What are the key changes to the DOJ’s corporate criminal enforcement program? We look at the updated guidance on individual and corporate accountability, independent compliance monitors, and corporate compensation in our latest alert.… Continue Reading
Why is it important to monitor and preserve business communications conducted through instant messaging platforms on employees’ personal devices? In our recent alert, we look at what is behind the SEC and CFTC’s nearly $2 billion fines on companies failing to monitor and retain business communications on messaging platforms, consider enforcement activity in the UK … Continue Reading
On 5 March, Reed Smith will welcome in-house counsel at pharmaceutical, medical device, and health companies to join a roundtable discussion on how to identify and mitigate risk. Our Government Investigations partners Rosanne Kay and Eoin O’Shea will speak on a panel “Global Investigations of Companies and their People: A Look at Current Issues through … Continue Reading
The top story in the UK media today is about alleged corruption in English football. Someone said to be a “fixer” for betting syndicates was secretly recorded boasting that the results of English lower-league matches and even international matches could be bought, once the price was right. Six people, including three players, have been arrested … Continue Reading
In a recent speech, David Green, the Director of the Serious Fraud Office (SFO) stated that the agency would adopt a “sweep” approach, focusing on specific industries, to identify businesses which might be breaking the law. The SFO has made it clear that its anti-bribery investigations are focused on the construction and energy industries. Most … Continue Reading
Charges have been brought against four individuals in connection with a £23 million fraud at Sustainable AgroEnergy, whose parent company, Sustainable Growth Group, is in administration. The SFO has been looking at the promotion of bio fuel investment products to UK investors between April 2011 and February 2012. Sustainable AgroEnergy, a £40 million investment scheme, … Continue Reading
The Financial Times has reported that a review of the UK Bribery Act is set to be announced next month as the UK government seeks to reduce the cost of compliance for small- and medium-sized businesses. The main focus of the review will apparently be facilitation payments. These are small payments given to officials to … Continue Reading
Following on from our posts in 2012 (UK Ministry of Justice Launches Consultation on Deferred Prosecution Agreements and UK Government unveils deferred prosecution agreements as a new enforcement tool), we can now report that on 25 April 2013, the Crime and Courts Act 2013 (the “Act”) was passed. The Act introduces deferred prosecution agreements into … Continue Reading
On 23 April 2013, Mr Yang Li was the third individual to be convicted under the UK Bribery Act 2010 after he attempted to bribe his tutor. Mr Li, a student at the University of Bath, offered his tutor £5,000 to amend his dissertation grade, which was 3% short of a pass mark. The tutor … Continue Reading
Following on from our last blog, the SFO has published revised statements of policy on its website dealing with facilitation payments, business expenditure (i.e. hospitality and gifts) and self-reporting which take immediate effect and revoke previous guidance. The new statements of policy are blunt. Facilitation payments – the SFO has reiterated that these are illegal under … Continue Reading
This post was also written by Shariq Gilani. David Green QC has this month taken over the Directorship of the Serious Fraud Office (“SFO”) from Richard Alderman. Prior to joining the SFO, Mr Green had practised as a barrister specialising in serious crime for more than 25 years. Between 2004 and 2011, he served as … Continue Reading
This post was also written by Shariq Gilani. The Ministry of Justice (“MOJ”) has launched a Consultation on the introduction of Deferred Prosecution Agreements (“DPAs”) in the UK, as a new enforcement tool in dealing with economic crime. As with the U.S. model, the proposed DPAs would allow prosecutors to enter into agreements with commercial … Continue Reading
This post was also written by Georgia Quenby. The EMEA Determinations Committee of the International Swaps and Derivatives Association (ISDA) met on Friday last week (9 March) to discuss the Greek debt swap deal and to determine whether the deal amounts to a “Restructuring Credit Event”, thus triggering settlement under credit default swaps (CDS) referencing … Continue Reading
This post was also written by Emma Osborne. The UK Bribery Act 2010 has increased the focus placed on anti-bribery and anti-corruption not only by the Serious Fraud Office (‘SFO’) but also by the Financial Services Authority (‘FSA’). Anti-bribery issues fall within the FSA’s statutory objective to reduce financial crime and bribery continues to be … Continue Reading
This post was also written by Emma Osborne. The first person to be charged under the new UK Bribery Act, a magistrates court clerk, was convicted by Southwark Crown Court on Friday, 14 October 2011. The court clerk, 22 year old Mr Munir Yakub Patel, was convicted under Section 2 of the Bribery Act for … Continue Reading
This post was also written by Fionnuala Lynch. Earlier this month, Richard Alderman, Director of the SFO, was speaking at an international symposium on economic crime in Cambridge and made an interesting point which has been picked up by many UK newspapers. He referred to the fact that 20 years ago, it was possible for … Continue Reading
The first person to be charged under the new Bribery Act will be a magistrates court clerk who allegedly accepted £500 for fixing a motoring offence. The Crown Prosecution Service (“CPS”) has decided to prosecute Munir Yakub Patel who faces a charge under Section 2 of the Bribery Act for allegedly requesting and receiving a … Continue Reading
The Financial Services Authority (“FSA”) recently announced its intention to carry out a thematic investigation of the policies and procedures that investment banks have in place to prevent their staff and agents from paying or receiving bribes. Click here for the full speech. This coincides with the coming into force of the Bribery Act 2010 … Continue Reading
This post was also written by Simon Hart. The Director of the Serious Fraud Office (“SFO”) has recently articulated a robust interpretation of the SFO’s jurisdiction under the UK’s Bribery Act 2010, which comes into force on 1 July 2011. In doing so, the Director has challenged the understanding of many companies and their advisors. … Continue Reading
The waiting is over! At last the UK Ministry of Justice has published guidance about procedures which commercial organisations can put into place to prevent persons associated with them from bribing. The Act will now come into force on 1 July 2011. The guidance offers non-prescriptive procedures and commentary on the scope of the Act. … Continue Reading
This post was also written by Suzie A. Savage. It is understood that the UK Ministry of Justice will publish its guidance on adequate procedures tomorrow, Wednesday 30th March 2011. The Act was originally scheduled to be implemented in April of this year, three months after guidance was to be published in January about the … Continue Reading
This post was also written by Neil Donovan. The UK Ministry of Justice (“MoJ”) official with responsibility for managing the implementation of the Bribery Act 2010 (“Act”) provided an update on the status and content of the revised adequate procedures guidance during a speech last Thursday. The speech covered the following: Timeframe- according to the … Continue Reading
This post was also written by Kirsty O’Connor. Quelle surprise! The Ministry of Justice has recently announced that the UK Bribery Act will not come into force until April 2011 (six months later than previously suggested). The legislation that was rushed through before the recent general election needs some fine tuning, or at least a … Continue Reading
