Geijo & Associates has been part of a Virtual Roundtable organised by CorporateLiveWire. This event has discussed the key fraud & white-collar crime implications regarding COVID-19, the shift towards remote working, and also the topic of Brexit. It also outlines best practice advice on a wide range of key topics such as what steps to take upon discovering fraud, effectively managing cross-border investigations, and corporate governance and internal control considerations. The featured jurisdictions of the Roundtable are Asia-Pacific, European Union, Japan, United Kingdom, and the United States.
The full list of questions that the Roundtable gives an answer to are:
- – Have there been any recent regulatory changes or interesting developments?
- – Are there any compliance issues or potential pitfalls that firms need to be cautious about?
- – Have there been any noteworthy case studies or examples of new case law precedent?
- – How has COVID-19 impacted the fraud & white-collar crime landscape?
- – What new challenges have emerged as a result of the shift towards remote working and what steps should companies take to remediate these risks?
- – Can you outline the best practice for corporate governance and internal control considerations?
- – What steps should a company take upon discovering fraud?
- – What advice would you give to clients involved in cross-border investigations?
- – What are the key advantages and disadvantages of a Deferred Prosecution Agreement (“DPA”)?
- – What impact, if any, will Brexit have on UK and European fraud & white-collar crime efforts?
About Geijo & Associates participation
Arantxa Geijo from Geijo & Associates has answered to each of the questions above together with experts from firms such as Brown Rudnick, Chamberlain or Forensic Risk Alliance. Arantxa is the founder and Managing Partner at Geijo & Associates and she is herself a prominent expert in international criminal law and human rights law. In addition to her practice, she is also currently a member of Counsel at Freeh Sporkin & Sullivan LPP, where she handles international criminal law cases for that firm.
Geijo has previously served as counsel for the INTERPOL General Secretariat Office of Legal Affairs at their headquarters in Lyon, France, where she focused on complex international criminal arrest warrant requests (Red Notices) and represented INTERPOL in litigation, including challenges by individuals to the issuance of Red Notices against them. She is also an associate professor of Law at Valencia International University.
Key points on the Roundtable
It was discussed during the roundtable if there have been any recent regulatory changes in fraud and White Collar Crime. Geijo explains how the European Union has strengthened its stance against these crimes: a notable development in this area includes the establishment of the EU Public Prosecutor’s Office (“EPPO”), an independent body of the EU with the authority to investigate, prosecute and bring to justice crimes against the EU budget.
On the subject of how COVID-19 has impacted fraud & white-collar crime, Gejo believes that the COVID-19 crisis has paved the way for new financial crime risks and typologies adapted to the current situation. For instance, COVID-19 has triggered a surge in counterfeit medical supplies and medicines, cybercrime (such as malware and ransomware), online and telephone fraud seeking victims to provide payments details, or espionage.
Secondly, COVID-19 has had an impact on law enforcement activities because law enforcement activities have equally been affected by decreased mobility and remote working and in general all financial crime investigations and prosecutions have slowed down.
Regarding the impact of Brexit on UK and European fraud & white-collar crime efforts, Geijo thinks that law enforcement and judicial cooperation in criminal matters will be seriously impacted by Brexit. Both the UK and EU perceive this issue as a priority area, but at the moment the UE is working on guidelines to avoid money-laundering, the “Fith Money Laundering Directive” that the UK doesn´t need to implement.
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