Investigations and Enforcement: Financial Services

In recent years, international economic transactions have increased both in frequency and amounts in and between the world's various economic blocks. The main factors that have enhanced commercial activity between countries include: Greater access to international finance. Greater flow of goods and services between countries attempting to satisfy the growing market demand. The globalisation phenomena. Due to increasing global activity, more stringent regulation and alignment is required in every country that is involved in the economic status quo. The growth and development of commercial transactions between nations requires that the legal framework of the countries involved must consistently suit the incessant operations taking place around the world. Efforts towards avoiding law-infringement in piracy, data protection, international trade, transparency in government procurement and public bidding and foreign investment (among others) as well as with anti-corruption, aim to establish the rule of law and certainty for cross-border investors. Bribery is one of the most common challenges for foreign investors when they arrive at unknown territories to do business. Bribery is a major threat to commercial activity and economic factors, therefore, stronger anti-bribery measures are required wherever foreign investment is welcomed. Many countries have now embodied regulations and policies in their legal frameworks in order to ban, limit and sanction undue p

A number of states, including Switzerland, have enacted blocking statutes which may prevent or hinder the collection of evidence in multi-jurisdictional proceedings. Article 271 of the Swiss Criminal Code (Criminal Code) prevents an "official act" from being performed on behalf of a foreign authority on Swiss soil. This can have the effect of blocking the collection of evidence located in Switzerland that is intended for use in proceedings outside of Switzerland. Against this backdrop, this article: Considers the practical effects of Article 271 for parties gathering evidence outside Switzerland. Highlights the circumstances in which it is possible to breach Article 271 in the context of the gathering of evidence. Addresses how parties outside Switzerland can avoid risking infringement of Article 271 when gathering evidence during multi-jurisdictional proceedings or investigations. This article is part of the PLC multi-jurisdictional guide to corporate crime, fraud and investigations law. For a full list of jurisdictional Q&As visit www.practicallaw.com/corporatecrime-mjg.

Hackers attack large and small companies in every industry seeking secrets, notoriety, profits or revenge. This article explores how hacking began, evolved over the years, and what can we expect in the future. The article also examines what organisations and individuals can do to protect themselves against hacking. This article is part of the PLC multi-jurisdictional guide to corporate crime, fraud and investigations law. For a full list of jurisdictional Q&As visit www.practicallaw.com/corporatecrime-mjg.

Following the collapse of the world financial markets, many jurisdictions are experiencing increased litigation activity, much of which involves elements of fraud and asset tracing. Mavera injunctions (freezing orders) remain a crucial tool in ensuring that dishonestly obtained assets are not put beyond the reach of successful litigants or legitimate creditors. However, to meet the increasing complexity of corporate dealings and commercial relationships the law in this area is evolving significantly. Against this background, this article: Sets out the difficulties faced by litigants/creditors when seeking freezing orders against third parties in foreign jurisdictions. Details the case law development of the Chabra jurisdiction. Details how the Chabra jurisdiction has been specifically recognised and applied in the Cayman Islands. This article is part of the PLC multi-jurisdictional guide to corporate crime, fraud and investigations law. For a full list of jurisdictional Q&As visit www.practicallaw.com/corporatecrime-mjg.

This article looks at how organisations have responded to the UK Bribery Act and makes suggestions as to how organisations should focus going forward to reduce their bribery and corruption risk. This article is part of the PLC multi-jurisdictional guide to corporate crime, fraud and investigations law. For a full list of jurisdictional Q&As visit www.practicallaw.com/corporatecrime-mjg.

This article explores the current issues surrounding establishing an effective whistleblowing system in the light of recent legislation, in particular the US Dodd-Frank Act. While many companies do not fall under the jurisdiction of Dodd Frank, the issues and potential solutions involved in responding to its provisions can provide valuable insights to any company looking to implement or improve a whistleblowing system. This article is part of the PLC multi-jurisdictional guide to corporate crime, fraud and investigations law. For a full list of jurisdictional Q&As visit www.practicallaw.com/corporatecrime-mjg.

Recent trends towards increased co-operation and exchange of information between regulators and prosecutors mean that multinational companies frequently have to deal with the same regulatory issues across many jurisdictions. This article sets out the key issues that a company must consider when facing a multi-jurisdictional regulatory investigation.  

HM Treasury has announced in a  written ministerial statement that the government accepts all the recommendations in the final report on the review of the London Interbank Offered Rate (LIBOR) undertaken by Martin Wheatley, FSA Managing Director and Chief-Executive designate of the Financial Conduct Authority (FCA).

The House of Commons Treasury Select Committee has published its report "Fixing LIBOR: some preliminary findings".

The FSA has fined Barclays Bank plc £59.5 million for breaching Principles 2, 3 and 5 of the FSA's Principles for Businesses through misconduct relating to its submission of rates that formed part of the London Interbank Offered Rate (LIBOR) and Euro Interbank Offered Rate (EURIBOR) setting processes.

The government has announced major changes to the UK's financial services regulatory structure including the abolition of the FSA in its current form.

A Q&A guide to corporate crime, fraud and investigations in Ireland. The Q&A gives a high level overview of matters relating to corporate fraud, bribery and corruption, insider dealing and market abuse, money laundering and terrorist financing, financial record keeping, due diligence, corporate liability, immunity and leniency, and whistleblowing. To compare answers across multiple jurisdictions, visit the Corporate Crime, Fraud and Investigations Country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to corporate crime, fraud and investigations law. For a full list of jurisdictional Q&As visit www.practicallaw.com/corporatecrime-mjg.

A Q&A guide to corporate crime, fraud and investigations in Australia. The Q&A gives a high level overview of matters relating to corporate fraud, bribery and corruption, insider dealing and market abuse, money laundering and terrorist financing, financial record keeping, due diligence, corporate liability, immunity and leniency, and whistleblowing. To compare answers across multiple jurisdictions, visit the Corporate Crime, Fraud and Investigations Country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to corporate crime, fraud and investigations law. For a full list of jurisdictional Q&As visit www.practicallaw.com/corporatecrime-mjg.

A Q&A guide to corporate crime, fraud and investigations in the Cayman Islands. The Q&A gives a high level overview of matters relating to corporate fraud, bribery and corruption, insider dealing and market abuse, money laundering and terrorist financing, financial record keeping, due diligence, corporate liability, immunity and leniency, and whistleblowing. To compare answers across multiple jurisdictions, visit the Corporate Crime, Fraud and Investigations Country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to corporate crime, fraud and investigations law. For a full list of jurisdictional Q&As visit www.practicallaw.com/corporatecrime-mjg.

A Q&A guide to corporate crime, fraud and investigations in France. The Q&A gives a high level overview of matters relating to corporate fraud, bribery and corruption, insider dealing and market abuse, money laundering and terrorist financing, financial record keeping, due diligence, corporate liability, immunity and leniency, and whistleblowing. To compare answers across multiple jurisdictions, visit the Corporate Crime, Fraud and Investigations Country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to corporate crime, fraud and investigations law. For a full list of jurisdictional Q&As visit www.practicallaw.com/corporatecrime-mjg.

A Q&A guide to corporate crime, fraud and investigations in India. The Q&A gives a high level overview of matters relating to corporate fraud, bribery and corruption, insider dealing and market abuse, money laundering and terrorist financing, financial record keeping, due diligence, corporate liability, immunity and leniency, and whistleblowing. To compare answers across multiple jurisdictions, visit the Corporate Crime, Fraud and Investigations Country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to corporate crime, fraud and investigations law. For a full list of jurisdictional Q&As visit www.practicallaw.com/corporatecrime-mjg.

A Q&A guide to corporate crime, fraud and investigations in Italy. The Q&A gives a high level overview of matters relating to corporate fraud, bribery and corruption, insider dealing and market abuse, money laundering and terrorist financing, financial record keeping, due diligence, corporate liability, immunity and leniency, and whistleblowing. To compare answers across multiple jurisdictions, visit the Corporate Crime, Fraud and Investigations Country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to corporate crime, fraud and investigations law. For a full list of jurisdictional Q&As visit www.practicallaw.com/corporatecrime-mjg.

A Q&A guide to corporate crime, fraud and investigations in the Russian Federation. The Q&A gives a high level overview of matters relating to corporate fraud, bribery and corruption, insider dealing and market abuse, money laundering and terrorist financing, financial record keeping, due diligence, corporate liability, immunity and leniency, and whistleblowing. To compare answers across multiple jurisdictions, visit the Corporate Crime, Fraud and Investigations Country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to corporate crime, fraud and investigations law. For a full list of jurisdictional Q&As visit www.practicallaw.com/corporatecrime-mjg.

A Q&A guide to corporate crime, fraud and investigations in Sweden. The Q&A gives a high level overview of matters relating to corporate fraud, bribery and corruption, insider dealing and market abuse, money laundering and terrorist financing, financial record keeping, due diligence, corporate liability, immunity and leniency, and whistleblowing. To compare answers across multiple jurisdictions, visit the Corporate Crime, Fraud and Investigations Country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to corporate crime, fraud and investigations law. For a full list of jurisdictional Q&As visit www.practicallaw.com/corporatecrime-mjg.

A Q&A guide to corporate crime, fraud and investigations in Turkey. The Q&A gives a high level overview of matters relating to corporate fraud, bribery and corruption, insider dealing and market abuse, money laundering and terrorist financing, financial record keeping, due diligence, corporate liability, immunity and leniency, and whistleblowing. To compare answers across multiple jurisdictions, visit the Corporate Crime, Fraud and Investigations Country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to corporate crime, fraud and investigations law. For a full list of jurisdictional Q&As visit www.practicallaw.com/corporatecrime-mjg.

A Q&A guide to corporate crime, fraud and investigations in the United States. The Q&A gives a high level overview of matters relating to corporate fraud, bribery and corruption, insider dealing and market abuse, money laundering and terrorist financing, financial record keeping, due diligence, corporate liability, immunity and leniency, and whistleblowing. To compare answers across multiple jurisdictions, visit the Corporate Crime, Fraud and Investigations Country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to corporate crime, fraud and investigations law. For a full list of jurisdictional Q&As visit www.practicallaw.com/corporatecrime-mjg.