In November 2017, CIFAS, the UK’s fraud prevention service released statistics showing a 75% rise in the number of 18 to 24 year old’s who are letting their bank accounts be used to transfer the proceeds of crime. CIFAS, along with UK Finance ran a ‘Don’t Be Fooled’ campaign which aims to deter young people […]
Andrew Bailey, CEO of the FCA, has this week written to IFPRU and BIPRU investment firms requesting them to review their prudential reporting practices. This was as a result of the FCA discovering that large numbers of firms are submitting inaccurate and incomplete returns. So, if you are the CFO, expect questions from your CEO, […]
Today’s news that the William Hill will face penalties of at least £6.2m following settlement with the Gambling Commission will have sent shock waves across the industry. This is the second largest financial penalty levied by the Commission, and the highest in relation to financial crime concerns. Other gaming firms should take note…
The Gambling Commission has conducted a ‘thematic review’ which has reportedly revealed shortcomings in antimoney laundering controls. Early this year, the Gambling Commission wrote to 195 UK-based remote casino operators with summary findings… …In short, remote casinos are not doing enough to prevent or detect the misuse of their services to launder criminal proceeds or fund terrorism…
A division bench of the Hon’ble Supreme Court of India (the Court) consisting of Mr. Justice Abhay Manohar Sapre and Mr. Justice S. Abdul Nazeer has, in the case of Rajasthan State Road Transport Corporation v Phool Chand (Rptd. by LRs) (Civil Appeal No 1756 of 2010), clarified the issue of back wages being awarded […]
Presently, India does not have an estate duty. The Estate Duty Act, 1953 which sought to impose an estate duty in India on property passing on demise was repealed in the year 1985. Is the estate duty a relic of the past? Rumours are rife that an estate duty will soon be reintroduced in India. […]
Leading a team of specialists in both HNW and business relocations across BVI, Cayman, Guernsey, Jersey and Luxembourg, Ogier partner Jonathan Hughes has a unique perspective on trends and factors driving relocations to the Channel Islands. As substance regulations make new demands on economically active HNWIs, the Channel Islands’ offering of a London-equivalent professional services […]
On 21 January 2019, the French data protection authority — the Commission nationale de l’informatique et des libertés (“CNIL”) — issued a General Data Protection Regulation (“GDPR”) fine of EUR 50 million against Google LLC. (“Google”). The CNIL launched its investigation of Google on 1 June 2018 based on two complaints filed by data subjects. […]
After a long, complex and nation-wide discussion, on 9 January 2019, the Macedonian Parliament introduced stricter rules for obtaining exploitation concessions. Effective immediately, the novelties from the Minerals Law target potentially new mines, and they came as a result of the broad interest shown during the last couple of years concerning the environmental effects of the mining […]
The Solicitors Disciplinary Tribunal (SDT) has ruled that the Leigh Day lawyers acquitted of professional misconduct will not recover their legal costs.
The human rights firm applied to have 75 per cent of its total costs – thought to be £7.5m before the SDT hearing – covered by the prosecuting body, the Solicitors Regulation Authority (SRA), after the tribunal dismissed all of the allegations of misconduct against the firm’s co-founder Martyn Day and solicitors Sapna Milk and Anna Jennifer Crowther.
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Digital bank Monzo has finished reviewing its roster of legal advisers, appointing three firms to its panel. The firms which made it onto the roster include longtime advisers Hogan Lovells, Taylor Wessing and Simmons & Simmons. While Hogan Lovells partner Jonathan Chertkow mainly advises the challenger bank on regulatory and compliance issues, Taylor Wessing partner Adrian […]
Linklaters and Charles Russell Speechlys have acted together on another of British pub Stonegate’s acquisitions, following on from its takeover of cocktail bar chain Be At One in the summer. Stonegate has snapped up Bar Fever Limited, which operates 32 late night bars in UK towns and cities, under brands such as as Fever, Boutique, Zinc and Moo Moo. Linklaters advised […]
KPMG has appointed a UK law firm to advise it on the administration of Patisserie Valerie, months after the café chain became embroiled in a scandal over accounting irregularities. Gateley, led by Birmingham restructuring partner Daniel French and Manchester partner Stuart Tait, is working with the Big Four accountant on the process. Patisserie Holdings confirmed yesterday that it has […]
The Reignite Academy, a programme aimed at bringing former City lawyers who have been out of the workplace back into the fold, has finalised its first intake, with 10 women signing on to work across four different firms. The women have a diverse range of experiences and range from those who have taken a complete […]
Slaughter and May and Herbert Smith Freehills have been replaced by Clifford Chance and Addleshaw Goddard on The Financial Services Compensation Scheme’s (FSCS) revamped £12.6m panel. The FSCS, the UK’s statutory compensation scheme for customers of authorised financial services firms, has appointed eight firms for a four-year term on its latest legal panel, which is divided into three […]
Simmons & Simmons is recruiting for new roles to bring its Bristol base to a headcount of over 200, following its move into a new, larger office. This week, the firm moved into a new office in Finzels Reach from its former base in Temple Quay, increasing its office space from 16,000 to 27,000 sq ft. […]