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Published 3 November 2016
DAC Beachcroft's Banking & Finance Disputes Update focuses on events occurring within the banking, financial, city business and general regulatory sectors that give rise to or concern contentious matters, civil or regulatory.
On 20 October 2016, judgment was delivered in Carrimjee v FCA. The Upper Tribunal upheld the FCA's decision to impose a prohibition order banning an individual from undertaking compliance oversight and money laundering functions. 2 key issues were considered: the individual's competence and capability, and whether improper considerations had been taken into account. The court found the failings that occurred could not be overlooked due to their seriousness, and the aim was to prevent further misconduct rather than promote punishment. Following their findings, it was held that the prohibition order should be implemented.
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This month the FCA penalised Sonali Bank UK Limited ("SBUK"), which is majority owned by the Bangladesh government, for what it described as "serious and systemic weaknesses [which] affected almost all levels of its [SBUK's] AML control and governance structure, including its senior management team, its money laundering reporting function, the oversight of its branches and its AML policies and procedures".
On 14 October 2016, judgment was delivered in The Libyan Investment Authority v Goldman Sachs International [[2016] EWHC 2530 (Ch)]. Rose J dismissed a claim by the Libyan Investment Authority ("LIA") in which it asserted that Goldman Sachs International ("Goldman") had exerted undue influence over its employees which resulted in it making improper investments and which in turn caused losses of US$1.2 billion.
In a decision that will be of interest to claimants with third party funders, and those funders themselves, the High Court has recently ordered the Claimant in a £700m swap mis-selling claim to reveal the identity of its litigation funder.
The Commercial Court grants summary judgment to bank seeking to enforce foreign judgments against a Russian National in England.
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