Harris Corporation Obtains FCPA Declination While Former Employee is Sanctioned

September 28, 2016 By:

Harris' declination from the SEC represents the first time in a "pure" FCPA investigation that a multinational corporation has avoided prosecution entirely while one of its former employees was sanctioned for FCPA violations that created clear potential FCPA liability for the company.

KYC headaches eased – Australian Government broadens KYC methods under the Anti-Money Laundering and Counter-Terrorism Financing Rules

September 27, 2016 By: and

On 11 September 2016, the Australian Government introduced the Anti-Money Laundering and Counter-Terrorism Financing Rules Amendment Instrument 2016 (No. 1).

Argentina: Amendments to the Amounts to detect and report suspicious Operations

September 26, 2016 By: and

The minimum amounts set forth to detect and report suspicious transactions were amended by the Financial Information Unit.

South Africa: A second bite at the cherry may not taste as sweet

September 19, 2016 By: and

Employers, dissatisfied with the outcome of a disciplinary hearing, often wonder if a harsher sanction can be imposed in an internal appeal hearing.

New Norwegian tax assessment act: These are the major changes!

September 16, 2016 By:

The parliament has passed a new legislation to harmonise the tax authorities’ assessment of various taxes and introduced material changes on how the tax assessment should be practised.

Electronic Know-Your-Customer (e-KYC): Anti-money Laundering in Thailand in the Digital Era

The Bank of Thailand has introduced a new regulation to facilitate the Know-Your-Customer process by using an electronic means for account opening for deposit acceptance or fund acceptance from public.

Australia: New laws to introduce “effects test” for misuse of market power

September 12, 2016 By: , and

On 5 September 2016, the Australian Government released for consultation exposure draft legislation which would inter alia introduce an "effects test" into the prohibition against misuse of market power.

Thai SEC Imposes Immediate Ban on Fined Unfair Trading Directors and Executives

September 7, 2016 By: and

Thailand's Securities and Exchange Commission issued a notification which will cover an immediate ban for directors and executives who are fined by the Criminal Fining Committee based upon inter alia unfair trading offences such as insider trading.

NEWS FROM ASIA PACIFIC

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KYC headaches eased – Australian Government broadens KYC methods under the Anti-Money Laundering and Counter-Terrorism Financing Rules

On 11 September 2016, the Australian Government introduced the Anti-Money Laundering and Counter-Terrorism Financing Rules Amendment Instrument 2016 (No. 1).

Electronic Know-Your-Customer (e-KYC): Anti-money Laundering in Thailand in the Digital Era

The Bank of Thailand has introduced a new regulation to facilitate the Know-Your-Customer process by using an electronic means for account opening for deposit acceptance or fund acceptance from public.

Australia: New laws to introduce “effects test” for misuse of market power

On 5 September 2016, the Australian Government released for consultation exposure draft legislation which would inter alia introduce an "effects test" into the prohibition against misuse of market power.

Thai SEC Imposes Immediate Ban on Fined Unfair Trading Directors and Executives

Thailand's Securities and Exchange Commission issued a notification which will cover an immediate ban for directors and executives who are fined by the Criminal Fining Committee based upon inter alia unfair trading offences such as insider trading.

2016 Global Overview of Anti-Bribery Laws Handbook released

Baker & McKenzie released the 2016 edition of its Global Overview of Anti-Bribery Handbook. You can read the Handbook for free on Global Compliance News.

ANTI-CORRUPTION

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Harris Corporation Obtains FCPA Declination While Former Employee is Sanctioned

September 28, 2016

Harris' declination from the SEC represents the first time in a "pure" FCPA investigation that a multinational corporation has avoided prosecution entirely while one of its former employees was sanctioned for FCPA violations that created clear potential FCPA liability for the company.

2016 Global Overview of Anti-Bribery Laws Handbook released

Baker & McKenzie released the 2016 edition of its Global Overview of Anti-Bribery Handbook. You can read the Handbook for free on Global Compliance News.

China’s New Judicial Interpretation Clarifies Criteria and Punishment for Bribery Offences

The Supreme People’s Court and the Supreme People’s Procuratorate’s have released the Interpretation of Several Issues Concerning the Application of Law in Handling Criminal Cases Related to Graft and Bribery which includes clarifying sentencing criteria for official and commercial bribery offences.

Self-disclosure of Corruption Offenses To the U.S. and U.K. Authorities: Where Are We Now?

Companies that discover instances of corruption within their organization face the complex and uncertain task of weighing up the potential benefits of making a voluntary selfdisclosure to prosecutors against the risk of otherwise being prosecuted.

New Anticorruption Laws in Mexico

On July 18th, 2016, the Mexican President promulgated the legislation package that gives rise to the Anticorruption National System, which includes the General Law for the Anticorruption National System.

ANTITRUST

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Australia: New laws to introduce “effects test” for misuse of market power

September 12, 2016

On 5 September 2016, the Australian Government released for consultation exposure draft legislation which would inter alia introduce an "effects test" into the prohibition against misuse of market power.

The Argentine Antitrust Commission initiates an Investigation against Credit Card Issuers

The new authorities of the Argentine Antitrust Commission released a report on the conclusions reached regarding the market investigation on credit cards.

Spanish authority takes hard line on refusal to deal with independent repairers

The Spanish authority fined car-wash equipment maker Istobal €638,770 (2% of its Spanish revenue) for denial of parts and data to independent repairers.

Germany Proposes Transaction Value Threshold to Require Notification of High Value Deals Even with No/De Minimis Sales in Germany

the Federal Ministry of Economics proposed a far reaching change to German merger notification thresholds making it one of the few jurisdictions worldwide that take jurisdiction based on the size of the transaction, no matter how trivial the sales of the target are in Germany

US Federal Trade Commission Raises Maximum Civil Penalties To Account For Inflation

The US Federal Trade Commission announced that, effective on August 1, 2016, the civil penalties for various violations of the Clayton and FTC Act will be increased.

Sanctions

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Developments on the State of Emergency in Turkey: New Executive Order Enters into Force

August 1, 2016

On Saturday, July 23, 2016, the Council of Ministers issued an executive order to take measures to reestablish public security and to eliminate threats against national security during the state of emergency

UK votes “leave”

It was today announced that, on 23 June 2016, the British public voted in favour of a so-called “Brexit”, or exit from the European Union

EU political agreement on framework to stop financing armed groups through trade in conflict minerals

EU institutions agreed on a framework for an EU Regulation designed to ensure that minerals entering the EU have been sourced responsibly and without funding conflict and human rights abuses.

U.S. Government Takes Additional Steps to Relax Comprehensive Embargo of Cuba

On March 15, 2016, the U.S. OFAC and the U.S. BIS announced further amendments to the Cuban Assets Control Regulations and the Export Administration Regulations, in a continuing effort to chip away at the decades-old embargo.

Proposed Amendments to the PRC Anti-Unfair Competition Law Provide Greater Clarity on Commercial Bribery and Impose Tougher Sanctions

The PRC State Council released for public consultation draft amendments ("Draft Amendments") to the PRC Anti-Unfair Competition Law ("AUCL"), the first time after more than 20 years since the AUCL’s enactment.

Data Privacy

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EU General Data Protection (GDPR) Game Plan Series – Part 3

June 8, 2016

Welcome to Part 3 of the Baker & McKenzie GDPR Game Plan Series! On 25 May 2016, the GDPR finally entered into force. It will start to apply as of 25 May 2018 giving organisations two years to come into compliance.

What every multinational company should know about the WP29 EU-U.S. Privacy Shield

The Working Party of European Union Data Protection Authorities identified concerns with the Privacy Shield, and recommended clarifications and improvements to the text.

Attorney-Client Privilege And A Law Firm Leak

Earlier this month, reports emerged of a massive leak of documents that appear to have been stolen from a non-U.S. law firm. This is only the latest instance of confidential attorney files leaking into the public arena. The U.S. Department of Justice has already announced that it is investigating potential violations of law.