Undoubtedly, the most helpful decision this year for UK-based white collar crime lawyers was a tax related case in which the Supreme Court refused to extend legal advice privilege “LAP” to other professionals by reference to a legal function test.… Continue Reading
The World Bank’s excellent publication Left out of the Bargain — Settlements in Foreign Bribery Cases and Implications for Asset Recovery (available here in pdf) highlights the thorny issue of how international anti-corruption enforcement can best repatriate tainted assets and proceeds to the victim countries in line with Chapter 5 of United Nations Convention against Corruption.… Continue Reading
Claiming international anti-corruption related fines, losses and profits will increasingly become a live issue as countries seek to enforce their own domestic and international anti-corruption laws.
Historically, the USA’s anti-corruption agencies have been able to extract large fines and disgorgements from perpetrators with fairly remote U.S.-connections… Continue Reading
John Morton, of Morton’s Fork fame, would have been intrigued by Bernie Ecclestone’s explanation that it was not bribery but extortion that caused him to pay $44 million due to the banker blackmailing him through a threatened disclosure of his fiscal affairs to the British tax authorities.… Continue Reading
The UK Competition Commission’s investigation and preliminary report regarding competition between external auditors and the dominance of the Big Four accountancy practices, has generated some controversy. For starters, the Commission has recommended for FTSE-350 companies that there be a decennial re-tendering for external auditors rather than a rotation.… Continue Reading
One of the benefits, apart from the foreign earnings, of London’s court clogging Russian litigation, has been the collation of principles relating to the English civil law of bribery which can be summarized as follows:
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The underlying substantive and remedial policies behind protecting a principal against bribes is an agent’s obligation to act in the best interests of its principal and to avoid a real possibility of potential conflict.
The recent announcement that the U.K.’s legislature and enforcement agencies are considering the case for financially incentivizing whistleblowers in economic crime cases, thus aping the U.S.-approach, presents a serious and insidious threat for U.K.… Continue Reading
A peer level board compliance committee, headed by a senior independent non-executive director with a majority of independent non-executive directors, should be a prerequisite for any company seeking to establish that it has put in place adequate precautions to prevent bribery.… Continue Reading
Effective independent non-executive directors are expected to provide high-quality, objective oversight and scrutiny of a listed company’s strategy and the performance of its executive management. By being removed from the immediate commercial pressures of executive management, they are an essential component for ensuring effective corporate governance and compliance.… Continue Reading
Listing shares internationally often carries unwelcome regulatory and compliance risks. This was recently highlighted by the SFO’s corruption probe into the London-listed Kazakh miner ENRC, shortly to be delisted, as well as probes into Indonesia miner and London-listed Bumi plc, and most recently by the SEC’s investigation of South Africa’s Gold Fields, which has a secondary New York listing.… Continue Reading
An interesting face-off is currently taking place between the UK’s Parliamentary Home Office Affairs Committee, chaired by Keith Vaz, and the Serious Organised Crime Agency “SOCA” over the latter’s failure to publish a list of 92 institutions, firms, celebrities and companies who have allegedly obtained illegal private information from rogue private investigators.… Continue Reading
The only successful ground of appeal concerned the issue of whether extradition should be refused where there would be a flagrant denial of a fair trial by reason of a systemically corrupt judicial system.… Continue Reading