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In Anti-Corruption

Australia: Criminal liability offence for companies that cannot prove they have adequate procedures to prevent foreign bribery

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At the end of August 2024, the Attorney-General published its final guidance on adequate procedures to prevent the commission of foreign bribery. The guidance follows the passage of the Crimes Legislation Amendment (Combatting Foreign Bribery) Act 2024 earlier this year which introduced the new offence of failing to prevent foreign bribery, under which companies can be held directly criminally liable for the foreign bribery activities of their employees, external contractors, agents and subsidiaries, unless the company can demonstrate it had adequate procedures in place to prevent the bribery.

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In Anti-Corruption

United States: DOJ launches Corporate Whistleblower Awards Pilot Program

by , , , and 11 Mins Read

On 1 August 2024, the US Department of Justice Criminal Division launched a Corporate Whistleblower Awards Pilot Program (“Program”). The announcement was previewed in remarks by DOJ officials in March, and follows the rollout of the DOJ’s Individual Voluntary Self-Disclosure Program in April 2024 and similar programs implemented in the Southern District of New York (SDNY) and the Northern District of California (NDCA), in February and March 2024. Under the Program certain individuals who provide original and truthful information about corporate misconduct may be eligible to receive an award if the information results in successful criminal prosecution and criminal or civil asset forfeiture.

In Anti-Corruption

Malaysia: Extension of time for lodgement of beneficial ownership information

by and 2 Mins Read

The implementation of the beneficial ownership reporting obligations, administered by the Companies Commission of Malaysia (“CCM”), came into effect on 1 April 2024. These statutory and reporting requirements imposed the obligation on companies to notify the CCM of their beneficial owners via the dedicated e-BOS portal. The CCM provided a transition period of three months (from 1 April 2024 to 30 June 2024) for companies to complete this reporting obligation.

In Anti-Corruption

North America: Tightening the reins – Supreme Court narrows scope of federal bribery statute in Snyder decision

by , , , , and 4 Mins Read

In Snyder v. United States, the Supreme Court, in a 6-3 decision authored by Justice Kavanaugh, significantly limited the federal statute criminalizing gratuities in state and local jurisdictions. Snyder, a mayor, awarded a USD 1.3 million contract and received a USD 13,000 payment from the benefiting company. The Supreme Court ruled that the relevant statute, Title 18 section 666, applies only to bribes paid or promised before an official act, not after-the-fact gratuities.

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In Anti-Corruption

Germany: Illegal lobbying – New criminal offense to combat corruption

by , and 7 Mins Read

In Germany, a new criminal offense of improper lobbying came into force on 18 June 2024. Its impact on the lobbying activities of companies may not be underestimated. Amongst others, the practice of paid lobbying at ministries or other public bodies by mandate holders is now subject to criminal prosecution. It will hence be vital for companies to critically review lecture and consultancy fees for mandate holders as well as remuneration for supervisory board positions and managing director activities for their appropriateness with immediate effect.

In Corporate Compliance

United States: Sanctions Enforcement in 2024: A Fireside Chat with OFAC Associate Director, Lawrence Scheinert (Webinar)

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Please join Baker McKenzie and ICPA for a fireside chat with Lawrence Scheinert, Associate Director for Enforcement, Compliance, and Analysis at the US Treasury Department’s Office of Foreign Assets Control (OFAC). 

During the discussion, Lawrence will outline OFAC’s enforcement program and priorities. He will also share his insights on enforcement actions, multilateral coordination and cooperation with other US regulators such as BIS, FinCEN, and the DOJ, impact of enforcement actions on non-US companies, among other topics. 

Please join us on 18 and 19 June 2024 for this informative briefing to gain up-to-date insights that could significantly impact your company’s compliance strategies and operations.

In AML & Financial Services Regulatory

Hong Kong: Court of Final Appeal upholds Hong Kong Police’s No Consent Regime

by , , and 6 Mins Read

On 10 April 2024, the Hong Kong Court of Final Appeal (CFA), Hong Kong’s highest court, delivered its judgment in Tam Sze Leung & Ors v Commissioner of Police [2024] HKCFA 8, affirming the validity of the ‘No Consent Regime’ (“Regime”) of the Hong Kong Police (“Police”). The Regime encompassed a practice of issuing “Letters of No Consent” (LNCs) to financial institutions for customer accounts that contain suspected proceeds of crime, thereby triggering informal freezes on these accounts.

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