News & Events
News & Events
David Russell QC has recently co-written an article for Trusts & Trustees on the topic of the Panama Papers in which he analyses some of the implications that this data leak has for the role of confidentiality in today’s world. The article draws attention on the fact that ‘(c)orruption is a crime of the powerful’ and, consequently, it has to be treated as such. David suggests therefore, that ‘courts and legislators should be astute to ensure the availability of appropriate remedies’. When speaking about the regulatory remedies against corruption, David shows that it is not obvious what are their effects on corruption, apart from the one ‘on the availability of banking services through the so-called de-risking process’. In these circumstances,…
News 6 Jul, 2016
Oliver Powell, led by Senior Treasury Counsel, was instructed by the Crown Prosecution Service in confiscation proceedings that emanated from convictions in relation to the sale of fake bomb detectors. On 23 April 2013 Mr McCormick was convicted of three counts of fraud contrary to s.7(1) FA 2006 and was sentenced to ten years imprisonment. Owing to the fact that Mr McCormick had benefitted from his criminal conduct the Court directed that there be confiscation proceedings. At the hearing this week, HHJ Hone QC ordered that the benefit of Mr McCormick’s offending amounted to a sum in excess of £21 million and that Mr McCormick had realisable assets totalling nearly £8 million. The realisable assets included a number of properties, motor…
News 17 Jun, 2016
Through his article for this month’s IBA Anti-Corruption newsletter, Michael explores concerns about the DPA procedure and makes a detailed analysis of both the transparency of the DPA investigative process and the potential unfairness in the naming of third parties. As a starting point, Michael and the co-author remind the reader about the first DPA that has been approved by an UK Court, in a case related to the failure of Standard Bank PLC to prevent bribery in Tanzania. This case’s circumstances “give rise to two legitimate general concerns, namely the level of transparency in the investigative process leading to a DPA, and the fairness of naming a person as being guilty of bribery in circumstances where that person has…
News 16 Jun, 2016
Following the UK’s Anti-Corruption Global Summit hosted by the Prime Minister David Cameron on 12 May 2016, Michael Bowes QC and Robert Barrington, Executive Director of Transparency International UK, spoke at joint Transparency International and Outer Temple Chambers Summit-related breakfast briefing. The event was held on 16 May, at Outer Temple Chambers, with senior representatives of selected organisations both attending and contributing to discussions with valuable ideas and suggestions. During the talks, Michael and Robert emphasised that the hard work begins now for both global governments and corporates alike. In his role as leading advocate within the industry, Michael was heavily involved in the pre-Summit conference. Click here to find out more.
News 17 May, 2016
The Leaders’ Anti-Corruption Manifesto represents an impressive project consisting of a diverse collection of statements given by over 50 international leaders in business and civil society. Through these statements, the world leaders show their views on the progress that should be achieved at the 2016 Anti-Corruption Summit hosted by the UK Prime Minister, David Cameron. Michael Bowes QC, trustee of Transparency International UK and one of the leaders invited to give statement, promotes a simple but demanding message: ‘turn the talk into action’. Michael asserts, among others, that ‘(t)he Panama Papers scandal is a siren call to arms […] ‘ and that has already have significant effect: ‘on 15 April five EU law enforcement agencies in the UK, Germany, France,…
News 11 May, 2016
The Tackling Corruption Together conference, a major initiative for civil society, business and government leaders, is expected to take place on Wednesday 11 May 2016 in London, UK. The event, which will focus on Anti-Money Laundering regimes and the effect of the Panama Papers, is a unique opportunity for leaders and experts from all over the world to present their views on how business, civil society and policy makers can collaborate in order to tackle corruption efficiently. Michael will be chairing a panel on what financial centres can do to tackle corrupt capital. The organisers advise that “highlights from discussion on 11 May will be passed through to officials involved in the government Leaders Summit on 12 May to inform…
News 4 May, 2016
Outer Temple Chambers barristers recently participated in the 2016 COMBAR North American Meeting, which was held in Venice, Italy, from Thursday 31 March to Friday 1 April 2016. Robert Rhodes QC was part of the “Bribery & Corruption” panel session attended by the Lord Chief Justice Lord Thomas where Robert spoke about “adequate procedures” under the Bribery Act 2010. He emphasised that the important point of the session was to highlight that the detailed provisions of the UK Bribery Act cover any business that is incorporated in the UK or that carries on business in the UK, even if it is incorporated abroad. Robert also demonstrated that it is absolutely vital that all such businesses have an understanding of their…
News 3 Apr, 2016
At the invitation of the United Nations, John addressed a major event in Guatemala City on 1 April 2016. He spoke alongside the Guatemalan minister for Government, Sr. Francisco Rivas, the British Charge d’Affaires, Mr Andrew Tate and various international experts. The purpose of the seminar was to strengthen Guatemalan efforts against illicit trade and to strengthen law enforcement organisations and the rule of law. John has worked across Latin America for many years and speaks Spanish.
News 2 Apr, 2016
Bianca addresses the coming into force, on 7th March 2016, of the new regime in the financial services sector. She considers new key requirements as well as the impact of the removal of the reverse burden of proof. Among her conclusions, she highlights “increased transparency and accountability of decision-making in firms”, but also notes that the “emphasis on individual accountability may undermine collective decision-making”. The article, first appeared in the New Law Journal on 15 January 2016.
External Publications 25 Feb, 2016
Banking & Finance analysis: There is a move to transaction-based benchmarks for calculating LIBOR rates. Saaman Pourghadiri was interviewed by LexisPSL, on questions whether this change in methodology is likely to lead to frustration in current contracts. He specialises in commercial litigation and financial services. His current and recent financial services work includes acting for a number of individuals in relation to the global investigations into the FOREX market, claims arising out of the mis-selling of interest rate hedging products and assisting the Bank of England in developing and implementing its approach to regulating CCPs.
News 24 Feb, 2016
In 2015, Ashers bakery was found to have discriminated against a customer on the grounds of sexual orientation and political opinion. The complicated so-called ‘gay cake’ case seemed to be nearing its conclusion, when the last-minute postponement of the hearing extended the appeal issues. The Attorney General then intervened into the case claiming there was a potential conflict between Northern Ireland’s equality legislation and European human rights laws and that the case raised constitutional issues arising from the devolution arrangements in Northern Ireland. Further to this intervention, a special hearing will now take place on Wednesday, 3rd March 2016, and the appeal itself is re-listed to start on 9th May 2016.
News 5 Feb, 2016
The Upper Tribunal today published a decision giving reasons for refusing the Authority’s application for a “split trial” of the conjoined references of Stewart Ford (the former CEO), Mark Owen (the former FD) and Peter Johnson (the former compliance officer) arising out of the failure of Keydata Investment Services Limited (“Keydata”). Keydata was involved with certain investment products underpinned by bonds issued by two special purpose vehicles incorporated in Luxembourg, SLS Capital SA and Lifemark SA (“Lifemark”). The Luxembourg regulator (the CSSF) closed Lifemark to new business in mid-2009, and it was put into liquidation on 11 May 2012. Keydata ceased trading in June 2009 and went into administration. The Decision Notices, which are now the subject of these references,…
News 1 Feb, 2016
