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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

UK asset recovery incentivisation scheme "deeply flawed", finds NGO

The mechanism by which confiscated criminal assets are recycled into further UK law enforcement efforts to combat economic crime is opaque and creates perverse incentives, according to research by the campaign group Spotlight on Corruption, published on 4 November.
Online Published Date:  05 Nov 2024
Appeared in issue:  319 - 01 Dec 2024

Not one in four law firms fully compliant with UK ML Regulations

Of 512 law firms inspected in 2023/24 (April to April), 110 (23%) were fully compliant with the UK Money Laundering Regulations (MLRs), the Solicitors Regulation Authority says in its latest AML annual report.
Online Published Date:  01 Nov 2024
Appeared in issue:  319 - 01 Dec 2024

Fraud Intelligence

UK banking fraud losses drop 1.5% in first half of 2024

The amount of money stolen from British bank accounts through fraud dropped 1.5% in H1 2024 year-on-year, according to banking and finance trade association UK Finance.
Online Published Date:  24 Oct 2024

Dark to light - fraudsters making good

It takes a thief to catch a thief, perhaps, but can a reformed fraudster ever be trusted - should they be? Keith Nuthall spoke to one and sought the opinion of some experienced investigators.
Online Published Date:  21 Oct 2024

Compliance Monitor

FCA secures two convictions over £1.5m crypto scam that fleeced 65 people

The regulator has brought successful prosecutions against two men from south London who were running a crypto investment scam.
Online Published Date:  07 Nov 2024
Appeared in issue:  Vol 37 No 4 - 01 Dec 2024

Prolix papers on the Consumer Duty

"Of making many booksthere isno end," sighed the writer of Ecclesiastes. Adam Samuel fears that the regulator's well-intentioned elaborations on applying the Consumer Duty in various contexts could engender a lot of compliance verbiage without significantly improving consumer outcomes.
Online Published Date:  01 Nov 2024
Appeared in issue:  Vol 37 No 3 - 01 Nov 2024

High Court allows Term SOFR-based rate as reasonable alternative to LIBOR

In its first decision on the consequences for financial instruments of LIBOR's cessation, the High Court has ruled that Standard Chartered may unilaterally apply a SOFR-based replacement rate in a case involving dividends on preference shares. This is a significant bellwether for challenges to the transition of financial instruments from LIBOR to alternative rates without investor consent, write Mike Logie and Philip Linton.
Online Published Date:  01 Nov 2024
Appeared in issue:  Vol 37 No 3 - 01 Nov 2024

Financial Crime Search

LLR: Financial Crime

ALCHASTERThe name of the present case is a fictitious name. It does not correspond to the real name of any of the parties to the proceedings. CRIMINAL PROCEEDINGS AGAINST MA, MINISTER FOR JUSTICE AND EQUALITY, INTERVENING

[2024] Lloyd's Rep FC 327
Trade and Cooperation Agreement – Surrender of person to the UK for prosecution – European Convention on Human Rights, article 7 – Charter of Fundamental Rights of the European Union, article 49 – Principle of the non-retroactivity of offences and penalties – Anonymisation – Open justice.

NATIONAL CRIME AGENCY v HAO AND OTHERS

[2024] Lloyd's Rep FC 347
Civil recovery – Mutual legal assistance – Disclosure order – Without notice applications – Duty of candour – Reasonable grounds to suspect – International letters of request – Proceeds of Crime Act 2002 – Human Rights Act 1998 – European Convention on Human Rights

PIGOTT v CROWN PROSECUTION SERVICE

[2024] Lloyd's Rep FC 341
Criminal Justice Act 1988 – Confiscation orders – Hidden assets – Certificate of inadequacy.

LLR: Financial Crime Plus

DIRECTOR OF PUBLIC PROSECUTIONS FOR THE STATE OF SOUTH AUSTRALIA v SONIARD MRISHAJ AND ILLYRIAN INVESTMENTS PTY LTD

[2024] Lloyd's Rep. FC Plus 24
Restraint – Criminal procedure – Confiscation of proceeds of crime and related matters – Constitutional law.

ATTORNEY GENERAL v REID AND OTHERS

[2024] Lloyd's Rep. FC Plus 25
Ex parte restraint orders – Duty of full and frank disclosure – Fact finding – Typographical error – Consequences of material non-disclosure – Public interest – Proceeds of crime – Mutual legal assistance – Fundamental misdirection – Unfairness.

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