Business Crime Quarterly Summer 2016

 business crime summer 2016

Summer should be the time to take it easy. Not so, it seems, for the enforcers and regulators of business crime. In this edition of Business Crime Quarterly we report on a number of convictions for fraud and corruption, particularly in the UK, where the approval of the second deferred prosecution agreement has given useful pointers on how the use of this tool might develop. The Serious Fraud Office will be pleased with its recent success against Libor manipulators and is continuing its practice of investigating both individuals and the company they represent whenever possible. Libor prosecutions are set to take place in the U.S. too, underlining the global nature of the scandal. The European Union has published its enhanced package to tackle money laundering and terrorist financing and, following the Anti-Corruption Summit held in London in May, over 40 countries have pledged to promote integrity, transparency and accountability in the fight against corruption.

However, developments have not all been one way. In Europe, elements of enforcement procedures in France and Belgium are being amended following the declaration by courts there that existing processes were unconstitutional. The decision in a high-profile bribery case in Hong Kong is being appealed. Recent reports on the operation of the processes to tackle anti-money laundering in both Australia and the UK have suggested recommendations to improve the efficiency and efficacy of the countries’ respective regimes - a timely development, given that data from Australia suggests that financial crime there is on the increase.

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