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Financial Crime

Sanctions challenges and the definition of "corruptly" examined in Lloyd's Law Reports: Financial Crime

Recent cases reported in Lloyd's Law Reports: Financial Crime

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Khan v The Secretary of State for Foreign, Commonwealth and Development Affairs [2024] EWHC 361 (Admin); [2024] Lloyd’s Rep FC 49

With a commentary written by Vivien Davies, Head of Sanctions at FieldFisher, this case is an important development in the judicial approach to sanctions challenges, as it provides further clarification on how the court will approach the designation of sanctioned individuals, particularly in relation to the issue of proportionality and whether sanctions designations constitute a disproportionate interference with human rights.

United States v Thomas Robertson No 22-3062 (DC Cir, 2023); [2024] Lloyd's Rep FC 75

Alice Lepeuple, Senior Associate, WilmerHale, examines the Robertson definition of “corruptly” (done with a corrupt purpose or through independently unlawful means) and whether this might be applied in cross-border bribery cases.

Money Laundering Bulletin

Toronto-Dominion Bank pays Can$9.2m for reporting, risk rating, record keeping breaches

Five violations of Canada's Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) mean that Toronto-Dominion Bank (TD), headquartered in Toronto, paid a Can$9,185,000 (US$6,712,350) penalty, levied on 9 April, according to a FINTRAC notice.
Online Published Date:  05 May 2024
Appeared in issue:  314 - 16 Apr 2024

Spending patterns - the rise and risks of CBDCs

If wild swings in price and criminal use have tarnished the image of digital currencies, the blockchain technology on which they rest offers scope for state-backed variants, which could just make life harder for the money launderer. Keith Nuthalllooks at developments in central bank digital currencies (CBDCs).
Online Published Date:  02 May 2024
Appeared in issue:  314 - 16 Apr 2024

Fraud Intelligence

KPMG offers ex-criminals jobs, but not in roles linked to their offences

Audit giant KPMG UK has joined a UK government drive to recruit prison-leavers, citing its successful ongoing pilot scheme, launched in 2022.
Online Published Date:  05 May 2024

Inspectorate says UK government must fund SFO to pay staff market rate

The UK government must boost the Serious Fraud Office budget if it is to attract and retain qualified staff and avoid the failings, notably in disclosure, identified in recent reviews of the agency, says the HM Crown Prosecution Service Inspectorate (HMCPSI).
Online Published Date:  30 Apr 2024

Compliance Monitor

Tentative steps into crypto exchange-traded products

Regulators are still broadly cautious in their approach to digital assets, but the adoption of regimes for crypto exchange-traded products is picking up around the globe. Bryan Tan and Brett Hillis review developments in the United Kingdom, Hong Kong and Singapore.
Online Published Date:  03 May 2024
Appeared in issue:  Vol 36 No 8 - 12 Apr 2024

Transparent, or injurious? Proposals to publicise investigations

A radical shake-up to enforcement procedure is being consulted on by the regulator, which could see probes into firms regularly made public at an early stage. Michael Lewis and Emma Radmore look at the drivers, the proposals, safeguards and possible consequences.
Online Published Date:  03 May 2024
Appeared in issue:  Vol 36 No 8 - 12 Apr 2024

Supreme Court rules PPI claim was in time to challenge hidden 95% fees

A litigant has won the remaining reimbursement of the payment protection insurance she paid and interest, after she discovered that the cost of the insurance itself was only five per cent of the premium. The Court ruled the claim was in time because the limitation period began when she found out about the commission, in 2018. A further 26,000 similar cases are waiting in the wings, reports Denis O'Connor.
Online Published Date:  03 May 2024
Appeared in issue:  Vol 36 No 8 - 12 Apr 2024

Financial Crime Search

LLR: Financial Crime

R v HAYES AND ANOTHER

[2024] Lloyd's Rep. FC 105
Conspiracy to defraud – Libor and Euribor manipulation – CCRC reference – Binding precedent – Relevance of US appellate judgment.

NATIONAL CRIME AGENCY v GREW AND ANOTHER

[2024] Lloyd's Rep. FC 146
Unexplained wealth orders – High Court of Justice of Northern Ireland granted NCA leave to serve documents outside jurisdiction – Whether NCA has power to operate in Northern Ireland and therefore capacity to bring proceedings – Crime and Courts Act 2013, sections 58 and 59, Schedules 24 and 25 – Crime and Courts Act 2013 (National Crime Agency and Proceeds of Crime) (Northern Ireland) Order 2015 (SI 2015 No 798).

R v MAHMUD

[2024] Lloyd's Rep. FC 41
Dishonesty – Claim of right – Legal directions – Belief as to legal entitlement.

LLR: Financial Crime Plus

DALSTON PROJECTS LTD AND OTHERS v SECRETARY OF STATE FOR TRANSPORT SHVIDLER v SECRETARY OF STATE FOR FOREIGN, COMMONWEALTH AND DEVELOPMENT AFFAIRS

[2024] Lloyd's Rep. FC Plus 10
Sanctions – Designated persons – Detention Order – Minister’s powers and duties – Proportionality – Protection of property – Peaceful enjoyment of possessions – Court powers – Human Rights Act 1998 – Russia (Sanctions) (EU Exit) Regulations 2019 (SI 2019 No 855).

R v HUGHES AND ANOTHER

[2024] Lloyd's Rep. FC Plus 11
Proceeds of crime – Confiscation – Realisable assets – Extent of interest in property built on land owned by another – Route of appeal against determination – Proceeds of Crime Act 2002.

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