Mar. 13, 2024

Developments in Singapore International Risk Enforcement

Singapore, a financial hub known for a robust regulatory environment, is not immune to financial crime. The complex nature of global finance renders Singapore susceptible to money laundering and other risks. Rising geopolitical tensions have led to expansion of its autonomous sanctions measures and a targeted foreign investment screening regime. The Significant Investments Review Bill, passed in early 2024, may apply to both Singaporean and non-Singaporean investors in entities deemed critical to national security. This contributed article describes recent developments in Singapore’s international risk enforcement and the unique financial and screening risks associated with transactions in the country. See “Albemarle Resolutions Bring First Application of DOJ’s Compensation Incentives and Clawbacks Pilot Program” (Nov. 8, 2023).

New Russia Restrictions: Agency Cooperation and Industry Focus

U.S. agencies teamed up to impose new restrictions on hundreds of entities associated with Russia on February 23, 2024. Companies with possible exposure to such entities face rising due-diligence needs following the measures involving the Departments of the Treasury, Commerce and State. Makers of components, technology or software, and financial institutions are among those that need procedures and employees in place to navigate restrictions. With insights from partners at Ropes & Gray, Perkins Coie, Foley & Lardner and Steptoe, this first article of a two-part series on the new restrictions explores the agencies’ latest measures and collaborative approach, targeted industries and the U.S.’s focus on other countries. Part two will discuss international cooperation and suggested compliance steps. See “U.S. Sanctions Against Russia Expand to Target Foreign Financial Institutions” (Feb. 14, 2024).

FCPA Cases in Asia Continue to Focus on Non-Asia-Based Companies

New bribery methods, old problems resurfacing and continuing failures to follow up were hallmarks of 2023’s FCPA violations in Asia. But the biggest risk of anti-corruption enforcement, from the point of view of a company subject to U.S. jurisdiction, is ignoring the red flags inherent in local business practices adopted without sufficient understanding and due diligence. Such insights were shared by Steptoe partner Wendy Wysong during a recent year-in-review presentation hosted by TRACE. This article distills some of her comments. See “Compliance for M&A and Third-Party Risks in Asia” (Oct. 25, 2023).

Understanding and Mitigating Risk of Organizational Conflicts of Interest for Government Vendors

Companies advising the U.S. government on procuring a product or service, and then bidding to be the actual provider, may run afoul of the rules on organizational conflicts of interest. Defense and technology are among the most affected sectors. With a late 2022 law that started an 18‑month clock, rules may get tighter soon. Companies should also remember restrictions on hiring former government employees while seeking public contracts. This article distills insights shared in educational sessions at a recent Society of Corporate Compliance and Ethics conference by experts from Ward & Berry, Seyfarth Shaw and George Washington University. See “Is the Procurement Collusion Strike Force a New Frontier for Cartel Enforcement?” (Apr. 15, 2020).

How Companies Can Identify and Prevent Unlawful Dark Patterns

With the proliferation of online commerce today, regulators in the U.S., Europe and elsewhere are paying more attention to online practices that trick or manipulate consumers into buying products or services they might not otherwise have bought, commonly known as “dark patterns.” Due to the potential harmful effects of dark patterns on consumers, such practices are now prohibited under several global data privacy laws. This article distills practical analysis offered by Fieldfisher attorneys on types of dark patterns, key laws and regulations, and how to identify and prevent these unlawful tactics. See “Drafting Data and Cybersecurity Provisions in Third-Party Vendor Agreements” (Mar. 30, 2022).

Hughes Hubbard Adds Anti-Corruption Attorney in Paris

Hughes Hubbard has announced that Gaëlle Thuault has joined its international anti-corruption and internal investigations group as counsel in Paris. She arrives from Kering. For insights from Hughes Hubbard, see “Coming Year’s FCPA Enforcement Developments Build on Eventful 2023” (Dec. 20, 2023), and “Reinsurance Brokers’ Settlements Highlight Growing Emphasis on Cooperation Credit” (Dec. 20, 2023).

Kroll Appoints Leader of New U.S. Financial Crime Advisory Practice

Kroll has appointed Tom Bock as a managing director and head of its new U.S. financial crime advisory practice in New York. Bock arrives from J.S. Held, where he was a senior managing director and global leader of the firm’s financial crimes risk management practice. For insights from Kroll, see “Kroll Corruption Survey Finds ESG a Post-COVID Compliance Focus” (Aug. 18, 2021).