• Ex-Deutsche Bank traders push to overturn Libor manipulation convictions, accusing prosecutors of misconduct
    11 December 2018
    ​Two former Deutsche Bank traders convicted of manipulating the interest benchmark Libor have asked a judge to throw out the guilty verdicts, accusing prosecutors of a "laundry list" of misconduct. The government, according to the traders' argument, ran Deutsche Bank's external investigation into the matter, effectively forcing a defendant to testify, and hid that Goldman Sachs, a supposed victim, didn't actually care to participate in the case.

    The two ex-traders, Matthew Connolly and Gavin Black, urged a judge to overturn guilty verdicts, outlining in court filings entered Monday what they characterized as widespread misconduct by prosecutors.

    The convictions should be vacated and the indictment dismissed as a result of the government’s systematic and pervasive misconduct throughout this case," lawyers for Black and Connolly wrote. "This misconduct infected each stage of this case — from indictment through conviction."

    By Richard Vanderford.

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  • 'Dark Web' intelligence firms skirt regulatory risk to search out stolen data
    12 November 2018
    No one really knows how big the Dark Web is — that expanse of cyberspace not indexed by mainstream search engines, a realm of websites, forums and messenger services where stolen data is bought and sold, hacking software is hawked and the proceeds of cybercrime are laundered.

    Increasingly, security online is tied to knowing the Dark Web. The nature of data breaches is that often the first sign a network has been breached is when its purloined data shows up for sale on the Dark Web. Through automated monitoring — and human intelligence — cyberdefenses are extending ever further into the Dark Web itself, operations that must operate with regulatory risk in mind due to rules like Europe’s General Data Protection Regulation.

    By Mike Swift.

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  • Ex-Bertling exec on bribery charges admits 'boosting' salary through side deal
    02 November 2018
    A former executive at Bertling Group's UK unit, on trial for bribery charges, has admitted “boosting” his salary through a side-deal struck with his Dubai-based consultancy.

    Peter Smith told a London court today that he wouldn’t have joined F.H. Bertling, the UK unit of the oil and gas services company, if he hadn't had a separate consultancy agreement to supplement his salary of 75,000 pounds ($97,000 today).

    "The perks were good, not the pay," Smith said. He told jurors at Southwark Crown Court in London that he had a separate business agreement with F.H. Bertling through his own consultancy company, Keady, in 2006.

    By Annie Robertson and Martin Coyle.

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  • SFO's Osofsky to testify on effectiveness of UK bribery laws next month
    18 October 2018
    The UK fraud agency's new chief, Lisa Osofsky, will give evidence on the impact and effectiveness of the country’s bribery laws at a hearing with lawmakers in November.

    Osofsky, who took up the post of director of the Serious Fraud Office in August, will appear before lawmakers scrutinizing the UK’s Bribery Act on Nov. 13, a spokesman for the parliamentary committee scrutinizing the legislation told MLex.

    By Martin Coyle.

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  • USMCA chapter curtails use of trade panels in corruption, bribery disputes
    01 October 2018
    Text of the new US-Mexico-Canada Agreement reaffirms rights and duties of the three countries to prosecute their own bribery cases that arise in trade disputes, reducing the power of a trade panel to hear such cases.

    The chapter also assuages a political criticism that multilateral trade accords sometimes replace national sovereign rights with unaccountable dispute resolution panels.

    Bribery cases are the domain of the signatory governments, according to the USMCA. It explicitly limits the power of the trade panels to handle corruption cases.

    By Robert Thomason

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