July 2015 Issue
Often referred to as victimless, in reality, white-collar crimes such as securities fraud, Ponzi schemes, embezzlement, corporate fraud, and money laundering have the potential to affect all of us – from individuals through to big business. Internally, it impacts shareholder trust, employee morale and revenue; externally, it can decimate billion pound investments, wreck economies and devastate families by eradicating life savings. Though punishable by fines and imprisonment, instances of white-collar crime are becoming more sophisticated and widespread, and with the UK’s Financial Conduct Authority (FCA) estimating that white-collar crime costs the global economy more than $2 trillion a year, the issue is yet to show any obvious signs of abating.
FORUM: Third party corruption and fraud
FW moderates a discussion on third party corruption and fraud between John C. Auerbach at EY LLP, Nathan Lankford at Miller & Chevalier Chartered, and Andrew Hayward at Subsea 7.
Recent actions confirm FinCEN’s aggressive anti-money laundering enforcement agenda
Blank Rome LLP The publicly stated mission of the US Treasury Department’s Financial Crimes Enforcement Network (FinCEN) is to safeguard the US financial system from illicit use, and combat money laundering and promote...
The SEC’s renewed focus on accounting fraud and how it is leveraging technology to tip the scales
Navigant Consulting Inc. The Securities and Exchange Commission (SEC) has a rather daunting three part mission, to “protect investors; maintain fair, orderly, and efficient markets; and facilitate capital formation”. The mission is especially...
The SEC is looking at your employee confidentiality agreements, and you should too
Faegre Baker Daniels In the nearly five years since Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), much has been written about the Act’s whistleblower provisions. Among other...
Avoiding minefields: managing cross-border investigations
Ropes & Gray LLP As global business increases, so too does global enforcement and the corresponding need to conduct cross-border investigations. These investigations present many challenges, including varying, and...
Technology for third party risk management: striking a balance
Ernst & Young LLP Multinational companies are well aware of the growing need to design and implement risk-based third party due diligence programs. The requirement is regularly called out in statements by US government...
Australia tells OECD it is getting serious about foreign bribery
Corrs Chambers Westgarth It is well known that Australia has a patchy enforcement record in the area of foreign bribery and corruption. In 2012, the OECD published its ‘Phase 3 Report on Implementing the OECD Anti-Bribery Convention...
Law reform in New Zealand: creeping criminalisation?
Russell McVeagh A number of domestic and international events in the past decade have precipitated reviews of legislation regulating the conduct of business in New Zealand. There have been notable moves toward the criminalisation...
Information sharing between securities regulators
Bell Gully Information sharing between securities regulators located in different jurisdictions is increasingly important in the context of continuing globalisation and international trade. The New Zealand Financial Markets...
Q&A: International investigations and asset tracing
FW moderates a discussion on international investigations and asset tracing between Jon Barclay at Bedell Cristin Guernsey Partnership, Tamlyn Edmonds at Edmonds Marshall McMahon, George McKillop at Haymarket Risk Management Ltd, and Emma Ruane at Peters & Peters.
CONTRIBUTORS
Bedell Cristin Guernsey Partnership
Bell Gully
Blank Rome LLP
Corrs Chambers Westgarth
Edmonds Marshall McMahon
Ernst & Young LLP
EY LLP
Faegre Baker Daniels
Haymarket Risk Management Ltd
Miller & Chevalier Chartered
Navigant Consulting Inc.
Peters & Peters.
Ropes & Gray LLP
Russell McVeagh
Subsea 7