UK Fraud and Regulation

The McGuireWoods London Government Investigations and White Collar Litigation Department is led by Vivian Robinson QC, a senior fraud practitioner who has worked extensively in the fraud field. He brings a wide range of experience with fraud, regulation and compliance issues to McGuireWoods’ international practice. Our team advises clients on economic crime, bribery, anti-money laundering and civil fraud.

Economic Crime

Economic crime encompasses a wide range of fraudulent activity, and our team has extensive experience advising both the victims and the alleged perpetrators of such activity.

There is much current focus on bribery and money laundering, but the problems of fraudulent activity remain very broadly based, from external cyber threats and IT intrusion to employee theft; from investment fraud, Ponzi schemes, pension release and boiler rooms to identity theft; from benchmark, rate fixing cases – Libor, Forex – to misleading statements; and from price-fixing cartels to fraudulent misrepresentations.

The fallout from the global financial crisis continues to exercise law enforcement, reacting to a widespread popular concern that no individuals in the financial sector have been brought to book in the criminal courts, on either side of the Atlantic, for causing global meltdown. While it is unlikely that new criminal action will commence in relation to the events of 2008, the crisis has prompted a review of the criminal sanctions available for dealing with reckless conduct that leads to serious detriment, and it can be anticipated that there will be greater scrutiny of boardroom decision-making, and demands for greater transparency and accountability of senior executives. We help our clients comply with all regulations regarding economic crime and anticipate any issues that may affect their businesses.

Bribery

The UK recently launched a new Bribery Act in response to heavy criticism at home and abroad for its dated approach to global anticorruption. Prosecutions for violations are imminent, and many global companies may very well be at risk. Our London-based anticorruption team regularly works alongside our U.S. Government Investigations and White Collar Litigation partners to advise on all aspects of the Bribery Act and FCPA investigations, from fully contesting the allegations, to negotiating a global settlement that does not involve a criminal trial in any country.

Having closely monitored the Bribery Act since its inception, the team has supported a series of seminars, webinars and client presentations focusing on the Bribery Act.

Anti-Money Laundering (AML)

AML has been a priority for EU and U.S. governments and law enforcement since at least the early 1990s. Keeping up with the regulations is a relentless task for firms, and one which poses persistent problems for all who have to absorb the detail.

The FCA has signalled that it does not regard AML compliance as satisfactory, and it may be anticipated that there will be investigations into financial sector businesses, by way of thematic reviews and in response to specific complaints. Criminal action may be taken against firms and their senior officers for failing to have proper systems in place, and regulatory sanctions have already been imposed for systems and controls failures. Other law enforcement authorities and regulators in the UK and in other jurisdictions are taking assertive action to remedy money laundering failings. We work with our clients to comply with such AML regulations.

The increased use of sanctions as a political weapon against countries and individuals has led to further enforcement activity and investigation, alongside additional scrutiny of the financial transactions of Politically Exposed Persons (PEPs), which compounds the risks banks face in dealing with their customers.

Civil Fraud

Our fraud team has more than 25 years’ experience in civil fraud recovery actions, including international asset searches, worldwide freezing orders, evidence search orders and pre-action disclosure orders. We frequently work with several foreign jurisdictions in order to obtain local freezing and attachment of asset orders to ensure that stolen assets cannot be further dissipated. Working with forensic accountants and international investigation firms, we endeavour to lift the veil on sham transactions, as well as attack complex fraudulent international corporate and trust structures, which often are used to shelter stolen assets and to hide the true identity of the perpetrators. These civil legal proceedings frequently are pursued alongside, or in conjunction with, criminal investigations in one or more countries. We have both contacts and experience in cooperating with government investigators and prosecutors around the world. Clients benefit from the coordination of our civil, criminal and regulatory lawyers’ fraud experience, which combine to ensure that all legal strategies are pursued in order to ensure maximum financial recoveries for our clients.

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