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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

Spending patterns - the rise and risks of CBDCs

If wild swings in price and criminal use have tarnished the image of digital currencies, the blockchain technology on which they rest offers scope for state-backed variants, which could just make life harder for the money launderer. Keith Nuthalllooks at developments in central bank digital currencies (CBDCs).
Online Published Date:  02 May 2024
Appeared in issue:  314 - 16 Apr 2024

Up and down - UK AML/CFT supervision findings

In the introduction to its AML/CFT Supervision Report 2022-23, HM Treasury asserts that the UK government approach to economic crime is "robust and holistic", with "sustained action to improve the response" and regulatory oversight a "critical component". Does the evidence match the rhetoric? Partly.
Online Published Date:  02 May 2024
Appeared in issue:  314 - 16 Apr 2024

Fraud Intelligence

Inspectorate says UK government must fund SFO to pay staff market rate

The UK government must boost the Serious Fraud Office budget if it is to attract and retain qualified staff and avoid the failings, notably in disclosure, identified in recent reviews of the agency, says the HM Crown Prosecution Service Inspectorate (HMCPSI).
Online Published Date:  30 Apr 2024

Practical steps for internal investigations

When potential wrongdoing is raised in an organisation, experience proves that a structured and phased approach, rather than knee-jerk reactions, will achieve the best results. Caroline Day and Matthew Burn of Kingsley Napley set out a plan of action and key legal considerations.
Online Published Date:  21 Mar 2024

Compliance Monitor

Retirement income advice review fails nearly half of files

A deep dive into retirement income advice by the Financial Conduct Authority has exposed numerous concerns - in particular, an appalling standard of record-keeping. Advisers need to focus not only on the acquisition of technical knowledge, but also on compliance, urges Adam Samuel.
Online Published Date:  02 May 2024
Appeared in issue:  Vol 36 No 8 - 12 Apr 2024

Crypto's ESG problem

Even mainstream financial institutions are dabbling in the multi-trillion dollar cryptocurrency market. Yet behind the blockchain boom are worrying environmental and social impacts - along with serious considerations for firms to confront. Tom Vidovic reports on the 'digital dilemma'.
Online Published Date:  05 Apr 2024
Appeared in issue:  Vol 36 No 7 - 13 Mar 2024

MiCA or MiFID? Classifying cryptoassets in the EU

Distinguishing between cryptoassets covered by MiCA and financial instruments covered by MiFID II is no easy task. Nicolas Kalokyris analyses the consultation papers issued under the Markets in Crypto-Assets Regulation to elucidate the difficult qualification of cryptoassets as financial instruments, as well as the proposed reverse solicitation guidelines.
Online Published Date:  05 Apr 2024
Appeared in issue:  Vol 36 No 7 - 13 Mar 2024

Financial Crime Search

LLR: Financial Crime

R v HAYES AND ANOTHER

[2024] Lloyd's Rep. FC 105
Conspiracy to defraud – Libor and Euribor manipulation – CCRC reference – Binding precedent – Relevance of US appellate judgment.

NATIONAL CRIME AGENCY v GREW AND ANOTHER

[2024] Lloyd's Rep. FC 146
Unexplained wealth orders – High Court of Justice of Northern Ireland granted NCA 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).

WM, SOVIM SA v LUXEMBOURG BUSINESS REGISTERS

[2023] Lloyd's Rep. FC 515
Preliminary ruling – Money laundering – Terrorist financing – Public access to information on beneficial ownership – Respect for private and family life – Protection of personal data – Validity – Transparency – Proportionality – Directive (EU) 2018/843 amending Directive (EU) 2015/849 – Amendment to article 30(5)(c) – Charter of Fundamental Rights of the European Union, articles 7 and 8.

LLR: Financial Crime Plus

R v HAYES AND ANOTHER

[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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