Bribery and corruption are set to head the agenda for law enforcers and corporate compliance departments in 2024, with a raft of new statutes and orders making for a particularly demanding environment. The UK's Economic Crime and Corporate Transparency Act, passed in October 2023, is the most important British legal reform on economic crime, fraud, bribery and corruption in more than a century.
In the United States, the Treasury Department in December 2023 outlined plans to target corruption in 2024. To mark International Anti-Corruption Day, Treasury published a fact sheet detailing its plans to tighten the U.S. anti-money-laundering regime. It will also continue providing guidance to help financial institutions detect and report corruption-linked activity.
In this episode, Brett Wolf, U.S. anti-money-laundering reporter for Regulatory Intelligence, and Nick Kochan, a freelance journalist, join Alexander Robson, managing editor, to discuss the legislative agenda and its implications for anti-corruption professionals. They also address the likely direction of the Serious Fraud Office under its new director, as well as upcoming elections in the UK and United States.
Regulatory Intelligence published outlook pieces throughout January, including one on bribery and corruption.
Links
Economic Crime and Corporate Transparency Act: www.legislation.gov.uk/ukpga/2023/56/enacted
H.R.4737 - Foreign Extortion Prevention Act: https://www.congress.gov/bill/117th-congress/house-bill/4737?s=1&r=29
Behind the Regulatory Intelligence paywall
OUTLOOK 2024-Bribery and corruption high on law enforcement agenda in UK, U.S.: http://go-ri.tr.com/VpZMGs
FACT SHEET: U.S. DEPARTMENT OF THE TREASURY ACTIONS TO PREVENT AND DISRUPT CORRUPTION: http://go-ri.tr.com/vPjf5O
Contact us:
alexander.robson@thomsonreuters.com
brett.wolf@thomsonreuters.com
author@kochan.co.uk
https://legal.thomsonreuters.com/en/products/regulatory-intelligence
Compliance Clarified is a podcast from Thomson Reuters Regulatory Intelligence.
Listen to wide-ranging, insightful discussions on all things compliance for financial services firms. We delve into the hot topics of the day, the challenges faced and offer up practical ideas for emerging good practice. We de-mystify regulation and explore the art, as well as the science, of the ever-expanding role of the compliance officer. Enforcements, digital transformation, regulatory change, governance, culture, conduct risk – anything and everything impacting the compliance function is up for discussion.
