SFO

News & Analysis as of

"Cross-Border Investigations Update - June 2016"

This issue of Skadden’s semiannual Cross-Border Investigations Update takes a look at recent cases and enforcement trends, including proposed amendments to China’s commercial bribery law, the use in U.S. courts of compelled...more

UK Bribery Act – 5 lessons in 5 years: No. 4 – International Hurdles

The SFO has spread its wings. It has visibly increased its efforts to investigate companies for bribery and corruption offences and in the last year it has had success with a new weapon: the Section 7 UK Bribery Act...more

Release clause in settlement agreement includes fraud-based claims

Tchenguiz & ors v Grant Thornton UK LLP & ors [2016] EWHC 865 (Comm) considers the circumstances in which the court may be prepared to conclude that a party intended to release fraud-based claims. A settlement agreement in...more

Lessons From The First S7 UK Bribery Act Case

Sweett Group plc has been ordered to pay GBP 2.25 million in penalties after pleading guilty to a failure to prevent bribery. From a hotel in the United Arab Emirates to Southwark Crown Court, the reach of the “toughest...more

Investigating The Investigators – What Happens To Your Seized Privileged Documents?

A challenge to the SFO’s use of its seize and sift powers to process privileged documents failed in McKenzie, R (On the Application Of) v Director of the Serious Fraud Office [2016] EWHC 102 (Admin). The High Court permitted...more

Anti-Bribery: Lessons From The First Deferred Prosecution Agreement — Between The SFO And A Bank

The Serious Fraud Office’s recent deferred prosecution agreement with Standard Bank, the first in the UK, provides a useful walk through the new legislation, but a more complex case is needed to shine some light on the...more

The SFO’s “ongoing” investigation into Alstom – Further Charges

We originally wrote in 2014 about charges that had been brought in September of that year by the UK’s Serious Fraud Office against the French Multinational’s UK subsidiary, Alstom Network UK Ltd, and two former employees and...more

SFO issues EURIBOR manipulation proceedings

SFO has issued the first criminal proceedings for market manipulation relating to EURIBOR. Six Deutsche Bank and four Barclays employees have been charged with conspiracy to defraud, and...more

Whom Should You Suspend During an Internal Investigation?

Whom to suspend during any Foreign Corrupt Practices Act (FCPA) investigation is always a delicate question to answer. Unfortunately there is never an easy answer. As the Volkswagen (VW) emission-testing scandal continues to...more

Just when you thought it was safe to go back in the water…

The UK Government recently announced that it has shelved its plan to introduce a new corporate criminal offence for failing to prevent economic crime. However, corporates should still beware other potential criminal...more

The UK Appoints New Anti-Corruption Unit: A Look at the Global Ramifications

Given London’s role in international business and finance, the UK Bribery Act 2010 promised to form a potential strong counterpart to the U.S. Foreign Corrupt Practices Act (FCPA). Now, the UK government is taking steps which...more

Reflections on a Sentence: Spooking the City

Tom Hayes emerges from his trial at Southwark Crown Court for Libor manipulation as a very considerable loser, who took some very bad decisions in the course of the SFO investigation and trial (and perhaps deserves his long...more

Big win for SFO in LIBOR trial – Tom Hayes sentenced to 14 years. More SFO prosecutions to come in financial sector?

The conviction of Tom Hayes in the first UK LIBOR trial is a watershed moment. It’s a big win for the SFO, although it must be said that a more damning book of evidence could not be imagined. The judge’s sentencing remarks...more

Mobile Passport Control Expands to SFO

US Customs and Border Protection announced the expansion of the Mobile Passport Control Program (“MPC”) to San Francisco International Airport (SFO). MPC is now available at SFO, Atlanta’s Hartsfield-Jackson International...more

Seventh Circuit Finds Admiralty Jurisdiction in Asiana Airlines Lawsuits

In litigation arising from the July 2013 accident of Asiana Flight 214 at the San Francisco International Airport, the U.S. Court of Appeals for the Seventh Circuit reversed the District Court's remand decision, holding that...more

The Financial Report - Volume 4, No. 6 • March 2015 (Global)

OSC Investor Advisory Panel annual report. The Ontario Securities Commission (OSC) Investor Advisory Panel submitted its 2013-14 annual report. The report summarizes the Panel’s current activities and priorities as well...more

The Future of U.K. Enforcement of Financial Crimes: Four Clues for 2015

The legal and compliance landscape is changing quickly—it’s up to organisations that do business in the U.K. to strengthen their compliance programmes to meet these new challenges. In this whitepaper, Andrew Foose, vice...more

FCPA Predictions for 2015 (Part II of II)

The key to being a successful (FCPA) prognosticator is never to keep score. If you do, you are likely to be disappointed. Instead, I follow the strategy of calculated distraction – for example, I predicted last year...more

Red Notice Newsletter - December 2014

Welcome to the December 2014 edition of Red Notice, a publication of Akin Gump Strauss Hauer & Feld LLP. This month on the anticorruption front, a major cosmetics retailer as well as its subsidiary pleads guilty to...more

FCA Enforcement Performance: Part 2 – The Forex Effect

Only a couple of weeks ago I was commenting on a NERA report that had found that in the period between April 2012 and October 2014 the FCA had imposed fines of over £1bn, in sharp contrast to the preceding decade during which...more

The definitive guide to Corporate Self Reporting

We have aggregated below the SFO guidance on Self Reporting (available on its website on a number of pages) and importantly recent comments from the Director about it. If you are considering Self Reporting as an option we...more

Law Enforcement Bliss: The SEC As Policeman, Judge and Jury

New York’s Southern District Court Judge Jed Rakoff is always worth listening to. He expresses trenchant views about the rule of law elegantly and politely. He is fearlessly independent. Prosecutors in the US, who are...more

GSK China: Did Case Finish with a Bang or a Whimper?

In typical Chinese fashion, the prosecution of GSK and several GSK executives ended after a one-day “trial.” GSK paid a $489 million fine; and four criminal sentences were handed out with suspension of jail time and orders of...more

Where to Now St. Peter? – Due Diligence Going Forward in China

Whatever you might think of where his career went, Elton John had some great early stuff. I still rank Tumbleweed Connection right up there as one of my favorite albums of all-time. And while it was packed with some great...more

The UK Bribery Act, Three Years On: Can We Relax Yet?

The Bribery Act 2010 has now been in force for three years. Despite the announcements and commentary that it heralded a new and aggressive face toward corporate corruption, there have as yet been no corporate prosecutions...more

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