Global | Publication | August 2017
Welcome to Issue 12 of our Asia Pacific Insights into Business ethics and anti-corruption matters. After a short hiatus, we return with four articles dealing with corruption and money laundering.
Australia seeks to shift closer in approach to its US and UK counterparts in its new foreign bribery laws. Abigail McGregor and JP Wood compare and contrast the regimes by reviewing the bribery offences, the adequate procedures compliance defences and deferred prosecution schemes. Jeremy Lua and I provide a comprehensive study of Singapore laws on bribery and corruption ahead of impending changes to the Prevention of Corruption Act.
In an article on the impact of US developments on Asia, my US-based partners Gerry Pecht, Jeff Layne and Ben Koplin team up with Singapore-based US counsel Paul Sumilas to examine the Department of Justice guidance titled “Evaluation of Corporate Compliance Programs” and its effect on Asian businesses, in light of similar industry standards like ISO 37001 and the PACT guidebook published by the Singapore Corrupt Practices Investigation Bureau.
Over in China, the financial services regulators take firm steps to impose stringent obligations on the reporting of large-sum and suspicious transactions on a widening scope of financial institutions. Insurance agents, brokers, consumer finance and loan companies, in addition to financial institutions like banks, are now subject to anti-money laundering obligations as part of a global trend to tighten regulation on illicit activities.
I hope these articles are helpful to you. Please let us know if you would like to speak with us on any of these matters. Enjoy reading!
Publication
On 24 October 2024, the Court of Justice of the European Union (CJEU) confirmed that the European Commission’s (the EC) 2009 decision, which imposed a (then record) €1.06 billion fine on Intel, was flawed as far as it found that loyalty rebates granted by Intel had anti-competitive effects.
Publication
The Dutch tax classification system for non-Dutch entities will undergo significant changes as of 1 January 2025.
Publication
In King Crude Carriers SA & Ors v Ridgebury November LLC & Ors [2024] EWCA Civ 719 the Court of Appeal held that the claimant sellers (the Sellers) were entitled to claim the deposits promised under sale contracts as a debt despite the defendant buyers’ (the Buyers) breach of contract, which had resulted in the non-fulfilment of a condition precedent to the payment of the deposits.
Subscribe and stay up to date with the latest legal news, information and events . . .
© Norton Rose Fulbright LLP 2023