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What is a trust or company service provider?
  • Herbert Smith Freehills LLP
  • United Kingdom
  • August 15 2008

Following the coming into force of the Money Laundering Regulations 2007 (the Regulations) in December 2007 there was concern as to the scope of "Trust or Company Service Provider"

Court of Appeal finds settlement offer not subject to “without prejudice” protection as it amounted to an unambiguously improper threat
  • Herbert Smith Freehills LLP
  • United Kingdom
  • October 11 2016

The Court of Appeal has recently considered the rarely invoked "unambiguous impropriety" exception to without prejudice ("WP") privilege: Ferster v

European Commission proposal to amend and fast-track Fourth Money Laundering Directive
  • Herbert Smith Freehills LLP
  • European Union, United Kingdom
  • July 21 2016

On 5 July 2016, the European Commission approved a proposal (20160208 (COD)) (the “Proposal”) to implement a number of amendments and additions to

Corporate Crime Update - September 2016 - United Kingdom Europe
  • Herbert Smith Freehills LLP
  • European Union, Global, United Kingdom
  • September 30 2016

London’s Southwark Crown Court recently approved only the second Deferred Prosecution Agreement (DPA) since the introduction of DPAs in 2014. Herbert

Shah v HSBC: what duties do banks owe their customers when making SARs?
  • Herbert Smith Freehills LLP
  • United Kingdom
  • April 24 2009

Earlier this year, the High Court considered a claim by a customer against his bank in relation to its failure to process transactions whilst requests for consent under the Proceeds of Crime Act 2002 (POCA) were pending with the Serious Organised Crime Agency (SOCA

The Fraud Act 2006 - the crackdown on fraud continues: no gain, no matter
  • Herbert Smith Freehills LLP
  • United Kingdom
  • January 18 2007

On 15 January 2007 the latest weapon in the fight against Financial Crime came into force in the form of the Fraud Act 2006

Principal's right to recover a bribe paid to a fiduciary proprietary or personal?
  • Herbert Smith Freehills LLP
  • United Kingdom
  • May 23 2011

The Privy Council decision of Attorney-General for Hong Kong v Reid 1994 1 AC 324 has generally been taken to hold that a principal has a proprietary right to a bribe paid to a fiduciary

Myanmar investment guide - April 2016
  • Herbert Smith Freehills LLP
  • Australia, Global, United Kingdom
  • June 28 2016

After gaining its independence from the British in 1948, Myanmar1 entered a period of armed conflict and political instability. Following a

Recent developments illustrating corruption risks in the mining industry
  • Herbert Smith Freehills LLP
  • United Kingdom, USA
  • November 27 2015

Mining executives do not need to be reminded that their industry presents some of the gravest risks of corruption. They operate in regions that are

FSA fines MLRO and firm for failure to comply with anti-money laundering requirements
  • Herbert Smith Freehills LLP
  • United Kingdom
  • December 4 2008

In October 2008 the FSA issued Final Notices fining Money Laundering Reporting Officer ("MLRO") Michael Wheelhouse £17,500 for failures in overseeing and implementing the anti-money laundering systems at Sindicatum Holdings Limited ("SHL") and fining SHL £49,000 for failure to implement effective systems in relation to verifying the identity of some of its clients; the FSA stated that SHL's fine would have been significantly larger had it not been for SHL's limited resources