The Serious Fraud Office (“SFO“) had its first day in court in a Bribery Act prosecution on 24 September 2013, with three of four defendants connected with a £23m fraud at Sustainable AgroEnergy plc (“AgroEnergy“) facing charges of making and accepting a financial advantage contrary to sections 1(1) and 2(1) of the Bribery Act 2010. Continue reading
Tag: UK Government
As expected, the UK Government yesterday revoked the Burma/Myanmar (Financial Restrictions) Regulations 2009. These regulations contained criminal penalties for breaches of financial sanctions. The practical effect is that there are no more asset freezing and financial sanctions in respect of Myanmar. However, the arms embargo remains in force for at least one more year.
The European Parliament and Council of Ministers have agreed the final form of the new EU rules for the disclosure, on a project by project basis, of payments to governments by companies operating in the extractive industries. The EU’s agreement is part of a suite of transparency initiatives which are designed to promote good governance and improved national development outcomes for developing countries.
All large companies “active” in the oil, gas and minerals industries or the logging of primary forests will be affected and the rules will apply to both EU-incorporated companies and non-EU companies that have a listing in the EU.
We have summarised in a briefing the key aspects of the new requirements, when they will come into force and how they compare with the similar requirements being introduced in the United States under the Dodd-Frank Act.
Please email Fiona Rafla if you would like a copy of this briefing.
Susannah Cogman and Jeremy Sher comment on the EU’s recent easing of the Zimbabwe sanctions regime.
On 19 February 2013, the European Union (“EU“) took a small step towards easing its sanctions regime in relation to Zimbabwe. Twenty one individuals and one entity were removed from the EU’s list of designated persons, and the travel ban imposed on six members of the Government was suspended. These twenty one designated persons had been subject to the EU’s asset freezing regime under Council Regulation (EC) No 314/2004. These amendments have effect from 21 February 2013.