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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

Onto the front foot: AI v. financial crime

Artificial intelligence (AI) says, "I detected a criminal!" The criminal says, "I trained you to say that." Welcome to the new reality, says Mayank Sharma of FinScan, where criminals are magicians using AI tricks to make your money go away, and if you don't have tools that are more sophisticated, the only thing left is an expensive lesson.
Online Published Date:  16 Nov 2024
Appeared in issue:  320 - 01 Feb 2025

Six UK law firm AML fines posted in four days

Six law firms have paid fines for core anti-money laundering breaches, according to a spate of enforcement notices published on the Solicitors Regulation Authority (SRA) website between 12 and 15 November.
Online Published Date:  16 Nov 2024
Appeared in issue:  319 - 01 Dec 2024

Fraud Intelligence

Low and few - penalty assessment

Light sentencing for serious offending is a complaint across many parts of the UK criminal justice system and nowhere more than in fraud, but do the figures bear this out? Keith Nuthall looks at the evidence and draws comparison with the United States.
Online Published Date:  11 Nov 2024

Ukraine pays whistleblowers in latest anti-graft drive

Ukraine has, for the first time, paid two whistleblowers who used a long-standing tip-off channel designed to crack down on corruption.
Online Published Date:  07 Nov 2024

Compliance Monitor

Coventry advisers banned for emptying bank accounts in breach of FCA requirements

The two partners in a Coventry firm advising the medical and dental sector have been banned and fined for taking money out of their partnership the day after the FCA imposed an asset requirement.
Online Published Date:  15 Nov 2024
Appeared in issue:  Vol 37 No 4 - 01 Dec 2024

Metro fined £16m after warnings from junior staff were met with inaction

Metro Bank has received a £16.7 million penalty for anti-money laundering (AML) inadequacies resulting from the design of its reconciliation systems and other IT issues.
Online Published Date:  12 Nov 2024
Appeared in issue:  Vol 37 No 4 - 01 Dec 2024

Birmingham broker who used premium funds for "expensive cars" fined £1.1m

The FCA has fined and banned the bankrupt owner of a Birmingham-based insurance broker, now in liquidation, for diverting funds for insurance premiums to buy expensive company cars and pay salaries even though he knew that these payments resulted in a "significant" shortfall in the business's assets.
Online Published Date:  11 Nov 2024
Appeared in issue:  Vol 37 No 4 - 01 Dec 2024

Financial Crime Search

LLR: Financial Crime

ALCHASTERThe name of the present case is a fictitious name. It does not correspond to the real name of any of the parties to the proceedings. CRIMINAL PROCEEDINGS AGAINST MA, MINISTER FOR JUSTICE AND EQUALITY, INTERVENING

[2024] Lloyd's Rep FC 327
Trade and Cooperation Agreement – Surrender of person to the UK for prosecution – European Convention on Human Rights, article 7 – Charter of Fundamental Rights of the European Union, article 49 – Principle of the non-retroactivity of offences and penalties – Anonymisation – Open justice.

NATIONAL CRIME AGENCY v HAO AND OTHERS

[2024] Lloyd's Rep FC 347
Civil recovery – Mutual legal assistance – Disclosure order – Without notice applications – Duty of candour – Reasonable grounds to suspect – International letters of request – Proceeds of Crime Act 2002 – Human Rights Act 1998 – European Convention on Human Rights

PIGOTT v CROWN PROSECUTION SERVICE

[2024] Lloyd's Rep FC 341
Criminal Justice Act 1988 – Confiscation orders – Hidden assets – Certificate of inadequacy.

LLR: Financial Crime Plus

DIRECTOR OF PUBLIC PROSECUTIONS FOR THE STATE OF SOUTH AUSTRALIA v SONIARD MRISHAJ AND ILLYRIAN INVESTMENTS PTY LTD

[2024] Lloyd's Rep. FC Plus 24
Restraint – Criminal procedure – Confiscation of proceeds of crime and related matters – Constitutional law.

ATTORNEY GENERAL v REID AND OTHERS

[2024] Lloyd's Rep. FC Plus 25
Ex parte restraint orders – Duty of full and frank disclosure – Fact finding – Typographical error – Consequences of material non-disclosure – Public interest – Proceeds of crime – Mutual legal assistance – Fundamental misdirection – Unfairness.

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