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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

USA scores technical compliance upgrade on beneficial ownership in latest FATF report

The Corporate Transparency Act (CTA), effective 1 January 2024, is enough to have earned the United States of America a 'largely compliant' rating on technical compliance with Recommendation 24 - 'Transparency and beneficial ownership of legal persons' - by the Financial Action Task Force (FATF).
Online Published Date:  27 Mar 2024
Appeared in issue:  313 - 19 Mar 2024

Banque Audi (Suisse) SA fined CHF3.9m plus CHF19m capital surcharge for PEP control breaches

FINMA, the Swiss Financial Market Supervisory Authority, has ordered Banque Audi (Suisse) SA, the private banking arm of a Lebanese group, to disgorge CHF3.9m (US$4.3m) in "illegally generated profits" and imposed an additional capital charge of CHF19m (US$21.1m) after an onsite inspection, in 2021, revealed "serious shortcomings" in anti-money laundering compliance around politically exposed person (PEP) accounts.
Online Published Date:  25 Mar 2024
Appeared in issue:  313 - 19 Mar 2024

Fraud Intelligence

EU adopts anti-SLAPPs directive

The European Union (EU) has approved a directive that will restrict the use of so-called 'strategic lawsuits against public participation' (SLAPPs), where rich individuals bringlegal cases to silence critics or prevent journalists investigating wrongdoing.
Online Published Date:  26 Mar 2024

Combined strength - class actions

Litigation is expensive so it makes sense for fraud victims to pool resources and/or pursue resolution on a contingency fee basis. Keith Nuthallexamines current class suit trends and recent standout cases.
Online Published Date:  26 Mar 2024

Compliance Monitor

Promoters using social media issued warning and detailed guidance

Firms and influencers can breach the rules even in private chatrooms or if a promotion is made outside the United Kingdom and was not intended for a UK audience.
Online Published Date:  27 Mar 2024
Appeared in issue:  Vol 36 No 7 - 13 Mar 2024

Retirement income firms under scrutiny, with some "not getting basics right"

Firms giving retirement income advice have been told to review their processes since some of them "are not even getting the basics right"; and most would not comply with the Consumer Duty.
Online Published Date:  22 Mar 2024
Appeared in issue:  Vol 36 No 7 - 13 Mar 2024

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 ENTAIN PLC

[2024] Lloyd's Rep. FC Plus 4
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.

R v MAHMUD

[2024] Lloyd's Rep. FC Plus 5
Dishonesty – Claim of right – Legal directions – Belief as to legal entitlement.

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