Archives: Financial crime

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SFO win a reminder of the limits of privilege in internal investigations

In May the Serious Fraud Office persuaded a High Court judge to order Eurasian Natural Resources Corporation to hand over internal investigation documents it had claimed were privileged. The decision brings back into focus the vexed question of which documents produced in corporate internal investigations can be withheld in subsequent regulatory investigations and prosecutions.… Continue Reading

Squire Patton Boggs appointed to FCA/PRA Skilled Person panel

“Skilled Person” reviews under section 166 of FSMA have become a major feature of the financial services regulatory landscape in recent years. FCA figures show that 51 reports were commissioned in 2016 alone, up from 47 in 2015. Under FSMA the regulators have wide powers to require financial services firms to commission skilled person reports … Continue Reading

Financial Ombudsman makes adviser pay for failing to stop £250,000 fraud on client

The Financial Ombudsman Service has sent a clear message to financial advisers that they must be vigilant to the risk of fraud when processing transactions on behalf of their clients. In its 23 August newsletter the FOS highlighted a recent case in which an adviser was ordered to pay fraud losses that the Ombudsman considered … Continue Reading

Financial Disputes Roundtable: “Get me my money back!” Tracing the Proceeds of Fraud and Cybercrime

For the next in our breakfast roundtable series, Laurence Winston and I will be joined by intelligence and investigations specialists James Stothard and Damian Ozenbrook of Blue Square Global to look at tracing and recovering stolen assets. Following on from our well-received recent roundtable session on how to react to a cyber-theft or fraud, we … Continue Reading

Upper Tribunal refuses to stay regulatory proceedings pending a criminal trial

Background The Upper Tribunal (Tax and Chancery Chamber) hears references from decisions and supervisory notices issued by the Financial Conduct Authority (“FCA”) and other specified regulators. In this case three references were made by two former employees of Deutsche Bank (Messrs Bittar and Vogt) and a former Barclays Bank employee (Mr Moryoussef). The references related … Continue Reading

Bankers’ references – Court of Appeal clarifies when a duty of care exists

The Court of Appeal’s decision in Playboy Club London limited & Ors v Banca Nazionale Del Lavoro Spa will be welcomed by banks that provide financial references in relation to their customers. It provides useful guidance to follow when providing or requesting references: Banks should draft references carefully and consider limiting liability to specific recipients … Continue Reading

A call for views – responses to the Government’s Action plan on money laundering and terrorist funding due by 2 June 2016

On 21 April 2016, HM Treasury and the Home Office published the government’s “Action Plan” on the prevention of money laundering and the funding of terrorism.   The Action Plan is designed to help businesses to help the UK in the fight against money laundering and financing terrorism – an issue which is becoming all too … Continue Reading
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