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

Recovery phase - Lebanon

As if it didn't have enough to contend with - financial sector meltdown and armed conflict between Hezbollah and Israel - Lebanon has also recently joined the Financial Action Task Force's list of jurisdictions with serious anti-money laundering and counter financing of terrorism deficiencies. Paul Cochrane looks at the challenges the country faces to secure removal.
Online Published Date:  16 Jan 2025
Appeared in issue:  320 - 01 Feb 2025

CBW Bank fined US$20.4m for flawed AML controls and SARs not filed

Repeated violations of the USA Bank Secrecy Act (BSA) by CBW Bank, of Kansas, between December 2018 and August 2020, with some ongoing, have brought a US$20,448,000 civil penalty from the Federal Deposit Insurance Corporation (FDIC).
Online Published Date:  28 Dec 2024
Appeared in issue:  320 - 01 Feb 2025

Fraud Intelligence

Xi vows to press on with fight against corruption in China

Chinese President Xi Jinping has vowed to keep up his decade-old campaign against corruption, in a 6 January address to China's main body so tasked - the Central Commission for Discipline Inspection (CCDI).
Online Published Date:  09 Jan 2025

Same but different? [Video]

There will always be those who, in Sir Walter Scott's words, "practise to deceive" but as times change, do their methods? Does the advent of generative AI mark a clear break with the past, for good or ill, in the realm of fraud, and what does it mean for prevention and investigation? John Gill, President of the Association of Certified Fraud Examiners (ACFE), draws on his three decades in the global professional body to look ahead with Keith Nuthall.
Online Published Date:  07 Jan 2025

Compliance Monitor

Broker fined for executing cum-ex trades despite use of external compliance consultants

The FCA has concluded its seventh successful action against cum-ex trading and withholding tax schemes.
Online Published Date:  10 Jan 2025
Appeared in issue:  Vol 37 No 5 - 01 Feb 2025

Wealth manager who bought racehorses with client funds pleads not guilty to fraud

A former racehorse owner who was also the principal partner in a wealth management firm, WealthTek LLP, is to make his second appearance in court on 6 February, having been charged with nine criminal offences by the FCA.
Online Published Date:  06 Jan 2025
Appeared in issue:  Vol 37 No 5 - 01 Feb 2025

More flexible disclosure rules due in 2025 to replace PRIIPs and UCITS

The FCA is creating a new investment disclosure system to cover 'Consumer Composite Investments' (CCI) - one which is designed to be "fit for many years to come" and to cover funds and other products held by over 12 million UK investors.
Online Published Date:  19 Dec 2024
Appeared in issue:  Vol 37 No 5 - 01 Feb 2025

Financial Crime Search

LLR: Financial Crime

R v AEB AND OTHERS

[2024] Lloyd's Rep FC 407
Proceeds of Crime – Money laundering – Appeal hearsay evidence – Application to adduce hearsay – Business documents – Criminal Justice Act 2003.

R v GLENCORE ENERGY UK LTD BLOOMBERG LP AND OTHERS

[2024] Lloyd's Rep FC 415
Anonymity – Bribery – Open justice – Public interest – Reporting restrictions – Contempt of Court Act 1981 – Right to respect for private and family life – Serious Fraud Office.

LLR: Financial Crime Plus

R v GLENCORE ENERGY UK LTD AND OTHERS

[2024] Lloyd's Rep. FC Plus 27
Anonymity – Bribery – Open justice – Public interest – Reporting restrictions – Contempt of Court Act 1981 – Right to respect for private and family life – Serious Fraud Office.

R v AEB AND OTHERS

[2024] Lloyd's Rep. FC Plus 28
Proceeds of Crime – Money laundering – Appeal hearsay evidence – Application to adduce hearsay – Business documents – Criminal Justice Act 2003.

Copyright © 2025 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.