Tag Archives: Alex Parker

First French DPAs for Corruption Offences

by Antoine Kirry, Karolos Seeger, Alex Parker, Alexandre Bisch, and Robin Lööf

On March 5, 2018, French prosecutors published two Judicial Conventions of Public Interest (“CJIPs” or “French DPAs”) approved by the President of the High Court of Nanterre on February 23. The CJIPs, entered into between prosecutors and two sub-contractors to state-owned utility EDF, SAS Kaefer Wanner (“KW”) and SAS SET Environnement (“SET”), allege that these companies had ceded to solicitations to pay bribes to an EDF procurement manager, and that this behaviour amounted to corruption by them of an individual charged with a public service. KW and SET admitted these facts and their legal qualification[1], and agreed to pay financial penalties of €2,710,000 and €800,000 respectively and compensation to EDF of €30,000 each. In addition, they agreed to submit to monitoring by the French Anti-corruption Agency (“AFA”) for, respectively, 18 and 24 months.

The KW and SET CJIPs are the first to be concluded in respect of corruption offences. Helpfully, they provide (1) detail on the financial incentive of entering into a French DPA for companies with potential exposure for corruption-related offences in France, (2) clarification that co-operation and remediation can significantly reduce the financial penalty, as well as (3) the first examples of monitorships to be supervised by the AFA. However, the crucial question of how a company can qualify for a French DPA remains largely unanswered. Continue reading →

Professional Service Advisers in the United Kingdom Under New Obligations to Report Suspicions of Financial Sanctions Breaches

by Satish M. Kini, Carl Micarelli, Alex Parker, and Konstantin Bureiko

On August 8, 2017, the United Kingdom (“UK”) broadened the obligation to report known or suspected financial sanctions breaches to apply to a range of professional service providers and certain businesses, including lawyers, external accountants and auditors. This reporting obligation reflects a wider trend of the UK government taking a more proactive approach to enforcing sanctions compliance.[1]

This reporting obligation is now similar in scope to the money laundering reporting obligations, as imposed by the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.[2]

As well as impacting the internal compliance policies of professional services firms operating in the UK, this new obligation may also impact the dealings of their clients, particularly in a mergers and acquisitions context. It is also likely to significantly increase the number of reports made to the UK’s Office of Financial Sanctions Implementation (“OFSI”). Continue reading →

UK Implements New Anti-Money Laundering Rules

by Karolos Seeger, Alex Parker, Ceri Chave, and Andrew Lee

On 26 June 2017, the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017[1] came into force. These new regulations (the “2017 Regulations”):

  • require a written assessment of money laundering risk and prescribe some features of effective internal controls;
  • detail when different categories of customer due diligence must be conducted and what steps must be taken; and
  • specify beneficial ownership information that trusts must provide for inclusion on a central register.

The 2017 Regulations are intended to ensure that the UK’s anti-money laundering regime is in line with the Financial Action Task Force’s standards and to implement into UK law the European Union’s Fourth Money Laundering Directive (“MLD 4”).[2] The key features of the 2017 Regulations and the principal differences between them and the Money Laundering Regulations 2007[3] (the “2007 Regulations”) are summarised below. Continue reading →

UK Criminal Finances Act 2017

by Karolos Seeger, Alex Parker, Andrew Lee, Ceri Chave, and Ed Pearson

Overview

On 27 April 2017, the Criminal Finances Act 2017 (the “Act”) received Royal Assent. The Act has not yet come into force, but it is expected that this will take place by September 2017. It includes several provisions that will significantly affect the investigation and enforcement of corporate crime in the United Kingdom. The key features of the Act are: Continue reading →

English High Court Rejects Claims of Privilege Over Internal Investigation Interview Notes

by Karolos Seeger, Alex Parker and Andrew Lee

Overview

In a judgment last week, the English High Court ruled that notes, transcripts and records of interviews prepared by lawyers during an internal investigation are not covered by legal advice privilege.  While the decision may be appealed (RBS has indicated that it intends to seek permission to appeal), it potentially has important implications for companies and their lawyers when internal interviews and investigations are being conducted, even when external counsel are retained. Continue reading →