OFSI publishes annual review 2020-2021

On 14 October 2021, the UK's Office of Financial Sanctions Implementation ("OFSI") published its annual review for the period April 2020 to March 2021 (the "Annual Review"). In this blog post, we set out some of the key takeaways from this year's Annual Review. Read more

Petrofac Ltd ordered to pay £77 million following a guilty plea to bribery offences

On 4 October 2021, Petrofac Limited (“Petrofac”) was ordered to pay £77 million following the company’s guilty plea to seven counts of failing to prevent bribery in contravention of section 7 of the Bribery Act 2010 (the “Section 7 offence”). The sentencing, which took place at Southwark Crown Court on 1 and 4 October 2021, follows a four-year investigation by the Serious Fraud Office (“SFO”) into Petrofac’s historical use of agents and marks the third prosecution of a Section 7 offence in the courts of England and Wales. Read more

OFAC Sanctions Cryptocurrency Exchange to Combat Ransomware Payments, Releases New Ransomware Guidance

On September 21, 2021, the Office of Foreign Assets Control (“OFAC”) of the Treasury Department issued an Updated Advisory on Potential Sanctions Risks for Facilitating Ransomware Payments (“Updated Advisory”), which warns of the sanctions risks of making or facilitating ransomware payments and provides expanded guidance on steps that companies may take to mitigate ransomware risk. Read more

Regulation in Focus Podcast: FCA’s regulatory decision-making proposals – faster and less costly, but at what price?

The latest edition of our Regulation in Focus podcast series features Karen Anderson and Andrew Procter, both partners in our FSR practice and both former regulators, in conversation about the FCA's plans to streamline regulatory decision-making, which - if the FCA proceeds as proposed - will be a significant change to how authorisation, supervision and enforcement are delivered. Read more

Corporate Crime update – Summer 2021

Welcome to the Summer 2021 edition of our corporate crime update – our round up of developments in relation to corruption, money laundering, fraud, sanctions and related matters. Our update now covers a number of jurisdictions. Read more