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2011 brought a significant increase in bribery and corruption work for law firms, largely fuelled by the enactment of the Bribery Act. The current uncertain economic climate has also exposed a broad range of fraudulent behaviour, leading to a spate of major fraud claims across diverse sectors. As a result, law firms are beefing up their criminal and civil fraud capabilities.

On the corporate front, there is an increased awareness of anti-corruption issues, with firms being asked to assist clients in the implementation of adequate anti-bribery controls. There has been an impact on M&A transactions too, with purchasers having to consider the anti-corruption controls that the target company has in place.

The ease of cross-border transactions has meant that many sophisticated frauds have an international dimension. Many firms have been busy advising clients in multi-jurisdictional investigations, as regulators globally become more vigilant and active. It looks likely that the regulatory scrutiny to which corporates are subject can only increase, as the Bribery Act becomes embedded and countries such as China and India crack down more on corruption.

Another growth area has been advice on the impact of sanctions on clients doing business internationally. The political uncertainty abroad, particularly as a consequence of the Arab Spring, has led to a significant increase in firms advising on compliance with economic sanctions and export control issues.

Details of complex ‘scam’ investments and so-called ‘boiler room’ fraud cases continue to come to light. Firms report a very significant increase in allegations of dishonesty, especially in a trust context, with the dishonest exercise of trustees’ discretion; many firms have been busy advising on freezing and search orders, including asset tracing. Some firms also report an increase in fraud cases with an offshore element, especially flowing from insolvencies in the US; the litigation is often lengthy and complex as the ‘bogus’ investments and ‘sham’ trusts were designed to circumvent the relevant regulatory regimes. Mortgage and insurance fraud claims and issues surrounding money laundering remain prevalent.

The market has seen a spate of high-profile investigations. The News of the World phone-hacking case has kept a number of law firms busy, as has the investigation into the alleged manipulation of the Libor. Another significant investigation underway, by the SFO, is the investigation into offences alleged to have been committed in the UK prior to the collapse of Kaupthing, the Icelandic bank. The FSA remains vigilant in pursuing claims for insider dealing and market abuse, and firms report that the regulators in the UK and the US are keen to adopt a co-ordinated approach to any ongoing investigations.

On the general crime front, the legal profession continues to grapple with legal aid cuts. Various law firms were involved in the international cricket/spot-fixing trial, which attracted a significant amount of media attention.

This chapter also covers entertainment and liquor licensing work, and commercial and regulatory work in the gaming and betting sector, including remote gambling.

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