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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

First FS & LA of Lorain agrees to US OCC directive on CDD, AML staffing and training

Ohio, USA bank First FS & LA or Lorain has entered into a formal agreement with the US Office of the Comptroller of the Currency (OCC) to upgrade its anti-money laundering controls to comply with the Bank Secrecy Act (BSA) as part of a larger, strategic plan to address "unsafe or unsound practices".
Online Published Date:  18 Apr 2024
Appeared in issue:  314 - 16 Apr 2024

UK parliamentarians propose economic crime policy agenda

Two UK all-party parliamentary groups (APPGs) of MPs have published an Economic Crime Manifesto, second edition, cataloguing reforms they say are needed to shift the country's status from "haven for illicit wealth" to a "global leader in the fight against corruption fraud and dirty money".
Online Published Date:  18 Apr 2024
Appeared in issue:  314 - 16 Apr 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 HAYES AND PALOMBO

[2024] Lloyd's Rep. FC Plus 8
Conspiracy to defraud – Libor and Euribor manipulation – CCRC reference – Binding precent – Relevance of US appellate judgment.

NATIONAL CRIME AGENCY v GREW AND ANOTHER

[2024] Lloyd's Rep. FC Plus 9
Unexplained wealth orders – High Court of Justice of Northern Ireland granted 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).

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