White Collar Crime updates

Brazil

What now of the Faustian bargain? Moro's exit and its impact on anti-corruption efforts
Hogan Lovells
  • Brazil
  • 08 June 2020

The resignation of former Operation Car Wash judge and world-renowned anti-corruption crusader Sergio Moro as minister of justice and public safety has sent shockwaves throughout Brazil's political class. Easily the Bolsonaro administration's most recognised and admired cabinet member, Moro's departure via a televised press conference, where he accused the president of trying to interfere in ongoing investigations involving his family members, was likely not how he had envisioned his tenure ending.


Cayman Islands

Contributed by Ogier
Q&A on Cayman AML regime: service providers, delegation and risk-based approach
  • Cayman Islands
  • 17 June 2019

The government and the Cayman Islands Monetary Authority are well aware that it is imperative that the Cayman Islands is not only perceived to, but does in fact, play a central role in the global fight against money laundering and terrorist financing. At the same time, there is a deep understanding of the need to remain competitive and commercial. This article addresses a number of key questions concerning the 2018 amendments to Cayman's anti-money laundering regime.


China

Authorities ramp up enforcement of foreign companies' non-compliance with national anti-bribery laws
AnJie Law Firm
  • China
  • 07 October 2019

The prosecution of commercial bribery has once again become a key issue following the amendment of the Anti-unfair Competition Act. With the restructuring of the act's anti-bribery provision – which dovetailed with the national anti-corruption movement – the government appears to be cracking down on unlawful commercial activities by both domestic and foreign companies. To guide companies in this regard, this article provides an intuitive roadmap to the Chinese anti-bribery regulatory scheme.


Cyprus

Cyprus launches UBO register
Elias Neocleous & Co LLC
  • Cyprus
  • 01 February 2021

Cyprus has elevated its ultimate beneficial owner (UBO) reporting status by implementing all of the mechanisms for the creation, operation and maintenance of a UBO register. The UBO register is a requirement emanating from the amended Fourth EU Anti-money Laundering Directive, which was transposed into national legislation in 2018. According to a recent announcement by the Companies Registrar Department, relevant entities must submit information on their UBOs within six months of 22 February 2021.


Guernsey

Contributed by Ogier
National risk assessment: implications for businesses
  • Guernsey
  • 13 July 2020

In January 2020 the Bailiwick published its national risk assessment (NRA), which identifies jurisdiction-wide and systemic risks to which its financial system is deemed particularly vulnerable. Individual specified businesses were initially given until the end of May 2020 to update their business risk assessments in light of the NRA, but some timeframes have been extended in response to the COVID-19 pandemic. This article examines the contents of the NRA and the implications for specified businesses in the Bailiwick.

Refusal of consent under AML reporting regime: Royal Court weighs in
  • Guernsey
  • 20 August 2018

The Financial Intelligence Service's recent refusal to consent to a proposed transaction under Guernsey's anti-money laundering reporting regime has resulted in the Royal Court deciding its first private law action between the person claiming the asset and the financial institution holding it. The decision clarifies the legal framework for determining the source of funds, which will be highly relevant to all regulated entities in Guernsey.