betting Giant To Pay £585M To End HMRC Bribery Probe

Entain, the owner of gambling businesses Ladbrokes and Coral, said Friday that it has agreed to pay £585 million ($737 million) to resolve an investigation by the U.K.'s tax authority into possible bribery offenses in connection with its former Turkish online affiliate.
November 24, 2023
Conveyancing Assistant Banned For Taking Kickbacks

A conveyancing assistant who took more than £3,300 ($4,140) in secret commissions from a conveyancing search company without his law firm's knowledge has been struck off by his professional regulator.
November 24, 2023
UK Litigation Roundup: Here's What You Missed In London

The past week in London has seen Glencore face a claim from collapsed hedge fund Eton Park in the wake of its bribery scandal, the ex-CFO of Peppa Pig and Teletubbies toymaker bring data protection proceedings against the employment barrister who represented him at tribunal, and Delta Airlines check in to fresh trademark proceedings against hotel chain Marriott. Here, Law360 looks at these and other new claims in the U.K.
November 24, 2023
Robust Training Crucial For Audit Sampling, Watchdog Says

Audit firms must ensure that auditors are sufficiently trained and have enough guidance to support them when they make decisions during evidence gathering, Britain's accounting watchdog said on Friday.
November 24, 2023
Retailer Hits Back At Visa's 'Absurd' Swipe Fees Claim

Eyewear manufacturer Luxottica has hit back at Visa's claim that it breached a legal settlement by allowing its subsidiary to sue the card giant, telling a London court that it would be "absurd" if it had agreed to stop all claims brought by companies it purchased in future.
November 24, 2023
Atty Struck Off For Duping Investors Owes SRA Extra Costs

A London court ruled on Friday that the Solicitors Regulation Authority can recover further legal costs from a lawyer struck off for duping potential investors into thinking he was still working for his old firm.
November 24, 2023
UK Gov't Seeks Powers To Combat Tax Avoidance Schemes

The U.K. government wants to make the unauthorized promotion of tax avoidance schemes a criminal offense under plans to give HM Revenue and Customs new powers to crack down on aggressive practices.
November 24, 2023
Vale Denied Chance To Escape BHP's £36B Dam Disaster Case

Mining giant Vale cannot escape an attempt by BHP to share its £36 billion ($46 billion) potential exposure to damages from the collapse of a Brazilian dam, a London appeals court ruled Friday.
November 24, 2023
SFO Seizes £250K Tennis Membership From Tycoon Fraudster

The Serious Fraud Office confiscated £250,000 ($314,000) on Friday from a tycoon convicted of orchestrating the country's largest-ever mortgage fraud that had been held at an elite tennis club in London.
November 23, 2023
Standard Setters Target Enablers Of Money Laundering

Global standard setters have called for clarity on the role of enablers to help detect money laundering and financial fraud by criminals who exploit government programs that grant citizenship to foreign investors.
November 23, 2023
Telecoms Businessman Loses Libel Claim Against Ex-MP

A politician won decisively against a telecommunications entrepreneur's libel claim on Thursday after two London appellate judges refused to give the businessman a chance to overturn his loss over allegedly defamatory memos sent to Conservative Party figures and other high-powered individuals.
November 23, 2023
Dealer Who Sold Cars He Didn't Own Gets 2 Years' Prison

A fraudster who admitted selling six cars he did not own to dealerships for £82,000 ($103,000) has been sentenced to two years in prison at a criminal court in southern England, a government agency said Thursday.
November 23, 2023
Tribunal 'Pre-Judged' Director Who Unfairly Fired Accountant

An appeals tribunal has upheld a judge's decision that an accounting firm unfairly pushed a member of staff out of the door by asking her to break tax rules, but ruled that the judge had wrongly "pre-judged" a director as dishonest.

Expert Analysis

How European Authorities Are Foiling Anti-Competitive Hiring

Lawyers at Squire Patton discuss key labor practice antitrust concerns and notable regulation trends in several European countries following recent enforcement actions brought by the European Commission and U.K. Competition and Markets Authority.
FCA Promotions Review Sends A Strong Message To Firms

The recent FCA review into firms' compliance with the rules on promoting high-risk investments to retail clients clarifies that it expects the letter and the spirit of the rules to be followed, and given the interplay with the consumer duty, there are wider implications at stake, say Marina Reason and Chris Hurn at Herbert Smith.
When Can Bonuses Be Clawed Back?

The High Court's recent decision in Steel v. Spencer should remind employees that the contractual conditions surrounding bonuses and the timing of any resignation must be carefully considered, as in certain circumstances, bonuses can and are being successfully clawed back by employers, say Merrill April and Rachael Parker at CM Murray.
The State Of UK Litigation Funding After Therium Ruling

The recent English High Court decision in Therium v. Bugsby Property has provided a glimmer of hope for litigation funders about how courts will interpret this summer's U.K. Supreme Court ruling that called funding agreements impermissible, suggesting that its adverse effects may be mitigated, says Daniel Williams at DWF Law.
UK Shareholding Report A Missed Opportunity For New Tech

The recommendations in the U.K. Digitization Taskforce's recent report on digitizing and improving the U.K. shareholding framework are moderate but not revolutionary, and its failure to recommend digital ledger technology will impede a full transformation of the system, say Tom Bacon and Andrew Tsang at BCLP.
What Lawyers Need To Know About The UK Online Safety Act

The recently passed U.K. Online Safety Act requires regulated providers to take action to assess and mitigate user risks, and counsel for these companies should take advantage of Ofcom’s clear desire to have a collaborative relationship and improve governance, say Rachael Annear and Tristan Lockwood at Freshfields.
Trial By AI Could Be Closer Than You Think

In a known first for the U.K., a Court of Appeal justice recently admitted to using ChatGPT to write part of a judgment, highlighting how AI could make the legal system more efficient and enable the judicial process to record more accurate and fair decisions, say Charles Kuhn and Neide Lemos at Clyde & Co.
Employer Considerations After Visa And Application Fee Hikes

The U.K.'s recent visa and application fee increases are having a significant financial impact on businesses, and may heighten the risk of hiring discrimination, so companies should carefully reconsider their budgets accordingly, says Adam Sinfield at Osborne Clarke.
Why It's Urgent For Pharma Cos. To Halt Counterfeit Meds

With over 10.5 million counterfeit medicines seized in the EU in 2023, it is vital both ethically and commercially that pharmaceutical companies take steps to protect against such infringements, including by invoking intellectual property rights protection, says Lars Karnøe at Potter Clarkson.
Nix Of $11B Award Shows Limits Of Arbitral Process

A recent English High Court decision in Nigeria v. Process & Industrial Developments, overturning an arbitration award because it was obtained by fraud, is a reminder that arbitration decisions are ultimately still accountable to the courts, and that the relative simplicity of the arbitration rules is not necessarily always a benefit, say Robin Henry and Abbie Coleman at Collyer Bristow.
How The Netherlands Became A Hub For EU Class Actions

As countries continue to implement the European Union Collective Redress Directive, the Netherlands — the country with the largest class action docket in the EU — provides a real-world example of what class and mass litigation may eventually look like in the bloc, say lawyers at Faegre Drinker and Houthoff.
Navigating The Novel Challenges Facing The Legal Profession

The increasing prominence of ESG and AI have transformed the legal landscape and represent new opportunities for lawyers, but with evolving regulations and the ever-expanding reach of the Solicitors Regulation Authority, law firms should ensure that they have appropriate policies in place to adapt to these challenges, say Scott Ashby and Aimee Talbot at RPC.
Sustainable Finance Consultations May Signal Key Changes

The European Commission's recently launched consultations on the sustainable finance disclosure regulation point to important changes, including the potential introduction of a new product categorization system, and illustrate that there are clearly issues with the existing framework, say Ferdisha Snagg and Andreas Wildner at Cleary.
Deal Over Jets Stranded In Russia May Serve As Blueprint

In the face of a pending "mega-trial" over leased airplanes held in Russia after its invasion of Ukraine, a settlement between leading aviation lessor AerCap Holdings NV and NSK, the Russian state-controlled insurance company, could pave the way for similar deals, say Samantha Zaozirny and Timeyin Pinnick at Browne Jacobson.
Economic Crime Act Brings Changes For Limited Partnerships

The recently passed Economic Crime Act introduces significant financial transparency obligations for new and existing U.K. limited partnerships, and with criminal consequences for noncompliance, a degree of advance consideration is strongly advised, say Amelia Stawpert and Alex Jones at Hogan Lovells.