Two related UK banks said in separate U.S. securities filings that the UK’s top financial regulator has asked for information about any relationship the banks had with the Panama law firm at the center of the Panama Papers leak or with any individuals named in media coverage about the story.… Continue Reading
London’s commercial court recently dismissed, in fairly trenchant terms, a corruption-related claim brought by the Djibouti government against Abdourahman Boreh, the man credited with being instrumental in the development of the country’s strategically important and successful port, oil storage, and duty free facilities.… Continue Reading
The first negotiated settlement of a corporate bribery investigation under the UK Bribery Act involved a deferred prosecution agreement between the Serious Fraud Office and ICBC Standard Bank. That case is a turning point in the enforcement history of the UK Bribery Act and, at a global level, it fuels the debate about the use of settlements to resolve foreign bribery charges.… Continue Reading
In any word association game, “tracing, proprietary and yawn” would probably make a good grouping. However, the importance of the former two for a potential bribery victim in carrying out investigations and conducting disciplinary proceedings was recently underscored in a decision involving the UK’s largest housebuilder.… Continue Reading
Transparency International released a report Monday calling for a radical overhaul of the UK’s anti-money laundering system.
The report said the current system of anti-money laundering supervision in the UK is “woefully inadequate and structurally unsound” and is letting billions in corrupt funds flow into the country.… Continue Reading
The United States and United Kingdom recently published comprehensive money laundering risk assessments through the UK’s National Risk Assessment and the U.S.’s National Money Laundering Risk Assessment.
Last month the UK’s Treasury and Home Office published the first national risk assessment of money laundering and terrorist financing in the UK.
The NRA warns that money laundering presents a serious threat to the UK’s national security with money launderers and terrorist financiers using similar methods to store and move funds.… Continue Reading
If you’re a compliance practitioner seeking to design an anti-corruption program consistent with all laws that apply to your company, you probably recognize the phrase “carries on a business, or part of a business, in any part of the United Kingdom.”… Continue Reading
The Financial Conduct Authority released new rules Tuesday for the UK banking and insurance sector to protect whistleblowers and encourage them to come forward.
The FCA said the new rules will take full effect in September 2016.… Continue Reading
The first defendant to go on trial in the UK as part of the Serious Fraud Office’s criminal investigation into the manipulation of Libor was convicted and sentenced Monday at Southwark Crown Court.… Continue Reading