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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

European Parliament passes AML reforms

Legislation underpinning major revision of the European Union's (EU) anti-money laundering framework was voted through by the European Parliament on 24 April.
Online Published Date:  25 Apr 2024
Appeared in issue:  314 - 16 Apr 2024

Toke stock - Canada, cannabis and criminal proceeds

Nationwide legalization of marijuana consumption by adults in Canada in 2018 was experimentation on a grand scale, so how's the trip been so far - high, mellow or gone to pot? Keith Nuthall explores the changing market and money flows.
Online Published Date:  24 Apr 2024
Appeared in issue:  314 - 16 Apr 2024

Fraud Intelligence

UK disclosure regime reviewer sets out first findings

After extensive consultation with professionals working in criminal justice, Jonathan Fisher KC, appointed by the UK Home Secretary to look at how disclosure is working, says he currently sees "no compelling case for radical reform of the CPIA [Criminal Procedure and Investigations Act 1996]".
Online Published Date:  25 Apr 2024

US DoJ launches fraud disclosure for immunity programme

The US Department of Justice (DoJ) has launched a self-disclosure programme, offering some fraudsters immunity from prosecution if they own up to their wrongdoing before they are caught.
Online Published Date:  25 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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