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Global Glimpses

“Global Glimpses” follows compliance, risk, and corporate governance news both in Europe and around the world. It covers developments at the International Accounting Standards Board, as well as global regulation, anti-bribery, and corruption enforcement, along with other compliance developments abroad. Global Glimpses is written by contributor Paul Hodgson. Hodgson welcomes questions, comments, and statements from readers on global issues and will address them here when appropriate. Readers can contact him at paul.hodgson@complianceweek.com.
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Global Glimpses Blog
Anti-Corruption Groups Challenge the SFO on DPAs
Aarti Maharaj | June 24, 2015
Green
A number of well-known anti-corruption activists, such as Transparency International and Corruption Watch, are urging David Green, director of Britain’s Serious Fraud Office, to rethink replacing criminal charges with deferred prosecution agreements. The group warns that if DPAs are offered, that will allow banks and other companies to engage in misconduct and risky behavior without facing criminal charges. Details inside.
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Global Glimpses Blog
U.K. SFO in Talks With Barclays to End Long-Running Criminal Probe
Aarti Maharaj | July 22, 2015
The Serious Fraud Office has extended a deferred-prosecution agreement to Barclays to end an investigation into the bank’s alleged role in the £2 billion Qatari 2008 fundraising and other practices that helped the bank weather the financial crisis. British regulators recently gained the power to issue DPAs, and the SFO had considered informing the magistrates’ court that Barclays was not cooperating with regulators. Details inside.
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Global Glimpses Blog
U.K. Regulator’s Victory in the Libor Scandal
Aarti Maharaj | August 5, 2015
Tom Hayes, once a “star trader” at UBS and Citigroup and the first to stand trial in the Libor scandal, has been charged with eight counts of conspiracy to manipulate Libor and will serve 14 years in prison. This case serves as a major turning point for the U.K. Serious Fraud Office as its reputation was at stake for the successful prosecution of Hayes. “The jury were sure that in his admitted manipulation of LIBOR, Hayes was indeed dishonest,” SFO Director David Green said. More inside.
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Global Glimpses Blog
Serious Fraud Office Speeds Up Tesco’s Accounting Probe
Aarti Maharaj | October 7, 2015
The Serious Fraud Office has accelerated its probe into the accounting irregularities at Tesco, hoping to resolve the criminal investigation by year-end. The supermarket chain’s former chief executive Philip Clarke is one of many former Tesco executives being scrutinized by the agency in its investigation; Laurie McIlwee, former finance director, is being interviewed as a witness. Details inside.
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Global Glimpses Blog
Court: Misleading Auditors Not Criminal Offense
Aarti Maharaj | November 10, 2015
The U.K. Serious Fraud Office has dropped a two-year case against Japanese endoscope maker Olympus Corp., in the wake of a London court ruling that doctoring reports to auditors is not a criminal offence under English law. The move is a setback for SFO Director David Green, who has been putting the English law to test so more companies can be held accountable for their actions. Details inside.
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Global Glimpses Blog
The inner workings of the SFO
Jaclyn Jaeger | March 30, 2016
During remarks at the European Compliance and Ethics Institute conference in Prague, Alun Milford, general counsel for the U.K. Serious Fraud Office, provided some rare insight into the inner workings of the SFO. He also provided some hints on cases that are on the horizon, including “a LIBOR-fixing trial and a string of overseas corruption trials—all brought by the Serious Fraud Office.”
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Global Glimpses Blog
RICS fines Sweett Group £125,000 in bribery case
Jaclyn Jaeger | August 23, 2016
Following the outcome of a disciplinary panel, the Royal Institute of Chartered Surveyors (RICS) this month found that Sweett Group “did not at all times act with integrity” concerning a bribery case relating to its Middle East operations. Jaclyn Jaeger reports.
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Global Glimpses Blog
Rolls-Royce reaches $800M global resolution in FCPA case
Jaclyn Jaeger | January 18, 2017
British engineering company Rolls-Royce has agreed to pay the United States nearly $170 million as part of an $800 million global resolution with U.S., U.K., and Brazilian authorities into a long-running bribery scheme. Jaclyn Jaeger reports.
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Global Glimpses Blog
U.K. probes KPMG for Rolls-Royce audits
Jaclyn Jaeger | May 8, 2017
The United Kingdom’s independent accounting regulator said it has commenced an investigation into the conduct of KPMG for audits it performed on Rolls-Royce.
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Global Glimpses Blog
SFO investigates Petrofac over Unaoil
Jaclyn Jaeger | May 15, 2017
The U.K. Serious Fraud Office confirmed that it is investigating the activities of oilfield services provider Petrofac, its subsidiaries, and their officers, employees and agents for suspected bribery, corruption and money laundering.
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Global Glimpses Blog
Petrofac makes governance changes amid SFO probe
Jaclyn Jaeger | June 1, 2017
The board of directors of oilfield services provider, Petrofac, recently announced a number of significant governance changes, amid a bribery and corruption investigation by the Serious Fraud Office.
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Global Glimpses Blog
SFO charges Barclays in Qatar capital-raising case
Jaclyn Jaeger | June 20, 2017
The Serious Fraud Office has charged Barclays and four individuals with conspiracy to commit fraud and the provision of unlawful financial assistance contrary to the Companies Act.
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Global Glimpses Blog
SFO investigating Amec Foster Wheeler
Jaclyn Jaeger | July 14, 2017
The U.K. Serious Fraud Office confirmed that it has opened an investigation into the activities of London-based Amec Foster Wheeler for allegations of bribery, joining U.S. authorities in their bribery investigations into the energy services company.
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Global Glimpses Blog
SFO investigating Rio Tinto
Jaclyn Jaeger | July 25, 2017
The U.K. Serious Fraud Office confirmed this week it has opened an investigation into suspected corruption by mining company Rio Tinto.
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Global Glimpses Blog
SFO charges Afren executives with money laundering and fraud
Jaclyn Jaeger | September 29, 2017
The U.K. Serious Fraud Office said that it is conducting a criminal investigation into oil and gas exploration company, Afren, concerning secret agreements with their joint venture partners in Nigeria.
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Global Glimpses Blog
F.H. Bertling employees sentenced in corruption case
Jaclyn Jaeger | October 20, 2017
Three former senior employees of the F.H Bertling Group were today sentenced at Southwark Crown Court, the U.K. Serious Fraud Office announced.
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Global Glimpses Blog
SFO charges two in Unaoil investigation
Jaclyn Jaeger | November 17, 2017
The U.K. Serious Fraud Office this week charged two individuals in relation to the ongoing Unaoil investigation.
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Global Glimpses Blog
SFO: Tell-tale signs of money laundering
Jaclyn Jaeger | January 9, 2018
Serious and organised crime costs the United Kingdom an estimated £24 billion a year, states a new government report setting out the threats posed by money laundering. With the report, the government relaunched its “Flag it Up” campaign to raise awareness and show how the legal and accountancy sectors can stamp out money laundering.
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Global Glimpses Blog
Petrofac board: An update on SFO investigation
Jaclyn Jaeger | February 6, 2018
The board of directors of oilfield services provider Petrofac this week provided an update on the U.K. Serious Fraud Office's investigation into the company.
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Global Glimpses Blog
SFO: More charges in Barclays Qatar capital raising case
Jaclyn Jaeger | February 13, 2018
The U.K. Serious Fraud Office has charged Barclays Bank with unlawful financial assistance contrary to the Companies Act in connection with an investigation it began in 2012.
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Global Glimpses Blog
SFO to seek retrial of three former Tesco managers
Jaclyn Jaeger | March 6, 2018
The U.K. Serious Fraud Office is seeking a retrial of three former senior managers of retail company Tesco, who are facing fraud and false accounting charges.
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Global Glimpses Blog
SFO recovers £4.4m from corrupt diplomats in ‘Chad Oil’ share deal
Jaclyn Jaeger | March 27, 2018
The Serious Fraud Office announced that it is set to recover millions lost in a corruption case concerning bribes that Griffiths Energy paid to Chadian diplomats in the United States and Canada.
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Global Glimpses Blog
SFO: AI powered ‘robo-lawyer’ enhances fight against economic crime
Jaclyn Jaeger | April 10, 2018
The U.K. Serious Fraud Office is making artificial intelligence available to all its new casework, speeding up the investigation process—and already other enforcement bodies around the world are looking to the SFO to share its experience with AI.
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Global Glimpses Blog
Mark Thompson named interim director of the SFO
Jaclyn Jaeger | April 10, 2018
The Attorney General’s Office announced that Mark Thompson, currently chief operating officer at the Serious Fraud Office, will be appointed SFO director on an interim basis pending the next permanent director becoming available.
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Global Glimpses Blog
The Serious Fraud Office has a new director
Jaclyn Jaeger | June 4, 2018
Jeremy Wright, the Attorney General for England and Wales, on June 4 named Lisa Osofsky as the new director of the Serious Fraud Office.
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