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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.

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.

On 14 November 2023, the IRS issued the long-awaited proposed implementing regulations (REG-142338-07) under section 4966, added by the Pension Protection Act of 2006 (“Proposed Regulations”). The Proposed Regulations address many definitions related to donor advised funds, donors and donor advisors. The proposed regulations are intended to help taxpayers understand how the imposition of excise taxes on taxable distributions may apply to them.

Baker McKenzie Partner Peter Tomczak has co-authored the sixth edition of The Foreign Corrupt Practices Act Handbook, a sought-after guide for in-house counsel at multinational companies seeking guidance and clarity on FCPA risks globally. The Handbook is published by the American Bar Association.
The Handbook has been fully updated and expanded, offering a comprehensive analysis of FCPA developments as updated from the previous 2018 edition, and anti-bribery and anti-corruption implications for transactions and compliance programs, offering practical guidance on how to address these issues.

On 21 March 2024, the National Government issued the Decree 390 of 2024, by which it established the procedure for granting the Leniency Program in transnational bribery and corruption (“Leniency Program”) matters. Under the Leniency Program, it is possible to obtain full or partial immunity from possible sanctions for corruption and transnational bribery. In order to obtain the benefits of the Leniency Program, the company must provide relevant information on the aspects of the commission of such acts and the benefits obtained.

Our popular Annual Compliance Conference, which attracts over 4,000 in-house senior legal and compliance professionals every year from across the world, will be taking place from 30 April – 6 June. We will be delivering our cutting-edge insights and guidance virtually on key global compliance, investigations and ethics trends.

The Entertainment Complex Policy Parliamentary Committee has considered and endorsed the draft Entertainment Complex Bill, B.E. (“Entertainment Complex Bill”), a concept initiated many years ago. The Entertainment Complex Bill aims to facilitate the establishment of entertainment complexes that include casinos. This has been passed to the House of Representatives in March 2024.

Excerpt: On 5 December 2023, the Public-Private Partnership (PPP) Code of the Philippines (“PPP Code”) was enacted into law. The PPP Code was enacted to further the State’s policy to provide an enabling environment for the private sector to mobilize its resources to finance, design, construct, operate, and maintain infrastructure or development projects and services. The PPP Code provides for, among others, (i) a unified framework for both national and local PPP projects, (ii) stricter timelines for the evaluation and approval of PPP projects, and (iii) updated thresholds and requirements for approval of national and local PPP projects.

As of 1 January 2024, the Swedish Competition Authority will have increased authority to supervise public procurements. The powers have been adopted in order to make procurement supervision more effective.
Under the new rules, the Swedish Competition Authority may now make decisions on procurement fines without having to apply for a review of the fine in court. This presupposes, however, that the procurement did not begin before 1 January 2024.