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Recent Editions
Risk Channel
North America
BNP Paribas has been ordered by a U.S. judge to face a lawsuit accusing the bank of helping Sudan's government commit genocide between 1997 and 2011. The lawsuit alleges that BNP Paribas provided banking services that violated American sanctions, leading to human rights abuses such as murder, mass rape, and torture. The proposed class action was brought by U.S. residents who had fled non-Arab indigenous black African communities in Sudan. BNP Paribas had previously pleaded guilty and paid an $8.97bn penalty to settle U.S. charges of transferring billions of dollars for Sudanese, Iranian, and Cuban entities subject to economic sanctions. This is the first time a global bank has faced large-scale violations of U.S. economic sanctions. The judge dismissed claims for punitive damages, citing applicable Swiss law.
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UK/Europe
The Serious Fraud Office (SFO) has announced its new strategy to combat serious fraud, bribery, and corruption. The strategy focuses on prevention, the use of AI, greater covert intelligence, and whistleblowers. The SFO says it aims to be a proactive and authoritative player in the global and domestic justice system. Plans include a pilot program to cut financial crimes at the source, increasing incentives for corporate whistleblowers, and implementing a pre-trial disclosure system. However, some senior lawyers have questioned the strategy. Louise Hodges at Kingsley Napley said: "A big question mark for me is which type of organisation the SFO sees as its target. So far the investigations opened have involved relatively small and lesser-known businesses, some already in administration and a far cry from the global giants and High Street names that the SFO historically had in its sights."
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