In the latest edition of the law firm’s review, Allen & Overy –
- identifies an increasing trend by national courts across a number of jurisdictions, particularly France and Italy, to apply extraterritorial jurisdiction to a number of criminal offences committed by corporates;
- the increasing use of Deferred Prosecution Agreements and similar tools – most notably in France but now potentially in Germany;
- the long-awaited first contested trial for corporate failure to prevent bribery;
- progress on the 5th Money Laundering Directive, even while 4th Directive continues to be implemented in a small number of jurisdictions;
- the extra-territorial reach of French AML laws in French carbon tax scam litigation;
- the German FIU reportedly faces administrative challenges following reorganisation;
- in Spain, the proceeds of tobacco smuggling are deemed not illicit, because where smuggling leads to profits of less than €150,000, such activities are deemed in Spain to be administratively illegal, not criminal;
- in the UK, the JMLSG publishes updated guidance On AML/CFT in asset finance and syndicated lending;
- success in acting to reinstate Romania’s best-known anti-corruption magistrate.
It details the status of the implementation of the 4th Money Laundering Directive in the Member States.
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