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Corruption, Taxation, Terrorist Financing and Money Laundering - The globalisation of financial crime law and regulation.

ADVANCED COURSE

Overview.

The increasing global focus on bribery and corruption and tax evasion is driving a new agenda in financial crime risk management and enforcement. A new generation of laws have both domestic and international effect.

Using a "push-down" approach, countries are able to use their own citizens, both individual and corporate, in trade and commerce and in financial services, to create a global network under which their own ostensibly domestic laws operate across the world.

This "push-down" approach operates to bring foreign nationals within the ambit of the law, even if it is not directly applicable to them.

Add in the effect of sanctions, including the ability to lock people, businesses and even assets out of significant parts of the global financial system (US dollar, Australian dollar, sterling, euro, for example) and there has developed, within a very short time, a highly effective structure by which corruption, tax evasion, terrorist financing and money laundering are now subject to enforcement (direct or indirect) by many states against financial services businesses and trading companies all over the world.

In this seminar, the globalisation of legal and regulatory regimes is examined with the aim of enabling businesses to identify where they are placed in a web that is both expanding and tightening - sometimes with little notice and sometimes by stealth.

The Financial Action Task Force is now a follower not a leader: putting into effect the decisions made at intergovernmental leaders such as the G20. The EU and the USA are driving those decisions (not, it has to be said, always speaking with one voice). The near-standardisation of approaches now adopted by the FATF-style regional bodies has increased the effectiveness of the measures pushed via the FATF while leaving many small and often poor countries to struggle with the costs and infrastructure demands of required systems, laws and regulations.

The United Nations Security Council's powers have been moderated by the addition of China and Russia, leading to the old G7 looking for ways to compel their agenda. The result has been a fragmentation as the USA (in particular) has gone it alone entering into bi-lateral agreements, particularly in relation to tax, with many jurisdictions. The UK has embarked on a forceful remake of many of the features of the financial regimes in its dependent territories.

But at the sharp end, practitioners are left with an increasingly complex risk management system dealing with e.g. the UK's Bribery Act, the USA's FACTA and USA PATRIOT Act and increasing demands from e.g. Germany and Australia in relation to record keeping and disclosure.

There are conflicts with national law in relation to confidentiality of information.

Takeaways

Anyone who thinks that they avoid financial crime problems simply by complying with their local, national, law and regulation needs to think again.

The cases of HSBC, Standard Chartered and UBS in the USA showed that legislators are creating laws that are designed to ensure global compliance with US domestic law and that prosecutors, regulators and courts are more than willing to adopt a liberal interpretation of those laws.

In this seminar, you will learn

- how laws are designed to make them operate across borders

- how enforcement policies are built in to ensure that foreign breaches can be prosecuted in domestic courts

- how executive measures are used to bypass the courts system so as to compel global compliance.

Format

For full terms see "Terms and Conditions"

This is an advanced level course for senior officers in financial sector companies.

The course is structured in four half-day sessions. Each session is introduced by a presentation and followed by an interactive discussion group in which all participants are expected to contribute.

The discussions are intended to be challenging, so that delegates leave with a deep understanding of the issues that their organisation, their clients and their counter-parties face.

Maximum number of delegates: 20

Programme:

Day One: Session One

The globalisation of legal and regulatory frameworks and enforcement mechanisms including cross-border co-operation of enforcement agencies and regulators.

Day One, Session Two

The development of "push-down" mechanisms in relation to sanctions, tax evasion and bribery / corruption so as to give global effect to national laws. Includes examination of transfer pricing and repatriation of profits through royalty schemes.

Day Two, Session One

The interface between laws relating to sanctions, tax evasion, bribery / corruption and counter-money laundering laws and regulatory structures in an international environment.

Day Two, Session Two

Grey areas including classification of terrorism and its supporters, activists in an international environment.

Course leader:

Nigel Morris-Cotterill, Head, The Anti Money Laundering Network.

Nigel Morris-Cotterill is recognised as one of the world's leading counter-money laundering strategists: he sees, often several years in advance, issues that will affect the way your institution designs and implements its compliance and risk management regime.

Money laundering risks that Nigel explained in the mid 1990s and which were then seen as peripheral or even non-existent are now regarded as mainstream methods of laundering.

Nigel is frequently invited to speak at and chair conferences all over the world. He is highly regarded by the international media by which he is frequently, for example BBC, CNBC and many others.

In 1995, Nigel introduced the concept of risk assessment and management into counter-money laundering systems. Now regulators require all institutions to undertake customer assessments on a risk-assessed basis.

In 1996, he warned that intellectual property rights would become a transfer-pricing mechanism that would allow expatriation of profits from high-tax economies to low tax economies. The G20, at the behest of the UK, is trying to find a solution to this problem.

In 1998, he warned of risks in hawala-type transactions: now countries are clamping down on such systems.

In 1997, he first warned of techniques for fraud and money laundering on the internet, including copying websites and sending letters to invite people to place their details into those fake websites: now phishing is a pandemic.

So, what is his next forecast for the new money laundering trend that one day, you will wish you had been there to hear?

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