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Amid falling markets, valuation challenges and mis-marking fraud risks rise

Amidst a troubled economy and falling public markets, private-equity firms and financial institutions are facing valuation challenges that may spell trouble with United States regulators. In early April, the Wall Street Journal reported that private-equity firms are grappling with how to assess the impact of the current economic turmoil on the value of the illiquid Read More

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Hong Kong Court of First Instance confirms SFC’s powers to seize digital devices and demand passwords

The recent High Court decision of Cheung Ka Ho Cyril v Securities and Futures Commission and another [2020] HKCFI 270 confirmed the powers of the Securities and Futures Commission (SFC) to (i) seize digital devices such as smart phones and tablets in the course of executing a search warrant, and (ii) demand passwords to the Read More

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Part State-owned enterprises and Politically Exposed Persons

The definition of a Politically Exposed Person (PEP) is an important one to understand for those involved in financial crime compliance.  PEPs are considered to be more vulnerable to corruption so those who deal with them are often obliged to exercise a higher degree of caution.  Under UK money laundering laws, dealing with a PEP Read More

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Financial reporting and auditors under the spotlight in Australia

The Australian Securities and Investments Commission (ASIC) has released a review of financial reports from the period ending 30 June 2019. This review, together with ASIC’s recent enforcement update and audit inspection report, highlights one of ASIC’s key priorities – to engage in high deterrence value enforcement actions against corporations and auditors to ensure that Read More

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When criminal law affects your obligations to others

Looking back at 2019 there were a number of interesting English civil court rulings which highlighted the difficulties faced by a party trying to balance obligations (e.g. to a contractual counterparty, a customer or to the court) when there is suspected criminality or a clash with foreign criminal law.   Here are four which we found interesting: Read More

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