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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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From ‘enabler’ to ‘game changer’: fighting financial crime with technology

Financial crime is big business. Serious organised crime facilitated by money laundering costs the UK £37 billion every year. The estimated annual cost of fraud is £190 billion. This is the current scale of the problem according to Megan Butler, Executive Director of Supervision at the UK Financial Conduct Authority (FCA). And rapid advances in Read More

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