INTRODUCTION Contributed by: Deepak Vij, ABV Solicitors
Under the Clarifying Lawful Overseas Use of Data (CLOUD) Act enacted in 2018, US authorities can also compel US-based service providers to produce electronic data (emails and texts) pursuant to a war - rant, even if such data is stored outside of the United
Police co-operation and information exchange are further facilitated through international organisations such as Interpol. Switzerland has signed numerous international trea - ties. International co-operation in criminal matters is principally governed by the Federal Act on Interna - tional Mutual Assistance in Criminal Matters (IMAC). It provides co-operation measures including the service of documents, taking of evidence, search and seizure, and the freezing and handing over of assets. Swit - zerland also co-operates through INTERPOL and the Egmont Group of financial intelligence units. For the Republic of Croatia, OECD membership rep - resents an additional incentive to strengthen these mechanisms. OECD standards emphasise the importance of: • timely exchange of information; • mutual legal assistance; and • co-ordinated investigations. The rise of aggressive sanctions regimes The current geopolitical crises across the globe con - tinue to influence the need for aggressive sanctions. For businesses, the importance of adhering to sanc - tions obligations has never been so crucial. Failing to abide will result in severe penalties for breaches. In March 2022, following Russia’s invasion of Ukraine, ECCTA was amended to mirror the US enforcement model and enable the Office of Financial Sanctions Implementation (OFSI) to operate on a strict liability basis, meaning it can now penalise companies and individuals for sanctions breaches they may not know they have committed. In March 2024 the EU’s harmonisation of sanctions evasion became a criminal offence across all member states. The UK continues to be a target for foreign corruption networks and a place where regulation has intensified for banks, accountants, lawyers, fintechs and corpo - rate service providers.
States. Europe
Similarly in Portugal, international co-operation in matters of financial crime is based on a framework law on international judicial co-operation in criminal mat - ters. This governs extradition, mutual legal assistance (including searches, seizures, asset freezing, and the gathering of evidence), transfer of proceedings, and the enforcement of criminal judgments, operating in conjunction with Council of Europe conventions, Unit - ed Nations instruments, and European Union instru - ments. Regarding money laundering and terrorist financing, the Financial Intelligence Unit of the Criminal Police ( Polícia Judiciária ) carries out the exchange of infor - mation between Financial Intelligence Units and com - petent authorities of different EU member states, as well as with European co-operative structures such as Eurojust and Europol. Greece also provides for international co-operation in financial crime matters through both EU mechanisms and international agreements. Within the European Union, co-operation is primarily effected through the European Arrest Warrant, which enables simplified and expedited surrender procedures between mem - ber states, as well as instruments of mutual legal assistance and information-sharing (such as the Euro - pean Investigation Order). In addition, co-operation is reinforced through institu - tions such as the European Public Prosecutor’s Office (EPPO), competent for offences affecting the EU’s financial interests, and agencies addressing organised crime, such as Europol. Beyond the EU, Greece participates in extradition and mutual legal assistance through bilateral and multilat - eral conventions, including the European Convention on Extradition, as well as agreements with third states (eg, the United States and Australia).
8 CHAMBERS.COM
Powered by FlippingBook