The U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) has issued four enforcement actions during the first half of this year, two in January under former President Biden and two in June under President Trump. These actions, described below, underscore the ongoing relevance of sanctions compliance programs in the Trump era. 2025 … Continue Reading
This article will examine the evolving attitudes of the United Kingdom (“UK”), European Union (“EU”) and United States (“US”) toward corruption enforcement and will assess whether the UK and EU will be able to plug the potential enforcement gap created by President Trump’s recent Executive Order. The United States On February 10, 2025, President Trump … Continue Reading
Forced labour and modern slavery have been the subject of renewed focus across the UK and EU in recent months. Below we touch upon key issues relating to the UK Home Office’s update to its statutory guidance on the Modern Slavery Act; the EU ban on products made with forced labour due to come into … Continue Reading
On April 7, 2025, U.S. Deputy Attorney General Todd Blanche issued a memorandum titled “Ending Regulation by Prosecution” (the “Memorandum”), which set out clear and direct enforcement priorities for the U.S. Department of Justice (“DOJ”) relating to digital assets. The Memorandum clarifies that DOJ is not a digital assets regulator and that it will not … Continue Reading
The UAE’s two financial free zones, established in the Emirates of Abu Dhabi and Dubai, possess their own civil and commercial legal frameworks, inclusive of court systems modeled closely on international standards and principles of common law and, importantly, autonomous financial services regulation. In the Abu Dhabi Global Market (“ADGM”), which was established by UAE … Continue Reading
While the United States has announced a pause on Foreign Corrupt Practices Act enforcement, the rest of the world is increasing its focus on prosecuting corrupt activities. This is a reminder to companies with a global footprint, including those headquartered in the U.S. that may not have physical operations overseas, that foreign activities likely fall … Continue Reading
The European Commission’s (EC) recent announcement of the Omnibus Simplification Proposals signals that it has heard the challenges and objections raised by companies affected by the new requirements of the Corporate Sustainability Reporting Directive (CSRD) and Corporate Sustainability Due Diligence Directive (CSDDD). But in the US, Senator Bill Hagerty (R-TN), a member of the Senate … Continue Reading
Last month, the UK’s Office of Financial Sanctions Implementation’s (“OFSI”) published a Threat Assessment analyzing sanctions compliance involving UK financial services firms since February 2022, when Russia invaded Ukraine. In the first of our two-part article (available here), we summarized the six key areas of risk that OFSI identified in its Threat Assessment. In this … Continue Reading
The start of a new year presents an opportune time to reflect on the past. We have been tracking and reporting on the U.S. Department of Justice (“DOJ”)’s Civil Cyber-Fraud Initiative (“CCF Initiative”), which former U.S. Deputy Attorney General Lisa O. Monaco announced in October 2021. The CCF Initiative employs the powerful False Claims Act (“FCA”) in … Continue Reading
Late in 2024, the UK’s Office of Financial Sanctions Implementation (“OFSI”), the agency within His Majesty’s Treasury that is charged with the implementation of financial sanctions in the UK, introduced new sanction measures aimed generally at augmenting the operation and enforcement of UK financial sanctions and targeted specifically at High Value Dealers (“HVDs”) and Art … Continue Reading
The decision-making process involved in disclosing a cyber incident is a nuanced and delicate dance. Companies need to consider a myriad of factors, including when to disclose and how much detail to disclose to employees, customers, or regulators, such as the Securities and Exchange Commission (“SEC”). A New York bank was recently forced to pay … Continue Reading
In 2024, the Abu Dhabi Global Market (“ADGM”) further enhanced transparency, accountability, and market integrity within the financial freezone by introducing the Whistleblower Protection Regulations 2024 (the “Regulations”). In brief, those Regulations require certain entities registered or licensed to operate or conduct any activity within the ADGM to implement arrangements for handling whistleblowing, including having … Continue Reading
In 2024, the National Crime Agency (the “NCA”), which is the UK’s lead agency against organized crime; human, weapon and drug trafficking; cybercrime; and economic crime, announced its “groundbreaking” data sharing partnership with seven UK banks, namely Barclays, Lloyds, Metro Bank, NatWest, Santander, Starling Bank, and TSB.[1] This new public-private partnership (“PPP”) was the largest … Continue Reading
Failure to comply with the complex web of US sanctions laws and regulations carries significant risks both in terms of exposure to civil fines and penalties and reputational harm. To help maritime sector stakeholders navigate these regulations, the US Department of Treasury’s Office of Foreign Assets Control (OFAC) has published scenario-based sanctions compliance guidance on … Continue Reading
Our colleagues Marion Seranne and Saeid Abedi recently covered the French Anti-Corruption Agency’s (“AFA”) newly published guidance addressing Corporate Reporting Sustainability Directive (“CSRD”) reporting for companies that do not meet the French Sapin II law thresholds. In short, the agency stated that CSRD reporting standards trigger an obligation to implement an antibribery and corruption compliance program – a … Continue Reading
On September 27, 2024, the Financial Conduct Authority (“FCA”), which is a financial regulatory body in the UK that regulates firms providing financial services to consumers, fined a UK Challenger Bank (the “Bank”) £29 million due to significant failings in its financial sanctions compliance and anti-money laundering systems and controls. The FCA’s Summary of Reasons … Continue Reading
In a post published earlier this year, we highlighted the importance of proactively managing artificial intelligence (“AI”) risks as part of an effective compliance program. Specifically, we explored the key considerations for organizations to effectively navigate AI-related risks and enhance their compliance efforts. We also referenced Deputy Attorney General Lisa O. Monaco’s announcement incorporating an … Continue Reading
On August 28, 2024, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) issued two final rules to counter financial crime and safeguard national security: one broadening the definition of “financial institution” to include certain registered investment advisers (“RIAs”) and exempt reporting advisers (“ERAs”) under the Bank Secrecy Act (“BSA”), and one mandating … Continue Reading
Summer may be coming to an end, but whistleblower awards are far from over. On August 23, 2024, the Securities Exchange Commission (“SEC”) announced payment of over $98 million total to two whistleblowers who provided the SEC with information that led to successful enforcement actions – the fifth largest since the program’s inception in 2011, … Continue Reading
There has been a major shift in the European Union (“EU”) in recent years around Environment, Social and Governance (“ESG“), from voluntary corporate social responsibility initiatives to a much more regulated and legislation-driven ESG regime. A key component driving this shift is the Corporate Sustainability Due Diligence Directive of June 13, 2024 (“CS3D”),[1] which established … Continue Reading
The UK and US enforcement agencies have been actively pursuing insider dealing (“insider trading”, in US parlance) since the COVID-19 pandemic ended. The UK and US have different securities enforcement regimes, but both have seen recent developments expanding the scope of conduct that can be prosecuted. For individuals and organizations trading across multiple jurisdictions, it … Continue Reading
The President’s signing of the 21st Century Peace through Strength Act (the “Act”)[1] on April 24, 2024 marked one of the most significant expansions of the sanctions enforcement authority of the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”). For many decades OFAC’s civil enforcement actions have been limited to five years … Continue Reading
In this article, we summarize the trends that have emerged from enforcement actions published between 2022 and the present day by the Dubai Financial Services Authority (the “DFSA”).… Continue Reading
In May 2024, the US Department of Defense (DoD) published the long-awaited DoD Instruction [1] (FOCI Instruction) expanding the FOCI review process from solely US government contractors that access classified information to all US government contractors performing on certain unclassified contracts with a value exceeding US$5 million. For the uninitiated, the US government mitigates FOCI … Continue Reading
