'We really appreciated her constructive approach and invaluable insights on the regulator's expectations.' Leading European financial institution (2016)
'An uncommon range of experience, providing not only intricate advocacy but also financial conduct guidance.' New Law Journal (2015)
Overview
Lucy Kennedy’s unusual and distinctive breadth of knowledge and skill within both general and financial crime is generated by her two decades of experience as a prosecution and defence advocate. Her fastidiousness, born of her experience of intricate cases, is perpetually applied to the variety of cases she is instructed in. She is highly valued for her insightful, realistic and painstaking approach to complex and often thorny cases.
Corporate & Financial Crime
Long experience in fraud prosecutions.
Defending in serious and international financial misconduct cases: fraud, bribery/corruption, money laundering, tax evasion, etc.
Serious Fraud Office: Case Controller supervising complex bank fraud investigations: LIBOR, EURIBOR, rights issue misrepresentation.
Prosecuting and defending in Proceeds of Crime Act confiscation hearings.
Crime
Lucy's history as a prosecutor and defender in serious and organised crime and white collar crime is evidenced by her aptitude for sharp thinking, notwithstanding complexity.
Described by one judge as “hard as nails”, she can be utterly depended upon to safeguard her professional and lay clients.
Financial Regulatory
Representing banks and investment firms; multi-jurisdictional financial regulatory remediation projects and interbank fraud investigations.
Financial Conduct Authority: advising and leading a team on global interbank regulatory misconduct investigation.
Appearances before the Regulatory Decisions Committee of the FCA.
Some Recent Cases
R v B (2023)
False memory syndrome case. Representing a nonagenarian facing a 45 year old allegation.R v S et al (2023)
‘County lines’ class A drugs conspiracy. Modern Slavery Act defence.
R v M et al (2022-2023)
Defending in an intricate multi-million pound luxury car finance fraud.R v B et al (2022)
Defending in a complex international EncroChat class A drugs importation conspiracy.FCA v G (2022)
Representing a company director in a court restraint order and contempt of court proceedings allegation.PSD v A (2022)
Police sergeant gross misconduct case.R v O (2021)
GBH and sexual assault defence case.FCA v E Company (2020-2021)
Headed a team of barristers assisting an international FX investment company in dealing with an anti-money laundering remediation issue.R v G (2020-2022)
Convoluted rape case, requiring extensive work on disclosure.R v T: (2020)
Kidnap. Defending a man accused of kidnapping his brother.R v P: (2019-2020)
Inciting a child to engage in sexual activity. Defending a man, in his sixties and of good character, accused of online child sex offences.R v E: (2019-2020)
Attempted murder. Defending an 80 year old man, accused of attacking his wife. This was an extremely sensitive case, as the defendant had been pushed to the brink of desperation, having cared for his dementia-suffering wife for six years.R v R: (2019-2020)
Grievous bodily harm. Defending a man accused of attacking a teenage schoolgirl.Re: Death of X (2019-2020)
Police Complaint. Representing the family of a teenage girl, who died suddenly. Assisting with the family’s ongoing formal complaint, regarding the police oversights within their investigation.R v B (2017-2019)
Lucy Kennedy, along with Peter Finnigan QC, defended the CEO of a major international charity in a number of trials in which the prosecution alleged multiple allegations of fraud and receipts of facilitation payments.FCA v A Global Bank (2018)
Provided direction to an FCA team conducting a vast regulatory and criminal investigation into an international bank.R v T (2016-2017)
Lucy Kennedy, with Peter Finnigan QC, defended an international tender-process expert in a World Bank bribery/corruption and money laundering case.Re Bank (2016)
Authoring an extensive and complex internal investigative report on an interbank fraud and money laundering allegation, for a major international bank.Re Bank FCA Remediation (2015-2016)
Headed a team of sixteen barristers in assisting a global bank with a cross-jurisdictional FCA regulatory remediation.SFO Banking Investigation (LIBOR/EURIBOR) (2014)
Headed two extensive investigations into a leading global bank and the bank's high-profile executives.FCA v H & S (2013)
Headed a multi-million pound Ponzi scheme investigation/prosecution.Re: AC (2012)
Brokering house CEO financial misconduct allegations.R v O (2011)
Prosecuting an insider fraud within a major bank.Reviews
'We really appreciated her constructive approach and invaluable insights on the regulator's expectations… a real pleasure to work with.' Leading European financial institution (2016)
'We would never have got anywhere close to where we did without her good counsel and patience.' Leading UK financial institution (2015)
'An uncommon range of experience, providing not only intricate advocacy but also financial conduct guidance.' New Law Journal (2015)
'Exemplary; impeccable.' Judicial comment (2012)
Graduate & Postgraduate Education
- BA (Hons) (York): First Class
- PGD Law & LPC
Professional Memberships
- American Bar Association (international member)
- Association of Regulatory & Disciplinary Lawyers
- Criminal Bar Association
- Fraud Lawyers Association
- Registered with the Bar Council – Public Access Director
Recent Cases
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Defending, in a number of trials, the CEO of a major international charity accused of multiple counts of defrauding the charity and receiving facilitation payments.
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Lucy Kennedy provided direction to an FCA team conducting a vast regulatory and criminal investigation into an international bank.
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International tendering corruption case. Defending a procurement consultant to the World Bank and UNDP (United Nations Development Programme).
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International tendering corruption case. Defending a procurement consultant to the World Bank and UNDP (United Nations Development Programme).
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Instructed by a UK-based international bank to draft a comprehensive and intricate multi-jurisdictional report examining the merits of associated financial-crime concerns raised by a European state bank.
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Lucy Kennedy successfully completed a lengthy international financial-regulatory remediation project across assorted countries, including secrecy jurisdictions, on behalf of a prominent international bank.
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Advising the global financial crime division of a leading bank with an international regulatory matter.
Corporate and Financial Crime
Few barristers have the experience-generated insight of Lucy Kennedy. Her time in court-rooms, law offices, banks and boardrooms has given her an edge of understanding, certainty and persuasion needed and appreciated by both professional and lay clients.
Experience
Areas include: fraud, bribery and corruption, money laundering, tax evasion, etc.
Long experience in fraud prosecutions.
Defending in serious and international financial misconduct cases.
Serious Fraud Office: Case Controller supervising complex bank fraud investigations: LIBOR, EURIBOR, rights issue misrepresentation.
Prosecuting and defending in Proceeds of Crime Act confiscation hearings.
Lucy has in-depth expertise as a financial crime prosecutor and defender. For example:
She has prosecuted many financial crime trials over the years.
In recent Crown Court trials, she has defended senior individuals charged with fraud; international bribery and corruption; money laundering; tax evasion.
She defended against multi-million pound/Euro/dollar international tendering-process bribery and corruption allegations.
She defended in trials involving fraud and facilitation payment allegations within the international charity sector.
She has prosecuted and defended in Proceeds of Crime Act 2002 confiscations proceedings.
She led a large team within the SFO, investigating a major bank.
She has led teams within the FCA investigating a large Ponzi scheme fraud and money laundering.
Notable Cases
R v B (2017-2019)
Defending, in a number of trials, the CEO of a major international charity accused of multiple counts of defrauding the charity and receiving facilitation payments. She is presently instructed to defend in the complex confiscation proceedings.R v T (2016-2018)
International tendering corruption case. Defending a procurement consultant to the World Bank and UNDP (United Nations Development Programme). He was accused of entering into corrupt agreements, over six years, with medical supply companies across Europe regarding their bids for World Bank and UNDP tenders. The tenders were for the supply of medical equipment to hospitals and laboratories across Eastern Europe and Central Asia, totalling £43 million.SFO Banking Investigation (LIBOR/EURIBOR/rights issue) (2014)
Headed two extensive investigations into a very well-known global bank (the world’s largest at the time).
One investigation was into the manipulation of benchmark interest rates, namely LIBOR and EURIBOR, by derivatives traders around the world.
A further investigation was into the suspected manipulation of LIBOR by senior executives of the bank and global heads, up to and including its (now somewhat infamous) CEO during the global financial crisis. The investigation enabled the SFO to get to the bottom of what had taken place, thereby facilitating informed, efficient and just decisions as to charge. The comprehensive conclusions exceeded the findings of other national investigative agencies.
The rights issue matter looked at the culpability of the bank in its issue of shares prior to the financial crisis.FCA v H & S (2013)
Headed a multi-million pound Ponzi collective investment scheme investigation/prosecution. Over 100 investors were defrauded of more than £5.5 million. The first defendant duped investors into believing their funds would be invested on the foreign exchange markets. His co-defendant recklessly made false representations to investors, promoting a collective investment scheme without authorisation.Re: AC (2012)
Brokering house CEO financial misconduct allegations. Advising a brokering house as to implications arising from the suspected fraud of its CEO.R v O (2011)
Prosecuting an employee of a well-known bank, accused of multiple counts of insider-fraud.Lucy's history as a prosecutor and defender in serious and organised crime and white collar crime is evidenced by her aptitude for sharp thinking, notwithstanding complexity. Described by one judge as “hard as nails”, she can be utterly depended upon to safeguard her professional and lay clients.
Practice evolution:
Lucy Kennedy has developed an impressive criminal practice from foundations in large, complex, high profile and sensitive cases.
She began her heavy-weight criminal career at the bar as Junior counsel prosecuting the notorious Pink Panther Gang, following their £23 million armed robbery of Graff Jewellers in Mayfair and as Junior counsel, prosecuting the country’s largest-ever (£19 million) credit card fraud, both in the early 2000s..
Thereafter, for a number of years, Lucy prosecuted complex serious and organised crime cases. She developed a practice in firearms cases and kidnaps, regularly working with Scotland Yard’s kidnap unit.
More recently Lucy has developed a practice defending sexual assault and rape cases, particularly those involving professionals.
Across the years Lucy has also specialised in white collar crime. Early examples of this work include:
R v Fontan et al 2013
Prosecuting a City commodity broker, accused of blackmail arising out of a failed oil deal.R v Oyewor 2012
Prosecuting a money transfer agent, who committed multi-million, multi-currency international money laundering.R v Ali 2012
Prosecuting a company director accused of shareholder-fund embezzlement.'Operation Eaglewood' 2009-2011
Largest ever CPS prosecution. International multi-million pound/euro money-laundering case. One of six prosecuting barristers.R v Shoyeju 2011
Cross-continent UK Border Agency senior officer corruption. Leading Counsel for the Crown against Queen’s Counsel.R v Ahmed-Ali & Goss 2011
Prosecuting the fraudulent directors of a gold investment company.R v Oduntan 2010-2011
Prosecuting a bank employee for insider fraud.R v Drake et al 2010
Prosecuting an accountant of a national law firm in an accountancy-fraud and money laundering case.R v Neale 2010
Prosecuting a company director for the fraudulent ‘selling’ of franchise-contracts.FCA v H & S 2013
In-house at the Financial Services Authority and Financial Conduct Authority, Lucy headed a multi-million pound Ponzi fraud investigation/prosecution. Over 100 investors were defrauded of more than £5.5 million. The first defendant duped investors into believing their funds would be invested on the foreign exchange markets. His co-defendant recklessly made false representations to investors, promoting a collective investment scheme without authorisation.
From 2013 to 2014 (inclusive), Lucy headed two investigations into a very well-known major bank on behalf of the Serious Fraud Office:
One investigation was into the manipulation of benchmark interest rates, namely LIBOR and EURIBOR, by derivatives traders around the world.
A further investigation was into the suspected manipulation of LIBOR by senior executives of the Group and global heads, up to and including its (now infamous) CEO during the global financial crisis. The investigation enabled the SFO to get to the bottom of what had taken place, thereby facilitating informed, efficient and just decisions as to charge. The comprehensive conclusions exceeded the findings of other national investigative agencies.
Lucy also advised on a rights issue matter, assessing the culpability of the bank in its issue of shares prior to the financial crisis.Recent Criminal Trials
R v T: (2020)
Kidnap. Defending a man accused of kidnapping his brother. Trial pending.R v P: (2019-2020)
Inciting a child to engage in sexual activity. Defending a man, in his sixties and of good character, accused of online child sex offences.R v E: (2019-2020)
Attempted murder. Defending an 80 year old man, accused of attacking his wife. This was an extremely sensitive case, as the defendant had been pushed to the brink of desperation, having cared for his dementia-suffering wife for six years.R v R: (2019-2020)
Grievous bodily harm. Defending a man accused of attacking a teenage schoolgirl.Re: Death of X (2019-2020)
Police Complaint. Representing the family of a teenage girl, who died suddenly. Assisting with the family’s ongoing formal complaint, regarding the police oversights within their investigation.R v T (2016-2018)
International tendering corruption case. Defending a procurement consultant to the World Bank and UNDP (United Nations Development Programme). The defendant was accused of entering into corrupt agreements, over six years, with medical supply companies across Europe regarding their bids for World Bank and UNDP tenders. The tenders were for the supply of medical equipment to hospitals and laboratories across Eastern Europe and Central Asia, totalling £43 million.R v B (2017-2019)
Defending, in a number of trials, the CEO of a major international charity accused of multiple counts of defrauding the charity and receiving facilitation payments. Lucy is presently instructed to defend in the complex confiscation proceedings.Regulatory
Undaunted, whether in a tribunal hearing in London or a boardroom in Monaco, Lucy Kennedy’s experience and proficiency enables her to bring focussed, practical and highly effective approaches to the financial regulatory challenges faced by her clients.
Financial Regulatory
Representing banks and bankers: multi-jurisdictional financial regulatory remediation projects and interbank fraud investigations.
Financial Conduct Authority: advising and leading a team on a global interbank regulatory misconduct investigation.
Appearances before the Regulatory Decisions Committee of the FCA.
Lucy’s financial regulatory experience stems from her having worked inside both the FCA and also inside the banking sector – leading teams in each.
Recent Instructions Include:
At the Financial Conduct Authority she:
Led a team investigating a global bank suspected of international and large-scale money laundering regulatory breaches. Assessing liability and advising on investigative focus and direction in relation to breaches in governance and control at Group level.
Assisted Chief Counsel in Criminal Enforcement.
Advised on Approved Person Regime supervision and enforcement.
Advised on FSMA breaches.
Headed, and brought to charge, a multi-million pound investment scheme investigation. Appearing before the RDC.
Defending a Global bank against the FCA. For over a year, Lucy led a team of sixteen financial crime barristers and several financial analysts located in banks in the UK, Europe and the US in assisting a well-known major bank in addressing urgent and fundamental regulatory obligations and possible breaches.
She guided her ‘front office’ based team in working directly with bankers and senior executives on topics including:International conglomerate KYC and associated beneficial ownership issues;
Cross-jurisdictional trusts KYC and associated beneficial ownership issues;
Secrecy and offshore jurisdiction complexities;
Cross-platform complexities;
Sovereign wealth funds;
Bearer share regulations in various countries;
Asset assessment;
Sanctions restrictions;
AML Source of Wealth and Source of Funds evidential analysis;
Advising, in person, national-level boards and highly senior executives;
Training and providing verbal and written practical guidance to bankers on regulatory requirements in various countries.
The remediation project was successfully completed on target, with the regulator highly satisfied.
Instructed by a global bank to analyse voluminous intricate records and author an extensive report into assertions of money laundering breaches stemming from offshore correspondent banking.
Conferences/Seminars
Lucy has convened and curated seminars and conferences, including:
Brexit: An Assessment of Where We Really Are, with Sir Ivan Rogers, the UK’s former Permanent Representative to the European Union.
The Rising Impact of Sanctions on Business. With a panel of experts, themes included: ‘How banks are tackling the sanctions landscape’, ‘Sectoral sanctions’, ‘The increasing use of sanctions in corruption cases’, ‘Russian entities and their political nexus: a case study’.
Some Banking Topics Made Simple. With industry specialists, Lucy addressed topics such as ‘How the Trading Floor Really Works’, ‘A Day in the Life of a Money Laundering Reporting Officer’, and ‘The ‘FinTech’ Revolution’.