Recent weeks have seen several notable developments in the UK criminal enforcement landscape...more
5/20/2024
/ Bribery ,
Compliance ,
Corporate Crimes ,
Corporate Misconduct ,
Criminal Investigations ,
Criminal Liability ,
Criminal Prosecution ,
Due Diligence ,
Fraud ,
Law Enforcement ,
Money Laundering ,
National Crime Agency (NCA) ,
New Guidance ,
Popular ,
Risk Assessment ,
Serious Fraud Office (SFO) ,
Tax Evasion ,
UK
The Director of the UK Serious Fraud Office (SFO), Nick Ephgrave QPM, delivered his maiden public speech on February, 13, 2024, closely followed by visits to key financial centres in the United States to meet with...more
2/28/2024
/ Bribery ,
Collaboration ,
Corporate Crimes ,
Corporate Transparency Act ,
Corruption ,
Criminal Investigations ,
Criminal Prosecution ,
Department of Justice (DOJ) ,
Financial Crimes ,
Fraud ,
Law Enforcement ,
Serious Fraud Office (SFO) ,
UK
On 15 January 2024, legislation came into force that enhances the Serious Fraud Office’s (SFO) compulsory information-gathering powers and streamlines the investigative process whilst imposing fresh obligations on companies...more
The new SFO Director, Nick Ephgrave QPM, marks his first 100 days in post this month after succeeding Lisa Osofsky in September 2023. Ephgrave has overseen a dynamic start to his tenure with the announcement of three new...more
2023 has been a year of change at the SFO with a new Director, enhanced investigatory powers and new statutory regime that will make it easier to prosecute corporate criminal offenders. Dropped investigations and acquittals...more
After a laborious passage through the United Kingdom Parliament, the Economic Crime and Corporate Transparency Act (the Act) received Royal Assent on 26 October 2023. The Director of the UK Serious Fraud Office (SFO) hailed...more
10/31/2023
/ Bribery ,
Compliance ,
Corporate Crimes ,
Corporate Transparency Act ,
Criminal Liability ,
Fraud ,
Money Laundering ,
Regulatory Reform ,
Serious Fraud Office (SFO) ,
Theft ,
UK ,
UK Companies Acts
Companies faced with the decision of whether to voluntarily self-report sanctions breaches to law enforcement or sanctions enforcement agencies in the UK and the US can take some measure of comfort from recent comments made...more
10/16/2023
/ Compliance ,
Department of Justice (DOJ) ,
Economic Sanctions ,
Enforcement Actions ,
Export Controls ,
Good Faith ,
Office of Financial Sanctions Implementation (OFSI) ,
Office of Foreign Assets Control (OFAC) ,
Sanction Violations ,
Self-Reporting ,
Serious Fraud Office (SFO) ,
U.S. Commerce Department ,
U.S. Treasury ,
UK ,
Voluntary Disclosure
On June 15, 2023, the UK Government announced that it would seek to introduce the biggest reform of corporate criminal liability in England and Wales for more than 50 years. ...more
The UK Government yesterday introduced a new corporate “failure to prevent fraud” offence into draft legislation, the Economic Crime and Corporate Transparency Bill (“the Bill”).
This is a significant development in UK...more
4/13/2023
/ Companies Act ,
Compliance ,
Corporate Crimes ,
Corporate Transparency Act ,
Enforcement ,
Financial Crimes ,
Fraud ,
Policies and Procedures ,
Proposed Legislation ,
Serious Fraud Office (SFO) ,
UK ,
White Collar Crimes
On 28 March 2023, the UK Gambling Commission (the Commission) announced that three gambling businesses owned by William Hill Group would pay a total financial penalty of £19.2 million for social responsibility and anti-money...more
4/3/2023
/ Anti-Money Laundering ,
Civil Monetary Penalty ,
Enforcement Actions ,
Financial Conduct Authority (FCA) ,
Gambling ,
Gambling Acts ,
Licensing Rules ,
Regulatory Authority ,
Regulatory Oversight ,
Serious Fraud Office (SFO) ,
UK
A recent UK High Court decision clarifies the risks for companies operating in the UK being criminally investigated in respect of forced labour and other human rights abuses occurring in their overseas supply...more
On 10 January 2023, the UK Government published its response to the Parliamentary Justice Select Committee (the “Committee”) October 2022 report, ‘Fraud and the Justice System.’
The Committee’s report and the...more
Following recent media reports of raids conducted by the UK National Crime Agency (NCA) - including at domestic residences - as part of a Covid-linked fraud investigation, and visits by the UK Serious Fraud Office (SFO) to...more
5/13/2022
/ Attorney-Client Privilege ,
Coronavirus/COVID-19 ,
Criminal Investigations ,
Enforcement Authority ,
Fraud ,
Government Investigations ,
Inspections ,
Interviews ,
Public Relations ,
Search Warrant ,
Serious Fraud Office (SFO) ,
UK
On 16 February 2022, in its judgment in Bloomberg LP v ZXC, the UK Supreme Court unanimously held that in general, and as a legitimate starting point, a person under criminal investigation has, prior to being charged, a...more
On March 1, 2022, the UK Government put forward the Economic Crime (Enforcement and Transparency) Bill. The stated aim of the legislation is to “crack down on dirty money in the UK and corrupt elites”, and it is designed to...more
3/11/2022
/ Anti-Money Laundering ,
Beneficial Owner ,
Economic Sanctions ,
Enforcement Authority ,
Financial Crimes ,
Financial Transactions ,
Money Laundering ,
Office of Financial Sanctions Implementation (OFSI) ,
Proposed Legislation ,
Real Estate Transactions ,
Real Estate Transfers ,
Registration Requirement ,
Russia ,
Unexplained Wealth Orders (UWOs)
In the recent decision of The Financial Reporting Council Limited v Frasers Group Plc, the English High Court held that documents detailing advice received from accountants in respect of a company’s tax structure were not...more
Two English High Court decisions have addressed separate but important points of principle relevant to the availability and application of English legal professional privilege (“privilege”) which are particularly relevant for...more
On 7 May 2020, the European Commission (Commission) issued a comprehensive and ambitious Action Plan and public consultation designed to strengthen the European Union's (EU) legal framework to fight against money laundering...more
Where once there was Brexit, now there is Coronavirus. In these troubled times it is difficult to look beyond the next day, but from 1 January 2021, when the post-Brexit transition period ends and the United Kingdom leaves...more
On 25 November at a sentencing hearing at Southwark Crown Court, Alstom Network UK Limited (ANUK) – a subsidiary of French rail conglomerate Alstom – was fined £15m, plus £1.4m in costs, for conspiring to make corrupt...more
12/20/2019
/ Alstom ,
Bribery ,
Corporate Fines ,
Corporate Misconduct ,
Criminal Conspiracy ,
Criminal Convictions ,
Deferred Prosecution Agreements ,
Internal Investigations ,
Jury Trial ,
Remediation ,
Risk Assessment ,
Serious Fraud Office (SFO) ,
Subsidiaries ,
Suspensions & Debarments ,
UK
On 7 October 2019, the European Union (the “EU”) adopted a Directive on the “protection of persons who report breaches of Union law”, which provides for the implementation of new comprehensive EU-wide rules on whistleblower...more
The UK Law Commission has published a report criticising existing anti-money laundering legislation and providing recommendations to improve the quality of Suspicious Activity Reports (SARs). What should we make of these...more
On 23 January 2019 the UK Financial Conduct Authority (FCA) published Consultation Paper CP19/4 which, amongst other things, proposes to exclude the Head of the Legal function from the Senior Managers Regime (SMR). The...more
On 13 November 2018 the UK Financial Conduct Authority (FCA) published its inaugural report analysing data gathered from over 2,000 firms - including all UK-based banks and building societies - in response to the FCA’s first...more
12/5/2018
/ Banking Sector ,
Crime Statistics ,
Cyber Crimes ,
Financial Conduct Authority (FCA) ,
Financial Crimes ,
Financial Services Industry ,
Information Reports ,
Insurance Industry ,
Iran ,
Money Laundering ,
Panama ,
Prudential Regulation Authority (PRA) ,
Russia ,
UK
On 6 September 2018 the UK High Court handed down its judgment in the application for judicial review brought by KBR Inc. (“KBR”) against the Director of the Serious Fraud Office (“SFO”). ...more