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White Collar Crime

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This week’s discussion in the ‘This Week in Government Enforcement’ series will cover the following:
• Deputy Attorney General Lisa Monaco on corporate enforcement priorities under the Biden Administration
• The Consumer Financial Protection Bureau is targeting big tech
o What do they want and why do they want it?
o How should tech firms prepare, whether they receive a request from CFPB or not?

Two years ago, on 5 November 2019, the Department of Justice (DOJ) announced the formation of the Procurement Collusion Strike Force (PCSF). DOJ press releases indicated the purpose was to create a joint, collaborative interagency partnership focused on deterring, detecting, investigating, and prosecuting antitrust crimes. The Strike Force has prosecutors from 22 US Attorneys’ Offices and 7 national law enforcement partner agencies, including the Antitrust Division of the DOJ, investigators from the Federal Bureau of Investigation, and the Inspectors General for multiple Federal agencies. To date, the PCSF is active in almost a quarter of US judicial districts and coordinates with many US agencies and offices.

As a sponsor at the 2021 Hong Kong Fintech Week, Baker McKenzie moderated several panel discussions and hosted a couple of virtual masterclasses, including one on the topic “Future of Work: New Workforce Reality.” This session covers interesting developments from an employment perspective, looking closely at key considerations for financial institutions dealing with the changing environment including critical risks in cybersecurity, data privacy and intellectual property confidentiality, occupational health and safety issues, and fraud risks.

Financial crime remains at the top of the regulatory agenda across the globe. As responses to the pandemic stabilise, and following some high-profile global incidents, regulators face renewed pressure to manage financial crime more effectively through robust supervision and enforcement. In the October 2021 edition of the City Library’s Compliance Officer Bulletin, our business crime, regulatory and cybersecurity lawyers explore the latest developments in anti-money laundering and financial crime in a series of articles

In this article we will discuss the third and fourth key legal obligations: implementing internal policies and procedures to address the risk of money laundering, and coordinating with the Anti-Money Laundering Office to provide training for personnel.

The Monetary Authority of Singapore (MAS) has released for consultation the proposals in its paper, FI-FI Information Sharing Platform for AML/CFT, which will require Financial Institutions to share with each other information on customers or transactions, where they cross material risk thresholds, on a secured digital platform owned and operated by MAS to be named ‘Collaborative Sharing of ML/TF Information & Cases