On 26 October 2023, the Economic Crime and Corporate Transparency Act (the “Act”) received Royal Assent.
Among other measures to further tackle economic crime1 it has introduced a failure to prevent fraud offence and...more
On 15 June 2023, The Insider Dealing (Securities and Regulated Markets) Order 2023 (the “2023 Order”) came into force. The 2023 Order seeks to align certain outdated aspects of the UK’s criminal insider dealing regime under...more
There is a growing trend of shareholders and other stakeholders using litigation to hold companies and their directors accountable regarding ESG issues.
Shareholder activists and other stakeholders are using the courts in...more
The Dubai Financial Services Authority’s ("DFSA") Business Plan 2023–2024, published last week, marks the continuing maturity of the Dubai International Financial Centre ("DIFC") as a leading global centre for finance and...more
1/23/2023
/ AML/CFT ,
Consumer Financial Products ,
Cybersecurity ,
DFSA ,
DIFC ,
Digital Assets ,
Enforcement ,
Environmental Social & Governance (ESG) ,
FATF ,
Financial Crimes ,
Market Abuse ,
Risk Assessment ,
United Arab Emirates (UAE) ,
Whistleblowers ,
Willful Misconduct
The Final Notice against Guaranty Trust Bank (UK) Limited (“GT Bank”) follows on the heels of similar enforcement actions against financial institutions for AML systems and controls breaches, continuing to make good on the...more
ESG – environmental, social and governance factors – has become a major focus for organisations which are under growing pressure to demonstrate they are doing the right thing and executing their commitments to sustainable...more
10/14/2022
/ Corporate Governance ,
Corporate Social Responsibility ,
Due Diligence ,
Environmental Social & Governance (ESG) ,
European Commission ,
European Parliament ,
Investors ,
Nasdaq ,
Net Zero ,
Public Policy ,
Reporting Requirements ,
Risk Assessment ,
SFDR ,
Stakeholder Engagement ,
Supply Chain ,
Sustainability
Key Takeaways -
The FCA has recently fined JLT Specialty Limited and Ghana International Bank for limitations in their financial crime systems and controls, specifically weaknesses relating to anti-money laundering (AML)...more
7/14/2022
/ AML/CFT ,
Anti-Money Laundering ,
Bribery ,
Corruption ,
Cryptoassets ,
Enforcement Actions ,
Financial Conduct Authority (FCA) ,
Financial Crimes ,
Money Laundering ,
UK ,
White Collar Crimes
On 23 February 2022, the European Commission adopted a proposal for a Directive on corporate sustainability due diligence. The impact of this legislation on companies meeting the required thresholds based in the EU and doing...more
3/4/2022
/ Capital Investments ,
Cooperative Compliance Regime ,
Corporate Governance ,
Corporate Social Responsibility ,
Disclosure Requirements ,
Due Diligence ,
Environmental Social & Governance (ESG) ,
EU ,
Human Rights ,
Small and Medium-Sized Enterprises (SMEs) ,
Supply Chain ,
Sustainability
There is an increasing legislative trend towards holding companies accountable for their own ESG practices as well as those of business partners within their supply chain.
...more
The UK Financial Conduct Authority (“FCA”) has banned Binance Markets Limited (“Binance”) – part of one of the world’s biggest cryptocurrency exchanges – from carrying out any regulated activity in the UK. This not only...more
In a year of increased volatility across the world’s financial markets, prosecutors, regulators and exchanges on both sides of the Atlantic sharpened their focus on “spoofing” – i.e., bidding or offering without the intent to...more
2/24/2021
/ CFTC ,
Department of Justice (DOJ) ,
Enforcement Actions ,
Financial Markets ,
Market Manipulation ,
Market Participants ,
Securities Regulation ,
Securities Traders ,
Securities Violations ,
Spoofing ,
UK ,
White Collar Crimes
Amid the uncertainty brought about by the end of the Brexit transition period and the ongoing COVID-19 pandemic, firms should be aware that the FCA will retain an active approach to financial crime and regulatory enforcement...more
2/16/2021
/ Asset Management ,
BSA/AML ,
Economic Sanctions ,
Enforcement Actions ,
Financial Conduct Authority (FCA) ,
Financial Crimes ,
Financial Markets ,
Market Abuse ,
Senior Managers ,
Short Selling ,
UK
In response to COVID-19, Multilateral Development Banks (“MDBs”)1 have pledged US$213.5 billion of financing for projects, in addition to the US$95 billion in new financing commitments pledged during 2019....more
12/8/2020
/ Anti-Corruption ,
Asset Management ,
Economic Sanctions ,
Financial Institutions ,
Investigations ,
Investment ,
MDBs ,
Private Equity ,
Risk Management ,
Supply Chain ,
World Bank
On 17 June 2020, the London branch of Commerzbank AG (“Commerzbank London”) was fined £37,405,400 by the Financial Conduct Authority (“FCA”). The FCA’s fine against Commerzbank emphasises a continued focus on Anti-Money...more
7/15/2020
/ Anti-Money Laundering ,
Commerzbank ,
Compliance ,
Financial Conduct Authority (FCA) ,
Fines ,
Intermediaries ,
Money Laundering ,
Policies and Procedures ,
Politically Exposed Person (PEPs) ,
Risk Assessment ,
Tone At The Top ,
Transaction Monitoring ,
UK
The UK Financial Conduct Authority (“FCA”) has reinforced its expectations on market conduct during the COVID-19 pandemic, recognising that the opportunities for market abuse are amplified in the current climate. ...more
Following the judgment of the English High Court in Serious Fraud Office v Barclays Plc & Another1, prosecutors are aware that they now face a more onerous task when trying to establish corporate criminal liability. However,...more
5/18/2020
/ Actual or Constructive Knowledge ,
Complex Litigation ,
Corporate Crimes ,
Corporate Liability ,
Criminal Conspiracy ,
Criminal Prosecution ,
Dishonesty Test ,
Elder Care ,
Federal Prosecutors ,
Financial Conduct Authority (FCA) ,
Financial Fraud ,
Fraud ,
Intent to Defraud ,
Nursing Homes ,
Serious Fraud Office (SFO) ,
UK
The FCA’s Business Plan for 2020/21 comes at a time of great uncertainty in the financial markets. The FCA’s primary focus will be on mitigating the impact of COVID-19 on the markets and protecting consumers in this regard,...more
The Director-General of OLAF, Ville Itälä, has indicated in a recent interview that OLAF is seeking to coordinate more with authorities in EU Member States to increase the number of prosecutions brought for EU budget fraud....more
5/5/2020
/ Asset Management ,
Coronavirus/COVID-19 ,
Criminal Investigations ,
Criminal Prosecution ,
Deferred Prosecution Agreements ,
Enforcement Actions ,
EU ,
European Anti-Fraud Office (OLAF) ,
Financial Assistance Policies ,
Fraud ,
Health Care Providers ,
Publicly-Traded Companies ,
UK
On 6 August 2019, the UK Serious Fraud Office (SFO), the prosecuting authority responsible for tackling serious or complex fraud and bribery in the UK, published updated guidance on corporate cooperation (the Guidance)....more
Firms will need to ensure their systems and controls to prevent financial crime and money laundering are working effectively: this is just part of the message contained in the FCA’s Business Plan for 2019/20. The Business...more
5/13/2019
/ Anti-Money Laundering ,
Banking Sector ,
Banks ,
Business Plans ,
Civil Monetary Penalty ,
Compliance ,
Customer Information ,
Cyber Attacks ,
Disclosure Requirements ,
Due Diligence ,
Enforcement Actions ,
EU Market Abuse Regulation (EU MAR) ,
Financial Conduct Authority (FCA) ,
Financial Crimes ,
Financial Markets ,
Fines ,
Insider Trading ,
Investment Management ,
Market Abuse ,
MiFID II ,
Misleading Statements ,
Money Laundering ,
Remuneration ,
Risk Assessment ,
Risk Mitigation ,
Secondary Markets ,
Self-Dealing ,
Senior Managers ,
SMCR ,
UK ,
Wholesale
On February 12 2019 the Crime (Overseas Production Orders) Act 2019 (the “COPO Act”) came into force in the UK. This new law gives UK authorities (including the Serious Fraud Office (“SFO”) and the Financial Conduct Authority...more
3/8/2019
/ CLOUD Act ,
Cloud Service Providers (CSPs) ,
Crime (Overseas Production Orders) Act 2019 (the COPO Act) ,
Designated International Co-Operation Agreement (DICA) ,
Document Productions ,
Electronically Stored Information ,
Financial Conduct Authority (FCA) ,
Foreign Jurisdictions ,
HMRC ,
International Litigation ,
Long Arm Statute ,
National Crime Agency (NCA) ,
Nexus ,
Overseas Production Order (OPO) ,
Serious Fraud Office (SFO) ,
UK ,
UK Brexit
In a decision with significant implications for cross-border criminal and regulatory investigations in both the UK and U.S., a panel of the U.S. Court of Appeals for the Second Circuit recently overturned two convictions for...more
9/2/2017
/ Compelled Testimony ,
Criminal Convictions ,
Cross-Border ,
Department of Justice (DOJ) ,
Enforcement Actions ,
Fifth Amendment ,
Financial Conduct Authority (FCA) ,
Foreign Jurisdictions ,
Indictments ,
International Litigation ,
Libor ,
Reversal ,
Self-Incrimination ,
UK
The UK’s Financial Conduct Authority (FCA) has published proposed rules to extend the senior manager & certification regime (SMCR) to all financial services firms....more