Compliance Quarterly newsletter

Compliance Quarterly

Anti-corruption and bribery

Global Publication October 2022

Anti-money laundering: Regulation around the world

A number of enforcement actions taken by regulators around the world have been a reminder for financial institutions that board involvement in, and appropriate oversight of, anti-money laundering/countering the financing of terrorism (AML/CFT) compliance programs is critical. Areas such as board training, understanding and appreciation, reporting and management information and escalation frameworks and protocols remain of high importance. Internationally, there have been changes with the Financial Action Task Force (FATF) adopting amendments to Recommendation 24 which concerns accurate and up-to-date information on the beneficial ownership and control of legal persons. Significant legislative change is also on the horizon in a number of jurisdictions including the United Kingdom and the United States. Regulators are also focusing on next generation AML supervision as seen in a recent speech in Hong Kong, while Singapore is likely to see increased enforcement efforts due to its upcoming FATF Presidency in July 2022, and AML/CFT compliance being stated as a key enforcement priority for the regulator.

Read the full publication, "Anti-money laundering: Regulation around the world."

Financial Crime Outlook: 2022 and beyond

As the economy starts to recover following the impact of the COVID-19 pandemic, regulatory changes are under way in the anti-money laundering and market abuse space. In addition, the events in Ukraine, and the wide range of financial sanctions imposed on Russia in response, are having a significant impact on financial markets and must now be taken into account by firms when considering the current and future financial crime landscape. The threat of financial crime continues to be acknowledged by senior management and boards as a critical risk to their business. To assist firms in managing this risk, we provide an update below on a number of upcoming changes and what we believe to be the key anti-money laundering and market abuse topics to be aware of for 2022 and beyond.

Read the full publication, "Financial Crime Outlook: 2022 and beyond."

Managing emerging bribery risks for financial institutions

Despite financial institutions in the UK and many other jurisdictions being required to have in place sophisticated bribery and corruption (ABC) systems and controls, there has been a recent increase in the number of major ABC enforcement actions involving financial institutions, as well as a significant uptick in civil disputes alleging bribery.

Looking ahead, as many financial institutions prioritize growth in regions presenting higher ABC risk, we will continue to see an increase in bribery-related investigations and litigation

Read the full publication, "Managing emerging bribery risks for financial institutions."

Bribery and money laundering considerations for joint ventures

Whatever the legal form of a joint venture, the collaboration and joint participation in the JV's business objectives can present an enhanced corruption risk. This is because in some circumstances, a company entering into a JV could be criminally liable for the corrupt actions of its JV partner, the JV itself, or third parties engaged by the JV (whether or not the company was aware of or involved in the bribery). There may also be exposure to the risk of money laundering offences.

Read the full publication, "Bribery and money laundering considerations for joint ventures."


Partner, Pekin Bayar Mizrahi
Senior Associate, Pekin Bayar Mizrahi

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