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Reform

Financial Institutions in Singapore to Ensure a Culture of Responsibility and Accountability Applies from the Top Down

The Monetary Authority of Singapore (MAS) has issued its finalised Guidelines on Individual Accountability and Conduct, which will come into effect on 10 September 2021. Most financial institutions regulated by the MAS will be covered by the new Guidelines. They will accordingly need to clearly identify and delineate the responsibilities of senior management and material Read More

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Watershed moment for prosecution of corporate crimes in Germany gets closer

Resistance has been futile. Although practitioners and academics strongly criticised a previous working draft, the German Federal Ministry of Justice has now formally published its proposal for a Corporate Sanctions Act (Verbandssanktionengesetz, the Draft Bill). The Draft Bill reflects some of the concerns that were raised about the previous draft (discussed here).  It has become Read More

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Hong Kong’s Privacy Commissioner for Personal Data – the end of the paper dragon?

At a global panel session on 28 March 2019, the Hong Kong Privacy Commissioner expressed concern that Hong Kong runs the risk of being left behind as “a risky jurisdiction for hosting data”. This could soon change. The Hong Kong’s Constitutional and Mainland Affairs Bureau presented to the Legislative Council on 20 January 2020 a Read More

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UK AML changes in force today

Changes to the UK anti-money laundering regime come into force today, implementing the EU’s Fifth Anti-Money Laundering Directive (5MLD) and Financial Action Task Force (FAFT) recommendations.  We summarise  the key changes made to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs) by the Money Laundering and Terrorist Read More

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Australia looks to simplify and broaden its approach on corporate and executive criminal responsibility

The Australian Law Reform Commission (ALRC) has authored a discussion paper into criminal responsibility in Australia. Amongst other things, the paper proposes reforms to how liability is attributed to corporations and their senior executives. The discussion paper follows several inquiries into corporate behaviour and regulation, including the recent Royal Commission into Misconduct in the Banking, Read More

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