R v TOM HAYES & CARLO PALOMBO [2024] EWCA 304 On 27 March 2024, the Court of Appeal (Bean & Popplewell LJJ, Bryan J) dismissed the appeals against conviction following referrals of the appeals to the Court of Appeal by the...more
5/2/2024
/ Appeals ,
Appellate Courts ,
Banking Sector ,
Code of Conduct ,
Commercial Loans ,
Criminal Convictions ,
Evidence ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Libor ,
Objective Falsity ,
Stare Decisis
The draft Economic Crime (Transparency and Enforcement) Bill, published on 28 February 2022 and following an expedited passage through Parliament, received Royal Asset on 15 March 2022 to become the Act. Some of the...more
As part of its response to the Russian invasion of Ukraine, HM Government intends to fast-track the long-awaited Economic Crime (Transparency and Enforcement) Bill. The Bill requires overseas entities to register with, and...more
The House of Commons Treasury Committee recently published their Eleventh Report of Session 2021–22 (the “Report”). In addition to identifying key gaps in the Government’s response to economic crime, the Report makes a number...more
On 2 June 2021, the Crown Prosecution Service (the “CPS”) updated its Money Laundering Offences guidance on prosecuting ‘failure to disclose’ offences under section 330 of the Proceeds of Crime Act 2002. Such a failure exists...more
As the COVID-19 pandemic evolves so, too, does the threat of economic crime. Recent reports into fraud since the start of the pandemic highlight the extent of this threat but also confirm that the banking and finance industry...more
4/22/2021
/ Coronavirus/COVID-19 ,
Corporate Crimes ,
Financial Conduct Authority (FCA) ,
Financial Crimes ,
Financial Reporting ,
Financial Services Industry ,
Fraud ,
Insider Trading ,
Market Manipulation ,
Remote Working ,
Risk Assessment ,
Risk Management ,
UK
The Pension Schemes Act 2021 significantly augments the enforcement powers of the Pensions Regulator (“TPR”). The Act not only creates new criminal offences but also enables the regulator to make use of civil financial...more
On 30 March 2021, the Crown Prosecution Service (CPS) published an overview of its strategy in relation to economic crime, outlining its high-level goals leading up to 2025. In it, the CPS ambitiously commits “to ensure the...more
The UK Government’s recent announcement emphasises a more ambitious modern slavery agenda and, specifically, the use of a “smarter mix” of measures across policy, regulation, stakeholder expectations and corporate practice to...more
3/1/2021
/ China ,
Corporate Governance ,
Corporate Social Responsibility ,
EU ,
Forced Labor ,
Human Rights ,
Human Trafficking ,
Modern Slavery Act ,
Risk Management ,
Supply Chain ,
UK ,
United Nations
“It has no soul to be damned and no body to be kicked”. How, then, can a company be held criminally liable? Various jurisdictions have grappled with this question and recent developments in the UK have increased the...more
11/20/2020
/ Barclays ,
Corporate Counsel ,
Corporate Crimes ,
Corporate Executives ,
Corporate Liability ,
Corporate Officers ,
English Common Law ,
Fraud ,
UK ,
UK Bribery Act ,
UK Corporate Criminal Offense ,
Vicarious Liability
On 23 October 2020, the SFO published a chapter from its Operational Handbook, including an expanded section on corporate co-operation, so as to give “comprehensive guidance” on the organisation’s approach to the use of...more
On 8 October 2020, Lisa Osofsky spoke to the Royal United Services Institute about future challenges in tackling the world of economic crime. Most eye-catching was her ‘wish list for the SFO’, which outlined three desired...more
In the first prosecution of its kind brought by the Financial Conduct Authority (FCA), Konstantin Vishnyak has been acquitted by a jury at Southwark Crown Court of one count of destruction of documents under the Financial...more
The return of customers to non-essential shops on Monday 15 June dominated mainstream news headlines this week but there were plenty of other developments that will be of interest to the retail sector. In this bulletin we...more
In R v Barton & Booth, a five member Court of Criminal Appeal: 1) emphatically endorsed the Ivey test for dishonesty, firmly dismissing the previous two-stage test in Ghosh; 2) affirmed that, in relation to conspiracy to...more
On 8 April 2020, the High Court discharged three Unexplained Wealth Orders (“UWOs”) relating to multi-million pound London homes allegedly purchased with the proceeds of crime. In its judgment, the High Court criticised the...more
In its most significant enforcement action to date, HM Treasury’s Office of Financial Sanctions Implementation (“OFSI”) has imposed a £20.47 million penalty on Standard Chartered Bank (“SCB”) for breaching a prohibition...more
On 1 April 2020 the Supreme Court handed down two judgments regarding vicarious liability in Barclays Bank plc [2020] UKSC 13 and WM Morrisons Supermarkets plc [2020] UKSC 12, each addressing one of the two limbs of vicarious...more
In a closely followed case, on February 26, 2020, a District Court Judge in Connecticut granted Lawrence Hoskins’ motion for acquittal on the seven FCPA counts on which the jury convicted him. Hoskins was a UK citizen who...more
2/28/2020
/ Acquittals ,
Agency Relationship ,
Alstom ,
Bribery ,
Criminal Convictions ,
Criminal Prosecution ,
Department of Justice (DOJ) ,
Foreign Corrupt Practices Act (FCPA) ,
Foreign Nationals ,
Indictments ,
Jurisdiction ,
Money Laundering ,
Securities and Exchange Commission (SEC) ,
Subsidiaries
HMRC’s focus on organisations under the Criminal Finances Act 2017 for failure to prevent tax evasion is making steady progress. The revelation, in very broad terms, of the number of investigations and enquires that it is...more
On 10 January 2020, The Money Laundering and Terrorist Financing (Amendment) Regulations 2019 came into force. As a result, letting agents are now supervised by HMRC for anti-money laundering and counter-terrorist financing...more
2/14/2020
/ AML/CFT ,
Anti-Money Laundering ,
Anti-Terrorism Financing ,
Commercial Leases ,
Due Diligence ,
HMRC ,
Leases ,
New Guidance ,
Real Estate Brokers ,
Recordkeeping Requirements ,
Residential Leases ,
Suspicious Activity Reports (SARs) ,
UK
Under the Senior Managers and Certification Regime (“SMCR”), firms are required to identify and report to the FCA any instances of disciplinary action taken in relation to conduct that would amount to a breach of one of the...more
2/10/2020
/ Artificial Intelligence ,
Banking Sector ,
Blockchain ,
Bribery ,
Cartels ,
Corporate Governance ,
Corporate Misconduct ,
Environmental Social & Governance (ESG) ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Services Industry ,
Hong Kong Securities and Futures Commission (HKSFC) ,
Insurance Industry ,
Payment Systems ,
Risk Management ,
SMCR ,
Technology ,
UK ,
United Arab Emirates (UAE) ,
Whistleblower Protection Policies
UK regulations implementing the EU 5th Money Laundering Directive (“5MLD”) came into force on 10 January 2020: the Money Laundering and Terrorist Financing (Amendment) Regulations 2019 (“MLR 2019”).
The regulations make a...more
1/31/2020
/ Accountants ,
Amended Regulation ,
AML/CFT ,
Anti-Money Laundering ,
CPAs ,
Cryptoassets ,
Customer Due Diligence (CDD) ,
Digital Wallets ,
Electronic Identification ,
EU ,
Financial Action Task Force ,
Financial Conduct Authority (FCA) ,
Fine Art ,
HM Treasury ,
MLD5 ,
Prepaid Payment Products ,
Real Estate Brokers ,
Registration Requirement ,
Subsidiaries ,
Terrorism Funding ,
Trusts ,
UK ,
Virtual Currency
The Australian Law Reform Commission (the “ALRC”) has proposed a number of reforms to Australia’s federal corporate criminal liability regime. The entire document bears close examination. In this article, we focus on the...more
1/30/2020
/ ASIC ,
Australia ,
Corporate Counsel ,
Corporate Culture ,
Corporate Liability ,
Corporate Misconduct ,
Criminal Code ,
Criminal Liability ,
Discussion Draft ,
Enforcement ,
Proposed Standards ,
Serious Fraud Office (SFO) ,
UK Bribery Act ,
Vicarious Liability ,
White Collar Crimes
The Modern Slavery Act (“MSA”) was introduced in the United Kingdom in October 2015 introducing criminal offences of slavery, servitude, forced or compulsory labour and human trafficking. However, its most profound impact has...more
1/30/2020
/ Agricultural Sector ,
Annual Reports ,
Benchmarking ,
Corporate Governance ,
Due Diligence ,
Environmental Social & Governance (ESG) ,
Forced Labor ,
Human Trafficking ,
Jurisdiction ,
Low-Wage Workers ,
Manufacturers ,
Modern Slavery Act ,
Publicly-Traded Companies ,
Risk Management ,
Slavery ,
Supply Chain ,
Transparency ,
UK