Annie Birch

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Financial crime investigations in the UK: looking ahead to 2023

As we enter a recession against the backdrop of ongoing geopolitical instability, we expect to see significant financial crime enforcement and investigations in 2023, including a focus on emerging areas such as ESG, cryptocurrencies, and significant developments in financial sanctions. We predict that developments in 2023 will include: 1. Fraud We expect to see continued political … Continue Reading

Landmark US-UK Data Access Agreement Enters into Force

On 3 October 2022, the Data Access Agreement (DAA) between the UK and US (see our earlier blog here) came into force.  In this blog post we look at this landmark agreement and consider its impact. What is the US-UK Data Access Agreement? Under the new agreement, on receipt of a qualifying lawful order telecommunication … Continue Reading

The new Economic Crime and Corporate Transparency Bill: its plans to reform Companies House and improve policing of cryptoassets

In this post, we summarise the new Economic Crime and Corporate Transparency Bill (the Bill) which was published on 22 September 2022 and the significant reform proposed to the role of Companies House. The Bill proposes giving Companies House improved investigation and enforcement powers and makes changes to strengthen regulators’ powers to seize and detain … Continue Reading

The New Economic Crime Bill and plans to expand the Serious Fraud Office’s investigative Powers

In recent years, the UK government has been seeking to tackle ever-growing financial crime and money laundering. In this post, we summarise the Economic Crime and Corporate Transparency Bill (the Bill) published on 22 September 2022 as well the expansion of the Serious Fraud Office’s (SFO) investigative powers under the Bill in an effort to … Continue Reading

Current trends in UK litigation and investigations for financial institutions

In this post, we summarise emerging litigation and investigations trends and their practical implications for financial institutions (FIs). Litigation Litigation trends are largely dependent on social and political changes and we continue to see the impact of the global pandemic and the related financial downturn on emerging litigation trends. Civil fraud claims 2022 has seen … Continue Reading

The Corporate Criminal Liability Options Paper

Following an 18-month consultation process, on 10 June 2022, the UK Law Commission published a lengthy options paper (here with a summary here) for the UK Government on how it can improve the law to ensure that corporates are effectively held to account for committing serious crimes (the Options Paper). This article sets out the … Continue Reading

Blog: FCA review finds Challenger Banks need to enhance financial crime controls

The FCA has recently conducted a review of financial crime controls at a sample of six challenger banks  in order to identify the key financial crime risks to which such banks are exposed. The review was prompted by a substantial increase in the volume of Suspicious Activity Reports (SARs) filed by challenger banks. Whilst the … Continue Reading

Financial Institutions and the hybrid work environment

The onset of the pandemic in March 2020 forced financial institutions (FIs) across the world to change their working practices. Large numbers of employees moved from working in an office five days a week to working from home as countries locked down. Today, it appears unlikely that FIs will return to their previous working models … Continue Reading

UK financial crime enforcement: what lies ahead in 2022?

2021 was an extraordinary year in financial crime. In this blog we consider recent UK developments, the key issues emerging in 2022 and the practical implications for companies. Taking a step back from these developments, we see four key overarching themes: An increased focus from authorities on the effectiveness of preventative systems and controls when … Continue Reading

Fraud-related investigations and their impact on financial institutions

Since the pandemic began in March 2020, there has been a rise in fraudulent behaviour as fraudsters look to take advantage of members of the public and financial institutions (FIs). Phishing, text scams and small-scale fraudulent activity targeting the British public were up 285% in the first half of 2021; HM Revenue and Customs estimates … Continue Reading

Financial Institutions – Regulatory outlook for 2022

As 2021 draws to a close, we look ahead to the trends and new requirements that we may see over the next twelve months for financial institutions (FIs) in the white collar crime sphere as regulators, legislators and individuals continue to adapt to the pandemic and prevailing public opinion. 1. An increase in fraud-related investigations … Continue Reading

U.S. Strategy on Countering Corruption: Key points for international companies

On 6 December 2021, the Biden Administration released its strategy on countering corruption (the Strategy) along with an accompanying fact sheet, building on President Biden’s earlier announcement that he viewed the fight against corruption as one of the core U.S. national security priorities.  The five-point strategy places particular focus on a coordinated international approach to … Continue Reading

UK vs US Enforcement Approaches: A comparison

The United States Department of Justice (DOJ) and Securities and Exchange Commission (SEC) have recently reiterated their focus on fighting corporate crime (see here and here our more detailed articles on these developments). In particular, the US authorities have: renewed their focus on holding individuals accountable for corporate crime (as well as companies); committed to … Continue Reading

Government circular on the confidentiality and sensitivity of suspicious activity reports in civil litigation

On 7 July 2021, the UK Home Office published a circular (the Circular) setting out the Government’s position on the use of Suspicious Activity Reports (SARs) in civil litigation. There is a tension between the fact that SARs can be disclosable in civil litigation (see previous blog here) and that disclosing that a SAR has … Continue Reading
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