BCL partner, Richard Reichman‘s article, “Perils of self-reporting” has been published by Financier Worldwide.
Here’s a quote from the article*:
“The fight against fraud, bribery and corruption is never ending. Since the global financial crisis, authorities in the US, the UK and elsewhere have attempted to combat corporate malfeasance wherever it is found. Self-reporting has become one important mechanism, which, although risky, allows companies to benefit from deferred prosecution agreements (DPAs) and the reduced penalties they confer.
Enforcement authorities have been seeking to incentivise corporate self-reporting of fraud, bribery and corruption, but deciding whether to do so is a complex issue. Once a disclosure is made it cannot be undone. Even if the reported activity results in no significant action from the authorities, the report itself can have an impact on trading activity and market confidence. Any report, therefore, needs to be made following a detailed internal investigation dealing with a range of factors.”
*This article was originally published by Financier Worldwide. You can read the full article on their website.
Richard Reichman is a partner specialising in corporate crime, financial crime and regulatory investigations. He is recommended by The Legal 500 for his “extensive experience” and being “extremely thorough and appreciat[ing] the big picture issues”. He has experience in a broad range of regulatory offences, such as health and safety (generally following major or fatal incidents), environmental, food safety, fire safety and trading, as well as financial offences such as fraud, bribery, insider dealing and money laundering. Richard is involved in cases involving cybercrime (for example, computer-specific offences such as hacking) or a technological dimension. He has acted for victims of cybersecurity breaches and advises regarding data protection issues falling within the scope of the Information Commissioner’s Office.