Corporate Crime & Compliance UK

  • July 18, 2024

    Attorney General Puts Gerrard Contempt Case On Backburner

    Britain's attorney general is not pursuing contempt of court proceedings "at this stage" against former Dechert partner Neil Gerrard for lying under oath while testifying about his work for mining company ENRC.

  • July 17, 2024

    Retired Couple Seek To Override Ex-Solicitor's Deceit Win

    A financial advisor and his wife battled to reverse a ruling finding them liable to a former solicitor for his investment in a now-defunct forex trading scheme, arguing they had wrongly been found to be partners.

  • July 17, 2024

    Ex-Minister Admits Failing To See Post Office Injustice Sooner

    A former junior business minister in place when the Post Office was fighting wrongly convicted subpostmasters in court told the government inquiry into the scandal on Wednesday that she "absolutely" should have recognized a possible injustice sooner.

  • July 17, 2024

    UK Gov't Moves Ahead With Accounting Reform Bill

    The new Labour Government said on Wednesday that it will push ahead with draft legislation to toughen up regulation of auditors to help to reduce the risk of corporate failures.

  • July 17, 2024

    Gov't Sets Out 'Duty Of Candor' Law For Public Officials

    Britain will introduce a legal duty of candor for officials and authorities to prevent perceived cover-ups of public scandals, part of a wider package of legislation that the government said Wednesday it will pursue in the coming parliamentary session.

  • July 17, 2024

    TikTok Loses 1st Challenge Against EU Big Tech Law

    TikTok lost its bid to escape European Union digital market rules on Wednesday, when the bloc's General Court found the social media platform's global market value shows the company has significant potential to make money from European users.

  • July 17, 2024

    EU Financial Watchdogs Set Up Cyber-Risk Info Exchange

    European Union financial watchdogs said Wednesday that they will establish a framework for authorities in the bloc and international bodies to share information on cyberthreats and incidents that pose a risk to financial stability.

  • July 16, 2024

    Tycoon's Pilot Says Feds' Stock Tip Claims Don't Add Up

    A private pilot who used to work for convicted insider trader and U.K. billionaire Joe Lewis is arguing federal prosecutors can't use allegations that his own trades were suspicious to ramp up a sentence for a separate tax evasion charge.

  • July 16, 2024

    Ex-Goldman Banker Denies Bribe Charges After Extradition

    A former Goldman Sachs banker pled not guilty Tuesday before a Brooklyn federal magistrate judge to charges that he bribed Ghanaian officials, after losing an extradition battle in British courts.

  • July 16, 2024

    Ex-Mozambique Official Accused Of $2B Fraud As Trial Opens

    Federal prosecutors told a Manhattan jury Tuesday that Mozambique's former finance minister took $7 million in bribes in a "corrupt" plot to enrich himself and defraud investors after $2 billion in state-backed development projects flopped.

  • July 16, 2024

    Atty Seeks Protection From 'Swords Of Damocles' In $4B Fight

    A private wealth solicitor fought Tuesday in a London court to remove "Swords of Damocles" hanging over him after he was appointed as the representative of a late Russian billionaire's estate in the latest chapter of a $1 billion dispute over the businessman's $3.7 billion fortune.

  • July 16, 2024

    Self-Styled Bitcoin Founder Could Face Criminal Prosecution

    A London judge referred Craig Wright to prosecutors on Tuesday for potential perjury charges after concluding that the Australian computer scientist had repeatedly lied about inventing bitcoin for financial gain.

  • July 16, 2024

    Nurse Who Lied About Qualifications Guilty Of Fraud

    A nurse who lied about her qualifications and work experience while applying for a senior role at a neonatal unit in Wales was convicted of nine counts of fraud on Tuesday.

  • July 16, 2024

    Ex-Armstrong Teasdale Solicitor Fined £20K Over AML Failure

    A former Armstrong Teasdale compliance officer has been fined over £19,600 ($25,400) for failing to ensure her firm had policies to prevent money laundering and terrorist financing, the Solicitors Regulation Authority has said.

  • July 16, 2024

    Nigerians Claim Right To Sue Leigh Day For Oil Spill Victims

    A Nigerian argued to the High Court on Tuesday that he can sue Leigh Day for negligence on behalf of oil spill victims in his country after a judge refused to adjourn the trial for a second time over the claimants' lack of counsel.

  • July 16, 2024

    Lawyer Faces Tribunal Over 'Fraudulent' £1M Gov't Loan

    The solicitors' watchdog accused a lawyer on Tuesday of entering into a fraudulent loan agreement when she allegedly falsely claimed that her corporate client had secured £1 million ($1.3 million) in private investment that was being held in her law firm's client account.

  • July 16, 2024

    Fraudster Allegedly Used COVID Loans For PA's Legal Fees

    A British businessman imprisoned for theft and false accounting scammed the government-backed pandemic funding scheme to repay the legal costs of an associate after she became embroiled in efforts to claw back his assets, prosecutors said Tuesday.

  • July 15, 2024

    SEC Says German Flouting Discovery In $150M Fraud Probe

    A German national suspected of receiving proceeds of a $150 million "pump and dump" scheme from his son can't pick and choose when to avail himself of U.S. legal processes, the U.S. Securities and Exchange Commission said Monday as it seeks to recover funds.

  • July 15, 2024

    Care Workers' Vaccine Preference Can't Top Residents' Safety

    An employment appeals panel has affirmed that a healthcare provider's mandatory COVID-19 vaccine policy did not infringe a group of care home workers' human rights, ruling that they were justifiably sacked because the company had a right to protect its residents.

  • July 15, 2024

    Nigerian Oil Spill Victims Can't Put Off Leigh Day Trial

    A judge declined on Monday to adjourn the case of Nigerian villagers suing Leigh Day over the negotiation of a £55 million ($71 million) settlement with a Shell subsidiary, saying that the claimants had failed to explain why they were not ready on the first day of trial.

  • July 15, 2024

    SFO Beats Trader's Costs Demand Over Delayed Disclosure

    A London court found on Monday that the Serious Fraud Office is not on the hook for the legal fees incurred by a former trader in biodiesel fuel after his trial, where he was acquitted of fraud charges, was delayed more than a year amid problems with disclosure.

  • July 15, 2024

    BHP, Vale To Split Damages 50/50 Ahead Of £36B Dam Trial

    Mining giants BHP and Vale have agreed to equally share the cost of any damages awarded to hundreds of thousands of claimants in legal proceedings in England, the Netherlands and Brazil over a dam disaster operation that killed 19 people.

  • July 15, 2024

    PayPal Fined $27.3M By Polish Competition Watchdog

    Poland's competition regulator said Monday that it has fined PayPal 106.6 million Polish złoty ($27.3 million) for using prohibited provisions in its user agreement that could lead to sanctions against users that are unpredictable.

  • July 12, 2024

    Lawyer Beats Allegation He Helped Tycoon Duck Asset Freeze

    A leading Monégasque lawyer did not conspire to help an embattled Taiwanese shipping magnate evade an asset freezing order, as he "honestly believed" he was entitled to transfer $26 million from the sale of the businessman's villas, a London judge ruled Friday.

  • July 12, 2024

    Apple, Amazon Fight Over Class Terms In £500M Price Claim

    A consumer advocate clashed in a London tribunal on Friday with Apple and Amazon over the terms of her £500 million ($649 million) class action that accuses them of inking a secret deal to limit independent sales of Apple's products.

Expert Analysis

  • What EU Net-Zero Act Will Mean For Tech Manufacturers

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    Martin Weitenberg at Eversheds Sutherland discusses the European Council’s recently adopted Net-Zero Industry Act and provides an overview of its main elements relevant for net-zero technology manufacturers, including benchmarks, enhanced permitting procedures and the creation of new institutions.

  • Complying With EU Commission's Joint Purchasing Rules

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    One year after the European Commission released its revised guidelines on horizontal cooperation agreements, attorneys at Crowell & Moring reflect on the various forms such agreements can take, and how parties can avoid structuring arrangements that run afoul of competition law.

  • Tips For Implementing EU Sustainability Reporting Guidance

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    Lawyers at Sullivan & Cromwell discuss the European Financial Reporting Advisory Group’s recently published guidance on double materiality assessments and offer takeaways on achieving a sustainability directive-compliant process that could enhance clarity and consistency among multinational stakeholders.

  • How CMA's AI Strategic Update Addresses Industry Risks

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    The Competition and Markets Authority’s recent artificial intelligence strategic update, setting out the regulator’s understanding of AI risks and how it intends to address them, is indicative of its focus on incumbent technology organizations, although future political developments in the U.K. may also shape the CMA's approach, say Christopher Foo and Carol Slattery at Ropes & Gray.

  • Labour's 'Fresh Approach' To Tackling Financial Crime

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    Given newly elected Prime Minister Sir Keir Starmer’s background as a criminal defense lawyer and director of public prosecutions, an administration with strong views on financial crime can be expected, and revenue raising and proceeds of crime recovery are likely to be at the forefront, says Matthew Cowie at Rahman Ravelli.

  • What UK Digital Markets Act Will Mean For Competition Law

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    The new Digital Markets Act’s reforms will strengthen the Competition and Markets Authority's investigatory and enforcement powers across its full remit of merger control and antitrust investigations, representing a seismic shift in the U.K. competition and consumer law landscape, say lawyers at Travers Smith.

  • Examining The EU Sanctions Directive Approach To Breaches

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    In criminalizing sanctions violations and harmonizing the rules on breaches, a new European Union directive will bring significant change and likely increase enforcement risks across the EU, say lawyers at Hogan Lovells.

  • What New UK Labour Gov't Is Planning For Financial Services

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    Following the Labour Party’s U.K. election win on July 4, the new government has already announced its key missions for economic growth, green investment and tax reform, so affected Financial Conduct Authority-regulated entities should be prepared for change and on the lookout for details, says Rachael Healey at RPC.

  • Companies Trading In The EU Should Heed Mondelēz Ruling

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    The European Commission’s recent €337.5 million fine of Mondelēz is the latest decision targeting restrictions on EU cross-border trade, and serves as a warning to companies active in the region to check their contracts and practices for illegal restraints, and to perform audits to ensure compliance, says Matthew Hall at McGuireWoods.

  • Why Reperforming Loan Securitization In UK And EU May Rise

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    The recently published new U.K. securitization rules will largely bring the U.K.’s nonperforming loan regime in line with the European Union, and together with the success of EU and U.K. banks in reducing loan ratios, reperforming securitizations may feature more prominently in relevant markets going forward, say lawyers at Morgan Lewis.

  • How Extension Of EU License Exemption Affects Subsidiaries

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    Since many European Union entities with a presence in Russia will soon need to obtain a license to continue providing certain services and software to Russian subsidiaries, organizations and legal professionals should prepare in advance and assess their companies' supply chain compliance with EU sanctions, say lawyers at McDermott.

  • What Legal Cannabis In Germany Means For Employers

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    Since April 1, the consumption and limited possession of cannabis has been permitted in Germany, so employers should take a few steps to maintain safe and productive workplaces while respecting the new legal landscape, says Sven Lombard at Simmons & Simmons.

  • What French Watchdog Ruling Means For M&A Landscape

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    Although ultimately dismissed due to lack of evidence, the French competition authority’s recent post-closing review of several nonreportable mergers is a landmark case that highlights the increased complexity of such transactions, and is further testament to the European competition authorities’ willingness to expand their toolkit to address below-threshold M&As, say lawyers at Cleary.

  • New Directors' Code Of Conduct May Serve As Useful Guide

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    Although the Institute of Directors’ current proposal for a voluntary code of conduct is strongly supported by its members, it must be balanced against the statutory requirement for directors to promote their company’s success, and the risk of claims by shareholders if their decisions are influenced by wider social considerations, says Matthew Watson at RPC.

  • Comparing EU, Southeast Asia Approaches To AI Regulation

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    Although Southeast Asian countries often adopt statutory frameworks similar to those in the European Union, the region’s more business-friendly approach to artificial intelligence regulation may be a setback to the EU’s push for coordination with its AI Act and a barrier to establishing a global standard, say Anne-Gabrielle Haie at Steptoe and Nop Chitranukroh at Tilleke & Gibbins.

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