OFAC Imposes Blocking Sanctions on PdVSA

Authors: Susannah Cogman, Partner, London; Daniel Hudson, Partner, London; Jonathan Cross, Counsel, New York; Geng Li, Associate, New York; and Christopher Milazzo, Associate, New York. On January 28, 2019, the US Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) announced the designation of Venezuelan state-owned oil producer Petroleos de Venezuela, S.A. (PdVSA) as … Read more

HONG KONG’S ANTI-GRAFT COMMISSIONER WARNS OF CORRUPTION ON BELT AND ROAD

The head of Hong Kong’s Independent Commission Against Corruption (ICAC) has warned local investors to beware of rampant corruption in some Belt and Road countries. ICAC commissioner Simon Peh Yun-Lu pledged the support of the agency, one of the world’s most respected and effective anti-corruption agencies, in helping investors and Belt and Road countries themselves … Read more

Corporate Crime update – June 2018

Welcome to the June 2018 edition of our corporate crime update – our round up of developments in relation to corruption, money laundering, fraud, sanctions and related matters. For the full update on each jurisdiction, please click on the name of the jurisdiction below. Below we provide a brief overview of what is covered in each update. Please note, our … Read more

Hong Kong open-ended fund company regime expected to commence on 30 July 2018

On 18 May 2018, the Hong Kong Securities and Futures Commission (SFC) published the conclusions to its consultation on the detailed legal and regulatory requirements applicable to the upcoming open-ended fund company (OFC) regime. The detailed requirements are set out in the Securities and Futures (Open-ended Fund Companies) Rules (OFC Rules) and the Code on Open-ended Fund Companies (OFC Code), which supplement the basic OFC … Read more

PROPOSED AMENDMENTS TO THE EU BLOCKING STATUTE

In May, we published an e-bulletin discussing President Trump’s announcement that the United States would withdraw from the Iran nuclear deal (the Joint Comprehensive Plan of Action – “JCPOA“), and that all pre-JCPOA nuclear-related sanctions on Iran (including secondary sanctions) would be re-imposed. The European Union, along with leaders of the other countries party to the JCPOA … Read more

FCA consults on proposals to regulate claims management firms

The Financial Conduct Authority (FCA) has issued a joint consultation paper – Claims management: how we propose to regulate claims management companies (CP18/15) (the Consultation) with the Financial Ombudsman Service (FOS) setting out draft proposals on how the FCA intends to authorise and regulate claims management companies  (CMCs). This Consultation will be of interest to: … Read more

Corporate Crime update – May 2018

Welcome to the May 2018 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. For the full update on each jurisdiction, please click on the name of the jurisdiction below. We are proud to announce that … Read more

EU Parliament-commissioned report – Virtual currencies and terrorist financing

The EU Parliament’s internal Think Tank has published a study commissioned by Parliament’s special Committee on Terrorism (TERR) into virtual currencies (VCs) and terrorist financing (TF). Via TERR, the report may contribute to Parliament’s consideration of the treatment of VCs, particularly with regard to safeguards to prevent/detect the use of VCs in TF. Read more