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

https://static.i-law.com/ilawResponsive/prod/publications/Mar-2024/25/b445f2a6-311f-4e2c-89fd-a49bd1b4be3f-LLR_FC.jpg

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

PKN Private Bank convicted in Switzerland after "aggravated money laundering" by staff

PKB Private Bank SA must pay a CHF750,000 (US$821,376) fine after the Office of the Attorney General of Switzerland found that between 2011 and 2014 its controls had failed to prevent criminal "aggravated money laundering" by two employees in connection with the "Lava Jato" corruption case, centred on Brazil.
Online Published Date:  16 Apr 2024
Appeared in issue:  314 - 16 Apr 2024

EU ministers formally approve law criminalising sanctions evasion

The European Union (EU) Council of Ministers has given its final approval to a directive requiring EU member states to criminalise and impose dissuasive penalties for deliberate evasion of sanctions.
Online Published Date:  15 Apr 2024
Appeared in issue:  313 - 19 Mar 2024

Fraud Intelligence

Is enforcement of foreign arbitral awards safe against fraud?

A novel and audacious fraud on the English courts has recently come to light, after a purported Kuwaiti arbitration award that a High Court judge ordered to be enforced was revealed to be an "out-and-out fabrication". Neil Newing of Signature Litigation examines the case and potential holes in the arbitral enforcement process.
Online Published Date:  12 Apr 2024

Trafigura fined US$127 million in USA for Brazilian oil company bribes

International commodity trading conglomerate Trafigura has been fined almost US$127 million in a US court after admitting to bribing officials at Brazilian state oil company Petrobras, between 2003 and 2014, to gain and retain business, violating the USA Foreign Corrupt Practices Act (FCPA).
Online Published Date:  11 Apr 2024

Compliance Monitor

FCA notices issued to Neil Woodford and corporates over management of equity fund

The FCA has issued notices to Neil Woodford, Woodford Investment Management Ltd (WIM) andLink Fund Solutions in relation to the management of the £3.7 billion Woodford Equity Income Fund - which was suspended in June 2019, leaving up to 300,000 investors with losses.
Online Published Date:  12 Apr 2024
Appeared in issue:  Vol 36 No 8 - 12 Apr 2024

Post-Brexit 'bundling' proposal for asset managers to fund research hastened through

Asset managers are on course to be given a third option on how they pay for investment research, following an FCA decision to let them bundle together payments for third-party research and trade execution. The final rules are due to be produced by the end of June, only 25 days after a 5 June deadline for submissions to be made on the change to the regulator.
Online Published Date:  12 Apr 2024
Appeared in issue:  Vol 36 No 8 - 12 Apr 2024

Regulatory challenges develop apace

A raft of revised and new rules will amplify workloads for Compliance functions at a time when risk professionals are already under immense pressure, writes Monique Melis.
Online Published Date:  11 Apr 2024
Appeared in issue:  Vol 36 No 5 - 06 Dec 2023

Financial Crime Search

LLR: Financial Crime

R v MAHMUD

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

R v ENTAIN PLC

[2024] Lloyd's Rep. FC 70
Financial crime – Deferred Prosecution Agreements – Failure to prevent bribery – Financial penalties – Corporate governance – Bill of Indictment – Bribery Act 2010 – Crime and Courts Act 2013 – Market Abuse Regulation (EU) No 596/2014.

KHAN v THE SECRETARY OF STATE FOR FOREIGN, COMMONWEALTH AND DEVELOPMENT AFFAIRS

[2024] Lloyd's Rep. FC 49
Court review under Sanctions and Anti-Money Laundering Act 2018, section 38 – Grounds of designation – Whether the designation was ultra vires – Whether the designation is a disproportionate interference with article 8 and A1P1, ECHR – Padfield principles and the test for proportionality – Compatibility of the 2019 Regulations (SI 2019 No 855) with the ECHR.

LLR: Financial Crime Plus

R v ENTAIN PLC

[2024] Lloyd's Rep. FC Plus 4
Financial crime - Deferred Prosecution Agreements - Failure to prevent bribery - Financial penalties - Corporate governance - Bill of Indictment - Bribery Act 2010 - Crime and Courts Act 2013 - Market Abuse Regulation (EU) No 596/2014.

R v MAHMUD

[2024] Lloyd's Rep. FC Plus 5
Dishonesty - Claim of right - Legal directions - Belief as to legal entitlement.

Copyright © 2024 Maritime Insights & Intelligence Limited. Maritime Insights & Intelligence Limited is registered in England and Wales with company number 13831625 and address 5th Floor, 10 St Bride Street, London, EC4A 4AD, United Kingdom. Lloyd's List Intelligence is a trading name of Maritime Insights & Intelligence Limited.

Lloyd's is the registered trademark of the Society Incorporated by the Lloyd's Act 1871 by the name of Lloyd's.