Halfway through 2016, the international community has seen a
staggering variety of cross-border investigations and enforcement
actions. Brexit, the release of the Panama Papers, allegations of
widespread sports doping and the lifting of economic sanctions
against Iran have all developed since our last report, and we
examine these issues and more in the
2016 Mid-Year Cross-Border Government Investigations and Regulatory
Enforcement Review. In addition, ongoing issues in the
securities markets, as well as data protection and cybercrime are
The report is divided into sections comprising Securities Fraud,
Money Laundering, Investigations of Corruption in International
Sports, Trade Sanctions and Export Controls, Executive
Accountability, and the U.S. Government's Authority to Seize
Data Stored Overseas. Each section reviews developments since our
last report and examines potential outcomes and changes.
The section on Securities Fraud includes updates on spoofing
regulations and enforcement actions in the United States and the
European Union (EU), including the new market abuse regulations
adopted by the EU in July 2016. We also examine the largest-known
criminal hacking and securities fraud scheme, involving the hacking
of several business newswire services, as well as updates on credit
default swaps markets and benchmark interest rates.
The section on Money Laundering reviews the global impact of the
leaked Panama Papers, which prompted immediate examination of
secrecy laws that may result in hidden assets and large-scale tax
evasion. In the Investigations of Corruption in International
Sports section, we look at the reports involving allegations of
bribery, corruption and financial mismanagement at FIFA, and at the
U.S. investigation into alleged state-sponsored doping of dozens of
Russia's top international athletes. Under Trade Sanctions and
Export Controls, we look at changes involving doing business with
Cuba and with Iran, especially in the wake of the Iran Nuclear
The section on the U.S. Government's Authority to Seize Data
Stores Overseas examines proposed amendments to the Federal Rule of
Criminal Procedure 41, which would allow the U.S. government to
execute search warrants in cyberspace via remote access, and the
introduction of the International Communications Privacy Act.
The global investigation and enforcement actions landscape is
constantly changing. We hope this report helps you understand,
prepare for and navigate current and future challenges.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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This action marks OFAC's first major expansion of the Specially Designated Nationals (SDN) List and Sectoral Sanctions Identifications (SSI) List for the Russia sanctions program since December 22, 2015.
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