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Corporate Crime & Compliance UK
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July 24, 2025
Four Traders Plan Appeals After Justices Quash Convictions
Four City traders convicted of manipulating benchmark interest rates plan to file new challenges against their verdicts after the U.K. Supreme Court ruled that two former bankers in similar cases failed to receive a fair trial.
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July 24, 2025
Fintech Execs Deny Misleading Bank In £4M Fraud Claim
Defunct fintech startup BrickVest Ltd. and its co-founders have denied allegations brought by a German specialist property lender in a £4.2 million ($5.7 million) London claim that they hid additional investment in the business before its collapse.
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July 24, 2025
Amazon To Face £4B Dual Class Actions In UK
The U.K.'s competition court gave the green light on Thursday to two class actions against Amazon, totaling £4 billion ($5.4 billion), alleging that the e-commerce giant abused its dominant market position to the detriment of retailers and consumers.
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July 24, 2025
German Court Convicts 4th In €195M VAT Fraud Scheme
A fourth person has been convicted in connection with a €195 million ($229.3 million) value-added tax fraud scheme, this time in a German regional court, the European Public Prosecutor's Office said.
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July 24, 2025
Audit Watchdog Imposed £14.5M In Fines Last Year
Britain's audit watchdog said Thursday it levied £14.5 million ($19.6 million) in fines across a 12-month period ending in March that also saw it wrap the majority of its investigations in a more timely way than ever before.
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July 24, 2025
NCA Seizes £17M Tied To Suspected Illegal China Trades
The National Crime Agency revealed Thursday that a Chinese national has agreed to forfeit money and seven London properties worth £16.7 million ($22.6 million) which the agency suspects are the proceeds of criminal securities trading in China.
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July 24, 2025
Taylor Vinters Fined For AML Breach Before Mishcon Deal
The solicitors' watchdog said Thursday that it has fined Taylor Vinters LLP £172,900 ($234,100) for anti-money laundering violations that predate its 2023 merger with Mishcon de Reya LLP.
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July 24, 2025
SFO Charges 6 With Fraud Over £75M Pension Investments
The Serious Fraud Office charged six individuals with fraud and money laundering on Thursday over alleged misrepresentations made to investors who poured £75 million ($101 million) from their pensions into self-storage units.
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July 23, 2025
UK Eyes Google, Apple Mandates For App Ranking, Payments
United Kingdom antitrust authorities on Wednesday formally proposed singling out Apple's and Google's mobile platforms for extra regulatory attention and specific mandates, proposing road maps for the Play Store and App Store that could try to stop the companies from boosting their own apps and commission-based payment systems.
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July 23, 2025
2nd Circ. Orders Review Of Sealed Epstein Case Docs
The Second Circuit on Wednesday vacated rulings denying requests to unseal materials in a defamation case tied to deceased financier and accused sex trafficker Jeffrey Epstein, ordering a New York district court to review certain filings after determining they're considered judicial documents and presumed to be public.
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July 23, 2025
PE Firm Says Ex-All Saints Chair In Contempt Over Share Sale
An arm of private equity firm Lion Capital urged a London judge on Wednesday to find the former chairman of All Saints had breached a court order by challenging a deal to sell his shares in the high street fashion chain.
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July 23, 2025
Hayes' Victory Leaves SFO Rate Rigging Convictions In Doubt
The decision by the U.K. Supreme Court to quash the convictions of two former traders accused of manipulating interest rates has opened the door for other bankers to challenge the fairness of their trials, lawyers say.
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July 23, 2025
Student Jailed For Selling Phishing Kits Used In £100M Fraud
A university student who sold more than a thousand phishing kits which were used to commit fraud worth at least £100 million ($135 million) globally has been jailed for seven years, the Crown Prosecution Service said Wednesday.
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July 23, 2025
Deloitte Faces UK Probe Over Glencore Audits
Britain's accounting watchdog said Wednesday that it had started an enforcement investigation into accounting firm Deloitte over audits into Glencore over an eight-year period that partially overlaps with the years the commodities and mining group ran a global bribery scheme.
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July 23, 2025
Credit Suisse Gets Forex Cartel Fine Slashed To €28M
The European Union's General Court reduced on Wednesday a fine imposed on Credit Suisse for its part in a foreign-exchange trading cartel by approximately €54.3 million ($64 million).
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July 23, 2025
ENRC Wins Appeal To Add $128M Damages In SFO Dispute
ENRC won its bid on Wednesday to add $128 million in damages to its claim against the Serious Fraud Office as the Court of Appeal ruled that the mining company is entitled to ask for compensation for money lost to higher borrowing costs arising from the agency's investigation.
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July 23, 2025
FCA Criticizes Firms For Slow Fixes To Reporting Failures
The Financial Conduct Authority warned regulated companies on Wednesday that it has found deficiencies in transaction reporting, with some taking too long to address compliance failings.
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July 23, 2025
Liquidators Win Bid To Enforce £102M Award Over Hotel Fraud
A businessman will be bound by a £102 million ($138 million) damages bill after he helped a property investor swindle secret profits, Britain's highest court ruled on Wednesday, rejecting his argument that the scheme had not caused financial harm to the defrauded company.
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July 23, 2025
Top UK Court Overturns Traders' Rate-Rigging Convictions
Britain's highest court quashed on Wednesday the convictions of two former traders imprisoned for interest rate rigging in a landmark decision that could open the door for upending historic prosecutions.
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July 22, 2025
Ex-Soldier Ran £1.3M Investment Ponzi Fraud, Jurors Told
A former British Army rifleman ran a Ponzi investment fraud which raised £1.3 million ($1.7 million) from 238 investors before collapsing, the U.K.'s financial regulator said at the beginning of a London criminal trial Tuesday.
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July 22, 2025
UK To Ban Ransomware Payments To Protect Public Services
The Home Office said Tuesday that public bodies may be banned from making ransom payments to cybercriminals under a set of new proposals that it says will make public services a less attractive target for hackers.
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July 22, 2025
Artist Can't Appeal Fake 'Fishrot' Apology Copyright Breach
A performance artist can't appeal a decision that he infringed the copyright of Iceland's largest fishing company by creating a spoof corruption apology about the company's involvement in bribing Namibian officials, a London court ruled Tuesday.
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July 22, 2025
VTB Sues Investment Biz In Sanctions Dispute Over Trades
VTB Capital PLC has sued an investment firm for $3.4 million over unsettled trades of Russian securities, arguing that the other company did not have the right to terminate the trades due to sanctions imposed after the invasion of Ukraine.
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July 22, 2025
BoE Chief Vows To Speak Up If Deregulation Goes Too Far
Andrew Bailey told a cross-party group of lawmakers Tuesday that he would speak out if the Treasury tries too hard to deregulate the financial services industry, adding that bank ring-fencing must remain in place.
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July 22, 2025
DWF Beats Data Privacy Challenge In Injury Fraud Evidence
A London court tossed claims Tuesday that DWF Law LLP broke data protection laws when it analyzed and shared health information from three former personal injury claimants in a bid to expose alleged fraud patterns in road traffic accident cases.
Expert Analysis
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CMA Heat Maps Call Attention To Warning Letters
The Competition and Markets Authority's first heat maps illustrating the location of warning letters sent to businesses are intended to increase awareness of the letters, and provide new information that reflects distribution and density across the U.K., says Matthew Hall at McGuireWoods.
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What UK Security Act Report Indicates For Future Gov't Policy
Following the recent publication of the National Security and Investment Act report on the scrutiny of proposed investments, it will be interesting to see how the act’s powers fit into a government policy that plans to cut regulatory obstacles, while maintaining a hard line on national security, say lawyers at Katten Muchin.
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What UK Takeover Code's Narrowed Focus Will Mean For Cos.
In narrowing its scope of application, the U.K. Takeover Panel's forthcoming amended code will have practical implications for U.K.-registered companies and ultimately provide greater market clarity and certainty, say lawyers at Davis Polk.
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Examining UK And EU Approaches To Sanctions Enforcement
In light of the Financial Conduct Authority’s recent £28.9 million fine of Starling Bank for its lax sanctions screening processes, businesses should understand both the U.K.’s and the European Union’s enforcement approaches, the larger sanctions landscape and the importance of cooperation, says Angelika Hellweger at Rahman Ravelli.
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M&A Takeaways From 1st EU Foreign Subsidies Merger Ruling
The European Commission’s recent decision on the merger between e& and PFF Telecom is the first to approve a transaction subject to commitments under the Foreign Subsidies Regulation, serving as a helpful guide by confirming that behavioral measures ring-fencing EU activities from the potential effect of third-country subsidies are acceptable, say lawyers at Cleary.
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What New Int'l Treaty Means For Global AI Regulation
Lawyers at Bird & Bird consider how global artificial intelligence regulation will be affected by the first international AI treaty recently signed by the U.S., EU and U.K., as well as its implications for business and several issues that stakeholders should be aware of.
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Factors Driving EU Competition Policy For The Next 5 Years
Teresa Ribera RodrÃguez’s recent nomination as the new European Union commissioner for competition prompts questions about policy and enforcement, with goals to enhance competition in business, implement stronger and faster enforcement, and promote and fund decarbonization likely in her sights during a five-year term, say lawyers at Linklaters.
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2 Highlights From Labour's Notable Employment Rights Bill
The Labour government’s recently unveiled Employment Rights Bill marks the start of a generational shift in U.K. employment law, and its updates to unfair dismissal rights and restrictions on fire-and-rehire tactics are of particular note, say lawyers at Covington.
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How Energy Scheme Is Affecting Large Co. Fund Investment
The latest phase of the Department of Energy and Climate Change's Energy Savings Opportunity Scheme implicates funds with investments in large companies by establishing significant and complex changes to the reporting cycle for mandatory assessments, say lawyers at Macfarlanes.
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How Companies House Enforcement Powers Are Growing
Companies House's recently increased ability to assess what material is submitted to the U.K. register of companies, and to proportionately enforce where violations have occurred, may require some degree of cultural shift within many companies, say lawyers at Greenberg Traurig.
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How New Sanctions Office Will Affect UK Trade Landscape
The recent launch of the Office of Trade Sanctions Implementation will help to create a more comprehensive civil enforcement terrain, but the potential for multiple investigations means businesses should reassess their systems to ensure they do not inadvertently incur civil liability, says Julia Pearce at Robertson Pugh.
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FCA Savings Update Focuses On Good Customer Outcomes
The Financial Conduct Authority’s recent cash savings update emphasizes its expectations of firms to deliver fair value to consumers by documenting the rationale for actions at each stage, considering customer communications and demonstrating that potential harms are acted upon, say Matt Handfield, Charlotte Rendle and Caroline Hunter-Yeats at Simmons & Simmons.
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Opinion
Why The UK Gov't Should Commit To An Anti-SLAPP Law
Recent libel cases against journalists demonstrate how the English court system can be potentially misused through strategic lawsuits against public participation, underscoring the need for a robust statutory mechanism for early dismissal of unmeritorious claims, says Nadia Tymkiw at RPC.
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5 Takeaways From UK Justices' Arbitration Jurisdiction Ruling
The U.K. Supreme Court's recent judgment in UniCredit Bank v. RusChemAlliance, upholding an injunction against a lawsuit that attempted to shift arbitration away from a contractually designated venue, provides helpful guidance on when such injunctions may be available, say attorneys at Fladgate.
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FCA's Broad Proposals Aim To Protect Customer Funds
The Financial Conduct Authority’s proposed changes to payments firms’ safeguarding requirements, with enhanced recordkeeping and fund segregation, seek to bolster existing regulatory provisions, but by introducing a statutory trust concept to cover customers’ assets, represent a set of onerous rules, says Matt Hancock at Greenberg Traurig.