Training & Knowledge: Business Crime & Financial Services

14th Dec 2020Blog

Ivey and legal certainty in rate-rigging prosecutions

In Bermingham & Anor[1], the Court of Appeal (Fulford LJ V-P, Cutts J and Sir Nicholas Blake) refused to overturn the convictions of two former Barclays PLC traders for conspiring to manipulate the ‘Euribor’ (Euro Interbank Offered Rate).  Amongst other things, the court considered whether the change from the Ghosh test (applicable at the time […]

23rd Nov 2020Blog

DPA Update: Airline Services Limited

In a judgement handed down at Southwark Crown Court on 30 October 2020, May J approved the terms of a Deferred Prosecution Agreement (“DPA”) made between the Director of the Serious Fraud Office (“SFO”) and Airline Services Limited (“ASL”).[1] This is the third DPA this year, following the approval of DPAs with Airbus in January[2] […]

18th Nov 2020Articles

Gavin Irwin reviews the recent surge in enforcement activity at the Financial Conduct Authority

After Konstantin Vishnyak’s acquittal at Southwark Crown Court, on 28 September 2020, for destroying communications information, the FCA has recently signalled a renewed intensity in investigations and enforcement action in relation to: (1) unregulated collective investment schemes; (2) market abuse; and, (3) non-financial misconduct. Collective Investment Schemes There are many types of collective investment scheme […]

9th Nov 2020Blog

POCA: A new future for the defendant’s “benefit”

Introduction The introductory text to the Proceeds of Crime Act 2002 places the defendant’s benefit at the heart of the confiscation regime.  The Act was established “to provide for confiscation orders in relation to persons who benefit from criminal conduct”.[1]  But what is meant by the defendant’s “benefit” has been neither uncontroversial nor constant. When, […]

26th Oct 2020Blog

UWOs and Serious Crime…Not Merely A Threat

In an agreement reached with the NCA at the beginning of October, Mansoor Hussain, a property-developer from Leeds with no previous convictions, handed over 45 properties and other assets worth a combined value of £9,802,828.[1] The agreement comes after the High Court made Mr Hussain the subject of an Unexplained Wealth Order (UWO) in a decision […]