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Anti-Corruption

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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.

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.

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.

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.

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.