Included in this UPDTE; Ex-Prime Minister of Mauritius under investigation by UK anti-corruption unit | N. Officials under US federal probe over bribery allegations linked to Macau real estate | Virginia businessman sentenced to 7 years in $30m government bribery scheme | N. to probe bribery allegations | Former Petro China Chairman Sentenced to 16 […]

Included in this round up: Two jailed for a total of 9 years in £5 Million money laundering case London’s money-laundering ‘enablers’ face crackdown New crime unit to investigate corruption affecting developing countries Iraqi prime minister unveils anti-corruption measures FCA secures High Court Judgement awarding injunction and significant penalties against five defendants for market abuse […]

The FCA has published a report summarising the results of its thematic review into banks’ control of financial crime risk in trade finance. The report highlights areas of common weakness between the banks visited and also sets out examples of good and poor practice. It covers the following areas: governance and management information, risk assessment, policies and […]

The legislative framework for DPAs can now be found in Schedule 17 to the Crime and Courts Act 2013 passed on 25 April 2013. Whilst a date has yet to be set for these provisions to come into force, the Serious Fraud Office expects DPAs to be available from February 2014. To this end, three […]

On 6 June 2013, the Department of Energy and Climate Change (DECC) laid a draft Order before Parliament, which will grant Ofgem new powers to investigate and enforce breaches of the EU Regulation on wholesale energy market integrity and transparency (REMIT).  Subject to the Parliamentary process, the Order is due to come into force on 29 June […]

HMRC has published draft regulations for compliance with the US Foreign Account Tax Compliance Act (FATCA).  The draft regulations are published alongside guidance notes, a tax information and impact note, and an explanatory webpage. The regulations are expected to come into force in mid-August and will apply to financial accounts (as defined in the legislation) held at […]

The UK’s shadow attorney general, Emily Thornberry, has unveiled proposals aimed at increasing the resources available to the Serious Fraud Office (SFO) and introducing tougher criminal penalties. Ms Thornberry says the UK should strengthen its criminal penalty regime so it is “more in line with other jurisdictions”. Labour also advocated removing the directing act and […]

Transparency International (TI) has written to David Cameron voicing concern over reports that the UK Government is considering a review of the Bribery Act only two years after its implementation. The letter warns that any watering down of the Act will undermine the goal it was designed to achieve. TI welcomed the Government’s focus on tax […]