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Category Archives: criminal law

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‘Above & Beyond’? Serious Fraud Office Issues Corporate Co-Operation Guidance – Part I

Posted in Corporate, criminal law, GT Alert, Serious Fraud Office, sfo, White collar
The UK Serious Fraud Office (SFO) has issued its long-awaited guidance on corporate co-operation. For the first time in one place, the SFO has set out what in its view are ‘indicators of good [co-operation] practice’ for companies under investigation. This is a helpful clarification. In its own words the SFO defines co-operation as going… Continue Reading

Beware of Strangers Bearing Gifts: UK ‘Business Integrity Initiative’ Aims to Support the Anti-Corruption Efforts of SMEs

Posted in Bribery Act 2010, Corporate, criminal law, Government, GT Alert, International Trade, National Crime Agency, Serious Fraud Office, sfo, White collar
The UK government’s Anti-Corruption Newsletter for Summer 2019, supported by ‘Anti-Corruption Champion’ John Penrose, MP for Weston-super-Mare, covers the latest developments in anti-corruption over the last quarter. Two reported highlights illustrate the government’s steadfast approach to issuing new statutory guidance for both large corporates and small UK businesses. However, the latter category could receive subsidised… Continue Reading

The Serco Deferred Prosecution Agreement: A Lesson in Pragmatism

Posted in criminal law, Deferred Prosecution Agreement, GT Alert, Serious Fraud Office, sfo, White collar
On 4 July 2019 at Southwark Crown Court, Mr Justice William Davis formally approved the fifth Deferred Prosecution Agreement (DPA) entered into by the UK’s Serious Fraud Office (SFO). The SFO’s latest DPA is with Serco Geografix Limited (SGL), a now-dormant subsidiary of Serco Limited (SL), and marks the end of a six-year investigation which started… Continue Reading

Roll Up, Roll Up: ‘Cannabis Inc.’ Is Open for Business, but UK Investors Must Wait Their Turn

Posted in cannabis, criminal law, Proceeds of Crime Act, White collar
With the U.S. cannabis market reported to be worth around $10 billion, sales in Canada expected to reach $6.5 billion by 2020, and the UK having recently decriminalised the use of the drug for medicinal purposes, UK-based investors are eyeing the potential for profit from this new business area. Click here to read the full GT… Continue Reading

Money Grows on Trees for Local Council Pursuing Home Improvement Enthusiasts and Local Football Club Fundraiser

Posted in criminal law, GT Alert, Proceeds of Crime Act, White collar
It is widely thought that proceedings under the Proceeds of ‘Crime’ Act, such as confiscation, are intended to obtain the money someone makes from committing a crime. So, the thinking goes, if a person is convicted of fraud having made £100,000 from the crime, then those funds can be confiscated by the courts. While this… Continue Reading

UK Review of the Bribery Act 2010 – Committee Concludes New Guidance Needed

Posted in Bribery Act 2010, Compliance Programs, Corporate, criminal law, Government, White collar
In 2018 the House of Lords announced it would set up an ad hoc Select Committee to conduct a post-legislative review of the Bribery Act 2010. Greenberg Traurig Shareholder Anne-Marie Ottaway was appointed Specialist Advisor to the Committee, which today published the report of its findings. The review confirms that the Bribery Act 2010 is “an… Continue Reading

The Financial Conduct Authority – Part 2 – Criminal & Civil Insider Dealing

Posted in criminal law, FCA, Financial Conduct Authority, insider dealing, insider trading, White collar
In a February 2019 speech, the FCA’s Director of Market Oversight, Julia Hoggett, said the following: The life blood of all well-functioning markets is the timely dissemination of information, without which effective price information cannot take place. The malignant form of that same life blood is the misuse or inappropriate dissemination of that information. The… Continue Reading

I Smell a Rat: SFO Looks to Informants – Dangling the Carrot of Immunity?

Posted in criminal law, White collar
Lisa Osofsky, the new director of the UK Serious Fraud Office, says her agency should use insiders and co-operators to bring to life by way of live evidence the document-heavy cases it prosecutes. Speaking to the Commons Justice Committee in December 2018, Ms Osofsky alluded to the slow pace of SFO investigations as one of… Continue Reading

Top 5 Predictions for UK White Collar Defence in 2019

Posted in Brexit, criminal law, Government, International Law, White collar
What does 2019 have in store for white-collar defence in the UK? In this GT Alert, we list our top 5 predictions relating to Serious Fraud Office (SFO) Director Lisa Osofsky, who indicated various areas of focus for her tenure; Brexit and the potential loss of the European Arrest Warrant regime and the U.K.’s access to EU… Continue Reading

The Financial Conduct Authority – Part 1 – Market Manipulation

Posted in criminal law, FCA, Financial Conduct Authority, spoofing, White collar
The term ‘market manipulation’ is a broad one which can mean a number of things. In this GT Advisory, we consider how market manipulation is approached in the U.K. in both a civil and criminal context, and how it has been enforced by the U.K.’s Financial Conduct Authority (FCA). We also discuss spoofing, a tactic… Continue Reading

Failure to Prevent Tax Evasion: Forgotten, but Not Gone

Posted in criminal law, Tax, tax evasion, White collar
The new offences introduced by the Criminal Finances Act 2017 (the Act), although widely publicised in the months leading up to its commencement, have received little attention since from commentators and, seemingly, the enforcement authorities. The two new offences govern U.K. and non-U.K. tax and are targeted at criminalising a corporate entity or partnership’s (broadly,… Continue Reading

Prove It or Lose It! Part III: A Step Too Far? Account Freezing Orders & Account Forfeiture Orders

Posted in criminal law, White collar
Part III of our series on asset recovery powers available to UK law enforcement authorities focuses on new powers under the Criminal Finances Act 2017 to obtain orders to freeze bank accounts and apply for forfeiture orders, permanently depriving the account holder of the funds contained in the account. These draconian new powers have received little publicity… Continue Reading