Financial crime

Read thoughts from Allen & Overy on financial crime issues in the context of financial services investigations.

New guidance about what to expect if self-reporting to the SFO

The Director of the SFO, Lisa Osofsky, confirmed back in April of this year that she would “soon be issuing guidance for corporates and their legal advisers to provide them with added transparency about what they might expect if they decide to self-report fraud or corruption to my office.” This Guidance was published as an Read More

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U.S. continues aggressive sanctions and anti-money laundering enforcement against non-U.S. banks

When assessing anti-money laundering risk and exposure, global financial institutions should be mindful of the complex landscape and assertions of broad authority by U.S. authorities and banking regulators. U.S. banking regulators, in conjunction with U.S. criminal and civil authorities, have traditionally pursued anti-money laundering and sanctions enforcement cases against multinational banks in relation to conduct Read More

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Parent company atones for the crimes of a subsidiary

The fifth DPA, between the SFO and Serco Geografix Ltd, is the first in which a parent company has undertaken to pay a penalty and oversee a group wide reinforcement of its compliance programme even though it was not liable for the underlying fraud and false accounting by its subsidiary.  Also worthy of note are Read More

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DPA penalty discount for self reporting: change recommended by House of Lords committee

The operation of the Bribery Act 2010 has been subjected to post-legislative scrutiny for the first time since it came into force. A House of Lords Committee heard evidence from businesses, NGOs, lawyers, judges, enforcement authorities and the government. The report, published on 14 March, is largely very positive about the impact of the Act. Read More

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

“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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