Day: June 2, 2020

On 2 June, the Economic Times reported that the Enforcement Directorate had filed a charge sheet naming the arms dealer who is currently said to be in London.  The charges are linked to a deal in 2009 to procure trainer aircraft from Swiss aircraft manufacturer, Pilatus Aircraft. Previously, Offset India Solutions, a company allegedly owned by Bhandari, was named over involvement in the Pilatus deal.
https://economictimes.indiatimes.com/news/politics-and-nation/ed-charge-sheets-absconding-arms-dealer-sanjay-bhandari/articleshow/76162574.cms

 

 

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On 2 June, Foley & Lardner LLP published an article saying that if you think this lack of apparent connection to the US will protect you from the long arm of US enforcement authorities, think again.  This article presents 6 scenarios under which companies with no operations (or even business) in the US can still find themselves on the wrong end of an investigation by US enforcement agencies. These scenarios cover bribery, corruption, and fraud, as well as export violations and offshore transactions involving countries and entities “blacklisted” under US sanctions programs. And, in each instance, foreign companies may swiftly – and often unknowingly – subject themselves to US jurisdiction.

https://www.jdsupra.com/legalnews/the-long-arm-of-american-enforcement-40062

 

 

 

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In the UK, RUSI has launched a new website to track progress on the Economic Crime Plan 2019-2022, which was launched in July 2019 and sets out the UK government’s response to a range of economic crimes impacting the UK, including money laundering, fraud, market abuse and bribery.  The Plan sets contains 52 actions under 7 priorities areas with deadlines for achieving these actions.

https://www.rusi.institute/ecp/

 

 

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On 2 June, Eversheds Sutherland published an article which focus on the introduction of the standalone moratorium for companies that are insolvent or likely to become insolvent and, in the opinion of an insolvency practitioner, capable of rescue as a going concern.  It is independent of formal insolvency processes, such as administration or liquidation, and it is not necessarily a gateway to such a process: it is designed to be a breathing space from which companies emerge as a going concern.

https://www.eversheds-sutherland.com/global/en/what/articles/index.page?ArticleID=en/coronavirus/coronavirus-moratorium-procedure-020620

 

 

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On 2 June, Out-Law published an article saying that the Information Commissioner’s Office (ICO) and the Alan Turing Institute have published guidance on explaining decisions made with AI.  The guidance is intended to give organisations practical advice to help explain the processes and services that go into AI decision-making so that individuals will be better informed about the risks and rewards of AI.

https://www.pinsentmasons.com/out-law/news/uk-guidance-decisions-artificial-intelligence

The guidance is at –

https://ico.org.uk/for-organisations/guide-to-data-protection/key-data-protection-themes/explaining-decisions-made-with-ai/

 

 

 

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Following the shipment of oil from Iran to Venezuela, OFAC on 2 June added to its Venezuelan sanctions lists 4 ship-owning companies – 3 Marshall islands’ and 1 Greek; plus 4 vessels – one each flying the Panama, Marshall Islands, Maltese and Bahamian flag.

https://www.treasury.gov/resource-center/sanctions/OFAC-Enforcement/Pages/20200602.aspx

https://home.treasury.gov/news/press-releases/sm1022

 

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On 2 June, the EU published a report, saying that while a new EU Regulation on the mutual recognition of freezing orders and confiscation orders will also improve cross-border cooperation, much more remains to be done. Only 1% of criminal proceeds are confiscated in the EU according to Europol estimates.  It is said that the Commission will now assess the potential for further developing the EU’s asset recovery system.

The report is at –

https://ec.europa.eu/home-affairs/sites/homeaffairs/files/what-we-do/policies/european-agenda-security/20200602_com-2020-217-commission-report_en.pdf

https://ec.europa.eu/home-affairs/sites/homeaffairs/files/what-we-do/policies/european-agenda-security/20200602_com-2020-217-commission-report-annex_en.pdf

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On 31 May, the Guardian reported that the global oil and commodities trader is under investigation by US authorities for alleged corruption and market manipulation relating to oil trading.  The US Commodities and Futures Trading Commission (CFTC) is leading a far-reaching probe into its activities.  The CFTC has issued subpoenas to a large pool of people, ordering them to hand over all information they hold relating to the company’s activities.  Trafigura is legally registered in Singapore but is owned by Farringford NV, registered in Curacao.  The newspaper says that, in its 26-year history, the company has been implicated in several high-profile scandals, including involvement in smuggling oil out of Saddam Hussein’s Iraq.

https://www.theguardian.com/world/2020/may/31/trafigura-investigated-for-alleged-corruption-market-manipulation

 

 

 

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On 1 June, the Wall Street Journal reported that the revisions resulted in part by feedback from the business and compliance communities.  It is said that the guidance is written as a series of questions that prosecutors can ask companies about their compliance programmes during criminal investigations and serves as an informal set of standards that companies can use when designing compliance programmes.

https://www.wsj.com/articles/justice-department-adds-new-detail-to-compliance-evaluation-guidance-11591052949

The guidance is at –

https://www.justice.gov/criminal-fraud/page/file/937501/download

An analysis is also available at –

https://fcpablog.com/2020/06/02/heres-every-change-the-doj-made-monday-to-its-corporate-compliance-program-evaluation-guidance/

 

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On 2 June, EU Sanctions Blog reported that Flex had alerted the SEC in the US that it has begun an investigation into potential violations of US sanctions in certain Flex-affiliated companies outside of the US.

https://www.europeansanctions.com/2020/06/flex-discloses-potential-breaches-of-us-sanctions/

 

 

 

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