Business Crime Quarterly Spring 2016
The recent finding by the European Parliament that corruption costs the EU up to £800bn a year is shocking. While the 41 states party to the OECD anti-bribery convention have reaffirmed their commitment to tackling global corruption, it is notable that five EU states remain outside the regime. Nonetheless, enforcement proceedings are taking place in numerous jurisdictions, against both corporates and individuals.
In this edition of Business Crime Quarterly we report on the sentences handed down to three UK companies found liable for bribery offences and note the separate charges brought against two individuals for alleged bribery in a further matter. We report on the commencement of the trial of five individuals in the UK for alleged Libor manipulation and the sentencing of two others for similar offences in the U.S. A surprising decision in the Belgian courts suggests a widening of the net for tax offences there, while a proposal in the UK for a new corporate offence of failing to prevent tax evasion mirrors that already in place for bribery offences. France continues to take its critics to task, with proposals for radical new measures to tackle corruption, while Australia is the latest jurisdiction to be considering the merits of deferred prosecution agreements to settle instances of financial crime. In the U.S., a pilot program designed to encourage companies to self-report FCPA-related misconduct has got underway and the Department of Justice is hailing increased cooperation with global regulators in tackling corruption.
Lastly we invite you to access a copy of our recent client publication, Taking Stock: A review of anti-bribery and corruption law and enforcement across the globe. This fully revised and up-to-date review of anti-bribery and corruption legislation provides a quick reference guide to anti-corruption law and enforcement across 25 jurisdictions, with chapters from 18 of our offices and five expert local law firms.
To access this edition of Business Crime Quarterly, please log on to our Client Knowledge Portal or contact your usual Linklaters’ contact.