UK introduces global anti-corruption sanctions

On 26 April 2021, the United Kingdom introduced new unilateral sanctions against 22 individuals accused of involvement in significant corruption cases in Russia, South Africa, South Sudan and throughout Latin America. In this briefing we provide an overview of the context to, and restrictions imposed by, the Anti-Corruption Regulations, as well as practical next steps for clients. Read more

Corporate Crime update – March 2021

Welcome to the March 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

Supreme Court hands down judgment in SFO’s case concerning the extraterritoriality of section 2 powers – Appeal of KBR is allowed

The Supreme Court has today handed down judgment in the case of R (on the application of KBR, Inc) (Appellant) v Director of the Serious Fraud Office (Respondent) [2021] UKSC 2 concerning whether the Serious Fraud Office (“SFO”) can require a foreign company to produce documents held overseas, pursuant to its investigation powers under section 2(3) of the Criminal Justice Act 1987 (“CJA”). Read more

Parliamentary vote to introduce failure to prevent economic crime offence in the Financial Services Bill abandoned, pending Law Commission review

A further twist in the potential creation of a failure to prevent economic crime offence: last week a cross-party group of Members of Parliament tabled an amendment to the Financial Services Bill which, as drafted, would hold bodies “authorised or registered by the Financial Conduct Authority” liable for fraud, false accounting and money laundering offences committed by their employees. Read more

FCA criminal prosecution for destruction of documents – lessons for firms

The Financial Conduct Authority (“FCA”) ) has been unsuccessful in its attempted prosecution of a former banker, Konstantin Vishnyak, for destroying documents relevant to an FCA investigation brought against him for suspected insider dealing offences. This marks the first time the FCA has exercised its powers in connection with a destruction of documents offence under section 177(3)(a) of the Financial Services and Markets Act 2000 (“FCA”). Despite the outcome, it illustrates the risks for firms and individuals in using messaging systems such as WhatsApp. Read more