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

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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

LPL Financial pays SEC US$18m over defective CDD

Investment adviser and broker-dealer LPL Financial LLC has agreed to settle with the US Securities and Exchange Commission (SEC) over findings that it failed to comply with its own customer information program (CIP) and ongoing customer due diligence (CDD) obligations between May 2019 and December 2023.
Online Published Date:  18 Jan 2025
Appeared in issue:  320 - 01 Feb 2025

Block, Inc pays US$80m to US state regulators for AML flaws

US fintech Block, Inc., which operates 'Cash App', a mobile payment service, for 50 million customers, has agreed to pay US$80 million to settle claims by 48 state financial regulators that it violated Bank Secrecy Act (BSA)/anti-money laundering (AML) rules: no details of the breaches were provided in the enforcement notice published by the Conference of State Bank Supervisors (CSBS).
Online Published Date:  16 Jan 2025
Appeared in issue:  320 - 01 Feb 2025

Fraud Intelligence

EU currents - Commission makes case for higher anti-fraud budget; OLAF in ombudsman's sights

The European Commission is pushing for an increase in funding for its Union Anti-Fraud Programme (UAFP), which is spending €181 million between 2021-2027 on EU anti-fraud policies.
Online Published Date:  18 Jan 2025

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

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.

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