Individuals continue to face risk from prosecutions for economic crime, despite media focus on corporate criminal liability reforms.
Four individuals have today appeared at Westminster Magistrates’ Court charged with fraud...more
10/10/2023
/ Audits ,
Corporate Counsel ,
Corporate Crimes ,
Criminal Conspiracy ,
Criminal Liability ,
Criminal Prosecution ,
Financial Reporting Council (FRC) ,
Financial Statements ,
Fraud ,
Material Misstatements ,
Negligence ,
Personal Liability ,
Serious Fraud Office (SFO) ,
UK
Greater focus on strong corporate governance and transparency is placing company directors in the UK and elsewhere under growing scrutiny and increased risk of individual civil and criminal liability. As new case law and...more
4/5/2023
/ Board of Directors ,
Compliance ,
Corporate Governance ,
Criminal Liability ,
Enforcement Priorities ,
Investors ,
Personal Liability ,
Portfolio Companies ,
Private Equity ,
Private Equity Firms ,
Risk Management ,
Transparency
A court recently found that UK authorities did not fetter their discretion by not investigating general cotton imports potentially produced by the forced labour of Uyghur people in China.
On 20 January 2023, the High...more
Companies that self-disclose, cooperate, and remediate could benefit from significantly reduced fines and possible declinations even in cases with aggravating factors.
In a speech at Georgetown University Law Center on...more
2/7/2023
/ Bribery ,
Chief Compliance Officers ,
Compliance ,
Cooperation ,
Corporate Misconduct ,
Corruption ,
Declination ,
Department of Justice (DOJ) ,
Enforcement Priorities ,
Foreign Corrupt Practices Act (FCPA) ,
Remediation ,
Self-Disclosure Requirements ,
Voluntary Disclosure ,
White Collar Crimes
The UK government is taking further measures to tackle economic crime in the UK, reforming its corporate register, and giving extra powers to the Serious Fraud Office.
The UK has published the new Economic Crime and...more
9/28/2022
/ Corporate Crimes ,
Cryptoassets ,
Financial Conduct Authority (FCA) ,
Financial Crimes ,
Limited Partnerships ,
Person with Significant Control (PSC Register) ,
Proceeds of Crime Act 2002 (POCA) ,
Russia ,
Transparency ,
UK ,
Ukraine ,
Unexplained Wealth Orders (UWOs)
In its second year, the Biden administration has made clear its prioritisation of white-collar prosecutions. This includes changes in policy and guidance, such as a renewed focus on individual accountability, an increased...more
8/15/2022
/ Accounting ,
Biden Administration ,
Compliance ,
Corporate Counsel ,
Corporate Crimes ,
Criminal Investigations ,
Cross-Border ,
Deferred Prosecution Agreements ,
Enforcement Priorities ,
Forensic Accounting ,
Government Investigations ,
Jurisdiction ,
Non-Prosecution Agreements ,
UK ,
White Collar Crimes
A new Register of Overseas Entities, expected this summer, requires disclosure of beneficial owners.
The UK government has introduced legislation1 in Parliament to pave the way for the launch of the new Register of...more
The proposal outlines 10 possible ways to strengthen corporate liability by both criminal and civil law reforms.
On 10 June 2022 the Law Commission published an eagerly anticipated set of proposals (the Options Paper) to...more
New legislation introduces further sanctions powers and aims to tackle financial crime by revealing identities of overseas beneficial owners of UK property.
Following the UK government’s successive sanctions packages,...more
3/18/2022
/ Anti-Money Laundering ,
Beneficial Owner ,
Corporate Transparency Act ,
Economic Sanctions ,
Financial Crimes ,
Foreign Entities ,
Foreign Ownership ,
New Legislation ,
Office of Financial Sanctions Implementation (OFSI) ,
Russia ,
UK ,
Ukraine ,
Unexplained Wealth Orders (UWOs)
The decision exposes media outlets in the UK to liability if they identify suspects prior to charge, but carries lesser implications elsewhere.
On 16 February 2022, the UK Supreme Court held that a suspect under criminal...more
The once shunned cannabis sector now offers attractive PE opportunities in many jurisdictions.
In years gone by, the prospect of significant PE investment in the cannabis industry would have been unthinkable for many....more
UK companies should be aware of the increasing focus on corporate culture by regulators on both sides of the Atlantic.
In a recent speech that has garnered significant attention, US Deputy Attorney General Lisa Monaco...more
11/8/2021
/ Anti-Corruption ,
Chief Compliance Officers ,
Compliance ,
Compliance Monitoring ,
Cooperation ,
Corporate Crimes ,
Corporate Culture ,
Department of Justice (DOJ) ,
Environmental Social & Governance (ESG) ,
Financial Conduct Authority (FCA) ,
Foreign Corrupt Practices Act (FCPA)
The priorities will impact non-US companies who may face a US DOJ with a renewed emphasis on combating corporate crime.
In a recent speech that has garnered significant attention, the Deputy Attorney General of the...more
11/5/2021
/ Biden Administration ,
Compliance ,
Compliance Monitoring ,
Corporate Crimes ,
Corporate Culture ,
Corporate Misconduct ,
Corporate Monitoring ,
Criminal Prosecution ,
Cross Border Privacy Rules (CBPR) ,
Cross-Border ,
Deferred Prosecution Agreements ,
Department of Justice (DOJ) ,
Enforcement Priorities ,
Foreign Corporations ,
Foreign Corrupt Practices Act (FCPA) ,
Non-Prosecution Agreements ,
Personal Liability ,
UK ,
White Collar Crimes
Landmark decision holds that the SFO does not have the power to procure documents from foreign companies outside the jurisdiction.
On 5 February 2021, the UK Supreme Court handed down a highly significant judgment in R...more
2/12/2021
/ Bribery ,
Corruption ,
Discovery ,
Foreign Corporations ,
Government Investigations ,
Jurisdiction ,
KBR (formerly Kellogg Brown & Root) ,
Parent Corporation ,
Serious Fraud Office (SFO) ,
Subsidiaries ,
UK ,
UK Supreme Court
Two cases illustrate the narrow scope of application for exceptions to the without prejudice rule of legal privilege.
Background -
In two recent judgments, the High Court found exception to the ‘without prejudice’ rule...more
English High Court holds that alleged breaches of a director’s statutory duties can engage the ‘iniquity exception’, which disapplies legal professional privilege under certain conditions.
In Barrowfen Properties v Girish...more
Parties within a chain of transactions may face liability for dishonesty and assistance, even if they do not have actual knowledge of fraud.
The recent judgment in Bilta (UK) Limited (in liquidation) & ors v. NatWest...more
Recent judgments help to clarify purpose and threshold of unexplained wealth orders.
The National Crime Agency (NCA) has had a mixed start to 2020, with appeals heard on unexplained wealth orders (UWOs) testing the new...more
Economic aid legislation will likely result in increased scrutiny of certain industries, similar to investigations that followed relief efforts in the 2008 financial crisis.
Key Points:
..The CARES Act creates multiple...more
Guidance sets out the SFO’s expectations for investigations but leaves open questions, particularly for cross-border investigations.
On 6 August 2019, the UK Serious Fraud Office (SFO) issued its much-anticipated Corporate...more
8/10/2019
/ Cooperation ,
Corporate Cooperation Credits ,
Corporate Investigations ,
Criminal Investigations ,
Cross-Border ,
Department of Justice (DOJ) ,
Foreign Corrupt Practices Act (FCPA) ,
New Guidance ,
Privilege Waivers ,
Self-Reporting ,
Serious Fraud Office (SFO) ,
UK ,
White Collar Crimes
The DOJ’s recently updated guidance poses helpful questions for UK corporates evaluating the effectiveness of their internal compliance programmes.
It is well known that a corporate’s failure to prevent offences can be...more
Litigation funding, the third-party financing of legal costs in disputes, is increasingly common in the UK. As litigants have become comfortable with sophisticated litigation funders, these funders are responding to business...more
New SFO Director reaffirms her intentions and priorities for the agency.
Fifty days have passed since Lisa Osofsky took over at the UK’s Serious Fraud Office (SFO), pledging to be a “different kind” of director....more
New director Lisa Osofsky confirms her focus on cross-border and corporate cooperation.
On 3 September 2018, in her first speech, after only one week as head of the UK’s Serious Fraud Office (SFO), Lisa Osofsky laid out her...more
English Court of Appeal Reaffirms Privilege Over Internal Investigation Documents Prepared in Contemplation of Litigation -
In a much anticipated decision, the Court of Appeal has reaffirmed legal privilege protection for...more