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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

Resorts World fined US$10.5m for "overall lack of control" & likely illegal bookmaker clients

Casino operator Resorts World (RW) has agreed to pay a US$10.5 million penalty to the Nevada Gaming Commission to settle claims that it accepted wagers from alleged illegal bookmakers, violated the Bank Secrecy Act and the business culture was such that when faced with suspicious or illegal activity, executives "at a minimum, negligently disregarded, or, at worst, wilfully ignored" the information so as not to impact revenue growth or their own bonuses.
Online Published Date:  29 Mar 2025
Appeared in issue:  323 - 01 May 2023

Synergies and constraints - the stop-start progress of information sharing

Collective effort almost invariably yields better results and efficiency gains but tension with data privacy in the financial crime space is ever-present; it stretched past breaking in the European Union. Advances in anonymising techniques and testing of legal protocols elsewhere, though, should mean that data sharing will only expand. Sarah Gibbons, Paul Cochrane, Sara Lewis and Keith Nuthall review the setbacks, successes and prospects for a step-change in combating illicit finance.
Online Published Date:  29 Mar 2025
Appeared in issue:  323 - 01 May 2023

Fraud Intelligence

France, Switzerland and UK launch anti-bribery taskforce

Prosecutors from France, Switzerland and the UK, on 20 March, launched a new International Anti-Corruption Prosecutorial Taskforce.
Online Published Date:  27 Mar 2025

Building controls

The construction industry is a complex interplay of supply chains and contractors, working with cost estimates and to timeframes that may stretch across many years. So much unavoidable uncertainty makes mitigation of fraud risk, present throughout, all the more urgent to defend against both physical and financial damage, even collapse. Paul Cochrane dons his hard hat to explore the hazards and protections.
Online Published Date:  27 Mar 2025

Financial Crime Search

Compliance Monitor

Supervisory shake-up and plans to streamline rules feature in new FCA strategy

The regulator has announced a range of plans to increase efficiency, including its new five-year strategy, a commitment to launch Open Finance and a set of other streamlining proposals.
Online Published Date:  25 Mar 2025
Appeared in issue:  Vol 37 No 7 - 01 Apr 2025

LME fined £9.2m after "relatively junior" staff left to manage disorderly nickel market

One of the world's biggest commodities markets, the London Metals Exchange (LME), has become the first recognised investment exchange to be fined in an enforcement action by the FCA.
Online Published Date:  20 Mar 2025
Appeared in issue:  Vol 37 No 7 - 01 Apr 2025

Odey appeals FCA ban and fine over his response to sexual harrassment claims

An FCA decision notice to fine Crispin Odey £1.8 million and ban him from the sector followed a sequence of events at Odey Asset Management LLP (OAM) in which he twice removed members of the executive committee, threatened personal litigation against them, told them "HR law did not matter here" and refused to co-operate with a proposed safeguarding plan (to protect female employees) that had been suggested by the compliance officer and executive committee members.
Online Published Date:  17 Mar 2025
Appeared in issue:  Vol 37 No 7 - 01 Apr 2025

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