Clifford Chance
The latest global trends, risks and developments in regulatory, investigations and financial crime
View our latest insights globally or click on a specific geography for local insights.
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Responding to the FCA's Dear CEO letter on the retention of interest on customers’ cash balances
In its Dear CEO letter (12 December 2023) to investment platforms and self-invested personal pension scheme (SIPP) operators, the FCA has asked firms to confirm, by 31 January 2024 (with a backstop of 29 February 2024 for making any necessary changes), that they are (or how they will become) compliant with the Consumer Duty ("the Duty") in respect of their retention of interest on customers' cash balances.
Sophie Cunliffe Senior Associate 23 January 2024
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What's keeping the WEF up at night? Global Risks Report highlights key risk areas for 2024
On the 10 January 2024, the World Economic Forum ("WEF") released its 19th Edition of 'The Global Risks Report 2024' ("GRR") highlighting the most severe risks threatening the world in 2024 and beyond. Here are its key findings and implications.
Naomi Griffin Partner 24 January 2024
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PRA fines former CEO of Wyelands Bank Plc for multiple breaches of the PRA’s Conduct Rules
On 11 January 2024, the Prudential Regulation Authority ("PRA") published its final notice issued to Iain Mark Hunter ("Mr Hunter"), former Chief Executive Officer ("CEO") of Wyelands Bank plc ("Wyelands"), fining him £118,808 for breaching three PRA Conduct Rules between 7 March 2016 and 28 May 2020.
Dorian Drew Partner 25 January 2024
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SFC publishes 2024-2026 strategic priorities
The SFC's publication of its strategic priorities for the next three years is welcomed. Whilst the SFC has from time to time indicated its priorities through annual and quarterly reports, bulletins, and forums and events, this is a notably different approach in terms of presenting standalone strategic priorities. The priorities reflect the global landscape and technological advances, and unsurprisingly include virtual assets, tokenisation and ESG. In addition, the SFC has highlighted the growing sophistication of investigation and enforcement tools available to it such as suptech and international collaboration.
Donna Wacker Partner 29 January 2024
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Compliance and Enforcement Alert from the Price Cap Coalition on the Oil Price Cap
On 1 February 2024, new international guidance was published by the Price Cap Coalition on the Oil Price Cap ("OPC"), setting out recommendations for identifying key OPC evasion methods and information on how to report suspected breaches.
Ellen Kerslake Lawyer 5 February 2024
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The Bank of England's Approach to Enforcement, Policy Statement (PS 1/24)
Key takeaways from the Bank of England's Policy Statement (PS 1/24).
Sophie Cunliffe Senior Associate 12 February 2024
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Failure to prevent fraud: implications for large organisations
The Economic Crime and Corporate Transparency Act 2023 introduced a new failure to prevent fraud offence representing a significant turning point for the law on corporate criminal liability in the UK, making it easier to prosecute corporates for certain financial crimes.
Chris David Partner 15 February 2024
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UK Government publishes first Sanctions Strategy paper
On 22 February 2023, the UK Government published a sanctions strategy paper titled ‘Deter, Disrupt and Demonstrate – UK sanctions in a contested world’ setting out the UK's approach to sanctions.
Bethan Lovett Senior Associate 29 February 2024
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Guidance published on "No Re-Export to Russia" clauses
On 22 February 2024, the European Commission published guidance on the requirement for European exporters to impose "No Re-Export to Russia" clauses in contracts for the export of certain goods from the EU to third countries, that was adopted as part of the 12th package of EU sanctions against Russia in December 2023.
Jessica Arapu Lawyer 1 March 2024
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FCA Consults on Changing its Approach to Disclosing Enforcement Investigations
The Financial Conduct Authority (FCA) has opened a consultation on changing its approach to publicising enforcement investigations. At the same time, the FCA has announced a more "focused" and "streamlined" approach to enforcement, appearing to indicate a move away from using enforcement as a diagnostic tool wherever breaches may have occurred, towards more targeted use of enforcement for deterrence.
Oliver Pegden Partner 4 March 2024
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Tackling Corruption in the Italian Healthcare Sector
The public consultation on the draft executive order and guidelines governing the public electronic register called “Transparent Health System” introduced by Law 62/2022 (the 'Italian Sunshine Act') has now been concluded.
Stella Magistro Senior Associate 6 March 2024
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Crypto product not a debenture: Finder Wallet's win in ASIC proceeding
The Federal Court rules that Finder Wallet Pty Ltd's "Finder Earn" product is not a debenture for the purposes of the Corporations Act 2001 (Cth).
Donna Wacker Partner 5 April 2024
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Spotlight on Greenwashing: Federal Court's Ruling in ASIC's Civil Penalty Litigation against Vanguard
ASIC took action against Vanguard and has been granted much of the declaratory relief it sought in its first greenwashing civil penalty litigation.
Naomi Griffin Partner 12 April 2024
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New sanctions Directive entered in the Official Journal of the EU
The new Directive, aimed at harmonising criminal enforcement of EU sanctions regimes, will enter into force on the twentieth day following publication in the Journal on 29 April 2024.
Michael Lyons Partner 30 April 2024
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eSafety reaching across borders: Federal Court grants injunctions in X Corp proceedings
The Australian eSafety Commissioner has succeeded in obtaining an interim injunction requiring X Corp to hide extreme violent video content of an alleged terrorist act.
Alexandra Zhu Senior Associate 7 May 2024
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Are you ready for the new Belgian whistleblower protection rules?
The long-awaited Belgian law transposing the EU Whistleblower Protection Directive enters into force on 15 February 2023 and expands the scope of whistleblower protection compared to the EU framework.
Sophie Deschuyter Lawyer 11 January 2023
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Proposed UK market abuse regime for cryptoassets
The UK Treasury has today released its consultation on the future financial services regime for cryptoassets, including a proposal for a cryptoasset market abuse regime.
Oliver Pegden Partner 1 February 2023
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Whistle-blowers: Beware the blowbacks
The SGHC grants $50,000 in defamation damages to victim of malicious whistle-blower.
Kabir Singh Partner, Clifford Chance Asia* 14 February 2023
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The Netherlands moves forward with implementation of the EU Directive for whistleblower protection
After a lengthy process, the bill transposing the EU Whistleblowing Directive in the Netherlands has now been adopted, with enactment per 18 February next!
Sara Schermerhorn Senior Advisor 17 February 2023
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Potential new tax risk for companies providing 'free' services across the EU
Italian prosecutors and tax authorities are allegedly investigating Meta, owner of Facebook, for failure to apply VAT on its free services to Italian users from 2015 to 2021.
Heiner Hugger Partner 27 February 2023
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Corruption Perceptions Index 2022 –Stagnation in Asia
Transparency International has recently released its Corruption Perceptions Index ("CPI") for the year 2022 ("CPI 2022"). The CPI offers a useful tool for businesses to take into consideration when conducting anti-bribery and corruption risk assessments and due diligence, in order to assess the perceived level of public sector corruption in a country or territory. In this update, we focus specifically on the APAC region (which includes, North Asia, the Indian sub-continent, Southeast Asia, Oceania, and the Pacific Islands).
Tess Forge Counsel, Clifford Chance Asia* 8 March 2023
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Update to OFSI Enforcement Guidance – Assessing Ownership and Control
The UK's sanctions authority, the Office of Financial Sanctions Implementation ("OFSI"), has today published updated guidance on its enforcement powers for breaches of financial sanctions legislation.
Michael Lyons Partner 16 March 2023
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Global Investigations Review (GIR)'s Corporate Investigations Guide for Australia – high profile investigations, regulatory developments and key principles GIR has published the seventh edition of its practical guide for external and in-house counsel, compliance officers and accounting practitioners. Members of the Clifford Chance global RIFC practice are editors and authored several chapters including the Australia chapter. 17 March 2023 Read more
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Global Investigations Review (GIR)'s Corporate Investigations Guide for Hong Kong – high profile investigations, regulatory developments and key principles
GIR has published the seventh edition of its practical guide for external and in-house counsel, compliance officers and accounting practitioners. Members of the Clifford Chance global RIFC practice are editors and authored several chapters including the Hong Kong chapter.
Donna Wacker Partner 17 March 2023
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Global Investigations Review (GIR)'s Corporate Investigations Guide for Singapore – high profile investigations, regulatory developments and key principles
GIR has published the seventh edition of its practical guide for external and in-house counsel, compliance officers and accounting practitioners. Members of the Clifford Chance global RIFC practice (and Cavenagh Law LLP ) are editors and authored several chapters including the Singapore chapter.
Kabir Singh Partner, Clifford Chance Asia* 17 March 2023
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SFC Enforcement Priorities and Key Focus Areas - Fireside Chat with Kit Wilson and Lisa Chen
We sat down with Christopher (Kit) Wilson and Lisa Chen on 17 March 2023 to discuss the enforcement priorities and key focus areas of the Securities and Futures Commission (SFC) since Kit took over the role of overseeing the Enforcement Division in November 2022. Lisa is a Senior Director in the Enforcement Division.
Connie Heng Regional Managing Partner, Asia Pacific 28 March 2023
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Challenges remain in policing Great Britain's wholesale electricity market
A recent Bloomberg investigation has once again shone the light on practices in Great Britain's wholesale electricity market, however Ofgem's response is indicative of the challenges that exist in taking enforcement action against market participants
Matthew Lee Senior Associate 31 March 2023
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SMCR stock take: PRA and FCA discussion paper provides opportunity to assess the effectiveness of the SMCR.
On 30 March 2023, the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) published joint Discussion Paper PRA DP1/23 and FCA DP23/3 - Review of the Senior Managers & Certification Regime (the DP), inviting views on potential improvements to the Senior Managers & Certification Regime (SMCR).
Eleanor Matthews Senior Associate 6 April 2023
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FCA Business Plan 2023/24 bolsters approach to enforcement
On 5th April 2023, the Financial Conduct Authority (FCA) published its Business Plan 2023/24.
Oliver Pegden Partner 11 April 2023
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PRA censures Wyelands Bank Plc for significant regulatory failings
On 4th April 2023, the Prudential Regulation Authority ("PRA") censured Wyelands Bank Plc ("Wyelands") for wide-ranging significant regulatory failings relating to large exposure limits, capital reporting, governance and risk controls.
Dorian Drew Partner 21 April 2023
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Changes to the Bank of England and Prudential Regulation Authority's enforcement approach: CP9/23 ("Consultation")
The Bank of England (the "Bank") and Prudential Regulation Authority ("PRA") are consulting on significant changes to their enforcement policies. These changes, if implemented, may alter the experience of enforcement, as well as raising strategic considerations, for those the subject of investigation. The Consultation includes the following three key proposals:
i) A new route for early cooperation by the subjects of an investigation: the Early Account Scheme ("EAS").
ii) An enhanced settlement discount of up to 50% when the subject of an investigation has made early admissions and participated in the EAS.
iii) Changes to the approach used for calculating financial penalties.
Sophie Cunliffe Senior Associate 12 May 2023
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New restriction on cryptoasset promotions to UK consumers - what do the FCA's strict new rules mean for cryptoasset businesses?
The Financial Conduct Authority's (FCA) policy statement PS23/6 sets out new rules for marketing cryptoassets in the UK. With just four months to implement the changes, firms could face significant enforcement action if they don't act now.
Diego Ballon Ossio Partner 12 June 2023
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The Upper Tribunal criticises the FCA's approach to enforcement in Seiler, Whitestone & Raitzin v FCA [2023] UKUT 00133 (TCC)
The FCA recently lost an Upper Tribunal case against three former employees of Julius Baer. The case is important for two main reasons. First, the FCA lost its arguments on what constitutes recklessness. Second, the Upper Tribunal heavily criticised the FCA's conduct of the investigation and the litigation in a way that is likely to impact future enforcement investigations.
Rahul Dev Lawyer 28 June 2023
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HMT consultation on reform of AML/CTF supervisory regime and the need for a formal system of sanctions systems and controls supervision
HM Treasury has published a consultation paper on the anti-money laundering ("AML") and counter-terrorist financing ("CTF") supervisory regime in the regulated sector, and the need for a more formalised system of sanctions systems and controls supervision.
Bethan Lovett Senior Associate 5 July 2023
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Greenhushing: why are companies shying away from publicising their green initiatives
With an increase in regulator attention over greenwashing claims in Australia, how can businesses best equip themselves to ensure their ESG efforts are defendable and form part of their public messaging?
Naomi Griffin Partner 26 July 2023
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SFC publishes consultation conclusions on its proposed amendments to enforcement-related provisions of the SFO
The SFC has decided to proceed with its proposal to extend the territorial scope of the insider dealing regime to cover overseas-listed securities. Conversely, it has taken respondents' submissions into account and put on hold its more contentious proposals to expand section 213 remedial relief and clarify the professional investor exemption under section 103.
Donna Wacker Partner 14 August 2023
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OFSI takes sanctions enforcement action and updates guidance
On 31 August 2023, OFSI published a Disclosure Notice containing details of a breach of the Russia (Sanctions) (EU Exit) Regulations 2019 (the "Russia Regulations").
Bethan Lovett Senior Associate 31 August 2023
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Expanding the conversation – what updating your modern slavery policies and processes can mean for ESG
In a world where corporate responsibility is becoming an essential component of doing business, one conversation might necessarily lead to another. In this blog, we consider how examining your modern slavery protections can lead to a deepening of your understanding for all things environmental, social and governance.
Naomi Griffin Partner 13 September 2023
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FCA and PRA publish proposed guidance on non-financial misconduct – what might this mean for financial services firms?
On 25 September 2023, the FCA and PRA (the "Regulators") published their much anticipated consultation papers (PRA CP 18/23 and FCA CP23/20, together the "Consultation Papers") on a package of measures to promote diversity and inclusion in the financial services sector, including proposed amendments to clarify where the Regulators' rules apply to non-financial misconduct.
Eleanor Matthews Senior Associate 6 October 2023
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Changes to the landscape for corporate criminal liability in the UK
On 26 October 2023 the Economic Crime and Corporate Transparency Act received royal Assent, heralding the impending introduction of a new corporate criminal offence of ‘failure to prevent fraud’, along with reforms that permit the prosecution of companies for economic crimes committed by senior managers.
Matthew Lee Senior Associate 31 October 2023
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FCA publishes Memorandum of Understanding with OFSI
On 1 December 2023, the Financial Conduct Authority ("FCA") published an updated Memorandum of Understanding ("MoU") setting out arrangements for co-operation and the exchange of relevant information between it and the Office of Financial Sanctions Implementation ("OFSI").
Bláithín Dockery Lawyer 5 December 2023
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UK creates a new enforcement unit for trade sanctions, OTSI
On 11 December 2023, the UK government announced the creation of a new enforcement unit, the Office of Trade Sanctions Implementation ("OTSI") that will have new civil enforcement powers for trade sanctions breaches – mirroring those which already exist for financial sanctions.
Bláithín Dockery Lawyer 12 December 2023
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Payments Systems Regulator issues first competition infringement decision in the payments sector
The PSR has imposed fines totalling over £33m against five companies. The PSR found that they had infringed competition law by agreeing not to compete or poach each other's customers in the UK prepaid cards market.
Samantha Ward Partner 20 January 2022
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Update on the implementation of the Whistleblower Protection Directive in the Netherlands
The preparations for the parliamentary debate on the implementation of the Whistleblower Protection Directive in the Netherlands, have resulted in amendments to the initial bill.
Sara Schermerhorn Senior Advisor 17 January 2022
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Tech sector continues to ripen for whistleblowing at a time when EU Directive may complicate investigations
The tech industry, much like other industries, has certain characteristics that make it particularly vulnerable to whistleblowing. Its rapid and ever-increasing growth, overarching presence in our daily lives and the surge of government contracts over recent years combine to create the perfect storm for whistleblowing.
Jamal El-Hindi Counsel 14 February 2022
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Luxembourg publishes draft bill transposing the EU Whistleblower Directive – better late than never?
The government chose to extend the scope of the protection of whistleblowers compared to the scope of the EU Whistleblower Directive (EU) 2019/1937 (the "Directive").
Albert Moro Partner 14 February 2022
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ESG Investigations: The challenges of investigating ESG-related issues and incidents
Investigations relating to Environmental, Social or Governance (ESG) issues or incidents are not new. However, over the last decade the interest in ‘ESG’ has grown and with more attention on the risk and rewards, ESG-related investigations, and focus on how they are conducted, are on the rise.
Ellen Lake Senior Associate 1 February 2022
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A ripening conflict for us defense and government contractors with the newly imposed eu whistleblower directive
Regulators in the United States and the European Union have placed a significant emphasis on removing barriers for whistleblowers as part of addressing fraud and corruption, with the EU taking bold steps by imposing its new Whistleblower Protection Directive ("EU Directive" or "Directive"). This development in the EU however could have direct and perhaps unintended consequences for defense and government contractors at a time when largescale government spending is creating fertile ground for whistleblowers.
David DiBari Partner 24 February 2022
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FCA's Consumer Duty - what should firms be doing today to prepare?
Now that the FCA's consultation on its new Consumer Duty has closed, and while we wait for the FCA to agree to a more reasonable, perhaps phased, implementation period, what should firms be doing today to prepare?
Dorian Drew Partner 28 February 2022
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Economic Crime Act in force – the three key areas for reform
Recent events in Ukraine have seen the Economic Crime (Transparency and Enforcement) Bill fast-tracked through Parliament to receipt of Royal Assent on 15 March 2022, with a number of significant implications for reform of sanctions and the economic crime regime.
Ellen Lake Senior Associate 16 March 2022
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Initiation Game Over: Lloyd's tackles non-financial misconduct
As published in a notice of censure on 16 March 2022 (the "Notice"), Lloyd's of London ("Lloyd's") has publicly censured and fined member organisation, Atrium Underwriters Limited ("Atrium"), in relation to non-financial misconduct by Atrium employees and the way in which Atrium responded to allegations of such misconduct.
Dorian Drew Partner 29 March 2022
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ASIC keeps a sharp eye on 'finfluencers' and doesn't 'double tap'
Influencer marketing is an increasingly lucrative revenue stream for companies. ASIC has issued a reminder that the law applies equally to social media personalities promoting financial products and services online - and the AFS licensees who use them.
Alexandra Zhu Senior Associate 29 March 2022
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FinCEN is poised to increase use of Section 311 and apply it in new ways
Recent remarks from Acting Director Himamauli Das of FinCEN, pending Congressional action to strengthen Section 311 of the Patriot Act, and the new Executive Order on digital assets indicate a possible new wave of actions.
Jamal El-Hindi Counsel 1 April 2022
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Financial Accountability Regime Bill 2021 (Cth): A FAR away prospect? Implications for the industry
The Financial Accountability Regime Bill 2021 (Cth) (FAR) has lapsed in light of the 2022 Federal Election being called. This means that Australian entities and executives will need to revisit their obligations under the existing Banking Executive and Accountability Regime (BEAR).
Christine Wang Associate 26 April 2022
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CMA not immune from costs orders says Supreme Court
On 25 May 2022, the Supreme Court handed down an important judgment relating to appeals against decisions by public authorities (Pfizer and Flynn v CMA [2022] UKSC 14) (here). It found that there is no generally applicable principle that all public bodies should enjoy protected status as parties to litigation where they lose a case they have brought or defended in the exercise of their public functions in the public interest. Instead, it is important that a court or tribunal considers the risk that there will be a ‘chilling effect’ on the conduct of a public authority, if costs orders are made routinely against it in those kinds of proceedings. The Competition Appeal Tribunal (“CAT”) was right to distinguish Competition Act 1998 (“CA98”) appeals from appeals against public authorities where there might be a risk of a chilling effect. The starting point in CA98 appeals is that costs follow the event, but the question of success is generally considered on an issue-by-issue basis.
Ben Jasper Senior Associate 1 June 2022
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Cyber on ASIC's mind: AFS licensees told to manage cyber risk adequately or face enforcement action
The Federal Court of Australia has handed down its judgment in the first proceedings brought by ASIC against a company for failing to have adequate cybersecurity systems in place.
Alexandra Zhu Senior Associate 7 June 2022
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FCA Announces New Reporting Tool for Sanctions Breaches and Poor Sanctions Controls
In a notice published on 17 May 2022 ("Notice"), the FCA announced the release of a new reporting tool, akin to a whistleblower hotline, this is designed to facilitate the voluntary reporting of sanctions evasion issues or weaknesses in sanctions controls by firms or persons listed on the FCA's registers, or companies with UK listed securities.
Michael Lyons Partner 7 June 2022
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Shining the Lanterne on AFS licensee obligations for "licensees for hire": Civil penalty proceedings against Lanterne Fund Services
The Australian Securities & Investments Commission (ASIC) seeks to reaffirm the general obligations of Australian financial services (AFS) licensees, even where they are not dealing with retail investors and general consumers directly.
Alexandra Zhu Senior Associate 11 August 2022
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APRA continues to hack away at strengthening operational resilience
Recent events have highlighted the heightened risk applicable to APRA-regulated entities, and strongly supports the importance for setting and maintaining appropriate standards for conduct and compliance to effectively manage operational risk.
Rishiv Rathore Associate 26 October 2022
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Hong Kong to allow retail access to virtual asset ETFs and considering legalizing retail virtual asset exchanges
Hong Kong announced several fundamental virtual asset-friendly changes to the city's regulatory stance towards virtual assets, including the relaxation of rules surrounding retail access.
Rocky Mui Partner 2 November 2022
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Federal anti-corruption watchdog arrives: Unpacking the National Anti-Corruption Commission Bill 2022 and its implications
The National Anti-Corruption Commission Bill 2022 (NACC Bill) has been introduced into Australian Parliament for the establishment of an independent agency to investigate "serious or systemic" corruption across the Commonwealth public sector.
Alexandra Zhu Senior Associate 10 November 2022
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The Whistle Keeps on Blowing
The SEC's annual Enforcement Results for FY22 reflect continuing trends for whistleblowers and awards.
Michelle Williams Partner 22 November 2022
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MUR Shipping v RTI – force majeure clauses
The Court of Appeal has held that a "reasonable endeavours" obligation in a force majeure clause required a party to accept payment in Euros, despite its contractual right to receive US Dollars.
Tom Dyer Lawyer 8 December 2022
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Expansion of AML Whistleblowing to Include Sanctions Whistleblowing
Pending legislation opens door to more bounties for tips on sanctions violators anywhere in the world.
Jamal El-Hindi Counsel 15 December 2022
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Updates on new VASP licensing regime in Amended AMLO
The Amended AMLO was passed by LegCo and we have outlined the key concepts under the Amended AMLO and the postponed timeline for commencement of the licensing regime for VASPs.
Rocky Mui Partner 20 December 2022
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Anti-Money Laundering (AML) reforms part of sweeping changes in 2021
On January 1, 2021, Congress passed into law the National Defense Authorization Act for Fiscal Year 2021, which includes the Anti-Money Laundering Act of 2020 (the "Act"), the most sweeping anti-money laundering ("AML") legislation since the enactment of the USA PATRIOT Act of 2001.
David DiBari Partner 5 January 2021
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New Luxembourg law on implementation of restrictive measures in financial matters
Restrictive measures in financial matters have just been reviewed in Luxembourg in order to integrate U.N. and E.U. progress in this area into national legislation.
Albert Moro Partner 14 January 2021
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PRC Blocking Statute now in effect
On 9 January 2021, the PRC Ministry of Commerce (MofCom) issued its new "blocking statute", known as the Rules on Counteracting Unjustified Extra-territorial Application of Foreign Legislation and Other Measures (Rules), which came into effect on the same date.
Lei Shi Managing Partner, Mainland China 15 January 2021
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Is Spain ready for the EU Whistleblower Protection Directive?
Currently, there are no universal regulations on whistleblower protection under Spanish law, but specific laws in various sectors already contain some provisions that are in line with the requirements laid down by the Whistleblower Protection Directive.
This "partial coverage" of whistleblowing under Spanish law includes certain coverage in the financial services sector, regarding anti-money laundering regulation, as well as criminal compliance programmes, but still leaves gaps in protection across other sectors.
Sonia Trendafilova Abogado 29 January 2021
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Enhanced U.S. Subpoena Authority over Foreign Banks with U.S. Correspondent Accounts: Watershed or Overreach?
Congress passed the Anti-Money Laundering Act of 2020 (the "Act") on January 1, 2021 as part of the National Defense Authorization Act for Fiscal Year 2021.
The Act includes, among other significant updates to the Bank Secrecy Act and related U.S. anti-money laundering regimes, new and potentially groundbreaking authority for the U.S. Department of Justice ("DOJ") and the U.S. Department of the Treasury ("Treasury") to subpoena non-U.S. bank records stored outside the U.S., backed by hefty penalties for non-compliance.
Brendan Stuart Counsel 1 February 2021
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UK Supreme Court rebalances Serious Fraud Office's extra-territorial evidence gathering powers
The SFO has suffered a further setback in its ability to gather evidence held overseas following a ruling by the Supreme Court that its "Section 2" powers do not extend to allowing it to compel the production of documents held outside of the UK by a foreign company.
Luke Tolaini Partner 9 February 2021
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Internal investigations in Spain continue being waitlisted for regulation
Latest legislative initiatives in Spain still fail to provide legal framework for internal investigations.
Sonia Trendafilova Abogado 24 February 2021
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Corporate investigations in Hong Kong – upcoming changes, key principles and hot topics
Global Investigations Review (GIR) has published the fifth edition of its practical guide for external and in-house counsel, compliance officers and accounting practitioners. Members of the Clifford Chance global RIFC practice are editors and authored several chapters including the Hong Kong chapter.
Donna Wacker Partner 23 March 2021
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Exploring the latest trends in economic sanctions and trade controls
In this write-up from a recent Clifford Chance webinar, we explore the latest trends in US, EU and UK policy on economic sanctions and trade controls, including compliance and enforcement risks and potential changes under the Biden Administration.
David DiBari Partner 24 March 2021
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OFSI updates monetary penalty guidance
OFSI has issued new guidance on the monetary penalties for breaches of financial sanctions in the UK, which comes into force on 1 April 2021. The amendments highlight some subtle but potentially important changes to enforcement risk which we discuss below in more detail.
Lydia Tuckey Senior Associate 16 March 2021
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The investigation into MAPFRE cyber attack: Spanish Data Protection Agency stresses importance of a diligent response and transparency
Key factors that led to the investigation closing without a fine were the diligent and efficient crisis management and the swift notice to relevant regulators and third parties.
Sonia Trendafilova Abogado 6 April 2021
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Upcoming developments to be expected at the midpoint of the UK's Economic Crime Plan for 2019-2022
Almost two years on from the UK’s Economic Crime Plan for 2019-2022, the Government, in partnership with UK Finance, has reported on progress against the plan in the recently published Economic Crime Plan: Statement of Progress.
Ellen Lake Senior Associate 11 May 2021
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ECJ opinion on the EU Blocking Regulation and US sanctions on Iran
The Advocate General ("AG") of the ECJ has issued a long-awaited opinion on the meaning of the EU Blocking Regulation concerning US sanctions on Iran. If adopted by the Court, the effects could be significant and wide-ranging.
Michael Lyons Partner 21 May 2021
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Australian regulators zooming in on cyber compliance
Australian regulators have flagged a continued focus on securing enforcement outcomes for data privacy breaches.
Sharfah Mohamed Associate 26 May 2021
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Targeting the tech that enables serious and organised crime: the NCA's National Strategic Assessment 2021
The National Crime Agency (NCA) has published its 2021 National Strategic Assessment on Serious and Organised Crime (NSA), which highlights the technological means used by criminals who pose serious and organised crime threats to the UK.
Ellen Lake Senior Associate 28 May 2021
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AML/CFT in the era of Regtech – guidance on integration of external data
The Hong Kong Monetary Authority (HKMA) has provided helpful AML / CFT guidance following its thematic review.
Jonathan Wong Partner 30 June 2021
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European Commission launches European Public Prosecutor’s Office
On 1st June 2021, the European Commission (EC) launched the European Public Prosecutor’s Office (EPPO) based in Luxembourg and marking an important milestone on the way to a deeper cooperation between EU member states concerning white-collar crime.
Charles-Henri Boeringer Partner 9 June 2021
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Is this the end of group-wide whistleblower systems and central investigations?
The EU Whistleblower Protection Directive must be transposed into Member States' local legislation by 17 December 2021. With a little less than six months to go before the deadline, companies are asking important questions to the European Commission.
Ines Keitel Head of the German Employment Group 22 June 2021
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Stuart Forsyth v Financial Conduct Authority and Prudential Regulation Authority: Integrity and regulatory processes
On 6 July 2021, the Upper Tribunal (UT) published its decision in Stuart Forsyth v (1) FCA and (2) PRA, [2021] UKUT 0162 (TCC), in which it affirmed the distinction between integrity and dishonesty, and severely criticised the conduct of both regulators.
Carlos Conceicao Partner 30 July 2021
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The Law Commission consults on corporate criminal liability reform
As the Law Commission's consultation on reforming the law relating to corporate criminal liability continues, Clifford Chance examines the case for reform and asks whether the need for a change in the law has been overstated.
Luke Tolaini Partner 19 July 2021
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Four things you should know about the FCA's Business Plan 2021/22
Nikhil Rathi has set out his ambition for the FCA to be more innovative, assertive and adaptive in the FCA's Business Plan 2021/22. What will this mean for firms?
Carlos Conceicao Partner 15 July 2021
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'Dear CEO': The FCA's warning to retail banking about the poor standard of financial crime controls
The Financial Conduct Authority (FCA) recently issued a 'Dear CEO' letter to retail banks as a call for action to be taken in response to common control failings identified in anti-money laundering frameworks.
Michael Lyons Partner 9 July 2021
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An expansion of global sanctions on Belarus
On 23 May 2021, the Government of Belarus diverted a Ryanair passenger jet to land in Minsk and detained two of its passengers – activist and journalist Roman Protasevich, and his partner Sofia Sapega.
Michael Lyons Partner 13 August 2021
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New AML and kleptocracy-related whistleblowing provisions may accelerate and complicate internal investigation requirements
Bounties in exchange for information included within US AML reforms can apply to informants from anywhere in the world. Among other issues, such incentives may complicate US and EU company compliance with whistleblowing investigation requirements.
Jamal El-Hindi Counsel 3 August 2021
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Successful UK cryptobusiness registration – five top tips
The FCA recently noted that many cryptoasset business applicants are not meeting the standards required under the UK money laundering regime.
Ellen Lake Senior Associate 3 August 2021
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Another milestone in the fight against corruption in Europe
The European landscape has significantly changed in recent years and we have witnessed an extraordinary transformation of the local and European legal panorama.
Ludovica D'Alberti Senior Associate 1 September 2021
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Spotlight on the EU Whistleblower Directive and Pharma and Healthcare sectors
There are several factors at play for companies in the pharma and healthcare sectors, which, when combined with the availability of rewards for whistleblowers under several US laws, as well as the EU's forthcoming whistleblowing regime, create an environment that is ripe for whistleblowing.
Jamal El-Hindi Counsel 26 October 2021
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Poland begins to implement the EU Whistleblower Directive
On 4 October the Polish government published official guidelines regarding the new law implementing the EU Whistleblower Directive. The guidelines reflect the provisions of the Directive, but in some instances the government goes a step further.
Michał Magdziak Advocate 7 October 2021
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It's time to improve Australia's modern slavery framework: what is being done?
With Australia's existing modern slavery framework being criticised by some as "cosmetic" and lacking "substance over form", we explore weaknesses within the framework and various steps that may bolster it.
Alexandra Zhu Senior Associate 3 November 2021
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Recent AML enforcement action, regulatory guidance and key lessons learned
Banks should reference these examples and the expectations of the HKMA set out in its press release and recent guidance to take appropriate risk mitigating measures on an ongoing basis.
Donna Wacker Partner 8 December 2021
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The FCA implements changes to its statutory decision-making processes
The Financial Conduct Authority (FCA) has published policy statement PS21/16 announcing reforms to its decision-making process to ensure faster and more effective decisions for consumers, markets, and firms.
Dorian Drew Partner 8 December 2021
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5MLD Comes Into Force In The UK On 10 January: The Key Takeaways
On 10 January 2020, the bulk of the Money Laundering and Terrorist Financing (Amendment) Regulations 2019 (MLRs 2019), which implement the Fifth Money Laundering Directive (5MLD) in the UK, come into force.
Ellen Lake Senior Associate 7 January 2020
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European Commission hopes for post-Brexit harmony on sanctions – Good news for businesses
Last week, the European Commission's Task Force for Relations with the United Kingdom published its latest Brexit negotiation slides, relating to foreign policy, security and defence. These slides suggest a desire, that will be shared by businesses, that the EU and UK will remain aligned in their sanctions regimes post-Brexit.
Lydia Tuckey Senior Associate 24 January 2020
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European Signatories Trigger Dispute Resolution Mechanism Under The Iran Nuclear Deal
On 14 January 2020 the United Kingdom, France and Germany (the E3) activated the dispute resolution mechanism under the Iran Nuclear deal (or JCPOA), the outcome of which could result in a "snap back" of UN sanctions against Iran. This follows a series of high-profile political events that culminated in Iran's announcement on 5 January 2020 that it would discard "the last key component of its limitations in the JCPOA”.
Carla Lewis Senior Associate 16 January 2020
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Regulatory, investigations & financial crime in the UK – horizon scan: top 10 topics for 2020
We highlight some of the key areas of focus for financial services firms in 2020.
Carlos Conceicao Partner 22 January 2020
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SFO to evaluate firms' compliance programmes during an investigation
On 17 January 2020, the Serious Fraud Office (SFO) published guidance setting out how and when SFO investigators will assess the effectiveness of the internal compliance programme of a firm under investigation.
Luke Tolaini Partner 28 January 2020
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U.S. Commodities Anti-Manipulation Law and Open Market Trading
A recent Wall Street Journal article highlights threat of vague regulation to lawful trading strategies.
Robert Houck Partner 22 January 2020
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How will Tech predictions for 2020 impact Financial Crime?
I am interested to see the impact of AI in respect of financial crime. I expect to see criminals continuing to employ increasingly sophisticated technologies like machine learning to find and exploit weak points in businesses' security systems, and also to assist in concealing illegal behaviour like money laundering.
Ellen Lake Senior Associate 20 February 2020
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CMA secures further director disqualification in an increased focus on individual responsibility for competition breaches
The CMA can prohibit directors from having any involvement in the management of any company for up to 15 years. These tools are now a key part of CMA enforcement.
Ben Jasper Senior Associate 5 March 2020
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CMA loses in the Court of Appeal in landmark case on unfair pricing
As well as clarifying the law on unfair pricing, this judgment has important implications for the duty of competition authorities to investigate and the evidential burden placed on defendants.
Ben Jasper Senior Associate 10 March 2020
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FCA publishes guidance to financial services firms on COVID-19
The FCA has set out information for, and the expectations of, firms during the coronavirus pandemic (COVID-19).
Carlos Conceicao Partner 24 March 2020
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Regulatory risk and compliance during the coronavirus outbreak
The FCA, Bank of England and HM Treasury has published a statement on coronavirus.
Ellen Lake Senior Associate 6 March 2020
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Latest Ofgem enforcement action gives much for the wholesale energy markets to consider
Significant financial penalty and redress payment signals Ofgem's intention to take strong action in respect of the manipulation of the wholesale energy markets, but leaves questions unanswered for market participants.
Luke Tolaini Partner 28 April 2020
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Financial crime compliance in unprecedented times – key themes for financial services firms
In a world of increased financial crime threats and challenges as a result of coronavirus, we look at 6 key areas for financial services firms to take action to stay in compliance.
Ellen Lake Senior Associate 27 April 2020
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The NCA's 2020/21 Annual Plan and National Strategic Assessment: Criminal use of tech and crypto and the threat of cyber crime
The recently published Annual Plan for 2020/21 sets out the National Crime Agency's operational priorities for the year ahead and its enforcement response to the serious and organised crime threats set out in its National Strategic Assessment (NSA).
Ellen Lake Senior Associate 21 April 2020
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Responding to change and challenge: FCA publishes its Business Plan for 2020/21
On 7 April 2020, the FCA released its Business Plan for 2020/21, setting out its priorities for the year ahead, with specific focus on the unprecedented challenges arising from the coronavirus (Covid-19) pandemic. In this context of uncertainty and disruption, the Business Plan is understandably shorter in length this year.
Emily Goddard Senior Associate 16 April 2020
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FCA guidance for firms on financial crime systems and controls during the coronavirus crisis
On 6 May, the FCA published brief guidance as to its expectations of how firms should apply their financial crime systems and controls during the Covid-19 crisis.
Ellen Lake Senior Associate 11 May 2020
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Culture in financial services: developing thinking in the year of Coronavirus and BLM protests
The FCA's thinking on culture is continuing to develop in the year of Coronavirus and BLM protests with focus on corporate purpose and the role of discrimination as both a symptom and cause of poor culture.
Oliver Pegden Partner 24 June 2020
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Is Poland ready for the EU Whistleblower Protection Directive?
Currently, Polish law contains no universal regulations on whistleblower protection. However, there are some specific laws in various business sectors that already contain provisions that are in line with the requirements laid down by the EU Whistleblower Protection Directive.
Monika Diehl Counsel 17 June 2020
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Issuer claims for share manipulation – where are we after Burford?
The recent Commercial Court decision in Burford v LSE has highlighted the difficulties faced by listed companies who wish to bring civil claims for manipulation of their own shares.
Jason Epstein Partner 15 June 2020
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The ICC emphasises the threats that sanctions clauses pose to trade finance
The ICC Banking Commission has issued updated guidance to banks concerning the use of sanctions clauses in trade finance-related instruments subject to the ICC Rules, including documentary and standby letters of credit, documentary collections and demand guarantees and counter-guarantees.
Carla Lewis Senior Associate 15 June 2020
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What lies ahead? The Federal False Claims Act
What lies ahead? Our investigations, enforcement, litigation, and compliance teams have been thinking hard to help you stay two-steps in front. In this video, partner Glen Donath brings you up to speed on the Federal False Claims Act and what business across all industries need to know about the investment and enforcement of the Act when pursuing Federal Government support during the current pandemic.
Glen Donath Partner 27 July 2020
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Partner Joshua Berman highlights investigations trends for 2020
Our clients can't predict the future – but we can help them stay ahead of trends in investigations, enforcement, litigation, and compliance.
In this video, Josh Berman highlights the expected spike in investigations and inquiries from prosecutors, law enforcement agents and regulators during the current pandemic and into the future – take a look to see why.
Joshua Berman Partner 24 July 2020
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Preeminent French criminal lawyer, Eric Dupond-Moretti, appointed Minister of Justice by President Macron: three key takeaways from his inaugural speech
It has been 34 years since a criminal lawyer was appointed Minster of Justice in France. The announcement on Monday of the make-up of the new French cabinet with Mr. Dupond-Moretti as new Minister of Justice came as a shock to the legal profession as this talented but controversial criminal lawyer, known for his strong criticism against judges and the judicial system, was totally unexpected.
Thomas Baudesson Partner 9 July 2020
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UK Government announces first sanctions under a new global human rights regime
On 6 July 2020, Foreign Secretary Dominic Raab announced the first set of autonomous UK sanctions to be imposed since the country left the European Union. Marking a potential divergence in approach between the UK and the EU towards tackling human rights abuses, this latest step adds to the growing complexities businesses face when conducting international trade. Particularly UK financial institutions.
Carla Lewis Senior Associate 8 July 2020
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Enforcement risks for payment services firms raised by FCA's latest "Dear CEO" letter
On 9 July 2020, the FCA wrote to payment services firms highlighting the key areas of risk that firms must take steps to manage. Payment services is a key strategic priority for the FCA and these areas will likely form the basis of subsequent enforcement in the payment services sector.
Ellen Lake Senior Associate 17 July 2020
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Is Italy ready for the EU Whistleblower Protection Directive?
Italy enacted the "Law on Whistleblowing" to establish general laws applicable alongside sector legislation. This is however limited to entities that adopted systems and controls under the Italian Vicarious Liability Act.
Simonetta Candela Partner 3 August 2020
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Record-setting CFTC and DOJ penalties imposed after failure to provide complete and accurate information
On August 19, 2020, the U.S. Commodity Futures Trading Commission (“CFTC”) announced a $127.4 million settlement with a bank headquartered outside the United States (the “Bank”) for spoofing and false statements
David Yeres Senior Counsel 27 August 2020
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FCA Enforcement on AML – the risks associated with a supervisory visit laid bare
In its annual AML and CTF supervision report, HM Treasury has reported on the work of the FCA and other supervisory bodies in relation to the supervision and enforcement of the Money Laundering Regulations in the UK. The report highlights the enforcement risk associated with supervisory visits.
Michael Lyons Partner 7 August 2020
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FCA to extend the scope of the REP-CRIM reporting regime
The Financial Conduct Authority (FCA) is consulting (CP20/17 'Extension of Annual Financial Crime') (24 August 2020) on a proposal to significantly extend the scope of firms required to provide information under the current annual financial crime reporting (REP-CRIM) requirements.
Michael Lyons Partner 27 August 2020
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FCA Proceedings and Privilege
Reasoning in the recent FCA v Carillion PLC (In Liquidation) decision may be relevant to the question of when litigation privilege arises during a regulatory investigation.
Oliver Pegden Partner 16 September 2020
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FCA issues statement on cannabis-related businesses
The FCA has issued a statement in response to queries from companies involved in the lawful cannabis industry outside of the UK who are interested in listing in the UK. In its statement the FCA sets out its analysis of the Proceeds of Crime Act in relation to cannabis-related businesses and how this impacts any application to list in the UK.
Lydia Tuckey Senior Associate 21 September 2020
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Is Belgium ready for the EU Whistleblower Protection Directive?
Belgium as yet does not have a comprehensive framework for whistleblower protection. Two piecemeal regulations, however, regulate such protection for financial markets and money laundering.
Dorothée Vermeiren Partner 2 September 2020
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Is Luxembourg ready for the EU Whistleblower Protection Directive?
The EU Whistleblower Directive (the "Directive") provides for a general framework of whistleblower protection, in stark contrast to the number of sectorial rules currently in force in Luxembourg.
Albert Moro Partner 4 September 2020
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Is the Netherlands ready for the EU Whistleblower Protection Directive?
In the Netherlands, whistleblower protection legislation (the "Whistleblower Act") has been effective since 1 July 2016. Relevant legislation provides for an obligation for employers that generally have at least 50 people working within their organisation in the Netherlands to draw up an internal procedure for reporting wrongdoing. The new EU Whistleblower Protection Directive (the "Directive"), will bring several changes to the existing legal framework.
Sara Schermerhorn Senior Advisor 22 September 2020
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L'AFA publie un guide sur les cadeaux et invitations en entreprise
Le guide pratique sur la gestion des cadeaux et invitations publié le 11 septembre précise certaines bonnes pratiques sans être pour autant prescripteur.
Charles-Henri Boeringer Partner 22 September 2020
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OFSI issues Maritime Financial Sanctions Guidance
Over the summer, the UK Office of Financial Sanctions Implementation ("OFSI"), issued new sanctions compliance guidance for entities and individuals operating within the maritime shipping sector.
Lydia Tuckey Senior Associate 3 September 2020
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PSR interim report on the supply of card acquiring services encourages smaller merchants to switch
Following the launch of its market review into the supply of card-acquiring services in July 2018, the Payment Systems Regulator's (PSR) has published its interim report: Market Review (MR18 1.7) (15 September 2020) (MR18/1.7), setting out a number of key recommendations that include advising smaller merchants to switch supplier and removing perceived barriers which potentially impede the switching process.
Samantha Ward Partner 22 September 2020
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The French Anti-bribery Agency publishes Gifts and Hospitality guidelines
Guidelines on the management of Gifts and Hospitality published on 11 September by the French Anti-bribery Agency ("AFA") specify some good practices but leave some room for corporate entities to tailor their Gifts and Hospitality policy to their risk profile.
Charles-Henri Boeringer Partner 22 September 2020
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Ransomware: More than your data is at risk warns latest US Treasury Advisories
The US Department of Treasury recently issued advisories aimed at financial institutions and corporates being extorted to make or process payments relating to ransomware attacks. The advisories are a reminder to consider money laundering and sanctions risks as part of ransomware crisis management.
Michelle Williams Partner 6 October 2020
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Law Commission to investigate corporate criminal liability laws in the UK
The Government has recently asked the Law Commission to consider options for reforming corporate criminal liability – but this is unlikely to be the magic wand that those calling for reform have hoped for.
Ellen Lake Senior Associate 10 November 2020
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UK Government publishes new guidance for post-Brexit sanctions
With less than two months to go until the end of the Brexit Implementation Period, the UK Government is continuing its efforts to help ensure UK businesses are fully prepared for the transition, publishing further guidance on the UK's post-Brexit sanctions regime.
Michael Lyons Partner 16 November 2020
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First Legal Action Under The 2017 French Vigilance Law
On 10 December 2020, the Court of Appeal confirmed the decision of the juge des référés of the Tribunal of Nanterre ruling that it did not have jurisdiction to hear the complaint filed by NGOs against the oil company under the French Vigilance Law.
Charles-Henri Boeringer Partner 22 December 2020
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What you need to know about UK sanctions post-Brexit
At 11pm on 31 December 2020, EU sanctions will cease to apply within the UK, and will be replaced by a new UK sanctions regime which is similar, but not identical to the current EU sanctions regime.
Michael Lyons Partner 30 December 2020
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FCA consultation on further amendments to the SMCR: Head of Legal function excluded
On 23 January 2019, the Financial Conduct Authority (FCA) issued a consultation paper (CP19/4) on amendments and clarifications to the Senior Managers and Certification Regime (SMCR).
Emily Goddard Senior Associate 31 January 2019
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President Trump, human rights, US sanctions and global business: Traps for the unwary
Over the past year, completely contrary to public expectations, President Trump has unleashed the power of US economic sanctions to champion human rights and fight corruption globally.
George Kleinfeld Partner 14 January 2019
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FCA issues first decision using its Competition Act powers
The FCA's decision on 21 February 2019 underscores the risks associated with competitors exchanging strategic information with each other, particularly in relation to prices and volumes.
Ben Jasper Senior Associate 26 February 2019
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Final transitional period under DFS Cybersecurity Regulations ends March 1, 2019
The New York State Department of Financial Services (DFS) reminded regulated entities last week that the final transitional period for DFS's Cybersecurity Regulations ends March 1, 2019.
Brian Yin Associate 12 February 2019
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Looking ahead to whistleblower protections in 2019 in the US, UK and EU
Financial institutions should be monitoring expected changes to whistleblower protections in the US, UK and EU, which will require enhancements to existing policies to prevent your financial institution from making a critical misstep in an ever-changing legal area.
Michelle Williams Partner 27 March 2019
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The UK Bribery Act is the gold standard, but more guidance is needed
The House of Lords Bribery Act 2010 Committee has concluded that the legislation is 'exemplary' in its post-legislative scrutiny report on the Bribery Act 2010, but has identified areas where more guidance is needed.
Ellen Lake Senior Associate 25 March 2019
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There may be changes ahead: UK Treasury Select Committee has recommended a sweeping overhaul of the fight against economic crime
On 8 March 2019, the UK Treasury Select Committee released its report into economic crime, anti-money laundering supervision and sanctions implementation.
Carla Lewis Senior Associate 20 March 2019
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FCA Enforcement action against Carphone Warehouse: Key points
The recent FCA fine imposed on Carphone Warehouse raises important points regarding systems and controls, whistleblowing and the FCA's partial settlement and penalty policies.
Oliver Pegden Partner 14 March 2019
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Canadian Cannabis vs POCA: High time for guidance
It is now over four months since the Canadian Cannabis Act 2018 was passed but there has yet to be any guidance provided by the UK government in light of the wide ambit of the UK's money laundering legislation.
Lydia Tuckey Senior Associate 4 March 2019
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Cyber-enabled crime highlighted as key risk area for financial and economic crime in the NCA's 2019/20 Annual Plan
The National Crime Agency's Annual Plan highlights risks for cyber crime, money laundering, fraud, bribery, corruption and sanctions evasion – in particular the use of more complex and cyber-enabled methods by organised crime groups.
Ellen Lake Senior Associate 29 April 2019
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US Department of Justice CLOUD Act White Paper
The US Department of Justice released in April a White Paper addressing a so-far unused aspect of the CLOUD Act.
Steve Nickelsburg Partner 26 April 2019
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US Department of Treasury's FinCEN penalizes individual operating peer-to-peer virtual currency exchange
Last week, US Department of Treasury's Financial Crimes Enforcement Network (FinCEN) assessed a $35,350 civil money penalty against an individual operating a peer-to-peer virtual currency exchange without registering as a Money Services Business (MSB).
Megan Gordon Office Managing Partner, Washington, DC 24 April 2019
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US expands focus on corporate officer wrongdoing with novel prosecution under the Consumer Product Safety Act
For the first time ever, the US Justice Department has prosecuted corporate officers for violations of the Consumer Product Safety Act.
Joshua Berman Partner 23 April 2019
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Trump's Iran oil embargo: What if China ignores it?
The White House announced on 22 April that it will terminate in early May an exception to the US secondary sanctions that had enabled 8 countries, including China and India, to import crude oil from Iran without risking the imposition of US sanctions in response.
George Kleinfeld Partner 23 April 2019
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AMF's recent action on insider trading: lessons learned
The AMF has recently imposed fines; punishing the Chairman of a French telecommunications company for insider trading, whilst letting bankers who acquired the information by looking over a neighbour's shoulder on the Eurostar off scot free. We consider the reasoning, as well as key takeaways from this decision.
Charles-Henri Boeringer Partner 22 May 2019
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Highlights from the FCA's 2019/2020 Business Plan
On 17 April 2019, the FCA released its latest Business Plan, setting out its key priorities and main areas of focus for 2019/2020. The FCA has since published its Approach to Enforcement and Approach to Supervision, which aim to help explain how the FCA carries out its activities in accordance with its Mission. We consider some of the key themes.
Emily Goddard Senior Associate 10 May 2019
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New Guidance from OFAC: A Framework for OFAC Compliance
Last year, OFAC signaled that it would be issuing much-anticipated guidance for companies on building sanctions compliance programs and, on May 2, 2019, OFAC delivered.
David DiBari Partner 9 May 2019
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HM Treasury considers gold-plating 5MLD requirements for cryptos
HM Treasury's consultation on the transposition of 5MLD highlights the potential gold-plating of 5MLD in relation to the requirements for cryptos. We look at the proposal and consider some of the potential impacts.
Lydia Tuckey Senior Associate 8 May 2019
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New Guidance from DOJ on "Evaluation of Corporate Compliance Programs"
On April 30, 2019, the US Department of Justice, Criminal Division, published an updated "Guidance Document" on "Evaluation of Corporate Compliance Programs".
David DiBari Partner 8 May 2019
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Reform of corporate criminal liability – unresolved
On 7 May 2019, the Government published its response to the House of Commons Treasury Committee's March 2019 report "Economic Crime - Anti-money laundering supervision and sanctions implementation" – but deferred again on addressing calls for reform of the corporate criminal liability framework.
Ellen Lake Senior Associate 16 May 2019
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Cybersecurity and financial sector firms: IOSCO poses 15 sample questions to ask when reviewing your practices
The IOSCO Cyber Task Force has produced a set of questions to assist in understanding core cybersecurity standards and to promote international consistency in the fight against cybercrime.
Ellen Lake Senior Associate 19 June 2019
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Senior Manager Delegation – some wise words from a US President
Delegation of responsibilities has taken on new significance for insurance firms since the implementation of the Senior Managers Regime. For the first time, senior managers have an express obligation under the conduct rules to take reasonable steps when delegating responsibilities and providing oversight of them.
Dorian Drew Partner 13 June 2019
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Focus on the protection of whistleblowers in Poland and the EU
The current proposal of the new Polish law on corporate criminal liability provides for protection for whistleblowers. This is in line with the most recent EU policy.
Monika Diehl Counsel 7 June 2019
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Russian sanctions post-Brexit: Further risks
As at the date of publication, leaving the EU without a deal seems an increasingly realistic outcome. To prepare for this eventuality, the Government has put into place various regulations to implement sanctions into UK law that will apply from "Brexit Day".
Carla Lewis Senior Associate 6 June 2019
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Expectations of Private Sector actors in the fight against economic crime
The UK's Economic Crime Plan for 2019-22 places heavy emphasis on new requirements for the private sector in defending against economic crime.
Ellen Lake Senior Associate 26 July 2019
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FCA publishes Enforcement Annual Performance Report 2018/2019
Alongside its Annual Report and Accounts, on Tuesday 9 July 2019 the FCA published its Enforcement Annual Performance Report, which provides an overview of the FCA's enforcement activities during 2018/2019.
Emily Goddard Senior Associate 11 July 2019
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Crypto exchanges have 12 months to implement FATF anti-money laundering standards
FATF Recommendation 15 means that crypto exchanges and other virtual asset service providers must share originator and beneficiary information during transactions between exchanges.
Ellen Lake Senior Associate 4 July 2019
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Turbulent Times: OFAC warns Aviation industry on deceptive practices
On 23 July 2019, "Iran-Related Civil Aviation Industry Advisory", the US Department of Treasury Office of Foreign Assets Control (OFAC) delivered a warning as to the "deceptive practices by Iran with respect to the Civil Aviation Industry".
Michelle Williams Partner 8 August 2019
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The US imposes additional sanctions on Russia in response to the UK 'Novichok' Incident
On 2 August 2019, the US announced that new sanctions will be imposed on Russia as required under the Chemical and Biological Weapons Control and Warfare Elimination Act of 1991 in response to the March 2018 "novichok" nerve agent incident against Sergei and Yulia Skripal in the UK.
David DiBari Partner 9 August 2019
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Raising the bar: New Fit and Proper and CPD Guidelines published for insurance intermediaries in Hong Kong
In preparation for the new regulatory regime for insurance intermediaries in Hong Kong, the Insurance Authority has published two new guidelines on Fit and Proper Criteria and Continuing Professional Development to come into effect on 23 September 2019.
Helen Fu Senior Associate 5 August 2019
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New SFO Corporate Co-operation Guidance issued
The UK's Serious Fraud Office has published new guidance on corporate co-operation. The SFO meaning of co-operation? Providing assistance to the SFO that goes above and beyond what the law requires.
Ellen Lake Senior Associate 8 August 2019
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Do the U.S. Securities and Commodities Laws Reach Foreign Conduct?
Two recent appellate court decisions shed light on the limited circumstances in which regulators and private plaintiffs can pursue claims for violations of the U.S. securities and commodities laws for conduct occurring outside the United States.
David Yeres Senior Counsel 24 October 2019
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Crypto and financial crime – what are the risks for Facebook's Libra?
Facebook’s proposed global digital currency, Libra, aims to provide instant money transfers using blockchain technology for the 1.7 billion adults globally without access to a traditional bank account.
Ellen Lake Senior Associate 8 October 2019
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Tensions Between The EU And US On Iran Sanctions: Are The Solutions Real Or Illusory?
Recent events suggest that EU measures aimed at frustrating US sanctions on Iran are unlikely to be a match to the threats imposed by the Trump Administration on those who try to use them.
Lydia Tuckey Senior Associate 23 December 2019
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AML failings and senior managers: what if senior managers don't have AML experience?
The FCA has again made clear that inexperience is no excuse when it comes to failings in the UK regulatory environment. But what if senior managers lack experience in an area for which they are responsible?
Ellen Lake Senior Associate 5 December 2018
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