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White-collar crime

July 2018  |  SPECIAL REPORT: WHITE-COLLAR CRIME

Financier Worldwide Magazine

July 2018 Issue


In 2017, the UK’s Financial Times reported that the number of white-collar crime prosecutions had fallen to a six-year low despite the fact that the amount of economic crime in the UK had risen over the same period. Yet the UK views white-collar crime as a major issue, as does the US. However, while the UK continues to be resolute, across the Atlantic there has been a shift in white-collar crime enforcement priorities, with president Trump said to be focusing on tackling violent crime and less inclined to crack down on corporate bribery and tax violations. This is somewhat unfortunate when one considers that white-collar crime is on the rise and estimated to cost the global economy trillions of dollars each year.

FORUM: Evolving corruption risks for financial institutions and investment funds

FW moderates a discussion on evolving corruption risks for financial institutions and investment funds between Hannah Musgrave at Bell Gully, David Pasewaldt at Clifford Chance Deutschland LLP, William P. Barry at Miller & Chevalier Chartered, and Sonja Pavic at Osler, Hoskin & Harcourt LLP.

The developing attitudes and approaches of white-collar crime enforcement agencies in the US and UK

Peters & Peters Solicitors LLP The past 12 months have seen a number of significant developments in relation to the attitudes and approaches of white-collar crime enforcement agencies in the US and UK. A new US administration began to shape the Department of Justice (DoJ)...

Cooperation and the risk of privilege waiver in government investigations

Skadden, Arps, Slate, Meagher & Flom LLP A corporation facing a government investigation – or merely aware of potential wrongdoing – stands to gain substantial benefits from cooperation. Cooperation with an existing inquiry, or voluntary disclosure of misconduct as yet unknown to the government...

New tax law modifies rules for deductibility of settlement payments in enforcement actions

Miller & Chevalier In many civil and criminal resolutions involving government enforcement matters, the settling defendant entity or individual is required to ‘disgorge’ any profits or other ill-gotten gains that resulted from the alleged misconduct. Disgorgement is...

The development and future for ‘failure to prevent’ offences

23 Essex Street In an interview published on 18 March, the solicitor general told The Independent that there “is a strong case for the creation of a new corporate criminal offence of failing to prevent economic crime. This Government has already brought offences...

SFO’s approach to tackling bribery and corruption in the UK

Fox Williams LLP Over the past 12 months, UK businesses have reported an increase in the occurrences of bribery and corruption, according to PwC’s 2018 Global Economic Crime Survey. There is clearly a growing awareness and vigilance by companies to identify and address...

Deferred prosecution agreements to be introduced in Canada

Osler, Hoskin & Harcourt LLP The fight against corruption, money laundering, fraud and other white-collar crimes has been stepped up in recent years by governments in all corners of the globe. Consistent with this goal, regulatory authorities and law enforcement agencies...

Germany to tighten rules on corporate misconduct

Clifford Chance The recently signed coalition agreement stipulates substantial changes to Germany’s law on corporate penalties. Under the current proposals, the maximum amount of pecuniary penalties which may be imposed will increase to 10 percent of...

High-profile white-collar crime in New Zealand

Bell Gully The Financial Markets Authority (FMA) is the government agency in New Zealand responsible for financial regulation. The FMA enforces securities, financial reporting and company law as it applies to financial services and securities markets. Taking...

Money laundering: hidden risks for business

Osborne Clarke LLP For most, the phrase ‘money laundering’ brings to mind drug traffickers or other hardened criminals, nefariously cleansing ill-gotten gains to hide its criminal nature and allow the funds to be used in the regular financial system. That, of course, is the activity...

Unexplained wealth orders: political or practical?

BCL Solicitors LLP Revisions to the terms of the Proceeds of Crime Act 2002 (POCA), of which there have been many over the years, rarely make headlines. But the introduction of unexplained wealth orders (UWOs) into English law on 31 January 2018 have been an exception...

Virtual currencies: SEC and CFTC enforcement trends

Sullivan & Cromwell LLP Over $400bn worth of wealth is represented by virtual currencies. While Bitcoin and Ether are the best known, there are nearly 1600 virtual currencies available, and the number is growing. As virtual currencies and related trends such as initial coin offerings (ICOs)...

Five key measures to consider in responding to a data breach in the United States

Simpson Thacher & Bartlett LLP In addition to taking steps to prevent and detect a data breach or other cyber security incident, companies are now expected, if not required, to have plans to respond quickly and thoroughly to the incident. While every data breach will present unique issues...


CONTRIBUTORS

23 Essex Street

BCL Solicitors LLP

Bell Gully

Clifford Chance

Clifford Chance Deutschland LLP

Fox Williams LLP

Miller & Chevalier Chartered

Osborne Clarke LLP

Osler, Hoskin & Harcourt LLP

Peters & Peters Solicitors LLP

Simpson Thacher & Bartlett LLP

Skadden, Arps, Slate, Meagher & Flom LLP

Sullivan & Cromwell LLP


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