Pamela Reddy (UK)

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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

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

NRF contributes chapter to GIR’s Practitioner’s Guide to Global Investigations

The UK and US white-collar crime teams have again authored the chapter Production of Information to the Authorities in the sixth and latest edition of Global Investigations Review – The Practitioner’s Guide to Global Investigations. Information requests from regulators continue to raise a host of complex legal and practical issues for entities and individuals. The chapter sets … 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

High Court emphasises the need for strong contemporaneous evidence when asserting litigation privilege

The High Court has recently held that a forensic report prepared as part of an internal investigation was not protected by litigation privilege. In The State of Qatar v Banque Havilland  [2021] EWHC 2172 (Comm), David Edwards QC ordered the report and associated working papers within the defendant’s control to be disclosed on the basis … Continue Reading

NCA: Bribery and corruption risk to rise

On 25 May 2021, the National Crime Agency (NCA) published its national strategic assessment of serious and organised crime. Compared to 2020, the NCA concludes that the threat to the UK in respect of bribery and corruption has increased dramatically. Reasons for this include both the Covid-19 pandemic and Brexit. Key takeaways from the report … Continue Reading

SFO publishes Serco Statement of Facts

On 28 April 2021, the SFO published the statement of facts relating to the DPA that it agreed with Serco Geografix Limited (SGL) back in July 2019. The publication was made possible as a result of the ending of the trial of two former Serco directors, which collapsed this week as a result of issues … Continue Reading

The trial of SFO’s case against former Serco executives collapses

The prosecution of two former Serco executives by the UK Serious Fraud Office (SFO) collapsed earlier today after failures in the SFO’s disclosure process. The SFO applied to adjourn the trial – which began on 30 March – in order to resolve those issues, but the application was refused and the jury was directed to … Continue Reading

Production of information to government authorities: a combined US and UK review

Information requests from regulators can raise a host of complex legal and practical issues for entities and individuals. Our experts in this field have set out the key considerations around the production of information to UK and US regulators, including information-gathering powers, privilege issues and increased global data sharing. Information-gathering powers Many UK regulators have … Continue Reading

Immunity for criminal conduct in undercover investigations to be granted to a wide range of UK authorities

The Covert Human Intelligence Sources (Criminal Conduct) Act 2021 (the Act) received royal assent on 1 March 2021 but is yet to come into force. It will enable criminal conduct by a covert human intelligence source (a CHIS) in the course of covert intelligence gathering to be authorised (a Criminal Conduct Authorisation or CCA) by … Continue Reading

Misuse of the furlough scheme: an emerging risk in M&A

More than one in four UK employees (over 9 million people) have been furloughed during the course of the Government’s Coronavirus Job Retention Scheme (the Scheme). HMRC considers that as much as £3.5 billion has been paid out in wrong or fraudulent claims and it has received over 20,000 reports of fraudulent furlough claims from … Continue Reading

UK Supreme Court overturns controversial decision on extraterritorial effect of Section 2 Notices

Today, 5 February 2021, the UK Supreme Court has handed down the long-awaited judgment on the extra-territoriality of the Serious Fraud Office’s powers to obtain documents. The Supreme Court held that Section 2 Notices do not have extra-territorial effect against a foreign company that does not carry on business in the UK. (R (on the … Continue Reading

NCA publishes 2020 SARs Annual Report highlighting 81% increase in requests for a defence against money laundering

On 19 November 2020, the National Crime Agency’s (NCA) UK Financial Intelligence Unit (UKFIU) published their 2020 Suspicious Activity Reports (SARs) Annual Report. The Report provides that: Between April 2019 and March 2020, the UKFIU received a record number of SARs: 573,085 SARs were submitted, which is almost a 20% increase on the previous year. … Continue Reading

SFO recovers £1.2 million from London property connected with Brazilian bribery

The Serious Fraud Office (SFO) has announced that it has secured almost £1.2 million from Julio Faerman, owner of a luxury London flat which the SFO suspected to have been partly purchased with the proceeds of his criminal conduct in Brazil. According to the SFO’s press release, during ‘Operation Car Wash’, the investigation by Brazilian … Continue Reading

CMA and SFO to join forces on cartel cases

The Serious Fraud Office (SFO) and the Competition and Markets Authority (CMA) have signed a Memorandum of Understanding (MoU) enabling the two regulators to investigate criminal cartel offences, either jointly or independently. The criminal cartel offence under English law was enshrined in the Enterprise Act 2002, which criminalised the most serious and damaging forms of … Continue Reading

SFO publishes a chapter from its handbook offering guidance on DPAs

The Serious Fraud Office (SFO) on Friday published a chapter from its handbook, which offers “comprehensive guidance” on Deferred Prosecution Agreements (DPAs). This is the first set of guidance specific to the SFO, and sets out how the agency will approach its use of DPAs and engage with companies where a DPA “is a prospective … Continue Reading

Ghosh laid to rest: Court of Appeal confirms that the objective test for dishonesty applies in criminal law, rather than the problematic Ghosh test

 On 30 April 2020, the Court of Appeal handed down a judgment confirming that the test for dishonesty in criminal law is that set out by the Supreme Court in Ivey v Genting Casinos, as opposed to the much criticised Ghosh test. In practical terms, this decision means that it should prove easier to prove … Continue Reading

SFO to hit back on privilege in new cooperation guidance

In a speech earlier this week  Lisa Osofsky announced that the SFO will shortly publish guidance on its expectations in relation to self-reporting and cooperation. The speech suggested that waiver of privilege over internal investigations material will be seen by the SFO as a strong indicator of, if not a precondition to, cooperation for the purposes … Continue Reading

Review of the UK Bribery Act 2010 – House of Lords Committee publishes Post-Legislative Scrutiny Report

Earlier this month, the House of Lords Select Committee (the Committee) on the Bribery Act 2010 published its Post-Legislative Scrutiny Report. The Report provides a useful summary of prosecutions under the Bribery Act and the debate surrounding “adequate” and “reasonable” procedures,  and offers insight into the limited extent to which Suspicious Activity Reports (SARs) lead … Continue Reading
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