Halfway through 2016, the international community has seen a staggering variety of cross-border investigations and enforcement actions. Brexit, the release of the Panama Papers, allegations of widespread sports doping and the lifting of economic sanctions against Iran have all developed since our last report, and we examine these issues and more in the 2016 Mid-Year Cross-Border Government Investigations and Regulatory Enforcement Review. In addition, ongoing issues in the securities markets, as well as data protection and cybercrime are reviewed.
The report is divided into sections comprising Securities Fraud, Money Laundering, Investigations of Corruption in International Sports, Trade Sanctions and Export Controls, Executive Accountability, and the U.S. Government’s Authority to Seize Data Stored Overseas. Each section reviews developments since our last report and examines potential outcomes and changes.
The section on Securities Fraud includes updates on spoofing regulations and enforcement actions in the United States and the European Union (EU), including the new market abuse regulations adopted by the EU in July 2016. We also examine the largest-known criminal hacking and securities fraud scheme, involving the hacking of several business newswire services, as well as updates on credit default swaps markets and benchmark interest rates.
The section on Money Laundering reviews the global impact of the leaked Panama Papers, which prompted immediate examination of secrecy laws that may result in hidden assets and large-scale tax evasion. In the Investigations of Corruption in International Sports section, we look at the reports involving allegations of bribery, corruption and financial mismanagement at FIFA, and at the U.S. investigation into alleged state-sponsored doping of dozens of Russia’s top international athletes. Under Trade Sanctions and Export Controls, we look at changes involving doing business with Cuba and with Iran, especially in the wake of the Iran Nuclear Deal.
The section on the U.S. Government’s Authority to Seize Data Stores Overseas examines proposed amendments to the Federal Rule of Criminal Procedure 41, which would allow the U.S. government to execute search warrants in cyberspace via remote access, and the introduction of the International Communications Privacy Act.
The global investigation and enforcement actions landscape is constantly changing. We hope this report helps you understand, prepare for and navigate current and future challenges.
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