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White Collar Crime

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Hong Kong: Return of a key tool to protect victims of cyber fraud?

by 7 Mins Read

Cyber fraud continues to pose a significant threat to businesses and individuals in Hong Kong and elsewhere around the world. According to the official statistics for Hong Kong, 2022 saw a significant increase of deception cases of over 8,000 cases, over 70% of which were Internet-related. The Hong Kong Police has developed a ‘No Consent Regime’, which encompassed a practice of issuing so-called ‘Letters of No Consent’ to banks for accounts which contain suspected proceeds of crime, thereby triggering informal bank freezes on these accounts.

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In White Collar Crime

United States: Recent settlement by GCI signals expanded use of False Claims Act

by 8 Mins Read

On 11 May 2023, GCI Communications Corp. (GCI) agreed to pay more than USD 40 million to the US government to settle allegations that it submitted false claims to the Federal Communications Commission (FCC) by knowingly inflating its prices in a competitive bidding program regulated by the FCC. The investigation began when a former GCI employee, Robert Taylor, filed a qui tam action against the company under the False Claims Act (FCA) after it allegedly falsely claimed and received funds from the FCC’s Rural Health Care Program. This settlement signals the DOJ’s intent to partner with other government agencies, in this case the FCC, in using the False Claims Act to combat fraud by organizations that service health care providers. It is also one of the DOJ’s largest settlements of allegations under the FCA in 2023.

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Singapore: Online Criminal Harms Bill introduced in Parliament

by 6 Mins Read

On 8 May 2023, the Online Criminal Harms Bill was introduced for its first reading in the Parliament. The Bill follows a suite of legislation aimed at protecting the public from harms in the online space, and introduces mechanisms for authorities to more effectively tackle online criminal activity.

In White Collar Crime

United Kingdom: Introduction of corporate failure to prevent fraud offence

by 5 Mins Read

On 11 April 2023, the UK government announced in a Factsheet the introduction of a new criminal offence of failure to prevent fraud for organisations profiting from fraud committed by their employees or agents acting on their behalf. Violations can result in unlimited fines for organisations involved. Introduced as an amendment to the Economic Crime and Corporate Transparency Bill 2022, the new offence will come into force on the day the Act is passed.

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In Environment

Chile: Economic and environmental crimes to be sanctioned in new law

by , and 5 Mins Read

On 15 May 2023, in the context of the parliamentary discussions of the Bill No. 13204-07, which amends various legal bodies to expand the criminal liability of legal entities and regulate the exercise of criminal action with respect to crimes against the socioeconomic state, the Executive is now ready for the Bill’s enactment into law. The main purpose of the Bill is to broaden the criminal liability of companies, systematize economic and environmental crimes and establish their respective penalties.

In Corporate Compliance

International: Assess, visualize and improve the effectiveness of your compliance program

by , , , , , , , , and 1 Min Read

Most major companies have implemented a compliance program but often struggle with two issues: ensuring the compliance program remains effective in light of their existing and changing landscape and making it more efficient by leveraging technology. The Compliance Cockpit specifically addresses both issues.

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Argentina: ENACOM Resolution No. 263/2023

by 2 Mins Read

With Resolution No. 263/2023, published on 17 March in the Official Gazette, the National Communications Entity (Ente Nacional de Comunicaciones (ENACOM)) approved a new Regulation for the Collection of Personal Data and Identity Validation of Users of Mobile Services that Hold a Mobile Number.

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In AML & Financial Services Regulatory

Global Financial Services Regulatory Momentum Monitor

by 2 Mins Read

The Financial Services Regulatory (FSR) Momentum Monitor is a horizon-scanning tool enabling financial service providers to plan and prepare for coming developments across the jurisdictions in which they operate. Grouping upcoming changes into key business-relevant themes, the FSR Momentum Monitor highlights the extent and expected impact of upcoming regulatory intervention in multiple jurisdictions across the globe.

In Antitrust / Competition

Mexico: COFECE investigates possible cartel in the radiological equipment market

by , , and 7 Mins Read

The Investigating Authority of the Federal Economic Competition Commission published on 2 March 2023, the notice of initiation of an investigation for alleged horizontal monopolistic practices, also known as cartel practices, consisting in agreements between competitors to coordinate their bids in tenders by the Mexican Public Health sector to acquire radiological equipment and related products. Cartel Practices in the public health sector have been consistently considered by COFECE as a serious offense, as such acts have a direct impact on the number and quality of medical supplies purchased with public resources by government institutions for the care of the population.

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