Regulatory Risk Essay

913 words - 4 pages

Lecture 8: Legal and Regulatory Risks of International Business
Regulatory Risks
* Potential difficulty in compelling overseas counterparty to fulfil obligation under contract only one risk.
* Even more serious risk: international business activities attracting criminal liability.

Money Laundering
* Few would defend open laundering of domestic crime
* But historically, more relaxed approach taken to property derived from overseas crimes. The attitude has been taken:
* “What happens in X, stays in X”

* Definition of “criminal property” in UK extends to property derived from act committed abroad which would be a crime if it were committed in UK.
* Proceeds of ...view middle of the document...

K. law
* child sex offences (including pornography)
* war crimes
* bribery

‘Long arm’ jurisdiction
* US famous for “long arm” jurisdiction
* Jurisdiction over acts apparently committed abroad
* Example: New York State jurisdiction
* Includes not just those domiciled within state, but also anyone who does business within state
* N.Y.C.P.L.R. §302(a)
* “Doing business within the state” also very widely defined: where a person “purposely avails himself of the privilege of conducting activities in New York”
* Cutco Industries Inc. v Naughton (1986) 806 F.2d 361

Asset forfeiture
* For purposes of this lecture, “asset forfeiture” used to mean any procedure, criminal or civil, by which state removes property linked to crime
* Different terms used in different jurisdictions
* In UK, confiscation may only follow actual conviction before UK court
* Therefore often dealt with as part of money laundering prosecution
* e.g. James Ibori
* But can also be used where overseas crime actually offence under UK law
* e.g. Mabey & Johnson
* But civil recovery in UK may extend to proceeds of crime committed anywhere
* “Unlawful conduct” includes acts which would be offence if committed in UK
* Provided it is also offence in jurisdiction where committed
* Proceeds of Crime Act 2002, s.241(2)
* National Crime Agency v Amir Azam & ors. (No. 2) [2014] EWHC 3753
* In US, asset forfeiture provisions particularly far reaching
* Where forfeitable funds found in account of...

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