Financial crime

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

Cease and desist – or not? Challenging the SFO’s discretion to investigate

Stacey McEvoy

In a case the first of its kind, Soma Oil And Gas Ltd (Soma) sought, by way of judicial review, to require the Serious Fraud Office (SFO) to cease its long-running investigation into potential bribery and corruption offences committed in Somalia by Soma. While expressing its ‘sympathy’ with Soma’s position, and exhorting the SFO to Read More

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The Criminal Finances Bill: Part Two

Calum Macdonald

In our second piece on the recently published Criminal Finances Bill 2016-17, we turn to the proposed Unexplained Wealth Orders regime and new disclosure powers for use in money laundering investigations that regulators will receive.   Unexplained Wealth Orders: Explain An Unexplained Wealth Order (UWO) is an order granted by the High Court at the application of Read More

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A whole new world: thoughts on the rise and rise of cryptocurrencies

Nitish Upadhyaya

Distributed ledger technology is here to stay and with the rise of cryptocurrencies based on the technology, come numerous legal and regulatory issues. Although technological solutions will make transactions and exchanges more secure, the task of policing the interaction of cryptocurrencies with the financial system will inevitably fall to the courts and regulatory authorities.   Read More

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Bitcoin theft: Regulatory response to an emerging technology

Ryan Middlemas

The recent theft of approximately US$60m worth of bitcoins from Hong Kong based cryptocurrency exchange Bitfinex is the latest in a series of Bitcoin thefts. The value of bitcoins fell over 20% in the immediate aftermath of the incident. The theft highlights the continuing legal and regulatory uncertainty in relation to cryptocurrencies. While some jurisdictions Read More

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The UK’s second Deferred Prosecution Agreement

Calum Macdonald

On 8 July 2016, the UK’s second-ever Deferred Prosecution Agreement (DPA) was concluded between the Serious Fraud Office (SFO) and an unnamed party for a number of bribery offences. Related criminal proceedings are still on-going. Accordingly, to preserve anonymity certain facts have not yet been released and the judgment authorising the DPA refers to the Read More

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