Steven focuses on financial and business crime and related civil, public and regulatory work. His clients include domestic and offshore financial services institutions, high net-worth individuals and domestic and offshore government agencies. He appears as an advocate in both the criminal and civil courts.
Recommended in Chambers & Partners 2011 as a “fantastic” leading junior “who wins plaudits for his work on the international circuit”, Steven also featured as one of the noted “up and coming” counsel in the 2009 and 2010 editions. Described in 2009 as an “excellent all-rounder with a very sound knowledge of sanctions legislation” with “significant experience of cross-jurisdictional investigations, compliance and money laundering issues” and in 2010 as “popular with solicitors” and “a cerebral barrister who will undoubtedly do very well”.
International Work
Relevant experience:
- Advising a UK financial services institution on potential criminality arising out of being lead arranger of a syndicated credit facility which financed commercial activity with the state of Iran – advice included analysis of potential breaches of OFAC regulations in the US.
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Advising an offshore investment fund in respect of potential money laundering issues attaching to return of investment funds from Bernard L. Madoff Investment Securities LLC.
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Advising an offshore financial services institution as to whether to accept business involving the formation of an offshore company to enter into a consultancy contract in order to facilitate the sale of arms to an overseas government. This advice included consideration of Export Control Regulations.
- Advising a financial services institution in the Channel Islands and Switzerland being investigated in respect of possible money laundering of the proceeds of political corruption in Zambia.
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Instructed by the Attorney General of Jersey on major investigations into international fraud. Cases have concerned:
- allegations of political corruption in South America in connection with multi-million dollar construction contracts and subsequent cross-jurisdictional money laundering;
- allegations of political corruption in the Middle East in connection with tendering for multi-million dollar government contracts and subsequent cross-jurisdictional money laundering;
- illegal corporate trading in Africa (alleged arms dealing); and
- the collapse of international high-value investment funds.
Domestic Work
Instructed as junior counsel for prosecution and defence in large-scale fraud and money laundering cases. Between 2007 and 2009 Steven was Education Secretary and a Committee member of the Young Fraud Lawyers’ Association. In 2009 Steven was appointed to the Serious Fraud Office panel of approved counsel.
Relevant experience:
· R v Grewal and Ors [2010/11] – Defending a property entrepreneur charged with £3.3 million mortgage fraud. (Junior alone).
· R v Hickman and Or [2009] – Defending a company director charged with Medicines Act offences, Trade Mark offences and money laundering arising from the international trade in unlicensed pharmaceutical products. (Junior alone).
· R v Iqbal and Ors [2008/9] – Prosecuting multi-handed conspiracy to defraud the Department for Education and Skills during the operation of the Government’s I.L.A. scheme (Led junior).
· R v Hibberd and Ors [2008] – Defending a company director charged with conspiracy to defraud Royal Bank of Scotland and Lombard of several million pounds through fraudulent applications for credit facilities (Led junior).
Civil and Regulatory Work
Steven’s work in this area is often linked to his work in financial and business crime.
Relevant experience:
· Advising an international financial institution on the correct group approach to anti-money laundering procedures in light of offshore legislation. The remit of this advice was expanded to consider the appropriate group structure in light of pending legislation.
· Advising and representing a UK financial services institution in its dealings with the Jersey regulator as a result of seeking to cease its offshore business.
· Durant International and others v Attorney General of Jersey [2006] JLR 112: Instructed to assist the Attorney General of Jersey in judicial review proceedings brought by applicant companies regarding the AG’s refusal to disclose letters of request received from an overseas jurisdiction. The letters of request concerned alleged political corruption relating to large-scale construction contracts. Attorney General successful at first instance and in the Court of Appeal.
· Advising on disclosure of materials obtained under compulsion by prosecuting authorities to those fulfilling regulatory functions and the rights of affected persons to make representations.
· Instructed by the Jersey Financial Services Commission on a Trust Company Inspection involving interviews with shareholders, directors and employees, a site inspection and the production of the Inspector’s final report. The findings and resulting action of the JFSC were upheld following challenge by way of judicial review proceedings.
Relevant seminars and publications:
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February 2011 – Lecture on “The Bribery Act 2010: Key Legal and Practical Risk Areas”.
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November 2010 – Lecture on “Exposing the Vunerabilities of Financial Systems to Financial Crimes” at a 2-day conference organised by the Jamaican Financial Services Commission in Ocho Rios, Jamaica.
- February 2010 – Lecture on “Banking Secrecy from a UK perspective: the erosion of the principle of banking confidentiality in the UK” at a 2-day AIJA conference in Geneva, Switzerland.
- Co-author of “Anti-Money Laundering Legislation in Jersey – The New Regime” – Jersey and Guernsey Law Review, October 2008
- Debating with David Farrer QC on the topic of “Cross-Border Corruption and Consenting Principals” in London.
- October 2007 – Lecture on “Abusing Offshore Structures for Terrorist Financing” at a 3-day International Seminar in Switzerland, entitled “Combating the Financing of Terrorism”. This seminar was attended by representatives from 32 different countries as well as from various international organisations.
Contact Steven Gray
Phone: +44 (0) 20 7242 3555
Fax: +44 (0) 20 7242 2511
Email: clerks@7br.co.uk