Posted Friday December 11, 2015

NCA money laundering detection systems criticised, former New York brokerage executive sentenced, Ghana dismisses judges over corruption, and more

News, news, news. Read, read, read. 

  • In a review of the UK’s National Crime Agency, the Law Society and Electronic Money Association have argued that the NCA’s system for detecting suspicious financial transactions shows serious shortcomings. 

  • A former New York brokerage executive was sentenced to two years in jail after he pled guilty to violations of the FCPA that included conspiracy to bribe officials at Venezuelan state-owned banks.

  • OFAC has issued a six-month general license to allow individuals, companies and financial institutions to conduct most transactions otherwise prohibited by the US Treasury’s Burmese Sanctions Regulations. This includes participating in trade finance transactions. Targeted sanctions against specific individuals and entities are still in place.  

  • Ghana dismissed 20 judges and magistrates from lower courts following an investigation by a committee appointed by the chief justice. A second investigation against 12 High Court judges is still going on. 

And finally, FCPA Professor has taken a closer look at the UK's first deferred prosecution agreement in the Serious Fraud Office's enforcement action against Standard Bank Plc, comparing it to DPAs in the US. While there are many similarities, the piece identifies a number of key differences between the UK and US model. For instance, in the US, the DOJ can unilaterally declare a breach of the DPA, whereas the SFO may make a breach application to the Court after having provided Standard Bank the opportunity to respond to a written notification about an alleged breach. The article also notes that the agreement was concluded more swiftly than most DPAs in the US. 

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