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First British DPA Provides Much to Ponder

Tom Fox | December 8, 2015

It has finally come to pass: the first deferred-prosecution agreement under the U.K. Bribery Act!

In a courtroom in London, in late November, the Serious Fraud Office and attorneys for the defendant Standard Bank (now known as ICBC Standard Bank) convened to seek formal judicial approval of a DPA for the bank’s conduct in failure to prevent payment of bribes, made illegal under Section 7 of the Bribery Act. The bribes were paid out by an affiliate of the London-based institution, Stanbic Bank Tazania.

The conduct by Stanbic was quite egregious. It involved the local bank handling an offering to raise Tanzanian government financing....

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