He has substantial experience in investigations conducted by the principal UK investigating authorities (SFO, FCA, PRA, NCA, CMA and HMRC) as well as in international and multi-jurisdictional investigations (including the US, France, Switzerland, Italy, Greece, Denmark, India and the Russian Federation).
Financial Crime and Regulatory Investigations
Richard represents senior executives, HNW (High Net Worth) individuals and companies in financial crime and regulatory investigations. He is ranked in Band 1 for Financial Crime (Individuals) by Chambers and Partners and is in Legal 500’s ‘Hall of Fame’ for Fraud: White-Collar Crime (Advice to Individuals). His experience includes:
- SFO (Serious Fraud Office) investigations and prosecutions: Richard has represented suspects / targets in many of the most high-profile fraud and bribery investigations conducted by the SFO in recent years (Tchenguiz / Kaupthing Bank, Alstom, Barclays / Qatar, Tesco and Airbus). In all these cases his client was either not charged or, in the Tesco case, successfully defended at trial.
- FCA (Financial Conduct Authority) and PRA (Prudential Regulation Authority) investigations: money laundering, insider dealing, market abuse, breach of principles and ‘fit and proper’ inquiries;
- CMA (Competition and Markets Authority) investigations: the cartel offence (including price fixing, market sharing and bid rigging);
- HMRC investigations;
- Investigations by the International Corruption Unit of the NCA (National Crime Agency);
- Compelled interviews and interviews under caution conducted by the SFO, FCA, PRA, CMA, HMRC and NC; responding (on behalf of individuals and companies) to compelled requests for documents; negotiating production orders;
- Attending on dawn raids and challenging search warrants (including the successful Judicial Review of the SFO’s search warrants in the Tchenguiz investigation); and
- Conducting internal investigations on behalf of companies.
International Criminal Investigations
Richard represents senior executives and HNW individuals subject to investigation overseas (whether or not also subject to investigation in the UK). His cross-border experience includes criminal investigations conducted by the authorities in the US, France, Switzerland, Italy, Greece, Denmark, India and the Russian Federation and involves:
- Project managing and coordinating teams of international lawyers, experts, forensic accountants, and reputation advisors;
- Successfully challenging and obtaining the removal of red notices published by Interpol;
- Responding to requests from overseas authorities for documents, interviews or asset freezes in the UK under the international MLA (mutual legal assistance) regime; and
- Challenging overseas asset freezes.
Proceeds of Crime
Richard advises on issues arising under POCA (the Proceeds of Crime Act 2002) and is ranked in Band 1 by Chambers and Partners in POCA Work and Asset Forfeiture. His experience includes advising on:
- Money laundering offences under POCA including when to seek consent from the NCA by filing a SAR (Suspicious Activity Report);
- Cash seizure, detention and forfeiture;
- The UWO (Unexplained Wealth Orders) regime;
- Pre-charge restraint orders; and
- The confiscation regime under POCA
Speaking
Richard is regularly invited to speak on issues within his expertise:
- ABA (American Bar Association) 10th annual White Collar Crime conference, London 2022: “Are we witnessing an erosion of the Rule of Law?”
- GIR Live: Global, Lisbon 2022: “Cross-border investigations: Strategies to stay ahead in an ever-evolving environment”
- GIR Live: London 2021: “KBR and Brexit: Where now for UK enforcers?”
- 33 Chancery Lane Business Crime Conference 2021: “Multi-jurisdictional investigations”
Publications and commentary
- Chambers & Partners Guide to UK solicitors: Financial Crime: Individuals – Practice Area Overview (October 2022)
- Richard Sallybanks speaks to GIR on the SFO’s recent disclosure failings (August 2022)
- Richard Sallybanks speaks to The Times on SFO’s latest debate on outsourcing (May 2022)
- “The Serious Fraud Office: What’s on the horizon?” – Richard Sallybanks and Anoushka Warlow write for Fraud Intelligence (April 2022)
- “Another overturned Unaoil conviction and a grilling by the Justice Committee: how is 2022 looking so far for the Serious Fraud Office?” (April 2022)
- “So what’s going on with the Serious Fraud Office?” (March 2022)
- Richard Sallybanks speaks to The Times on recent failures in SFO bribery trials (February 2022)
- Contributor: GIR – The Practitioner’s Guide to Global Investigations: “Individuals in cross-border investigations or proceedings: the UK perspective” (January 2022)
- “United States Strategy on Countering Corruption: US enforcement efforts rise whilst the SFO reports its lowest number of new investigations” (December 2021)
- “Another bad day for the Serious Fraud Office – but what are the broader implications?” (May 2021)
- Richard Sallybanks and Umar Azmeh write for The Law Society Gazette – “Is the FCA flexing its muscles as prosecutor?” (May 2021)
- Richard Sallybanks speaks to The Times on SFO’s DPA use after failed Serco trial (May 2021)
- “Another false dawn for UK criminal cartel enforcement?” (November 2020)
- “The test for dishonesty in criminal cases – Ghosh gone, Ivey confirmed” (May 2020)
- US publication Corporate Crime Reporter interviews Richard Sallybanks (November 2019)
Professional Memberships
- Fraud Lawyers Association
- American Bar Association
- International Bar Association
- Commercial Litigators’ Forum
Career
Richard joined BCL in 1995. He was made a partner in 1999 and is now the firm’s Managing Partner. Prior to joining BCL, Richard trained and qualified at (now) CMS, including time spent in CMS’ Hong Kong office, with an associated firm in Germany and on secondment at a financial regulator.