Business Crime Quarterly Autumn 2015
This edition of Business Crime Quarterly also reports on a number of high profile cases and investigations in the U.S., UK and Germany and notes enhanced approaches to whistleblowing on both sides of the Atlantic.
Good intentions are not always borne out by action on the ground. There may be 41 signatories to the OECD anti-bribery convention but only four are demonstrating real enforcement activity. And even amongst those four, mixed messages are emerging. Although a recent government report found there is a high risk of money laundering to the UK finance sector, the UK Ministry of Justice has chosen now to abandon its plans to review the prosecution of corporate criminal liability. Perhaps the UK Bribery Act 2010 will come into its own, now that there has been the first application of the company offence under section 7.
Other jurisdictions continue to step up to the mark. New “US-style” legislation proposed in France could have far-reaching consequences for companies. In Asia, anti-money laundering and counter-terrorism financing (“AML/CTF”) are top priorities for states and banks alike. While the Hong Kong Monetary Authority has taken its first disciplinary action in relation to breaches of AML/CTF rules, in Australia, concern about adequate compliance with local AML/CTF law has led to several large banks withdrawing banking services from Bitcoin companies.
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