Corporate Crime Update – Winter 2019

Welcome to the Winter 2019 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. Below we provide a brief overview of what is covered in each update.

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Whistleblower reform in Australia – new legislation enacted

Whistleblower reform is underway in Australia after the Treasury Laws Amendment (Enhancing Whistleblower Protections) Bill 2017 (Bill) was passed on 19 February 2019.

The new law is likely to commence on 1 July 2019, assuming Royal Assent is given by 1 April 2019.  If this occurs, the obligation for public companies to have a compliant whistleblower policy will apply from 1 January 2020 (potentially later for large proprietary companies).

In this briefing, our Australian team explain a number of the key changes that the new law will introduce and the considerations that organisations should be thinking about in terms of implementing these changes in their businesses, or considering if existing global processes are compliant.  There have been a number of changes to the new law since the initial Bill was first read in December 2017 so, even if organisations have previously considered the new law in one of its former iterations, the final version now needs to be assessed.

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Corporate Crime update – December 2018

Welcome to the December 2018 edition of our corporate crime update – our round up of developments in relation to corruption, money laundering, fraud, sanctions and related matters.

This month, we would like to wish all of our regular readers a very happy, and hopefully corporate crime free, festive season! 

For the full update on each jurisdiction, please click on the name of the jurisdiction below.  Continue reading

Brexit Final Political Declaration: Nothing [new] to see here?

On financial services, the final political declaration contains essentially the same three points as in last week’s outline political declaration (the implications of which were discussed in our blog post of 15 November, available here), although there is some limited further clarification.  The three points on financial services are copied below with new substantive additions underlined: Continue reading

Brexit Outline Political Declaration: Initial indicators for the financial services industry

Yesterday’s announcements on the terms agreed for the UK’s withdrawal from the EU say relatively little about the future framework for cross-border trade in goods or services.  More detail is expected on this next week.

The draft withdrawal agreement provides that a transition period will continue until 31 December 2020. Although this was provisionally agreed in March 2018, yesterday’s statements make this a more likely reality. Continue reading

Do we need a new duty of care in financial services?

On 17 July 2018, the FCA published a paper on its Approach to Consumers (the Approach), accompanied by a discussion paper DP18/5 (the DP) on the possible introduction of a new duty of care and other alternative approaches (a New Duty).

The Approach sets the FCA’s vision for well-functioning markets that work for consumers, and builds on the November 2017 consultation on its Future Approach to Consumers. The aim is to provide greater transparency on when and how the FCA will act to protect consumers, its policy positions on key issues, and its strategy for ensuring that it advances its consumer protection objective with the greatest impact. For our full briefing on the matter, please click here.

 

Jenny Stainsby
Jenny Stainsby
Partner
+44 20 7466 2995
Karen Anderson
Karen Anderson
Partner
+44 20 7466 2404
Jon Ford
Jon Ford
Senior Associate
+44 20 7466 2539

The FSB’s Crypto-assets framework: What does it mean for firms?

The Financial Stability Board (FSB) has published its framework to monitor crypto-assets as part of its wider report to the G20 on work by the FSB and standard-setting bodies on crypto-assets. The report is provided at the request of the G20 Finance Ministers and Central Bank Governors, and will be discussed at their meeting on 21-22 July 2018. Continue reading

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 next edition will be published in August.

Herbert Smith Freehills would like to congratulate Senior Associate, Elizabeth Head of our Corporate Crime & Investigations team in London, for being named by Global Investigations Review as one of 100 Women in Investigations for 2018.  Continue reading

PASSAGE OF NEW SANCTIONS LEGISLATION AND PUBLICATION OF UPDATED GUIDANCE

On 24 May 2018, it was announced that the Sanctions and Anti-Money Laundering Act (the “Act”) had received Royal Assent. The Act is the first piece of UK primary legislation governing the post-Brexit legal position and will create a post-Brexit framework for the imposition and enforcement of sanctions and the replication of the pre-Brexit anti-money laundering (“AML”) compliance regime. Continue reading

Transparency and the ownership of foreign companies – BEIS response to Call for Evidence

The Department for Business, Energy and Industrial Strategy (BEIS) has published the response to its Call for Evidence on the creation of a register of ownership and control of foreign companies that purchase property in the UK or enter into UK public procurement contracts.  The proposal for a register was first announced at the UK’s International Anti-Corruption Summit in May 2016, and forms part of the Government’s broader transparency agenda.

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