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Financial crime

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

Listing applications by cannabis companies – FCA statement

The FCA has clarified its approach to applications to list in the UK made by cannabis-related companies.  The statement acknowledges the uncertainty surrounding cannabis-related ventures from a money laundering perspective, given the distinction between recreational cannabis companies and those operating in the medical space.  Those in the former category are prevented from listing in the Read More

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The French Anti-Corruption Agency’s 2019 Report: Key Takeaways

Earlier this month, the French Anti-Corruption Agency (Agence française anticorruption) published its 2019 annual report, setting out its main actions over the course of last year as regards training and awareness, enforcement and cooperation. France needs to strengthen its anti-corruption culture and framework Whilst noting that France dropped from 21st to the 23rd on the Read More

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“Strong and prompt enforcement” under Nikhil Rathi, new Chief Executive of the FCA

Nikhil Rathi[1] gave evidence last week to the Treasury Committee following the announcement on 22 June that he will be the new permanent Chief Executive of the UK Financial Conduct Authority (FCA) in Autumn 2020. Commentators have noted that likely priorities for Mr Rathi will be the Covid-19 debt burden, post-Brexit regulation, consumer protection and Read More

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The French anti-corruption policy: more settlements with corporations and harsher prosecutions against individuals

Recent guidelines from the French Minister of Justice reveal a heightened willingness of French authorities to combat corruption-related offences and to prosecute more individuals. The guidance, contained in a Circular, also strongly encourages corporations to voluntarily self-disclose internal suspicions of corrupt practices. A call for self-reporting The Circular calls for self-reporting by corporations, stressing that Read More

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Active U.S. enforcement of anti-money laundering rules continues unabated

In January 2020, the U.S. Department of the Treasury issued its National Strategy for Combating Terrorist and Other Illicit Financing (2020 Strategy). This document details the key priorities of the U.S. government regarding the enforcement of the Bank Secrecy Act (BSA) and its broader agenda on efforts related to anti-money laundering and the combating the Read More

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