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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
Welcome to the November 2020 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
In October 2020 the SFO published guidance regarding Deferred Prosecution Agreements (“DPAs”) in a new chapter of its Operational Handbook. The guidance offers a practical step-by-step map to the route that the SFO, and, therefore, a target company and its advisers, will traverse where seeking to negotiate an outcome that avoids the need for prosecution. Read more
On 30 October 2020, Mrs Justice May, sitting in the Crown Court in Southwark, approved the UK’s ninth deferred prosecution agreement (“DPA”) between the UK Serious Fraud Office (“SFO”) and Airline Services Limited (“ASL”) (read the SFO press release here). The investigation was only made public on 22 October 2020 after the SFO announced that a DPA was reached in principle at a private hearing held the previous day before Mrs Justice May. Read more
On 3 November, the FCA prohibited three individuals from working in the financial services industry following findings that they are not fit and proper. The three individuals were all approved persons at the time that they were convicted of serious indictable offences. These Final Notices confirm a trend we identified in our recent Top 10 Global Trends Regarding Investigations Involving Individuals: an increasing focus on non-financial misconduct. Read more
The Information Commissioner’s Office in the UK (the “ICO”) last week published, for consultation, draft statutory guidance setting out how it will regulate and enforce data protection legislation in the UK. The consultation sets out all of the ICO’s key powers (including information notices, assessment notices, enforcement notices and penalty notices). Read more
On 7 September 2020, Lisa Osofsky, the Director of the Serious Fraud Office (SFO), delivered a keynote address at the Cambridge International Symposium on Economic Crime. In light of Covid-19, this year’s speech was delivered virtually, via YouTube. In her speech, Ms Osofsky re-examined the four key priorities that she outlined at her first address to the Cambridge International Symposium on Economic Crime in 2018 and referred to a number of new developments which she said would affect the SFO’s future work. Read more
In our Corporate Crime & Investigations podcast we look to bring you timely and incisive commentary on key developments in the CC&I space. In this third episode we discuss recent activity regarding Deferred Prosecution Agreements (DPAs). We focus specifically on three DPAs secured by the Serious Fraud Office (SFO) involving Guralp Systems, Airbus and G4S Care and Justice Services. Read more
In this article, which first appeared in the September issue of Butterworths Journal of International Banking and Financial Law, Jon Ford considers how industry codes present risks to firms and how these risks can be mitigated.Read more
