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
Between October 25 and October 27, 2023, the Financial Action Task Force (“FATF”), an international policy-making and standard-setting body dedicated to combating money laundering and terrorist financing, held its third plenary meeting of the year (the “October Plenary”), at which it made important updates to its list of jurisdictions under increased monitoring, often externally referred … Continue Reading
Under a new safe harbor policy announced by Deputy Attorney General Lisa Monaco on October 4, 2023, an acquiring company that discloses potential wrongdoing at a company being acquired within six months of the deal closing date—and fully cooperates and fixes the underlying problems within a year of closing—can presume it will not be criminally … Continue Reading
On September 13, 2022, Judge Abdul Rahman Murad Al-Blooshi, Director of the International Cooperation Department of the UAE Ministry of Justice, issued a communiqué to His Excellency Tarish Eid Al-Mansoori, Director General of the Dubai Courts, directing the Dubai Courts to enforce judgements issued by the English Courts (the “Directive”). This follows the English Courts’ … Continue Reading
The European Union recently removed the United Arab Emirates from the list of Uncooperative Tax Havens. The UAE achieved this goal after enhancing the substance and transparency of its taxation procedures. Tax analysts believe this action will make the UAE an even more attractive destination for foreign investment in future.… Continue Reading
2018 arrived in the wake of big changes at the U.S. Securities and Exchange Commission (“the SEC”). Jay Clayton was sworn in as Chairman of the Commission in May, naming Steve Peikin and Stephanie Avakian as Co-Directors of the Enforcement Division (the “Division”) in June. As many do for the start of a new year, … Continue Reading
On 23 October 2012, the Ministry of Justice (MoJ) published its response to the consultation paper on DPAs, and confirmed that it will legislate to introduce DPAs in England and Wales. The Government intends to include an amendment to the Crime and Courts Bill 2012-2013 to introduce DPAs in England and Wales, and it is … Continue Reading
Transparency International recently released its 2012 Corruption Perceptions Index (“CPI”). The CPI ranks countries based on perceived corruption of a country’s public sector. The CPI ranking of a country is often used as a factor in conducting anti-bribery and corruption risk analysis in a given country. It is a valuable tool for assessing risk levels … Continue Reading
The Department of Justice and Securities and Exchange Commission have stressed the need for companies to conduct FCPA due diligence before entering into transactions with third parties or buying another company. The DOJ and SEC have levied stiff fines on companies that have not heeded their advice once violations of the FCPA have been discovered. … Continue Reading
Last week, one of London’s oldest insurance brokers, Willis Limited (“Willis”), was fined by the UK Financial Services Authority (“FSA”) for failing to counter the risks of bribery and corruption. The £7 million penalty was handed down to Willis in the FSA’s Final Notice (PDF/80.3KB/24 pages) on 21 July 2011. Conduct From 2005 to 2009, … Continue Reading
Members of the Squire Sanders China team have written the China chapter to the fifth edition of Getting the Deal Through – Anti-Corruption Regulation 2011, which provides international analysis in key areas of law and policy for corporate counsel, cross-border legal practitioners and business people. Following the format adopted throughout the series, our China team has provided responses … Continue Reading
As part of the strategy to put an end to corruption in Mexico, and within the scope of the 2007-2012 National Development Plan to strengthen security and the rule of law, President Felipe Calderon sent on March 2, 2011 the decree initiative amending and expanding various provisions of the Federal Law of Administrative Accountability of … Continue Reading
The DOJ‘s settlement with Panalpina and others has been well reported (for example, see our previous article). The size of the settlement clearly highlights the importance of anticorruption controls from a regulatory and compliance perspective. Panalpina’s Deferred Prosecution Agreement (PDF/2.08MB/77 pages) with the DOJ makes a good read. Among other things, the agreement provides that … Continue Reading
