Blog
Civil Fraud Case Update: Q1 2026
Mary Young
10 February 2016
The CMA warns of ‘substantial fines’ – big players, big fines - a sign of things to come in 2016?
The Competition and Markets Authority (‘CMA’) has warned that UK companies and in particular large pharmaceutical companies are to expect “substantial fines”. Alex Chisholm, Chief Executive of the CMA wants to see “a big step up in the scale and impact of [their] enforcement activity”. Whilst he acknowledges that this is not the goal by which the CMA’s success should be measured, it is, however one element which acts as a credible deterrent. He goes on to say that in high value markets involving big players, such players should be ready to face big fines.
10 February 2016
Scorecard for UK competition regime
In a report published on 5 February, the National Audit Office (NAO) congratulated the Competition and Markets Authority (CMA) for “significant progress” in improving how the UK’s competition regime works confirming that, it is now “more coherent than ever”. However, it called for further action to step up the flow of successful enforcement cases and the need for greater awareness amongst business of competition law. Flexibility of resourcing and greater co-operation to secure a coherent approach across the regime is called for.
9 February 2016
Anti-money laundering - speeding up the pace of change
The European Commission presented an Action Plan this week to strengthen the fight against terrorist financing. The plan underlines how the adoption of the Fourth Anti-Money Laundering Package represented a significant step in improving the effectiveness of the EU's efforts to combat the laundering of money from criminal activities and to counter the financing of terrorist activities. That said the Commission is now calling on national governments to take action earlier than planned to put national rules in place by end December 2016 rather than end of June 2017.
11 January 2016
Corporate corruption: Smith & Ouzman ordered to pay £2.2m
The SFO’s four-year bribery investigation into the printing company Smith & Ouzman has concluded with the company being ordered to pay a financial penalty of £2.2 million. The company, and two of its directors, were convicted under the Prevention of Corruption Act 1906 in December 2014 but complex confiscation issues meant that sentencing of the company did not take place until last week. The two directors were sentenced in February 2015.
30 November 2015
First deferred prosecution agreement approved
The first Deferred Prosecution Agreement (DPA) was approved today by Sir Brian Leveson, the President of the Queen’s Bench Division. The agreement is with Standard Bank Plc (now known as ICBC Standard Bank Plc) and relates to the activities of a subsidiary in Tanzania. As well as being the first ever DPA, the case also breaks new ground since it is the first case in which a company has been brought before the courts for an offence under Section 7 of the Bribery Act 2010, which penalises a failure by a company to prevent corruption.