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From early 2015, 11.5 million documents belonging to a Panamanian law firm, Mossack Fonseca, were provided to a German newspaper, Süddeutsche Zeitung, who shared them with the International Consortium of Investigative Journalists (“ICIJ”). The ICIJ shared these documents with 400 journalists at 107 different media organisations who kept them secret while they were reviewed in detail. The first news reports were published on 3 April 2016 when the documents became known as the “Panama Papers”.
Continue Reading NCA and HMRC to Lead Taskforce to Investigate the Panama Papers

On 10 September, Sally Yates, the U.S. Deputy Attorney General gave a speech and issued a memorandum to U.S. Federal Prosecutors on individual accountability for corporate wrongdoing in response to public criticism that the U.S. DOJ tends to focus on prosecuting companies rather than individuals.
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Continue Reading DOJ Steps up Rhetoric on Prosecuting Individuals as well as Corporations

Justine Greening, the International Development Secretary, announced additional British efforts to combat corruption in developing countries through an International Corruption Unit (“ICU”). The ICU will draw together existing resources and investigative powers from the National Crime Agency (“NCA”), the Metropolitan Police and City of London Police to provide a multi-faceted approach.
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Continue Reading Combatting Corruption in Developing Countries

On 16 July, HMRC published a consultation paper on the introduction of a new offence for corporations which fail to prevent the facilitation of tax evasion. This consultation is one of the four consultations on harsher penalties for tax evasion which were previewed in the Budget 2015 and a recent publication “Tackling Evasion and Avoidance.”…
Continue Reading HMRC Launches Consultation on New Corporate Offence of Failing to Prevent the Facilitation of Tax Evasion

Continuing with a spate of recent public statements about the DOJ’s current enforcement outlook, Assistant Attorney General Leslie R. Caldwell focused on DOJ’s expectations for companies hoping to receive cooperation credit from the Department in remarks to the New York City Bar at the White Collar Crime Institute.
Continue Reading DOJ Official Issues Warning Against Relying on Rarely Enforced Foreign Data Privacy Laws by Companies Seeking Cooperation Credit

In a recent speech at NYU Law School, Assistant Attorney General Leslie Caldwell attempted to provide guidance to companies seeking cooperation credit from the Justice Department. She warned of dire consequences if a company fails to cooperate, but stated that DOJ does “not expect companies to aimlessly boil the ocean” during internal investigations.
Continue Reading DOJ Attempts to Clarify Corporate Cooperation Credit Expectations

In a week of mixed messages for potential whistleblowers, the SEC announced a $600,000 whistleblower award in connection with its first anti-retaliation enforcement action, while the Wall Street Journal, relying on recently obtained public records, reported that 83% of the 297 whistleblowers who have applied for awards since 2011 have not yet received a decision from the SEC.
Continue Reading SEC Encourages Whistleblowers to Come Forward with Recent $600,000 Award