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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.

LLR: Financial Crime

R v SKEENE AND BOWERS

[2025] Lloyd's Rep FC 45
Conspiracy to defraud – Elements of offence – Indictments – Particulars – Indictments Act 1915 – Criminal Procedure Rules 2020.

DIRECTOR OF PUBLIC PROSECUTIONS v SURIN

[2025] Lloyd's Rep FC 65
Civil recovery – Alternative procedure (CPR Part 8) – Summary judgment (CPR Part 24) – Admissibility of evidence.

Money Laundering Bulletin

In search of synergy - FRAML

'Better together', the saying goes, but anti-money laundering and counter-fraud are distinct disciplines, with their own specific objectives and drivers, so is the business of combating financial crime truly best served by integration? Sarah Gibbons talks gain and pain with those who have been there.
Online Published Date:  18 Apr 2025
Appeared in issue:  323 - 01 May 2023

More than money - effective punishment for AML failure

If multi-million/billion dollar fines have not banished flagrant compliance breaches - after all, they are only paid by a financial institution's owners... - there must surely be alternative, more persuasive sanctions. Keith Nuthall, Sara Lewis & Andreia Nogueira look for creative ways to keep firms on the straight and narrow.
Online Published Date:  18 Apr 2025
Appeared in issue:  323 - 01 May 2023

Fraud Intelligence

UK issues first Interpol silver notice to freeze fraudster's assets

The UK has secured its first ever Interpol Silver Notice, a global order to seize the proceeds of crime. Its target is tracing and recovering UK£8.5 million (US$10.3 million) in criminal assets of convicted fraudster, Anopkumar Maudhoo.
Online Published Date:  17 Apr 2025

UK's Companies House only collects 2% of fines for false entries

Britain's corporate registry, Companies House, has only managed to collect around 2% of fines meted out for falsifying entries, such as fake names or businesses and their owners, since October 2024.
Online Published Date:  09 Apr 2025

Financial Crime Search

Compliance Monitor

How investment firms should prepare for a CASS audit

The deadline for submitting CASS reports is four months after year-end and the audit process is often fast-paced, with little room to stop and reflect. Oliver Hawes sets out practical suggestions for firms both ahead of and following their audits to assist in smoothing the process.
Online Published Date:  17 Apr 2025
Appeared in issue:  Vol 37 No 8 - 01 May 2025

Gaps found in FCA review of bereavement and power of attorney customer care

All firms need to improve their practices regarding the treatment of the heirs after a bereavement or granting of power of attorney, according to the FCA - which has reviewed the operations of businesses across the bank, building society, payments and electronic money sector.
Online Published Date:  12 Apr 2025
Appeared in issue:  Vol 37 No 8 - 01 May 2025

The case for Europe's own SEC

Unified oversight of financial markets within the European Union, along with a consolidated tape of trading data, would strengthen consistency of regulatory standards, plus enhance market integrity, competitiveness and growth. There would be significant ramifications both in and outside the bloc, comments Monique Melis.
Online Published Date:  10 Apr 2025
Appeared in issue:  Vol 37 No 8 - 01 May 2025

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