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Business is becoming increasingly global. Every jurisdiction maintains its own regulatory approach and has its own customs and practices.

There may be increased political or legislative risks associated with certain jurisdictions that organisations should take into consideration before they commence operations in these locations. These risks will vary from country to country and their perceived

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Latest Risk & Compliance News

SFO launches bribery investigation into defence firm Thales

The Serious Fraud Office (SFO) has initiated an investigation into suspected bribery and corruption involving the multi-national aviation and defence electronics group Thales. This probe is being conducted jointly with the French authority Parquet National Financier (PNF), with each agency operating within its respective jurisdiction. The investigation targets Thales Group, headquartered in Paris, whose UK subsidiary employs over 7,000 staff across 16 sites. SFO director, Nick Ephgrave QPM, highlighted the importance of international collaboration in combating corruption, emphasising the longstanding relationship between the SFO and PNF. The agencies have informed Thales of the investigation and are committed to rigorously pursuing all avenues in their inquiry into these serious allegations.

New Risk & Compliance forecast as at 20 November 2024

Our new Risk & Compliance forecast (as at 20 November 2024) is now live. This month we report on items including: (1) publication of the long-awaited government guidance on the failure to prevent fraud offence; (2) consultation by the Financial Action Task Force (FATF) on proposed changes to FATF Standards and updates to grey listing criteria by FATF to increase focus on risk; (3) updates on the Data (Use and Access) Bill and Employment Rights Bill, and (4) three new consultations from the Solicitors Regulation Authority (SRA) on client money management and consumer protection.

HM Treasury issues advisory on Oil Price Cap evasion tactics

HM Treasury (HMT)and the Office of Financial Sanctions Implementation (OFSI) have released an advisory concerning the Oil Price Cap (OPC) regime. The guidance specifically addresses evasion strategies involving the manipulation of product origin through the use of fabricated and falsified Certificates of Origin (CO). This advisory aims to alert relevant parties to the risks associated with such practices and to enhance compliance efforts within the oil trade sector.

Risk & Compliance weekly highlights—21 November 2024

This week's edition of Risk & Compliance weekly highlights includes: the latest financial sanctions updates, an updated list of businesses not compliant with money laundering regulations from HM Revenue & Customs (HMRC), initiation of a consultation for legal regulators to combat economic crime by the Legal Services Board (LSB) and final versions of a suite of new guidance to support in-house solicitors from the SRA.

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