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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

EU lawmakers greenlight Bruna Szego for AMLA chair

The European Parliament gave Italy's Bruna Szego the green light to chair the European Union's (EU) Anti-Money Laundering Authority (AMLA) [1] in a vote on 18 December, in Strasbourg, France.
Online Published Date:  19 Dec 2024
Appeared in issue:  320 - 01 Feb 2025

Jyske Bank pays nearly DKK24m in Denmark for due diligence breaches

Danish lender Jyske Bank has accepted a DKK24m (US$3.4m) fine for failing to conduct adequate due diligence on 35 customers with mortgages in Southern Europe.
Online Published Date:  17 Dec 2024
Appeared in issue:  320 - 01 Feb 2025

Fraud Intelligence

Eyes on UK's world-first APP fraud refund scheme

The United Kingdom now requires both sending and receiving payment services firms to share reimbursement of qualifying domestic Authorised Push Payment frauds up to a maximum of UK£85,000 (US$107,275). Dan Wyatt and Chris Whitehouse of RPC discuss the expectations and exposure affecting these firms, along with potential negative and positive impacts of the regime.
Online Published Date:  19 Dec 2024

UK appoints anti-corruption champion, boosts crime agency funding

The UK government has appointed an 'Anti-Corruption Champion' - Baroness Margaret Hodge, a senior member of the ruling Labour Party - to spearhead its efforts to combat graft.
Online Published Date:  12 Dec 2024

Compliance Monitor

Pensions adviser and overseer face enforcement after ignoring consultant's admonition

The FCA has issued provisional fines and bans on two individuals nine years after an external compliance consultant warned them that the business model they relied upon did not meet regulatory requirements.
Online Published Date:  16 Dec 2024
Appeared in issue:  Vol 37 No 5 - 01 Feb 2025

FCA proposes "targeted support" as a regulated activity for DC pension plans

The FCA has unveiled its first plans for a new type of regulated activity - targeted support - by publishing its initial ideas on defined contribution pensions.
Online Published Date:  12 Dec 2024
Appeared in issue:  Vol 37 No 5 - 01 Feb 2025

Growing pains: Starling Bank's £29m penalty for sanctions chaos

Starling, a digital challenger bank, expanded far quicker than its capacity to maintain compliance with sanctions screening as well as other financial crime control requirements. As a result, the regulator has clipped its wings by imposing substantial remediation measures, reports Denis O'Connor.
Online Published Date:  03 Dec 2024
Appeared in issue:  Vol 37 No 4 - 01 Dec 2024

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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