i-law

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

UK Coinbase operation fined UK£3.5m - serviced high-risk customers against undertaking

CB Payments Ltd - UK arm of leading cryptocurrency trading business the Coinbase Group - which only hosts e-money wallets rather than engaging in transactions, must pay a UK£3,503,546 financial penalty for onboarding and/or providing e-money services to high-risk customers in breach of a Financial Conduct Authority (FCA) ordinance of October 2020.
Online Published Date:  26 Jul 2024
Appeared in issue:  316 - 02 Sep 2024

CNB and Summit banks sign US OCC orders to renew BSA and OFAC programs

CNB Bank and Trust, of Illinois, and Summit National Bank, of Wyoming, signed consent orders, dated in June, but published on 18 July, with the US Office of the Comptroller of the Currency (OCC), committing to root and branch revision of their Bank Secrecy Act/Anti-Money Laundering and Office of Foreign Asset Control (OFAC) compliance programs.
Online Published Date:  21 Jul 2024
Appeared in issue:  316 - 02 Sep 2024

Fraud Intelligence

EU currents - EPPO warns on Austrian law threat to investigations

The European Public Prosecutor's Office (EPPO) has spoken out against a proposed Austrian law it believes could undermine its ability to probe transnational and national crime by preventing its teams from seizing data in evidence against offenders.
Online Published Date:  26 Jul 2024

English courts tackle evolving asset recovery challenges

The use of complex cross-border structures and new technologies by fraudsters means that legal tools to identify and secure recoverable funds must constantly be reinterpreted. Rebecca Hume of Howard Kennedy details case law developments pertaining to service of proceedings, disclosure orders and the 'responsible persons liability principle'.
Online Published Date:  26 Jul 2024

Compliance Monitor

FCA pegs 2025 date for prospectus rule changes

Finalised rules for a system to replace the existing prospectus regulation are expected to be ready by the end of June next year.
Online Published Date:  26 Jul 2024
Appeared in issue:  Vol 37 No 1 - 25 Jul 2024

Coinbase UK subsidiary fined for breaching regulatory restriction on onboarding

The FCA has imposed its first enforcement action under the Electronic Money Regulations 2011 on a British arm of the world'ssecond-largestcryptoasset exchange, Coinbase.
Online Published Date:  25 Jul 2024
Appeared in issue:  Vol 37 No 1 - 25 Jul 2024

Financial promotions: back to the basics

In some areas there are far too many rules and in others not enough to guide businesses dealing with day-to-day financial promotions issues, who want to do the right thing. Neglect of appropriate enforcement and clear drafting has created an unfair market in which firms with a higher compliance risk-appetite have been cheating at the expense of everyone else, writes Adam Samuel.
Online Published Date:  01 Jul 2024
Appeared in issue:  Vol 36 No 10 - 17 Jun 2024

Financial Crime Search

LLR: Financial Crime

PRADIP DAYA (AKA PRADIP CHAVDA) v CROWN PROSECUTION SERVICE

[2024] Lloyd's Rep FC 229
Confiscation orders – Certificate of Inadequacy – Unidentified assets.

R v LUXTON

[2024] Lloyd's Rep FC 201
Confiscation – Power to vary or rescind sentence – Prosecutor's right to appeal confiscation order.

R (COMPETITION AND MARKETS AUTHORITY) v COMPETITION APPEAL TRIBUNAL, SIKA LTD, MASTER BUILDERS SOLUTIONS UK LTD, MR X, INTERESTED PARTIES

[2024] Lloyd's Rep FC 214
Judicial review – Search warrants – Domestic premises – Business premises – Propensity to destroy evidence – Competition Act 1998, section 28 and 28A.

LLR: Financial Crime Plus

VNESHPROMBANK LLC v GEORGY IVANOVICH BEDZHAMOV AND BETWEEN LYUBOV KIREEVA (AS BANKRUPTCY TRUSTEE OF GEORGY BEDZHAMOV) v GEORGY BEDZHAMOV

[2024] Lloyd's Rep. FC Plus 15
Application for declaration – Legal test for establishing a “reasonable cause to suspect” that an entity is owned or controlled by Designated Persons within meaning of regulations 5 and 6 of the Russian (Sanctions) (EU Exit) Regulations 2019 (SI 2019 No 855) designation – Whether the existence of a “reasonable cause to suspect” is enough to establish an offence under the 2019 Regulations.

CELESTIAL AVIATION SERVICES LTD v UNICREDIT BANK GMBH, LONDON BRANCH (FORMERLY UNICREDIT BANK AG, LONDON BRANCH) AND BETWEEN (1) CONSTITUTION AIRCRAFT LEASING (IRELAND) 3 LTD (2) CONSTITUTION AIRCRAFT LEASING (IRELAND) 5 LTD v UNICREDIT BANK GMBH, LONDON BRANCH (FORMERLY UNICREDIT BANK AG, LONDON BRANCH)

[2024] Lloyd's Rep. FC Plus 17
Sanctions – Banking – Statutory interpretation – Letters of Credit – Aircraft leasing – Russia (Sanctions) (EU Exit) Regulations 2019 (SI 2019 No 855) – Russia Sanctions (EU Exit) (Amendment (No 3) Regulations 2022 (SI 2022 No 195).

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