Jurisdiction(s):
United Kingdom

UK corporate crime and civil fraud mid-2024: SFO Saudi bribery acquittals; NCA foreign official bribery conviction; bitcoin laundering conviction; LIBOR/Euribor appeals; POCA supply chain ruling; Assange plea

Published on: 09 August 2024

Published by a Law360 reporter

Legal News

Article summary

In other developments, a British-Chinese defendant was found guilty of laundering proceeds from a large-scale bitcoin scam; two traders convicted of manipulating rates secured permission to challenge their cases before the UK’s top court; and the Court of Appeal set out the scope of the National Crime Agency’s authority to stem illicit funds. Here, Law360 unpacks the standout Corporate Crime and civil fraud matters from the last half-year, highlighting key developments and outcomes.

SFO misses on Saudi bribery trial

In March 2024, two Britons accused of funnelling £9.7 million to Saudi officials, after an SFO probe into corruption tied to a multibillion-pound defence deal, were cleared of the principal bribery charges. One defendant, Jeffrey Cook — formerly at the Ministry of Defence and a past executive at GPT Special Project Management — received two-and-a-half years’ imprisonment for a lesser offence of accepting kickbacks. The outcome was broadly viewed as a setback for the SFO after a lengthy, months-long hearing at Southwark Crown Court. There were indications the jury may have been receptive to the men’s contention that the UK government was entangled in the wrongdoing, and that senior figures had authorised bribe payments to obtain strategically vital arms for British firms...

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