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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

CNB and Summit banks sign US OCC orders to renew BSA and OFAC programs

CNB Bank and Trust, of Illinois, and Summit National Bank, of Wyoming, signed consent orders, dated in June, but published on 18 July, with the US Office of the Comptroller of the Currency (OCC), committing to root and branch revision of their Bank Secrecy Act/Anti-Money Laundering and Office of Foreign Asset Control (OFAC) compliance programs.
Online Published Date:  21 Jul 2024
Appeared in issue:  316 - 02 Sep 2024

People business - modern slavery

Off-grid, undocumented, indentured - millions of individuals are trafficked and exploited around the world to profit both criminals and otherwise legitimate businesses. Paul Cochrane, Brenda Dionisi and Ed Zwirn probe a cruel hidden economy.
Online Published Date:  21 Jul 2024
Appeared in issue:  316 - 02 Sep 2024

Fraud Intelligence

Europol flags fragmented, multiple cyber threats in annual assessment

Law enforcement actions against dark web marketplaces and ransomware groups has created instability in the criminal world, through the resulting splintering of gangs, European Union (EU) police agency Europol has warned.
Online Published Date:  25 Jul 2024

UK government expects 5% annual increase in fraud if nothing done

In line with a long-term behavioural trend, the UK Department for Work & Pensions (DWP) estimates that fraud will increase 5% a year without action to contain it.
Online Published Date:  23 Jul 2024

Compliance Monitor

New pensions framework for DC schemes expected to reduce provider numbers

The FCA is developing a traffic light rating system for defined contribution (DC) pension schemes in the workplace that could drive the poorest performers from the market.
Online Published Date:  12 Aug 2024
Appeared in issue:  Vol 37 No 1 - 25 Jul 2024

Banks that fill 'cash gaps' may review provision at two-yearly intervals

The 14 financial institutions that will be required to fill 'access to cash' gaps after the closures of branches and ATMs will be able to vary or even shut the new arrangements after two years.
Online Published Date:  24 Jul 2024
Appeared in issue:  Vol 37 No 1 - 25 Jul 2024

Banks ordered to review PEP procedures after widespread issues identified

All firms in the retail sector are being asked by the FCA to check that their systems comply with the current and prospective guidance on PEPs (Politically Exposed Persons).
Online Published Date:  18 Jul 2024
Appeared in issue:  Vol 37 No 1 - 25 Jul 2024

Financial Crime Search

LLR: Financial Crime

DIRECTOR OF PUBLIC PROSECUTIONS v ESTATE OF MILDRED EDWARDS (DECEASED) AND ANOTHER

[2024] Lloyd's Rep FC 264
Property freezing order – Availability of assets – Exclusion order – Civil recovery proceedings – Proceeds of Crime Act 2002.

R v LUXTON

[2024] Lloyd's Rep FC 201
Confiscation – Power to vary or rescind sentence – Prosecutor's right to appeal confiscation order.

PRADIP DAYA (AKA PRADIP CHAVDA) v CROWN PROSECUTION SERVICE

[2024] Lloyd's Rep FC 229
Confiscation orders – Certificate of Inadequacy – Unidentified assets.

LLR: Financial Crime Plus

CELESTIAL AVIATION SERVICES LTD v UNICREDIT BANK GMBH, LONDON BRANCH (FORMERLY UNICREDIT BANK AG, LONDON BRANCH) AND BETWEEN (1) CONSTITUTION AIRCRAFT LEASING (IRELAND) 3 LTD (2) CONSTITUTION AIRCRAFT LEASING (IRELAND) 5 LTD v UNICREDIT BANK GMBH, LONDON BRANCH (FORMERLY UNICREDIT BANK AG, LONDON BRANCH)

[2024] Lloyd's Rep. FC Plus 17
Sanctions - Banking - Statutory interpretation - Letters of Credit - Aircraft leasing - Russia (Sanctions) (EU Exit) Regulations 2019 (SI 2019 No 855) - Russia Sanctions (EU Exit) (Amendment (No 3) Regulations 2022 (SI 2022 No 195).

VNESHPROMBANK LLC v GEORGY IVANOVICH BEDZHAMOV AND BETWEEN LYUBOV KIREEVA (AS BANKRUPTCY TRUSTEE OF GEORGY BEDZHAMOV) v GEORGY BEDZHAMOV

[2024] Lloyd's Rep. FC Plus 15
Application for declaration – Legal test for establishing a “reasonable cause to suspect” that an entity is owned or controlled by Designated Persons within meaning of regulations 5 and 6 of the Russian (Sanctions) (EU Exit) Regulations 2019 (SI 2019 No 855) designation – Whether the existence of a “reasonable cause to suspect” is enough to establish an offence under the 2019 Regulations.

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