Financial crime

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

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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HMRC makes it easier to self-report (or whistle blow) on facilitation of tax evasion

There are only five on going investigations by HMRC under the ‘failure to prevent the facilitation of UK tax evasion’ corporate criminal offence introduced by the Criminal Finances Act 2017, according to a House of Commons question and answer earlier this month. There was no mention of any investigations relating to the equivalent facilitation of Read More

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First OFSI penalty for breach of financial sanctions

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

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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