Tuesday, April 13, 2021

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UK Government Acts on Commitment to Tackle Modern Slavery in Supply Chains with Centralised...

On March 11, 2021, the UK Home Office launched an online registry for organizations required to publish annual modern slavery statements under Section 54 of the Modern Slavery Act 2015. The launch of the registry makes good on one of a series of commitments made by the UK government in October 2020 to strengthen the […]
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Biden Administration Focuses on Anti-Corruption Measures to Support Democracy

Politico notes a recent move by Secretary of State Antony Blinken to bar a Ukrainian oligarch and his family from visiting the United States, describing it as “a small but telling signal of the Biden administration’s plan to make battling corruption a key and potentially innovative part of its foreign policy.” Exposing corruption “is something […]
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U.K. Treasury Releases Updated Guidance on Sanctions

The United Kingdom’s Office of Financial Sanctions Implementation has updated guidance on monetary penalties for sanctions, effective April 1. The guidance clarifies self-reporting expectations and suggests that the Treasury may adopt a more aggressive enforcement approach, as anticipated following Brexit. In the update, OFSI reiterated that its jurisdiction potentially includes the actions of overseas subsidiaries […]
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Russia: Corporate Anti-Corruption Enforcement Trends

Baker McKenzie aims to provide both international companies operating in Russia and Russian businesses with an international footprint with practical and informative guidance on evaluating their corporate compliance programs. Focusing on the risks of prosecution under Russian law, the firm released a new report it believes will be particularly valuable to attorneys and compliance managers […]
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EU’s New Uniform Whistleblower Laws Might Not Include Rewards

European authorities are seeking to set up a minimum standard for whistleblower rules across EU member states, and some parts resemble the U.S. model: with protections against retaliation and designated agencies to receive and investigate tips. But they don’t favor paying whistleblowers a percentage as a reward for tips, despite the success the SEC has […]
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Braskem Discloses New Investigation into Corruption Claims in Mexico

Brazilian petrochemical company Braskem SA has disclosed to the SEC that it has opened an internal investigation into allegations made last year by Emilio Lozoya, the former CEO of Petróleos Mexicanos (Pemex), of “improper payments” related to an ethylene project in Mexico. Lozoya alleges that he accepted bribes from construction giant Odebrecht AS, Braskem’s parent […]
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World Bank Debars Grupo Mecánica del Vuelo Sistemas over Vietnam Projects

The World Bank has debarred for three-and-a-half-years Grupo Mecánica del Vuelo Sistemas S.A.U., a subsidiary of Spanish international technology group GMV. Some of the company’s former management allegedly colluded with two designing consultants to gain unfair competitive advantages in tendering processes related to two urban development projects in Vietnam. They also agreed to pay a […]
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SBM Offshore NV Manager Sentenced in Unaoil-Connected Bribery Case

Paul Bond, a former sales manager at Dutch oil company SBM Offshore NV, was found guilty of conspiring to make illegal payments to public officials in Iraq to secure contracts, and has now been sentenced to three and half years’ imprisonment. More than $17 million in bribes were paid for contracts for Unaoil Group and […]
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SFO Investigation Powers Over Foreign Companies Limited by U.K. Supreme Court Decision

On 5 February 2021, the U.K. Supreme Court unanimously ruled that the Serious Fraud Office (SFO) does not have the power to compel a foreign company that has no registered office or fixed place of business in the U.K. to produce documents held outside the U.K. under section 2(3) Criminal Justice Act 1987 (CJA). This […]
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Flying Too Close To The Sun: The U.K. Supreme Court Places New Limits On...

In a striking rebuke, the U.K. Supreme Court has found that the Serious Fraud Office overstepped its authority when it tried to access corporate documents from the United States. The court’s message to British investigators was clear: your anticorruption enforcement reach may be broad, but it is not unlimited. The ruling sharply limited the SFO’s […]
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