If you’re a company officer or director and need a quick reminder on your responsibilities under the UK’s Proceeds of Crime Act and the anti-money laundering regime, take a look at our one page tipsheet. We cover the following areas:
- an overview of the Act
- the definition of “proceeds of crime”
- confisction and forfeiture of the proceeds of crime
- money laundering and related offences
- reporting requirements
- the regulatory regime
If you’re a company officer or director and need a quick reminder on your responsibilities under the UK Bribery Act, take a look at our one page tipsheet. We cover the following areas
- the offences;
- the corporate offence of failing to prevent bribery;
- the defence of adequate procedures;
- the global reach of the Act;
- self-reporting and deferred prosecution agreements; and
- due diligence in M&A transactions
Victim states seeking to recover the proceeds of corruption, or compensation for corrupt acts, may have a choice of mechanisms to do so: criminal, civil and non-conviction forfeiture. Each mechanism has advantages and disadvantages, and the “right” route for a particular case depends on the circumstances. Flexibility is key, and any substantial programme is likely to deploy all of the available mechanisms. Indeed, many successful individual cases have used two or more mechanisms to maximise recoveries.
Cooley’s briefing, “Recovering the proceeds of corruption: how states can recover stolen assets” outlines and discusses the recovery options, and the factors that a state should consider when choosing between them. It is available here.
Welcome to our blog.
Cooley has a proven team representing states and companies seeking to trace, freeze and recover the proceeds of corruption or fraud, or obtain compensation for corrupt or fraudulent acts.
We assist states to:
- Recover stolen public funds, bribes and compensation for corruption from dishonest public officials, their companies, trusts, and associates;
- Make claims for compensation against contractors that have paid bribes to win contracts or gain other advantages (and we advise on the termination or renegotiation of tainted contracts);
- Make claims to recover assets or compensation against third parties which knowingly handle the proceeds of corruption, or assist in the laundering of it;
- Use insolvency remedies to take control of companies used to receive or launder the proceeds of corruption
We have worked internationally on some of the most innovative and successful claims to recover the proceeds of corruption and, in addition to cases in our own jurisdictions, have assisted states to formulate and implement international asset recovery strategies taking into account the complex practical and legal issues that arise in cases involving multiple countries.
We also help companies or individuals that have suffered fraud or theft to recover assets, or to make claims against the principal wrongdoers or those that have assisted them.
This blog will discuss key issues in the field of asset recovery and claims arising from corruption. We hope our blogs are enjoying, interesting and insightful.