News & Analysis as of

Government Investigations United Kingdom

Jones Day

Unwelcome Visitors? UK Court Greenlights Domestic Search Warrants in Competition Cases

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The UK Competition and Markets Authority ("CMA") has successfully appealed a decision of the UK Competition Appeals Tribunal (the "Tribunal") rejecting its application for a warrant to search domestic premises—paving the way...more

Latham & Watkins LLP

FCA Consults on Plans to Announce Enforcement Investigations

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The FCA plans to streamline its approach to enforcement and publicise investigations at an early stage. On 27 February 2024, the FCA published a Consultation Paper (CP24/2) on its proposed new approach to publicising...more

Latham & Watkins LLP

Bank of England Unveils Changes to the PRA’s Approach to Enforcement

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Recent changes to the PRA’s approach to enforcement show an increased focus on expediting the investigative process and incentivising early admissions. On 30 January 2024, the Bank of England (the Bank) unveiled a number...more

BCLP

CMA Hits Accelerator on Enforcement of UK Labour Markets

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Whilst not traditionally a focus of the Competition and Markets Authority (“CMA”), the UK’s labour markets now form one of the CMA’s strategic priorities, as outlined in its 2023 to 2024 Annual Plan....more

WilmerHale

New SFO Pre-Investigation Powers Come into Force

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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

WilmerHale

Call for Reform of Regulatory Supervision of Auditors

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Chartered accountants are accustomed to continuous oversight of their work by regulators. While regulatory supervision can often be a collaborative process, it does sometimes culminate in individual accountants and firms...more

Cohen & Gresser LLP

Failure to Prevent Fraud: Cohen & Gresser Assesses the Consequences of Imminent UK Corporate Fraud Liability Reform

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What is happening? The Economic Crime and Corporate Transparency Bill (the “Bill”) is currently going through the UK Parliament. On 11 April 2023, the Government introduced a draft amendment that will create a new...more

Latham & Watkins LLP

The International Investigations Review, 12th Edition - England & Wales

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In its second year, the Biden administration has made clear its prioritisation of white-collar prosecutions. This includes changes in policy and guidance, such as a renewed focus on individual accountability, an increased...more

BCLP

Fallout from the Glencore resolutions & lessons learned

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On 24 May 2022, Glencore International AG announced a series of coordinated resolutions with various international enforcements agencies including the Department of Justice (”DOJ”), the Commodity Futures Trading Commission...more

WilmerHale

Access points: how to respond to raids by UK investigating authorities

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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

WilmerHale

How New Framework Could Ease EU-US Data Transfer Burden

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On 25 March 2022, the European Commission and United States announced an agreement in principle on a new Trans-Atlantic Data Privacy Framework. If passed into law, the framework will facilitate the transfer of personal data...more

WilmerHale

The UK’s economic crime enforcement gap: the merits of a new funding proposal

WilmerHale on

On 24 January 2022, the anti-corruption campaign group Spotlight on Corruption published a report on the state of economic crime enforcement in the UK (the “Report”). The Report warns that “the UK is currently losing the...more

K&L Gates LLP

Investigating Directors of Dissolved UK Companies

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From 15 February 2022, the UK Insolvency Service is granted new powers to investigate and disqualify or prosecute directors of dissolved UK companies. The Rating (Coronavirus) and Directors Disqualification (Dissolved...more

WilmerHale

OECD Recommendation Encourages Demand Side Bribery Enforcement

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On 9 December, to mark International Anti-Corruption Day, the OECD launched the snappily-named 2021 Recommendation for Further Combating Bribery of Foreign Public Officials in International Business Transactions (“the...more

WilmerHale

USTR Completes Section 301 Investigations of Digital Services Taxes in Six Jurisdictions

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On June 2, the Office of the U.S. Trade Representative (“USTR”) announced the conclusion of investigations under Section 301 of the Trade Act of 1974 (“the Trade Act”) into digital services taxes (“DSTs”) adopted by Austria,...more

Latham & Watkins LLP

SFO’s International Investigatory Powers Curbed in Supreme Court Ruling

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Landmark decision holds that the SFO does not have the power to procure documents from foreign companies outside the jurisdiction. On 5 February 2021, the UK Supreme Court handed down a highly significant judgment in R...more

Hogan Lovells

The new Brexit deal: tougher times ahead for an already struggling SFO?

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On 24 December 2020, the UK and the EU reached a new Trade and Cooperation Agreement. The deal, which came into force on 1 January 2021, has important implications for white collar crime enforcement across Europe, and in...more

White & Case LLP

No third party production: FRC loses its demand for Sports Direct's privileged documents

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Court battles with regulators over privilege and the disclosure of documents are becoming increasingly common. However, it is not often that you see a regulator seeking to obtain the privileged documents of a third party who...more

Holland & Knight LLP

Lessons Learned from the Airbus Anti-Corruption Settlements

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In late January 2020, Airbus agreed to pay nearly $4 billion and to take a number of remedial measures in order to resolve alleged corruption violations with the French National Financial Prosecutor's Office (PNF), the United...more

McDermott Will & Emery

How CCO Reasonable Prevention Procedures Can Help You Mitigate DAC6 Penalties

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Corporate criminal offences (CCOs) under Part 3 Criminal Finances Act 2017 (CFA) are increasingly coming under the spotlight of the UK tax authorities. In a 10 February 2020 press release published in response to a Freedom of...more

Morgan Lewis

UK Serious Fraud Office Emphasizes Importance of Compliance Programs

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In a recent update to its internal guidance, the UK Serious Fraud Office provides insight into the general approach its investigators may take for evaluating organizations’ compliance programs—an approach similar to that of...more

BCLP

Failure to prevent tax evasion – HMRC announces 9 live investigations and 21 “opportunities under review”

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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

Robins Kaplan LLP

Financial Daily Dose 2.13.2020 | Top Story: Britain Investigates Ties Between Jeffrey Epstein and Barclays CEO Staley

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UK regulators are probing ties between disgraced financier Jeffrey Epstein and Barclays CEO Jes Staley. The bank’s board is so far standing 100% with Staley, who has expressed “regret” over his relationship with Epstein....more

Robins Kaplan LLP

Financial Daily Dose 11.26.2019 | Top Story: Viagogo buys ticket reseller from StubHub for $4 billion

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The merger craze keeps on keeping on, with news that Ebay’s selling secondary ticket marketplace StubHub to Viagogo, a smaller rival with a strong presence in Europe helmed by StubHub’s co-founder Eric Baker, for more than $4...more

White & Case LLP

Game over for loot boxes?

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The findings of the UK's Immersive and Addictive Technologies Inquiry may significantly impact the economics of video game companies. Executive summary - On 12 September 2019, the UK government's Digital, Culture, Media...more

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