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Corporate Crime & Compliance UK
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June 17, 2025
Ex-Georgian PM Says Credit Suisse Ignored £600M Fraud
Georgia's former prime minister told a U.K. appeals court Tuesday that Credit Suisse Life cannot skirt liability for his losses from an employee's fraud scheme, saying the life insurer had obligations to policyholders to ensure their assets were being managed responsibly.
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June 17, 2025
Geradin Partners Hires Top Lawyers For German Expansion
Geradin Partners said Tuesday that it has hired five lawyers from the law firms Hausfeld and Osborne Clarke as it prepares to launch in Germany later this year.
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June 17, 2025
SRA Hits Firm With £64K Fine Over AML Lapses
The Solicitors Regulation Authority has hit a firm with a £64,000 ($86,000) fine after finding it failed to comply with anti-money laundering regulations for around six years.
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June 17, 2025
EU Agrees Rules To Firm Up Cross-Border GDPR Enforcement
European Union co-legislators have agreed new legislation to improve cooperation between national authorities when they enforce data protection rules across borders.
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June 17, 2025
Cuban Bank Hit Again With Offshore Fund's €71M Debt Claim
A Cayman Islands fund has alleged that the former central bank of Cuba owes sovereign debt and interest worth almost €71 million ($82 million) from loans taken in the 1980s, its latest move after a court barred it from suing the Caribbean state itself.
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June 16, 2025
Ex-Metro Bank Execs Win Bid To Cut Fines Over Listing Error
An appellate tribunal on Monday reduced financial penalties for two former Metro Bank executives, confirming the bank breached listing rules when it published misleading financial statements in 2018 but finding the executives were honest with the tribunal about the £900 million ($1.2 billion) reporting scandal.
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June 16, 2025
Mozambique Wins Bid To Add Safa Heirs In $1.9B Dispute
A London judge ruled Monday that Mozambique should be allowed to add the heirs of shipbuilding magnate Iskandar Safa to the government's claim over a bribery scheme as it seeks to enforce a $1.9 billion damages award.
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June 16, 2025
Metal Exchange Faces Pushback Over Transparency Plans
Trade bodies representing financial institutions have warned the London Metal Exchange that its long-term proposals for increasing price transparency could risk it unlawfully abusing its dominant position as price data provider.
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June 16, 2025
SFO's Top Accountant Named In King's Birthday Honors List
Nick Stroud, a top accountant at the Serious Fraud Office, has been recognized with an Order of the British Empire award.
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June 16, 2025
VTB Sues JPMorgan Over €17M Asset Sale Amid Sanctions
VTB has alleged that JPMorgan owes it more than €17.8 million ($21 million) over the American bank's botched handling of a trading account and failing to pay out for assets it sold after the Russian bank was hit with sanctions, widening the legal dispute between the two companies.
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June 16, 2025
Trader Says US Extradition For $12M Fraud May Be 'Terminal'
A British trader wanted in the U.S. for allegedly defrauding investors as part of a $12 million "pump and dump" scheme told a London judge on Monday that his poor health should prevent his extradition on human rights grounds.
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June 16, 2025
Credit Suisse Life Fights $607M Liability To Ex-Georgian PM
The Bermudan life insurance arm of Credit Suisse challenged court findings Monday that it owes $607 million in damages to the former prime minister of Georgia, saying his losses were due to fraudulent activity by an employee of its banking arm.
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June 16, 2025
Billionaire Accuses India Of Orchestrating His Kidnap, Torture
Billionaire Mehul Choksi accused the Indian government in a London court Monday of orchestrating his "appalling and traumatic" kidnapping and torture in the Caribbean to force him to return to India to face allegations of involvement in an $1.8 billion bank fraud.
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June 13, 2025
UK Businessman Defends Asset Transfer As Tax Strategy
A British businessman denied that he transferred a company to his son to defraud a creditor, arguing it was part of a long-term tax strategy rather than a tactic to avoid repaying £4.7 million ($6.4 million) in debt.
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June 13, 2025
EU Guides Watchdogs On Digital Outsourcing Upsurge
The European Union's financial markets regulator has released guidance for national watchdogs on how to regulate firms' expanding outsourcing of activities, driven by digitalization.
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June 13, 2025
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen Tottenham Hotspur FC kick off against Manchester United co-owner Ineos Automotive following a soured sponsorship deal, Acer and Nokia clash over patents for video coding technology, and two investors reignite litigation against the founders of an AI exercise bike business that unlawfully pocketed $1.2 million in investments to fund their own lifestyles. Here, Law360 looks at these and other new claims in the U.K.
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June 13, 2025
Tecnimont Must Disclose Emails In €212M Bond Dispute
A Russian subsidiary of fertilizer producer EuroChem convinced a court Friday to compel industrial group Tecnimont to produce its communications with the Italian sanctions authority, days after the trial over the €212 million ($245 million) bond dispute kicked off.
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June 13, 2025
Tribunal Says Sales Director Fired For Whistleblowing On Data
An employment tribunal has ruled that a company providing cleaning and security services ended a sales director's probation because he had blown the whistle on possible accounting manipulation, fearing that this would impact its stock market value.Â
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June 13, 2025
European Banks Seek Changes To 'Unclear' Draft AML Rules
A trade body for European banks has warned that a European Union banking watchdog's proposed anti-money laundering rules make excessive demands on credit institutions.
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June 13, 2025
FCA Sees 'More To Do' In Reshaping Regulation For Growth
The Financial Conduct Authority responded Friday to parliamentary calls for more growth-oriented regulation, saying that it is exploring new ways to boost Britain's international competitiveness on top of the steps it has already taken.
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June 12, 2025
Lords Urges Regulators To Shed Risk-Aversion, Boost Growth
A cross-party House of Lords committee called Friday on the U.K.'s financial services watchdogs to change their culture of risk-aversion which is preventing them from promoting growth in the economy.
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June 12, 2025
Ex-JPM Trader Warns Of 'Pressing Need' For DOJ Records
A former U.K.-based JPMorgan trader has urged a Washington, D.C., federal judge to rule on his bid for access to investigative records from a U.S. market manipulation case that he beat in 2018, saying continued delays could hurt him in a fast-approaching related proceeding in Brazil.
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June 12, 2025
UK Investors Sue Cricket Team Owner Over Claimed Tax Fraud
Three U.K.-based investors in an Indian Premier League cricket team are seeking £10 million ($13.6 million) in damages from the club's owner, claiming in a London court that he duped them over the tax implications of selling their shares in his business.
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June 12, 2025
UK Crime Agency Seizes £1M Home From UK Politician
The National Crime Agency said Thursday it has recovered a property worth in excess of £1 million ($1.36 million) in connection with a long-running money laundering investigation following an ownership dispute with the former lord mayor of Leeds.
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June 12, 2025
Everbright Exec Testifies He Trusted Media Biz's Financial Info
An executive of the Chinese financial services firm Everbright testified Thursday that a sports media rights business was portrayed as "well performing" before a joint venture acquired a majority stake, only to later discover its financial health was allegedly inflated.
Expert Analysis
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How The Wirecard Judge Addressed Unreliability Of Memory
In a case brought by the administrator of Wirecard against Greybull Capital, High Court Judge Sara Cockerill took a multipronged and thoughtful approach to a common problem with fraudulent misrepresentation claims — how to assess the evidence of what was said at a meeting where recollections differ and where contemporaneous documentation is limited, says Andrew Head at Forsters.
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Practical Considerations For Private Fund Side Letters
Side letters are a common way of formalizing negotiated arrangements between a private fund and a particular investor — and as the number and length of side letters per fundraise steadily climb, managers must consider the material legal risks carefully, say lawyers at Dechert.
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Planning For UK And EU Crypto-Asset Regulations In 2025
Fims should expect to devote the rest of 2024 and much of 2025 to fine-tuning their compliance frameworks to align with European Union crypto-asset regulations taking effect soon and U.K. regulators' plans for updating their own crypto-asset regime in the coming year, says Steven Lightstone at Morgan Lewis.
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What To Know About Plans For A UK Green Taxonomy
Rachel Richardson at Macfarlanes discusses the purpose of HM Treasury’s recent consultation on a U.K. green taxonomy, explains why the tool — which would define what economic activities support climate objectives — is necessary, and considers drafting challenges the U.K. government may face.
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Key Takeaways From EU's Coming Digital Act
The European Union's impending Digital Operational Resilience Act will necessitate closer collaboration on resilience, risk management and compliance, and crucial challenges include ensuring IT third-party service providers meet the requirements on or before January 2025, says Susie MacKenzie at Coralytics.
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Takeaways From EU's Draft AI Code Of Practice
The European Union AI Office’s recently published first draft of the General-Purpose AI Code of Practice sheds some welcome light on which Artificial Intelligence Act compliance issues the office finds particularly knotty and, importantly, acknowledges where further guidance will be necessary, say lawyers at Akin.
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The Rising Tide Of EU Antitrust Enforcement In Pharma
The European Commission’s recent record-breaking €463 million fine of Teva for abusing its dominant position confirms that European Union competition law enforcement in the pharmaceutical sector remains a priority, with infringements drawing serious financial exposure, say lawyers at Cooley.
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Looking Back On 2024's Competition Law Issues For GenAI
With inherent uncertainties in generative artificial intelligence raising antitrust issues that attract competition authorities' attention, the 2024 uptick in transaction reviews demonstrates that regulators are vigilant about the possibility that markets may tip in favor of large existing players, say lawyers at McDermott.
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UK Bill Aims To Make Better Use Of Data Across Economy
The new Data Bill’s practical improvements to data schemes and certification systems will be welcomed by online service providers, but organizations need to consider the conditions and whether compliance will entail technical operational changes, say lawyers at Osborne Clarke.
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The EU AI Act's Impact On Global Financial Regulation
The European Union’s new Artificial Intelligence Act, representing lawmakers’ first comprehensive attempt to regulate AI and giving special attention to the financial services sector, hopes to influence global legal and regulatory frameworks to maintain access to the EU market, say lawyers at Goodwin.
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Cross Market Drill Highlights Operational Resilience Priorities
The U.K.’s recent cross-market major infrastructure failure simulation exercise, demonstrates that operational resilience of the financial sector is high on the regulatory agenda, and the findings should ensure that the sector develops collective capabilities to deliver improvements, say lawyers at Taylor Wessing.
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Update On Timings Key For Online Safety Act Compliance
The Office of Communications’ recent update on Online Safety Act deadlines is significant because applicability of the act has been contingent on this guidance, and with clarification of enforcement details, organizations can now prepare for their risk assessment, say lawyers at Bird & Bird.
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What The Future Of AI In Financial Services Looks Like
Artificial intelligence is rapidly transforming the global financial services industry, with a hybrid model likely to evolve where AI handles routine tasks and humans focus on strategy and decision-making, so financial institutions should work with regulators to establish ethical standards and meet regulatory expectations without stifling innovation, say lawyers at Womble Bond.
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FCA Survey Results Reveal Rise In Nonfinancial Misconduct
After a Financial Conduct Authority survey recently reported a significant rise in nonfinancial misconduct, there are a number of preventive steps firms should take to create a healthy workplace environment and mitigate the risk of increased regulatory scrutiny, say lawyers at WilmerHale.
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Online Safety Act Heightens Duties Of Social Media Platforms
The Office of Communications’ latest update on how it is implementing the Online Safety Act is part of a wider evolving debate, but while social media platforms wait for the law to take full effect, they can focus on establishing clear online safety policies, training programs for staff and proactive engagement with regulators, says Dan Adams at Arbor Law.