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Cross-Border Investigations: A new era of regulatory enforcement

New White Paper co-published by The Boston Consulting Group & Freshfields Bruckhaus Deringer

Supported by cross-border collaboration, compliance-related enforcement is no longer restricted to national jurisdictions. In fact, international investigations are the norm. For global businesses, this has three key implications:

  1. The high price of corporate misconduct: Substantial financial penalties have become the norm over the last decade and are continuing to put pressure on corporates to get their game right. Across the financial and non-financial sectors, regulators and law enforcement agencies handed out just over $560 billion in fines for non-compliance between January 2009 and September 2020.

  2. Legal and regulatory regimes are tightening: On top of an already high level of financial penalties comes a trend putting additional pressure on corporates. Law enforcement agencies across the globe have significantly accelerated their activities over the past decade, frequently turning to criminal law to hold companies liable for alleged misconduct.

  3. Increasing international cooperation puts firms under pressure: Cooperation between prosecutors and other law enforcement authorities across borders is becoming the norm. In Europe, for example, the EU Agency for Law Enforcement Cooperation (Europol) collaborates with its member states’ public prosecutor and regulatory offices (and their counterparts globally), using mutual legal assistance, as well as less formal arrangements.

The Boston Consulting Group & Freshfields Bruckhaus Deringer have joined forces to analyze the major success factors to effectively prepare for regulatory investigations and examines the impact of these shifting dynamics in two compliance-specific contexts – the conduct of AML activities and the battle against cybercrime.

A big thank you to the contributors:

The Boston Consulting Group

  • Dr. Bernhard Gehra
  • Dr. Katharina Hefter
  • Dr. Georg Lienke
  • Jannik Leiendecker
  • Dmytro Golovatyi

Freshfields Bruckhaus Deringer

  • Dr. Moritz Pellmann
  • Dr. Philipp Redeker
  • Dr. Daniel Travers
  • Dr. Christoph Werkmeister
  • Holger Roos
  • Dr. Vera Ibes

Cross-Border Investigations - A new era of regulatory enforcement - BCG - Freshfields
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