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In White Collar Crime

United States: This Week in Government Enforcement (Video Chat)

by 13 Mins Read

Please join us for a weekly series, hosted by Baker McKenzie’s North America Government Enforcement partners Jeffrey Martino and Jerome Tomas. This weekly briefing is available on demand and will cover hot topics and current enforcement actions related to white collar crime and criminal investigations in the US and abroad to arm you with the information you need for your business week. The latest video chat in the series includes a deep dive into DOJ’s focus on consumer fraud, and the SEC crypto touting case against Kim Kardashian.

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In Asia-Pacific

Thailand: Excise Department introduces ADAS requirements as a new condition for lower EV tax rates

by , , and 3 Mins Read

From 2026, pure battery electric vehicles (BEVs) must be equipped with certain levels of advanced driver-assistance systems (ADAS); otherwise, excise tax rates will be higher. The Royal Gazette has published several notifications of the Excise Department regarding BEVs recently. The Notifications have introduced the ADAS requirements as a new condition to apply lower excise tax rates on BEVs along with detailed requirements on the use of domestically manufactured batteries.

In Product Regulation & Liability

European Union: Modernized Product Liability Directive proposal finally arrives

by , and 6 Mins Read

On 28 September 2022, the European Commission published its proposals for a new directive to replace the EU Product Liability Directive (85/374/EEC) (PLD). The new PLD was announced alongside a separate proposal for a directive on adapting non-contractual civil liability rules to artificial intelligence that seeks to address challenges faced by victims of AI-related damage to make claims and receive compensation, and will interact with member states’ fault-based liability regimes (AI Liability Directive). The AI Liability Directive is not intended to overlap with the PLD.

In AML & Financial Services Regulatory

Global: Crypto Boot Camp 2022

by , , , , , , , , , , , , , , , , , , , , , , , , and 4 Mins Read

The speed and volume of change in the crypto asset markets has accelerated across the globe, with established financial institutions increasingly entering the sector whilst regulators look to keep pace. Recent high-profile developments and market volatility have led to growing calls for scrutiny and regulatory controls. Navigating this fast paced environment, within a sometimes disjointed regulatory framework, can be challenging. The Crypto Boot Camp 2022 Series covers the crypto ecosystem and integrating crypto into established financial systems (recordings available), crypto risk (3 November 2022), NFTs (15 November 2022), DeFi (1 December 2022), and Growth in Crypto (6 December 2022).

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In Corporate Compliance

United States: OFAC Publishes Sanctions Compliance Guidance for Instant Payment Systems

by and 3 Mins Read

On September 30, 2022, the US Department of the Treasury’s Office of Foreign Assets Control published “Sanctions Compliance Guidance for Instant Payment Systems”. The guidance underscores the importance of a risk-based approach to managing sanctions risks related to payment technologies such as instant payment systems.

In ESG

European Union: European Commission proposes Forced Labor Ban

by , , and 5 Mins Read

On 14 September 2022, the EU Commission published its proposal for a regulation introducing a ban on the placing and making available on the EU market or export from the EU market of products made using forced labor. Following on from Commission President von der Leyen’s announcement of the proposed ban in her State of the Union Address last year, under the proposed regulation, products found to have been made using forced labor cannot be sold in, exported from or imported into the EU.

In Corporate Compliance

United Kingdom: Supreme Court confirms existence of directors’ “creditor duty”

by , and 8 Mins Read

The UK Supreme Court has handed down its long-awaited judgment in relation to the case of BTI 2014 LLC (Appellant) v. Sequana SA and others (Respondents) [2022] UKSC 25, concerning the duty of directors of a company registered under the Companies Act 2006 to consider (and act in accordance with) the interests of the company’s creditors.

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In Trade and Foreign Investment

Algeria: A new set of laws in Algeria to attract foreign investors

by and 1 Min Read

Current global geopolitical changes have opened up new prospects for Algeria. On the one hand, Algeria is being courted by Europe and redoubling its efforts to increase its energy offering to reap record profit amid high gas prices. On the other hand, additional gas revenues offer opportunities for Algeria to develop the local industry in order to reduce its dependence on imports and fossil energy in the long term, and create jobs and technological partnerships. But can Algeria effectively create a competitive and business-friendly climate to attract foreign investors?

In

Singapore: Government proposes full SMS Sender ID registration to enhance protection against scams

by , , and 3 Mins Read

As part of an ongoing approach to combat scams, the Infocomm Media Development Authority (IMDA) has proposed new measures to reduce the ability of scammers to spoof their identity by using the same alphanumeric sender identification (“SMS Sender ID”) used by bona fide businesses. To further enhance consumer protection, the IMDA intends to make Singapore SMS Sender ID Registry (SSIR) registration mandatory for organisations who wish to use SMS Sender IDs.
Organisations using SMS Sender IDs must register with the SSIR using their Unique Entity Number (UEN) and aggregators handling SMS with Sender IDs must also participate in the SSIR and verify organisations via their UENs.

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