February 2014

The European Commission’s assessment that more still needs to be done to tackle corruption may not come as a surprise. However, many governments are already taking steps to bolster their judicial systems in this respect. We report on the establishment of a dedicated financial prosecutor in France, improved investigation and supervision powers for the Luxembourg financial services regulator and amendments to Australia's AML and CTF Rules which address several deficiencies in the current regime. In the UK, the long-awaited introduction of deferred prosecution agreements, backed by more stringent sentencing penalties, will no doubt focus corporate minds. Meanwhile, in the US, the hiring policies of some Chinese government-owned companies have raised FCPA questions and it transpires that not everyone is happy with the recent $13 billion settlement between the Department of Justice and JPMorgan Chase.

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