December 2014

The Financial Crime Update provides regular insights highlighting recent developments in financial crime. We are sending you Financial Crime Update as you have previously received its sister publication, Regulatory Investigations Update, which has featured financial crime news until now.

In this Update, with contributions from our global offices and Allens, our partners in Australia, we will be reporting on some of the main developments across the globe in policy, legislation, investigations and case-law relating to bribery, fraud and corruption and considering the impact they may have on commercial organisations. 

2014 has seen a change of gear in the global fight against financial crime, with jurisdictions across the globe increasingly recognising the need to adopt a consistent approach to corruption issues. Throughout the year, Linklaters’ Business Crime Quarterly has tracked the progress of legislation to combat risks such as money laundering, noted the commencement of investigations into alleged bribery by internationally-renown businesses and reported on court sanctions for corruption and fraud.

We have followed government pronouncements on new initiatives to encourage companies to adopt a more ethical approach to conducting business and report themselves, or others, to the authorities when they fall short. Global surveys may paint a less than rosy picture of the state of play in some jurisdictions. However, the fight against corruption is a long game.

In this brief review of 2014 we revisit some of the major developments of the year and assess how they might develop in the year to come.

  • Australia: AML/CTF regime – the review continues
  • France: The impact of contributory negligence on criminal liability following Kerviel
  • Hong Kong: Corporate misconduct – the regulator’s enforcement priority
  • Luxembourg: The theft of digital data– protection or restriction?
  • U.K.: Corporate criminal liability: sanctions, sentences and proposals for reform
  • U.S.: Uncertainty over U.S.’s Iran sanctions set to continue
Download entire issue (as pdf)