Before the coronavirus pandemic sent shockwaves through the UK economy, the Financial Conduct Authority (‘FCA’) stepped up its efforts to promote good governance and culture in the financial services sector, with the publication of its first discussion paper of 2020, entitled ‘Transforming culture in financial services – driving purposeful cultures’ (‘DP20/1’). Read more
The United Kingdom announced the suspension of its extradition treaty with Hong King on Monday as the dispute with China over the introduction of a national security law for Hong Kong, a former British colony escalated. Partner Nick Vamos said, “Extraditions between Hong Kong and the UK are extremely rare, so this is a symbolic […]
The UK’s Office of Financial Sanctions Implementation, or OFSI, announced its first civil monetary penalty on Monday, fining a UK bank £5,000 for processing a £200 transaction in breach of an asset freeze. Partner Anna Bradshaw tells ACAMS Moneylaundering.com: “OFSI have not until now given any indication that low-value sanctions violations are perceived as a […]
Against the background of rapid growth and innovation in the sector, it is worth revisiting the key features of litigation funding that high net worth individuals and their advisers should take into account when considering this as a viable option for pursuing a legal claim. Read more
In October last year, Belgian authorities charged 19 people, including referees, agents and football coaches with alleged fraud or match-fixing, in a scandal which sent shockwaves through European football, and triggered a fresh examination into the business of sport. This was a disappointing revelation, but one which should serve to fortify efforts undertaken by sports […]
Historically perceived as a last-ditch resort for the cash-strapped, litigation funding has evolved into a commercially astute alternative for many litigants, including HNWIs with valuable claims who are reluctant to commit significant resources to costly legal proceedings. In short, litigation funding is where a litigant obtains the financing to cover the costs of bringing a […]
It is still early to determine whether Unexplained Wealth Orders will have the expected deterrent effect. Partner Neil Swift explains the background of the orders, saying “ The system was introduced by David Cameron’s coalition government because they were concerned about the level of illicit wealth being stored at the London property market, but it […]
Lisa Osofsky, director of the Serious Fraud Office (SFO), has outlined proposals to introduce a US-style informant system in the UK, modelled on US plea-bargaining arrangements. These latest proposals – although currently no more than mere overtures – raise a number of practical and theoretical issues which, if not addressed, may serve to compound the […]
On 19 June 2019, Dutch prosecutors announced murder charges against three Russians and a Ukrainian involved in the shooting down of flight MH17 over Ukraine in 2014 resulting in 298 deaths. In an interview on BBC News 24, Partner Nick Vamos explained that it was unlikely that the suspects could ever face justice because neither […]
The Iranian ship seized in Gibraltar on the basis of suspected breaches of EU sanctions could be sold or forfeited by order of the Gibraltar Supreme Court. Partner Anna Bradshaw says that the tanker Grace 1 and its cargo could be detained for lengthy periods under current laws enacted by Gibraltar, but the vessel and […]
