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Articles by Karolos Seeger
UK Introduces New ‘Failure to Prevent Fraud’ Corporate Offence
by Karolos Seeger, Aisling Cowell, and Andrew Lee Following confirmation by the UK Government earlier this year that it intended to create a new ‘failure to prevent’ corporate criminal offence, it has now published the much-anticipated draft wording of a failure to prevent fraud offence. This will form part of the Economic Crime and Corporate Transparency Bill (the “ECCT Bill”), which is currently being debated by the House of Lords.
OFSI Publishes Updated Enforcement And Penalty Guidance
Key takeaways: On 8 June 2022, the United Kingdom's Office of Financial Sanctions Implementation (OFSI) announced that its new strict liability enforcement standard and updated accompanying guidance would take effect on 15 June 2022.
Debevoise & Plimpton Discusses UK Global Anti-Corruption Sanctions Regime
On April 26, 2021, the United Kingdom implemented a new sanctions regime that allows the UK government to impose asset freezes on public officials and other persons involved in serious corruption. The regime replaces, and expands, the Misappropriation of State Funds sanctions regime that the United Kingdom implemented in January 2021. The restrictions have initially targeted 22 persons from Russia, South Africa, Guatemala, South Sudan and Honduras.
U.K. Court’s KBR Ruling Suggests a Path to Challenge AMLA’s Broad Subpoena Power
The recently enacted Anti-Money Laundering Act of 2020 (AMLA) grants the Treasury and Justice departments far-reaching subpoena power that allows U.S. prosecutors to circumvent the traditional method for obtaining overseas evidence—a process negotiated with various foreign countries and memorialized in a series of Mutual Legal Assistance Treaties (MLATs). By installing a workaround to the MLAT process, Congress opted for efficiency over international comity.
Debevoise & Plimpton Discusses UK’s Autonomous Sanctions Regime
At 11pm on December 31, 2020, the Brexit transitional period ended and the UK’s autonomous sanctions regime, consisting of approximately 30 regulations, came into force. It is largely based on the EU’s sanctions legislation that was previously implemented in the UK, but there are important differences. Companies operating in the UK will need to ensure that their sanctions systems and controls reflect this sanctions legislation.
Debevoise & Plimpton Discusses UK and EU Anti-Money Laundering Enforcement
In the last few months, the UK and EU have separately outlined major plans that will soon bring a renewed focus to their fight against money laundering. Businesses will need to prioritise ensuring that their anti-money laundering (“AML”) controls are up-to-date and effective, and should be prepared for an increasing number of enquiries and investigations. UK Economic Crime Levy.
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