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News Round-up

12 August 2014

The UK Serious Fraud Office (SFO) has announced that criminal proceedings will be brought against an Alstom company, the manufacturer in the rail, power and electricity transmission sectors.

Alstom Network UK Ltd, a UK subsidiary in the Alstom group, has been charged with three offences of corruption under section 1 of the Prevention of Corruption Act 1906 and three offences of conspiracy to corrupt contrary to section 1 of the Criminal Law Act 1977.

The SFO stated that the alleged offences are said to concern large transport projects in India, Poland and Tunisia. Its investigation began after information was provided to the SFO by the Office of the Attorney General in Switzerland. In 2011, Alstom was fined over €30million by the Swiss authorities.


 

Formula 1 boss Bernie Ecclestone has agreed to pay a sum of $100m - a record in German judiciary history – to end his trial on bribery charges.

Under Bavarian state law, such a trial can be concluded if the accused makes a payment to a non-profit making organisation or the treasury. The payment does not imply any guilt.

The trial was expected to end in October. If found guilty, Ecclestone could have faced up to 10 years in jail. But after considering the Ecclestone offer, presiding judge Peter Noll declared that the charges could not be substantiated “in important areas’’.


Standard Chartered could face more money laundering fines after US regulators identified faults with its transaction monitoring systems.

The London-based bank is in talks with the New York Department of Financial Services (NYSDFS) after “certain issues” were found relating to its post-transaction surveillance system; part of its anti-money laundering systems and controls. It has been said that this latest issue is likely to result in remedial action and an extension of a two-year monitoring period that had already been ordered.

Standard Chartered agreed a $340 million (£217m) settlement with New York regulators in 2012 after being accused of breaking US sanctions by hiding $250 billion (£148bn) of transactions with Iran.


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