INTRODUCTION Contributed by: Deepak Vij, ABV Solicitors
Croatia Croatia is also undergoing significant reforms to combat fraud and bribery. It is expected to become a member of the OECD (Organisation for Economic Co-operation and Development) during the first half of 2026. The OECD is an intergovernmental organisation of 38 member countries committed to democracy and the market economy. Headquartered in Paris, France, its primary mission is to promote policies that improve the economic and social well-being of people world - wide. It operates as a kind of “soft law” regulator, albeit one with a particularly strong practical effect. Its recommendations, guidelines, and conventions, although not always formally binding, create stand - ards whose implementation becomes de facto nec - essary for states seeking full integration into global economic flows. In the field of financial and economic crime, the OECD has developed a normative framework based on sev - eral key principles: • transparency in business and in the public sector; • accountability of legal entities and natural persons; • effective enforcement of criminal legislation; and • international co-operation and exchange of infor - mation Singapore Singapore is also in the midst of legislative changes to combat fraud through major governance reform. This has recently been highlighted following the ongoing trial relating to the Hyflux case. This case involves corporate failure and signals a fundamental shift in the country’s approach to corporate accountability and disclosure enforcement. The legal implications are likely to affect all enterprises operating in Singapore’s capital markets. The legislative reforms are likely to enhance the requirement of proactive compliance, executive accountability and governance evolution. Global investigations and co-operation UK In recent years the UK has surprisingly seen a decline in the number of major global investigations it is involved in.
That said, the SFO has set out its 2026 strategies for tackling global crime which include: • increasing international co-operation and collabo - ration with international law enforcement agencies to investigate more cross-border frauds; • implementing a proactive technology-driven approach and using AI to accelerate investigations and detect early indicators of fraud; • working with the International Anti-Corruption Prosecutorial Taskforce, involving the French Financial Prosecutor (PNF) and Swiss Office of the Attorney General, to tackle multi-jurisdictional bribery; and • focusing on investigating crypto-related money laundering and fraud. The above strategy for 2026 seems to suggest that law enforcement agencies in the UK are gearing up for an inevitable rise in global and joint investigations. Only time will tell. USA The USA takes extraterritorial financial crime very seri - ously. US law enforcement has consistently advocated for global co-operation to assist in sharing information with investigators. There are a number of tools to assist them in obtaining such evidence. These include mutual legal assistance treaties (MLATs) with many countries that provide a formal, binding, and reciprocal mechanism to request testimony, documents, or bank records located in for - eign countries. Authorities may also use letters roga - tory, which are applications to a foreign court seeking judicial assistance. US law enforcement agencies often have agree - ments with their foreign counterparts to share infor - mation and intelligence. For example, the Securities and Exchange Commission (SEC) uses multilateral and bilateral information sharing agreements – often called “memoranda of understanding” or MOUs – to facilitate consultation and co-operation with its foreign counterparts. These MOUs establish clear guidelines and protocols for exchanging information.
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