Bribery and Corruption

Kazakh mining company ENRC today said the UK’s Serious Fraud Office (SFO) should, alongside US law firm Dechert, cover extra costs it accrued because of ex-City lawyer Neil Gerrard’s decision to leak company information to the fraud investigator, leading to the launch of a 10-year probe into the former FTSE 100 firm.

https://www.cityam.com/uks-serious-fraud-office-should-cover-enrcs-21m-costs-in-corruption-investigation-londons-high-court-hears/

The city council and its waste company are cooperating with inquiries and have handed over evidence to detectives at Avon & Somerset Police.

https://www.bristol247.com/news-and-features/news/police-investigate-alleged-fraud-avonmouth-recycling-centre/

Friday 24 February 2023 marks the one year anniversary of Russia's invasion of Ukraine which has led to one of the most significant global sanctions regimes in recent years. Following a year of unprecedented sanctions activity, we have highlighted our key takeaways for firms to consider and look out for in the coming year.

https://www.ashurst.com/en/news-and-insights/legal-updates/russian-sanctions---after-the-laws-expect-the-enforcement/

Recent publication of the Corruption Perceptions Index (CPI) highlights the need for businesses to remain focused on managing corruption risk in 2023 amidst the raft of other challenges arising, an expert has said.

https://www.pinsentmasons.com/out-law/news/growing-corruption-risk-should-spur-action-from-businesses

Three Russian businessmen, a string of billionaires and several Tory donors are among beneficial owners, analysis shows

https://www.ft.com/content/226ebb6f-2285-474b-94c4-9053a8d54da9

The director of the Serious Fraud Office Lisa Osofsky has admitted to MPs that she was taken in by an ex-US Drug Enforcement Administration agent acting as a “fixer” in relation to the Unaoil bribery scandal.

https://www.fnlondon.com/articles/sfo-director-lisa-osofsky-admits-being-taken-in-by-fixer-in-unaoil-case-20221020

Glencore Energy UK Ltd will pay £280,965,092.95 million (over 400 million USD) after an SFO investigation revealed it paid US $29 million in bribes to gain preferential access to oil in Africa.

https://www.sfo.gov.uk/2022/11/03/glencore-energy-uk-ltd-will-pay-280965092-95-million-over-400-million-usd-after-an-sfo-investigation-revealed-it-paid-us-29-million-in-bribes-to-gain-preferential-access-to-oil-in-africa/

The first ever national standard on modern slavery has been published by the British Standards Institution (BSI), providing organisations with important guidance on managing modern slavery risks.

https://www.pinsentmasons.com/out-law/news/british-standard-modern-slavery-benchmark-businesses

Corruption costs the global economy an estimated $3.6 trillion a year. This figure hints at a daunting inference: business-as-usual in anti-corruption may not be working.

https://insights.ropesgray.com/post/102hpdf/why-a-values-based-approach-to-anti-corruption-is-the-paradigm-shift-organization

Reminds Firms Not to Rely Solely on Third Parties to Conduct Sanctions Checks

https://www.mofo.com/resources/insights/220705-ofsi-fines-uk-firm-located-overseas.html#.Ysil8mQ3Lds.twitter