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United States: Idaho’s Supreme Court means business, handing taxpayers a win on definition of...

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The Idaho Supreme Court recently affirmed a District Court's judgment that the gain from the sale of a 78.54% membership interest in a limited liability company did not constitute 'business income' under Idaho Code section 63-3027.  In Noell Indus. Inc. v. Idaho State Tax Comm'n, Docket No. 46941 (Idaho 2020), the court determined that “this type of gain does not meet the definition of ‘business income’ under either the transactional test or functional test (including the unitary business test),” and was therefore not apportionable income.

Hong Kong: Does your company have an effective whistle-blowing program? What Hong Kong companies...

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Whistle-blowers have been a prominent feature of the ongoing COVID-19 crisis. From the medics across the globe who have blown the whistle on supply shortages, misleading information regarding effective treatments and risk measures, whistle-blowers have been a vital source of information during the pandemic. Companies have also been challenged with increasing numbers of whistle-blowing reports during this period in areas including fraud, corruption and harassment.  Although there is no comprehensive law in Hong Kong requiring companies to implement a whistleblowing policy and procedure, it is a best practice component to any compliance program and an essential tool to combat internal misconduct and to ensure compliance with laws and regulations.

United States: This Week in Government Enforcement

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Please join us for a new weekly video series, hosted by Baker McKenzie's North America Government Enforcement partners Tom Firestone and Jerome Tomas.This weekly briefing is available on demand and will cover hot topics and current enforcement actions related to white collar crime and criminal investigations in the US and abroad to arm you with the information you need to start your business week.As one of the largest global law firms, we will call upon our exceptionally deep and broad bench of white collar experts throughout the world and particularly in the commercial hubs of Europe, Asia, Africa and Latin America to join our weekly discussion series.

Webinar Series (May 2020 to March 2021): The Baker McKenzie Investigations Series – Your...

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Investigation work is peppered with legal and practical issues for which often there is not one right answer. The circle of professionals in charge...

France: French ordinance passed to strengthen law combating money laundering and the financing of...

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The Government of France issued an ordinance (n° 2020-115), which transposes the EU Directive (2018/843) of 30 May 2018 of the European Parliament and of the Council, known as the "5th Anti-Money Laundering Directive", on 12 February 2020 to aid in the efforts to combat money laundering and the financing of terrorism in France. This ordinance has been supplemented by two decrees (n° 2020-118, n° 1010-119) adopted on the same day.Covered institutions with a presence in France should carefully analyze the ordinance and its supporting decrees and, where necessary, review and adapt their processes to ensure compliance with the new regulatory framework. In particular, client identity checks need to be adapted.

Europe: LIBOR – Redefining the transition timeline

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Progress on the reform of LIBOR has not stopped during the COVID-19 pandemic.While the overall timing for LIBOR transition has remained unchanged, the Working Group on Sterling Risk-Free Reference Rates (RFRWG) has recognized the need to introduce some flexibility in relation to the interim transition deadlines to ensure that lenders are able to continue to supply credit to the real economy and assist with economic recovery.

Malaysia: Corporate liability for corruption offences – are you ready for 1 June 2020?

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On 1 June 2020, the corporate liability provision under Section 17A of the Malaysian Anti-Corruption Commission Act 2009 (the Act) is set to come into force. As highlighted in our earlier client alert (see Link), a company may be held criminally liable for acts of corruption by its directors, employees or other associated persons.

United Kingdom: Warning! Push payment fraud – How to spot it & how to...

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The COVID-19 crisis presents fraudsters with a ripe opportunity to defraud businesses at a time when finances are tight, attention and resources are focused elsewhere, key staff may be absent and financial controls are under pressure. One of the simplest and most devastatingly effective of these frauds is a push payment fraud.

Argentina: Legal guide to public contracting in light of the COVID-19 pandemic

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The current climate surrounding the COVID-19 crisis requires a significant level of flexibility in contractual relationships to provide flexibility regarding public procurement regulations for directly purchasing procedures for goods and services. Guidelines for directly executing contracts and a range of options available to contracting authorities.

Canada: Legal guide to public contracting in light of the COVID-19 pandemic

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Due to the unusual and uncertain times we are currently living in, several public procurement authorities have published guidance during the COVID-19 crisis. The guidance addresses specific requirements for accelerating the standard procedures, direct awards and other options available to contracting authorities
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