“If the Americans end up laying a glove on those powerful men long alleged to have fleeced the world in the name of sport, let no one ever be sniffy about their involvement in soccerball again.… Continue Reading
The circumstances in which a money laundering offense may also constitute a substantive criminal offense was the subject of a UK Supreme Court decision last week.
Last month the UK Privy Council delivered an important decision on the extent to which a bank is obliged to make inquiries into the underlying commercial purpose of offshore financial arrangements.… Continue Reading
The English civil law remedies arising from a contract that is subsequently infected by bribery were recently the subject of consideration in the case of Tigris International NV v China Southern Airlines Company Ltd & Anor  EWCA Civ 1649 (17 December 2014) [paragraphs 128-145].… Continue Reading
The adage of only conducting an affair with someone with much more to lose might also be apposite advice for those indulging in or contemplating bribery. Fear of punishment ought to secure the discretion of complicit parties but there are always those who may find themselves with little to lose by seeking to take advantage of a formerly complicit party.… Continue Reading
The issue of who regulates the regulators was thrown into sharp focus following the publication of a rather costly (£3.15 million / $4.95 million) independent report into the UK Financial Conduct Authority’s media and financial market management.
Last month the Guardian published an excellent and informative article by Andrew Smith entitled Blowing It. The article looks at the perceived rise of whistleblowing, the courage of individual whistleblowers for whom the consequences have proved severe, and the support that can be given by governments and support groups.… Continue Reading
Last week, the UK’s Fianncial Conduct Authority published thematic financial crime risk reviews into 21 small banks and ten commercial insurance intermediaries. It also commenced a consultation exercise on its proposed guidance on financial crime systems and controls.… Continue Reading
Transparency International’s open letter to the G20 leaders requiring transparency of ownership ought really to be pushing at an open door. Particularly so, in the light of the Financial Action Task Force’s Recommendations 24 and 25 (published in 2003 and updated in 2012) which require member countries to ensure that accessible information can be obtained and exchanged on beneficial ownership of legal persons and trusts/arrangements.… Continue Reading
The OECD Phase 3 anti-corruption monitoring report on Brazil helps put in context the corruption issues that were raised during the recent presidential campaign. At the outset, the report mentions that the lead examiners had to reveal to the authorities the existence of 5, of only 14, foreign bribery investigations brought since 2000 (none of which have yet been prosecuted).… Continue Reading
Compliance professionals facing push back from deal makers ought to take heart from a recent English High Court decision involving UBS (AG) London UBS and Leipzig’s water utility KWL.