i-law

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

OFAC action against EFG sends warning to UK firms

The Swiss private banking group was tripped up when omnibus accounts it held in the United States caused securities firms there unwittingly to process transactions for sanctioned Cuban and Russian customers. United Kingdom entities that retain omnibus accounts with American institutions run the same risks of breaching US sanctions legislation, cautions Denis O'Connor.
Online Published Date:  01 Jun 2024
Appeared in issue:  Vol 36 No 9 - 08 May 2024

What do impending Listing Regime reforms mean for listed companies?

Touted as the most wide-ranging reforms to the UK capital markets in over three decades, the regulator aims to simplify the listing process and "encourage a more diverse range of companies to list and grow". James Wootton and Tom Thorne unpack the changes.
Online Published Date:  01 Jun 2024
Appeared in issue:  Vol 36 No 9 - 08 May 2024

Retail financial products - the 'other' portfolio letters

Further to our coverage of the portfolio letters on investment topics, we take a deep-dive into the regulator's thoughts on insurance, mortgages, consumer credit and finance, deposits, payment services and crowdfunding. The challenge for the industry and regulator is to ensure that people on the ground stop and actually read these documents, opines Adam Samuel.
Online Published Date:  01 Jun 2024
Appeared in issue:  Vol 36 No 9 - 08 May 2024

Financial Crime Search

LLR: Financial Crime

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.

R (COMPETITION AND MARKETS AUTHORITY) v COMPETITION APPEAL TRIBUNAL, SIKA LTD, MASTER BUILDERS SOLUTIONS UK LTD, MR X, INTERESTED PARTIES

[2024] Lloyd's Rep FC 214
Judicial review – Search warrants – Domestic premises – Business premises – Propensity to destroy evidence – Competition Act 1998, section 28 and 28A.

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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