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 the Corporate Crime and Investigations practice at Herbert Smith Freehills has been awarded Investigation Firm of the Year at the Who’s Who Legal Awards 2018. Continue reading
The House of Lords has established an ad hoc Select Committee (the “Committee“) to consider and report on the Bribery Act 2010 (the “Act“). The Committee, which was formally appointed on 17 May, is due to release a report by the end of March 2019 which will focus on:
- the extent to which the Bribery Act 2010 has led to stricter prosecutions of corrupt conduct, a higher conviction rate and/or a reduction in such conduct; and
- the impact that the Act has upon businesses and in particular small and medium enterprises (“SMEs“).
London’s Southwark Crown Court recently approved only the second Deferred Prosecution Agreement (DPA) since the introduction of DPAs in 2014. Herbert Smith Freehills' London Corporate Crime and Investigations team negotiated the first DPA with the SFO, which was concluded in November 2015. The recent announcement of the UK’s second DPA indicates that DPAs are likely to be an important tool in the SFO’s armoury as it pursues corporates alleged to have committed economic or financial crimes.
As New Year’s resolutions go, “read Schedule 16 to the Crime and Courts Bill” may not have been top of anyone’s list. Buried, however, in the Bill’s provisions on deferred prosecution agreements (“DPAs”) are some interesting pointers to the future use of DPAs and their potential availability to prosecutors other than the Serious Fraud Office (“SFO”) and Crown Prosecution Service (“CPS”). In particular, the offences listed as being capable of resolution using a DPA suggest that, contrary to earlier indications, DPAs may comprise an additional tool in the armouries of the Financial Conduct Authority (“FCA”), and HRMC, in 2014/15. In this post we briefly explain the relevant provisions.