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Financial crime

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

SFO rebuked for overreaching: no power to seek overseas documents from non-UK companies

The Supreme Court has decided the Serious Fraud Office does not have the power to issue a section 2 notice to a non-UK company with extraterritorial application.  It can, however, continue to compel production of documents held extraterritorially by UK companies: The Queen on the application of KBR Inc v The Director of the Serious Read More

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Woefully inadequate anti-bribery measures lead to deferred prosecution agreement for aircraft refurbishment company

The SFO has concluded a deferred prosecution agreement with Airline Services Limited (ASL), a UK supplier of aircraft cabin parts and services, for failure to prevent bribery under s7 Bribery Act 2010.  Despite the company having received external legal advice on ABAC policies and procedures, it had failed to implement the recommendations adequately: Serious Fraud Read More

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SFO releases guidance on deferred prosecution agreements

On 23 October 2020, the SFO published another chapter of its gradually evolving Operational Handbook (the Handbook), this time covering the invariably attention-grabbing topic of Deferred Prosecution Agreements (DPAs). This newest addition to the Handbook, which follows and complements last year’s chapter on corporate co-operation, may not present those who are familiar with the SFO’s Read More

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Listing applications by cannabis companies – FCA statement

The FCA has clarified its approach to applications to list in the UK made by cannabis-related companies.  The statement acknowledges the uncertainty surrounding cannabis-related ventures from a money laundering perspective, given the distinction between recreational cannabis companies and those operating in the medical space.  Those in the former category are prevented from listing in the Read More

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The French Anti-Corruption Agency’s 2019 Report: Key Takeaways

Earlier this month, the French Anti-Corruption Agency (Agence française anticorruption) published its 2019 annual report, setting out its main actions over the course of last year as regards training and awareness, enforcement and cooperation. France needs to strengthen its anti-corruption culture and framework Whilst noting that France dropped from 21st to the 23rd on the Read More

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