Criminal

Pressure mounting for new failure to prevent economic crime corporate criminal offence

Eve Giles

“Multi-national firms appear beyond the scope of legislation designed to counter economic crime.” This was the damning conclusion of a House of Commons Treasury Committee report on Economic Crime published last week. Those hoping that the UK government has forgotten about its manifesto commitment to reform corporate liability for economic crime will be disappointed. Recent Read More

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First OFSI penalty for breach of financial sanctions

Calum Burnett

Details of the first monetary penalty imposed for breach of financial sanctions by the UK Office of Financial Sanctions Implementation (OFSI) was published yesterday. Raphaels Bank has been fined GBP5000 for transferring GBP200 belonging to a ‘designated person’ in breach of an asset freeze in EU financial sanctions on designated persons and entities relating to Read More

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Second Circuit Narrows FCPA’s Reach Yet Enforcement Risk Remains

Melinda Bothe

The Second Circuit recently ruled that the general criminal statutes of conspiracy and complicity cannot be used to draw non-U.S. persons or companies within the jurisdiction of the Foreign Corrupt Practices Act (the FCPA) where their conduct would not otherwise fall within the statute’s ambit. That is, prosecutions under the FCPA cannot be brought against Read More

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Is it the end of the road for the SFO?

Blair Keown

The Conservative Party has pledged in its manifesto to incorporate the Serious Fraud Office (SFO) into the National Crime Agency (NCA). As Home Secretary, Theresa May twice tried unsuccessfully to restructure the SFO. In 2011, she proposed sending the SFO’s investigators to the NCA and its prosecutors to the Crown Prosecution Service. In 2014, reports Read More

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The Criminal Finances Act

Calum Macdonald

On 27 April, the Criminal Finances Bill received Royal Assent. Now the Criminal Finances Act 2017, it represents the most significant development in the UK’s anti-money laundering regime in more than a decade and the largest expansion of corporate criminal liability since the Bribery Act 2010. We have covered key parts of the Criminal Finances Act previously Read More

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