i-law

Financial Crime

Supreme court coverage in Lloyd's Law Reports: Financial Crime

Latest Supreme Court case reported in Lloyd's Law Reports: Financial Crime

https://static.i-law.com/ilawResponsive/prod/publications/Apr-2025/29/3585ac74-e555-4a0e-9caf-41b8490facf1-FCPt3Cover.jpg

El-Khouri v Government of The United States of America [2025] UKSC 3; [2025] Lloyd's Rep FC 87

With a commentary written by Rachel Cook, of Counsel, Peters & Peters Solicitors LLP, this case clarifies and simplifies the test for conduct and determining jurisdiction with regards to extradition. However, the Supreme Court acknowledged the simplicity of applying the test in this case, and practitioners are left with potential difficulties arising in more complex scenarios with conduct occurring across multiple jurisdictions.

LLR: Financial Crime

KHAN v SECRETARY OF STATE FOR FOREIGN, COMMONWEALTH AND DEVELOPMENT AFFAIRS
[2025] Lloyd's Rep FC 169
Appeal – Order dismissing claim under Sanctions and Anti-Money Laundering Act 2018, section 38(2) – Padfield principles and the test for proportionality – Whether the designation is a disproportionate interference with article 8 and article 1, Protocol 1, ECHR – Rational connection – Bank Mellat test – Right of access to the court under article 6 ECHR and/or procedural obligations guaranteed by article 8 ECHR.
R v OVSIANNIKOV AND OVSIANNIKOW
[2025] Lloyd's Rep FC 196
Sanctions breaches – Approach to sentence – Assessment of harm.

Money Laundering Bulletin

Canaccord Genuity pays Can$544,500 for reporting, CDD, risk assessment breaches
Securities dealer Canaccord Genuity Corp. has been ordered to pay Can$544,500 (US$397,465) after FINTRAC, the Canadian financial intelligence unit, found it had committed four violations of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act during a 2023 examination.
Online Published Date:  11 Jul 2025
Appeared in issue:  326 - 01 Sep 2025
Wise fined US$4.2m over reporting and data integrity failings
Wise US, Inc, a subsidiary of UK-listed Wise Plc, the global money transfer business, has been fined US$4.2 million, in total, by the New York Department of Financial Services and five other state regulators for violations of Bank Secrecy Act/Anti-Money Laundering and Counter Financing of Terrorism obligations.
Online Published Date:  10 Jul 2025
Appeared in issue:  326 - 01 Sep 2025

Fraud Intelligence

Trial by judge alone is better for serious and complex fraud - Leveson
Lord Leveson is in favour of a judge sitting alone to try "serious and complex" fraud cases. It would bring time-savings, he says, as the judge would handle all steps of the process, making decisions on admissibility, managing the trial and submissions, and benefit from full access to the evidence ahead of the trial.
Online Published Date:  10 Jul 2025
Appeared in issue:   - 10 Jul 2025
Fraudulent trading claims expanded beyond directors
A UK Supreme Court judgment has opened the door to recoveries against a wider group of potential defendants in insolvency scenarios. Tim Carter and Lucy Trott of Stevens & Bolton explain the decision and its utility for counter-fraud purposes.
Online Published Date:  09 Jul 2025
Appeared in issue:   - 10 Jul 2025

Financial Crime Search

Compliance Monitor

Mastercard subsidiary is first infrastructure firm fined by Bank of England
The Bank of England has given its first fine to an infrastructure firm in the financial markets through an £11.9 million penalty on Vocalink Ltd, the payment systems architect and operator owned by Mastercard.
Online Published Date:  10 Jul 2025
Appeared in issue:  Vol 38 No 1 - 01 Sep 2025
Monzo fined £21m after accepting suspect addresses like 'Buckingham Palace'
Monzo Bank plc has been penalised £21 million for running inadequate anti-financial crime systems for nearly four years between 2018 and 2022, when it was onboarding clients with addresses as suspicious as Buckingham Palace, 10 Downing Street and the bank's own location in Shoreditch.
Online Published Date:  08 Jul 2025
Appeared in issue:  Vol 38 No 1 - 01 Sep 2025
Spreading the cost: changes to Buy-Now Pay-Later rules
Draft legislation before Parliament will remove third-party lenders from the exemption for BNPL regulation. Emma Radmore and Stephen Wilson examine what the changes mean, who they will affect and what happens next.
Online Published Date:  04 Jul 2025
Appeared in issue:  Vol 37 No 10 - 01 Jul 2025

Copyright © 2025 Maritime Insights & Intelligence Limited. Maritime Insights & Intelligence Limited is registered in England and Wales with company number 13831625 and address 5th Floor, 10 St Bride Street, London, EC4A 4AD, United Kingdom. Lloyd's List Intelligence is a trading name of Maritime Insights & Intelligence Limited.

Lloyd's is the registered trademark of the Society Incorporated by the Lloyd's Act 1871 by the name of Lloyd's.