White-Collar Crime 2025

Definitive global law guides offering comparative analysis from top-ranked lawyers

CHAMBERS GLOBAL PRACTICE GUIDES

Definitive global law guides offering comparative analysis from top-ranked lawyers

Contributing Editor Aziz Rahman Rahman Ravelli Solicitors

Global Practice Guides

White-Collar Crime Contributing Editor Aziz Rahman Rahman Ravelli Solicitors

2025

Chambers Global Practice Guides For more than 20 years, Chambers Global Guides have ranked lawyers and law firms across the world. Chambers now offer clients a new series of Global Practice Guides, which contain practical guidance on doing legal business in key jurisdictions. We use our knowledge of the world’s best lawyers to select leading law firms in each jurisdiction to write the ‘Law & Practice’ sections. In addition, the ‘Trends & Developments’ sections analyse trends and developments in local legal markets. Disclaimer: The information in this guide is provided for general reference only, not as specific legal advice. Views expressed by the authors are not necessarily the views of the law firms in which they practise. For specific legal advice, a lawyer should be consulted. Content Management Director Claire Oxborrow Content Manager Jonathan Mendelowitz Senior Content Reviewers Sally McGonigal, Ethne Withers, Deborah Sinclair and Stephen Dinkeldein Content Reviewers Vivienne Button, Lawrence Garrett, Sean Marshall, Marianne Page, Heather Palomino and Adrian Ciechacki Content Coordination Manager Nancy Laidler Senior Content Coordinators Carla Cagnina and Delicia Tasinda Content Coordinator Hannah Leinmüller Head of Production Jasper John Production Coordinator Genevieve Sibayan

Published by Chambers and Partners 165 Fleet Street London EC4A 2AE Tel +44 20 7606 8844 Fax +44 20 7831 5662 Web www.chambers.com

Contents

INTRODUCTION Contributed by Aziz Rahman, Rahman Ravelli Solicitors p.5

JAPAN Law and Practice p.141 Contributed by Iwata Godo Law Offices Trends and Developments p.165 Contributed by Miura & Partners

ARGENTINA Trends and Developments p.10 Contributed by Estudio Durrieu BRAZIL Trends and Developments p.15 Contributed by Mattos Filho

LIECHTENSTEIN Law and Practice p.173 Contributed by Schurti Partners Attorneys at Law Ltd

Trends and Developments p.191 Contributed by Marxer Attorneys MEXICO Trends and Developments p.196 Contributed by Baker McKenzie

CANADA Trends and Developments p.22 Contributed by Crawley MacKewn Brush LLP CHILE Law and Practice p.27 Contributed by Bofill Escobar Silva CHINA Trends and Developments p.43 Contributed by King & Wood Mallesons FRANCE Law and Practice p.49 Contributed by Darrois Villey Maillot & Brochier Trends and Developments p.65 Contributed by Darrois Villey Maillot & Brochier

PANAMA Law and Practice p.201

Contributed by Morgan & Morgan Trends and Developments p.219 Contributed by Morgan & Morgan

POLAND Law and Practice p.227 Contributed by Sołtysiński Kawecki & Szlęzak PORTUGAL Trends and Developments p.248 Contributed by Rogério Alves & Associados

GREECE Law and Practice p.73

SOUTH KOREA Law and Practice p.253 Contributed by Bae, Kim & Lee LLC SWITZERLAND Trends and Developments p.270 Contributed by Bär & Karrer Ltd

Contributed by Anagnostopoulos Trends and Developments p.86 Contributed by GIANNIDISKOURELEAS Law Firm

INDIA Law and Practice p.91 Contributed by AZB & Partners Trends and Developments p.112 Contributed by AZB & Partners

UAE Law and Practice p.277 Contributed by Herbert Smith Freehills Kramer LLP Trends and Developments p.294 Contributed by Herbert Smith Freehills Kramer LLP UK Trends and Developments p.299 Contributed by Stokoe Partnership Solicitors

ITALY Law and Practice p.118 Contributed by Pistochini Avvocati Studio Legale Trends and Developments p.135 Contributed by Studio Legale Associato Isolabella

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Contents

UKRAINE Law and Practice p.305 Contributed by VB Partners Trends and Developments p.329 Contributed by VB Partners USA Law and Practice p.337 Contributed by Kirkland & Ellis USA – FLORIDA Trends and Developments p.353 Contributed by Holland & Knight LLP

USA – NEW YORK Trends and Developments p.361 Contributed by Herbert Smith Freehills Kramer

USA – TENNESSEE Trends and Developments p.368 Contributed by Litson PLLC

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INTRODUCTION Contributed by: Aziz Rahman, Rahman Ravelli Solicitors Rahman Ravelli Solicitors is known for its in-depth experience and international expertise in white-collar crime and related matters. Its recent work includes instructions in the UK’s largest global corruption in - vestigations, multibillion-dollar cryptocurrency fraud, major sanctions proceedings, cross-border invest - ment fraud cases and DPA negotiations. A market leader in the field of international sanctions, it is at the forefront of such cases, advising multinationals, corporate leaders and world figures regarding their exposure to sanctions risk. At the cutting edge of

emerging issues, Rahman Ravelli has been heavily involved in cases involving the share-selling practice Cum-Ex and has recorded numerous cryptocurrency legal firsts. It is in demand from clients seeking rep - resentation in international, heavyweight commercial disputes, high-value asset recovery proceedings and the highest-level international arbitration cases where there is an element of corporate wrongdoing. It is also a go-to firm for those seeking a civil rather than criminal resolution to an issue. workload includes the most notable global corruption investigations, high-value cross-border frauds, major sanctions proceedings and DPA negotiations. Aziz also advises corporates and senior business and world figures on sanctions matters, heavyweight cross-border commercial disputes, high-value asset recovery proceedings and top-level international arbitration cases involving corporate wrongdoing allegations.

Contributing Editor

Aziz Rahman has a flair for co-ordinating defences in national, international and multi-agency investigations, leading to success in some of the century’s most significant white-collar crime cases. He is known

for his expertise in serious and corporate fraud, complex crime, sanctions, bribery and corruption, and compliance and regulatory matters. His current

Rahman Ravelli Solicitors Bridge House 181 Queen Victoria St London EC4V 4EG UK Tel: +44 20 3947 1539 Email: Tom.rosillo@rahmanravelli.co.uk Web: www.rahmanravelli.co.uk

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INTRODUCTION Contributed by: Aziz Rahman, Rahman Ravelli Solicitors

White-Collar Crime: A General Overview We are delighted to present the sixth edition of the Chambers Global Practice Guide: White-Collar Crime. As ever, the legal landscape is evolving. Increased scrutiny of corporate behaviour, the introduction and enforcement of new legislation and the tightening of regulatory frameworks are all important issues that have to be responded to by those in business. It is important that corporates and individuals are properly equipped to navigate this terrain, and the 2025 Chambers White-Collar Crime Guide has been devised and written to help those in business achieve this. The Guide has compiled analysis and opinion from leading practitioners from around the world in order to provide informative and practical advice on the enforcement of the law in relation to white-collar crime, and insight in relation to possible future devel - opments. With white-collar crime becoming increasingly global, those in business and legal practitioners have to be aware of the many different systems of regulation and enforcement that are in place and in operation around the world. The legal expertise and experience of the contributors have been brought together in this Guide to enhance the ability to meet the challenges that arise as a result of this. Reading this guide makes it clear that no two coun - tries are identical when it comes to white-collar crime investigation and enforcement. There is never any guarantee that developments in one jurisdiction will be adopted in other countries, but there are some broad issues that can be identified as having an effect on a number of states. Expanding legal frameworks and enforcement tools One of the most notable aspects of the white-collar legal landscape in recent years has been how the law has developed to stay abreast of business crime. Many countries have been looking to introduce new laws – and sometimes change and extend the scope of existing ones – to address issues as they arise.

To take just one example, the UK passed the Eco - nomic Crime & Corporate Transparency Act 2023. This has reformed corporate criminal liability in an attempt to target bad conduct and make it easier for agencies such as the Serious Fraud Office (SFO) to pursue those companies it believes are responsible for wrongdoing. The Act also created the offence of failure to prevent fraud – an offence that came into effect on 1 September 2025 –and introduced meas - ures relating to Companies House reform, crypto- assets and money laundering. This situation is far from unique. To take another example, French authorities have been placing greater emphasis on tackling environmental offences, with the first criminal case being brought in relation to green - washing allegations in 2023. Global investigations In the UK, there currently seems to be a drop in the number of major global investigations. Although this has been the trend in recent years, it is hard to predict with any real accuracy what factors might affect the likelihood of future investigations. There is no guaran - tee that this is a situation that will continue. One factor that could prove significant, however, regarding the number of major investigations is the course that Nick Ephgrave has steered since becom - ing Director of the SFO in September 2023. To cite just some examples, the year 2024–25 saw the SFO open eight new investigations, conduct four major executive action operations, create an international anti-corruption prosecutorial taskforce and push for the paying of whistle-blowers. The SFO seems to have gained new momentum and made increased efforts to attract and retain the best talent. It has also been boosted by the aforementioned Economic Crime & Corporate Transparency Act, which gives the agency strengthened pre-investigation pow - ers. The rise of aggressive sanctions regimes The increasing use of sanctions has been a response adopted by many countries to Russia’s 2022 invasion of Ukraine. This has placed many new obligations on

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INTRODUCTION Contributed by: Aziz Rahman, Rahman Ravelli Solicitors

those in business – obligations that can carry severe penalties for those who fail to meet them. In March 2022, the UK’s Economic Crime (Transpar - ency and Enforcement) Act 2017 was amended to enable the Office of Financial Sanctions Implementa - tion (OFSI) to operate on a strict liability basis, mean - ing it can now penalise companies and individuals for sanctions breaches they may not know they have committed. It is a move towards a US-style enforce - ment model and comes at a time when there is clos - er co-operation between authorities worldwide and increased use of intelligence sources in relation to sanctions enforcement. This trend of stricter sanctions enforcement as a criti - cal component of white-collar crime prosecution can - not be ignored. An indicator of this is the European Union’s harmonisation of sanctions evasion as a crimi - nal offence across all member states in May 2024. Sanctions enforcement is picking up across the bloc. Cybercrime and cryptocurrency The rapid evolution of digital assets has, to some degree, redrawn the white-collar crime map, creat - ing new issues and frontiers. Nations are having to acknowledge and try to manage the rapid rise in cryp - tocurrency-related fraud, the complexities of asset recovery and the difficulties of policing what amounts to a borderless digital world. This has led to a string of landmark rulings in the UK, on issues including cryptocurrency being recognised as property, the location of cryptocurrency in rela - tion to the court’s jurisdiction, and crypto exchanges’ obligations to identify those involved in crypto-related wrongdoing. The precedents they set are both signifi - cant and far-reaching. In addition, recent times have seen increased enforce - ment action by the United States Department of Justice and Securities and Exchange Commission (SEC). One example was the 2024 jailing for 25 years of Sam Bankman-Fried, co-founder of failed crypto exchange FTX, for defrauding customers and inves - tors. Although the return of Donald Trump as president has led to the US taking a more lenient approach to cryptocurrency, the 2025 passing of the Genius Act

is the US’ first national cryptocurrency legislation and formal recognition of the crypto sector’s legitimacy. Recent years have seen the UK’s Financial Conduct Authority (FCA) taking increasing action in relation to crypto. This may be due to the FCA benefitting from an increase in staffing and operating costs – and the fact that it has only been the UK regulator for crypto marketing since October 2023. But the FCA’s added strength can be seen as an indicator of crypto coming under closer scrutiny – as shown by the first convic - tion for operating illegal cryptocurrency ATMs. International harmonisation and co-operation As business has become increasingly global, white- collar crime has also evolved to be more international in nature. This, in turn, has prompted greater co-oper - ation between states. A number of high-profile cases have illustrated the extent to which agencies in various nations are now working more closely together than ever before in an attempt to achieve an outcome. One example would be the Airbus case. This saw the UK’s Serious Fraud Office working alongside the United States Depart - ment of Justice and Department of State and France’s Parquet National Financier to resolve bribery charges with the aircraft manufacturer. It led to Airbus agreeing in 2020 to pay more than USD3.9 billion in penalties. In addition, laws relating to white-collar crime are becoming more aligned, due in part to the influence of bodies such as the OECD Anti-Bribery Convention and the Financial Action Task Force, which function on the basis of international co-operation. Deferred prosecution agreements (DPAs) DPAs are becoming part of more countries’ legal systems as the authorities recognise the benefits of taking a co-operative – rather than purely combative – approach to enforcement. While the US has had DPAs since the 1990s and the UK introduced them under the provisions of Schedule 17 of the Crime and Courts Act 2013, other states are now following suit. France concluded its first DPA (known as a CJIP) in 2017. The same year saw Sin - gapore pass the Criminal Justice Act, which created

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INTRODUCTION Contributed by: Aziz Rahman, Rahman Ravelli Solicitors

a framework for DPAs, and Canada, Argentina and Japan introducing DPA-style arrangements. The past year has also seen calls in Australia for a DPA regime to be introduced, although this has not yet become a reality. Such developments illustrate an increasing acknowl - edgement of the value of using DPAs to resolve incidents of serious corporate misconduct, with an emphasis on the corporate accepting liability and the need to put right the wrongs. France in particular seems to be taking to the use of DPAs: the scope of French DPAs was initially limited to certain offences, such as corruption and money laundering, but has since been extended to cover tax fraud and environ - mental offences. The French Financial National Pros - ecutor (PNF) and its Anticorruption Agency (AFA) have published guidelines on CJIPs to encourage the self- reporting and co-operation of corporate wrongdoers. It is worth noting, however, that the last DPA con - cluded in the UK was in December 2023, between the Crown Prosecution Service and Entain plc. This was for Entain’s alleged failure to prevent bribery occurring in its legacy Turkish-facing business, and involved the company agreeing to pay a total of GBP615 million over a four-year period. The SFO, which had conclud - ed all 12 previous UK DPAs prior to the Entain one, has not concluded one since 2021. Enforcing anti-money laundering laws The increasing awareness of the need to tackle mon - ey laundering has put it at the top of the agenda for many nations. The UK’s Economic Crime & Corporate Transparency Act (mentioned earlier) contains provi - sions relating to Companies House reform in order to improve corporate transparency, the seizure and recovery of crypto-assets, and intelligence sharing and proactive intelligence gathering by law enforce - ment. All of these are, in part, a response to the threat of money laundering. In addition, 2025 saw the Treas - ury produce its proposals for improving the effective - ness of the UK Money Laundering, Terrorist Financ - ing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs). April 2024 saw the EU adopt a package of laws to strengthen its efforts to combat money laundering

and terrorist financing. The measures introduced include giving Financial Intelligence Units (FIUs) more powers to analyse and detect money laundering and suspend suspicious transactions. Enhanced due dili - gence measures and checks on customers’ identities are now required, and the Authority for Anti-Money Laundering and Countering the Financing of Terror - ism has been created to ensure that EU anti-money laundering rules are applied correctly and consistently. Self-reporting and whistle-blowers There is now a greater expectation that companies will self-report their wrongdoing, with more lenient treatment often being the reward for such a course of action. For a company to be able to benefit from such an approach, it will need to have whistle-blowing proce - dures in place that are fit for purpose. It will also need to be prepared to act on such reports, which may involve planning and carrying out an internal inves - tigation. Any corporate in such a situation will also have to know how to respond to and negotiate with an investigating agency, particularly if it hopes to obtain a DPA and thus avoid a criminal prosecution. In conclusion All of these issues place demands on those operat - ing in the corporate world. Technological advances and the associated further globalisation of corporate crime make it inevitable that legal frameworks will keep evolving. This is why the role of the legal practi - tioner in ensuring corporate clients choose the most appropriate course of action cannot be over-empha - sised. Neither can the importance of such practition - ers being fully informed when it comes to all such developments. The 2025 edition of the Chambers White-Collar Crime Guide has been written to ensure that practitioners are equipped to manage all aspects of white-collar crime in the jurisdictions in which they operate. It is an informative resource that focuses on and explains the key issues that are faced at all stages of an inves - tigation. In an era of heightened regulatory scrutiny and great - er international co-operation between enforcement

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INTRODUCTION Contributed by: Aziz Rahman, Rahman Ravelli Solicitors

agencies, the corporate world is under more obliga - tions than ever before. Ensuring compliance with an area of law that is subject to continual change takes both knowledge and effort. The Chambers White-Col - lar Crime Guide provides assistance with this to those who operate in the corporate sector.

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ARGENTINA

Brazil

Paraguay

Chile

Uruguay

Buenos Aires

Argentina

Trends and Developments Contributed by: Aranzazú Sesma Lasierra, Roberto Durrieu and Tomás Guido Estudio Durrieu Estudio Durrieu specialises in international law, com - pliance, and economic criminal law, encompassing within these areas the various branches of punitive law, corporate governance, and global business law. The firm’s work extends to both regional and interna - tional courts. Through a network of correspondents across the country and abroad (RIEDPE), the firm provides specialised assistance in anti-fraud and as - set recovery. Its clients include oil and energy com -

panies, national and foreign banks, sovereign states, and economic groups, among others. The firm is also proud to be listed among the law firms recommended by the embassies of the United States, the United Kingdom, Italy, Israel, Canada, Russia, and China. Estudio Durrieu is experienced in advising govern - ments, individuals, financial institutions, NGOs, and multinational corporations.

Authors

Aranzazú Sesma Lasierra is a lawyer specialising in economic crimes, with a particular focus on the financing of terrorism and money laundering. She has been an associate since 2023. During her career, she has

and penal compliance. With more than 25 years of legal experience, he has handled some of the most significant and complex cases in the fields of white-collar crime, international litigation, asset recovery, compliance, and tax offences, as well as AML/CFT, corruption, extradition, international co-operation, corporate investigations, and cybercrime.

represented both local and international companies in matters involving business crimes, white-collar corporate investigations, corruption, and other economic crimes before national and international courts. Aranzazú has extensive experience advising clients in internal investigations as well as preserving evidence for future proceedings.

Tomás Guido is a lawyer specialising in economic crimes and holds a PhD focused on issues related to the financing of terrorism and money laundering. He joined the firm in 2017 and is currently a junior partner. His

Roberto Durrieu is a sought-after criminal lawyer in Argentina, particularly within the business sector, due to his extensive courtroom experience and his involvement in complex negotiations related to

main areas of practice include business crime litigation and white-collar corporate investigations. He has extensive experience representing both local and international clients in cases involving allegations of bribery, fraud, breach of fiduciary duties, money laundering, and other financial crimes before national and international courts. In addition, Tomás advises clients on compliance matters, internal investigations and audits, and provides legal support in the collection and preservation of evidence for court proceedings.

business offences, both judicial and extra-judicial. He holds a DPhil in Law from the University of Oxford and a PhD from a leading Argentine university. Roberto is the managing partner of Estudio Durrieu, the largest law firm in Argentina specialising in white-collar crime, asset recovery,

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ARGENTINA Trends and Developments Contributed by: Aranzazú Sesma Lasierra, Roberto Durrieu and Tomás Guido, Estudio Durrieu

Estudio Durrieu Suipacha 1380, 5th Floor, Autonomous

City of Buenos Aires Argentina C1011ACD Tel: +54 11 3984 0000 Fax: +54 11 3984 0000 Email: durrieu@durrieu-lex.com Web: www.durrieu-lex.com

The Role of the Financial Intelligence Unit (FIU) in Argentina In the late 20th century, as the fight against money laundering (ML) and terrorism financing (TF) inten - sified, states recognised the need for a specialised authority to bridge the private sector and judicial bod - ies. This led to the creation of Financial Intelligence Units (FIUs), whose central task is to receive and ana - lyse reports of suspicious operations related to ML, TF, and the proliferation of weapons of mass destruc - tion (PWMD), subsequently forwarding them to the competent judicial authorities. While each country structures its FIU differently ‒ ranging from administra - tive and law-enforcement models to judicial or hybrid types ‒ these agencies share the distinctive feature of co-operating with both domestic institutions and international counterparts. Originally established in the early 1990s, FIUs were consolidated as a global standard when the Financial Action Task Force (FATF) incorporated explicit recommendations on their func - tioning in 2003. Since then, their role in the preven - tion and prosecution of financial crime has steadily expanded and strengthened. In 2000, Law No 25.246 created Argentina’s Unidad de Información Financiera (Financial Intelligence Unit, UIF). This autonomous and self-sufficient body is directly accountable to the National Congress and falls under the authority of the Ministry of Justice. It is in charge of the analysis, processing and transmission of information aimed at preventing and combating ML, TF and PWMD.

The UIF divides its tasks into three main areas. The first is prevention; it regulates the obligated entities and ensures their compliance with Law No 25.246. It can also impose fines or other punitive measures. The second area is financial intelligence, which consists of receiving information from reporting entities, such as banks, and analysing suspicious transactions to decide whether they should be reported to the Min - istry of Justice. Lastly, until recently, the UIF had the authority to investigate and possibly prosecute enti - ties, acting as a plaintiff ( querellante ) in court proceed - ings alongside the prosecutor. Argentina’s UIF is similar in structure to those in most other countries, except for the UIF’s previous ability to act as a plaintiff. This was noted in the last 2024 FATF Mutual Evaluation of Argentina, in which the FATF raised concerns about the independence of the UIF in three different areas: the staff turnover, the use of querellante in certain corruption-related cases and the role of the Advisory Board. As mentioned previously, the UIF is directly account - able to the National Congress. This means that the National Executive Power oversees the nominating and removal of the Head and Deputy Head of the UIF. The remaining UIF staff are also public servants, and their recruitment and dismissal are governed by public processes and established rules applicable to all public servants. Although the processes used for appointing and dismissing staff are quite complex and do not occur frequently, the FATF noted an important and systematic turnover of FIU staff each time the Executive Power changed.

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ARGENTINA Trends and Developments Contributed by: Aranzazú Sesma Lasierra, Roberto Durrieu and Tomás Guido, Estudio Durrieu

The FATF also questioned the impartiality of the UIF in cases where it was acting as a querellante . This was particularly noticeable in corruption cases, eg, cases targeting the former government were often investigated immediately after a change of govern - ment, even though the alleged facts had been publicly known for some time. However, in cases involving the newly elected Executive Power, the recently nomi - nated members of the UIF would sometimes dismiss charges that had been previously brought by the for - mer UIF staff. The final issue the FATF addressed was the part played by the Advisory Board of the UIF. The UIF’s structure allows for the Head of the UIF (the Presi - dency) to be assisted by an Advisory Board of seven officials. These officials are appointed by the National Executive Power and represent seven departments (the Central Bank of Argentina, the Federal Administra - tion of Public Revenues, the National Securities Com - mission, the Anti-Narcotics Prevention and Repres - sion Secretary, the Ministry of Justice, the Ministry of Finance and the Ministry of Internal Affairs). This Board can intervene in any decision the President of the UIF is required to make and in matters requested by the President. The FATF noted that the part played by this Board could raise concerns regarding the UIF’s independence; however, it concluded that there was no concrete evidence of any interference in practice. For all these reasons, although the overall effective - ness of the system was not called into question, the FATF recommended a change in the UIF’s organisa - tional structure so that its autonomy and operational independence would not be undermined. The Change of Status of “Querellante” for the UIF and Consequences in the Jurisprudence In the Argentine criminal system, the querella consti - tutes the procedural right that allows the victim of a crime, their legal representatives, or heirs to actively intervene in the criminal process as a private accuser. Its purpose is to guarantee the victim’s participation in criminal prosecution, complementing the public action exercised by the Public Prosecutor’s Office. In this way, the complainant may advance the investigation, propose and produce evidence, request measures, file charges, and appeal judicial decisions, seeking both

the punishment of the accused and the protection of their own interests. This institution, primarily governed by the National Code of Criminal Procedure (Articles 82 et seq), reflects the importance of recognising the victim’s active role within the process, in line with the principles of access to justice and effective judicial protection. Following the FATF’s Evaluation of 2024, on 16 April 2025 the National Executive Power of Argentina adopted Decree 274/2025, which stated, among other things, that the UIF would no longer have the authority to act as a querellante (plaintiff) in cases involving ML, TF and PWMD. In this sense, the government redefined the functions, objectives and powers of the UIF to prevent “overlap - ping” powers with other state agencies, such as the Ministry of Justice. In doing so, it repealed Decree No 2226/08, which dated back to 2008, under which the UIF had been granted the role of a prosecutor in the investigation of offences related to the concealment and laundering of assets of illegal origin. The Execu - tive Power emphasised that the prosecutorial role undertaken by the UIF was an isolated case among the FIUs worldwide and it reiterated that it is the Min - istry of Justice that is responsible for promoting the administration of justice in defence of legality and the general interests of society. Additionally, the Decree granted the UIF the power to exchange information with other bodies or pub - lic entities if the UIF considers that such information may assist the receiving authorities in clarifying certain cases or when it may be relevant to issues concerning ML, TF or PWMD. This change of status raises a key question for Argentinian courts as the UIF is currently acting as a querellante in an important number of ongoing cases. Since Decree No 274/2025 does not explicitly state the effect of the change on ongoing cases, eg, if the effect applies retroactively, judges are tasked with deciding whether the UIF should continue to act as a querellante in ongoing proceedings. To date and from what can be observed in recent jurisprudence, there is no clear guidance from the courts on how this issue should be addressed.

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ARGENTINA Trends and Developments Contributed by: Aranzazú Sesma Lasierra, Roberto Durrieu and Tomás Guido, Estudio Durrieu

On the one hand, one could argue that, since Decree No 274/2025 does not differentiate between past and future cases, its effect should apply to all ongoing cas - es, and therefore retroactively. This raises the issue of a potential lack of standing to sue. Indeed, it is agreed that legal capacity is a requirement for the admissibil - ity of criminal proceedings, but it can also be argued that this capacity should be maintained throughout the entire trial. According to Decree No 274/2025, the UIF would no longer have legal capacity, since it is no longer entitled to act as a party in the court proceedings. This interpretation signifies that the cases have been brought by an illegitimate party ‒ the UIF ‒ and should be dismissed. The Tribunal Oral en lo Penal Económico of the City of Buenos Aires (Oral Criminal Court for Financial Crimes) has ruled in this regard, arguing that, if the UIF is not removed from its role as querellante , it would violate the principle of equality in proceedings in which the UIF is currently acting as prosecutor. The defendants would face an additional prosecutor, unlike in cases initiated after the issuance of the Decree. This raises the question of the equality of arms in criminal pro - ceedings, with the defendants having to counter argu - ments from the Ministry of Justice, the UIF and, in some cases, the civil parties as well. In support of this position, the Federal Court of Cas - sation, Chamber I, ruled on 30 May 2025 that the UIF lacks the authority to bring charges in such proceed - ings, as this provision is strictly procedural in nature and therefore fully applicable. Consequently, as the UIF does not have the status of a plaintiff, it lacks the legal capacity to act in ongoing proceedings. On the other hand, Decree No 274/2025 could also be interpreted as meaning that the UIF can no longer act as querellante in future cases but that it will main - tain its status in ongoing proceedings, until they are concluded. This interpretation would help to maintain some legal certainty and allow the UIF to close all the cases it has been investigating, in some instances for many years. The UIF has argued for a non-retroac - tive effect of the Decree, a position which has been approved by some judges.

In resolution No 33/2025 of 23 May 2025, the Fed - eral Oral Court of Concepción del Uruguay held that there is no provision mandating the removal of the UIF in criminal proceedings in which it is already con - stituted as a plaintiff. Excluding the UIF at that stage of the proceedings would therefore imply extending the effects of Decree No 274/2025 beyond what is established in the text of the regulation. On 19 June 2025, the National Chamber of Appeals in Economic Criminal Matters, Chamber A,CPE 1002/2016, also stated that, as the UIF’s authorisa - tion to bring charges has been revoked, it can only be concluded that the UIF is barred from intervening as a plaintiff from the indicated date onwards. How - ever, this does not mean that the UIF’s role should be restricted or rendered ineffective in prior cases. On the contrary, if the Executive Branch had intended such a retroactive effect, it would have expressly provided for this. Conclusion As highlighted in this article, the role FIUs play around the world is key to combating corruption, ML, TF and PWMD. In this sense, Argentina’s adoption of Decree No 274/2025, in response to the FATF Mutual Evalua - tion of 2024, marks a significant shift in the role played by its FIU, the UIF. While the UIF will maintain its key role in combating financial crime, its functions are now more closely aligned with those of other FIUs around the world. While governments usually reserve prosecutorial pow - ers for the judicial or law enforcement authorities, the UIF in Argentina has differentiated itself from the rest of the FATF member countries by acting as a plaintiff in many cases, despite being an independent body. The removal of its ability to act as a querellante was necessary to prevent any conflict with its independ - ence and to ensure Argentina’s compliance with inter - national standards. However, this change has raised questions which will undoubtedly engage Argentinian judges in the coming months. The Decree’s lack of clarity, especially regarding its retroactive effect, has created uncertainty in ongoing legal proceedings. Diverging court rulings reflect a tension between the principles of procedural fairness,

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ARGENTINA Trends and Developments Contributed by: Aranzazú Sesma Lasierra, Roberto Durrieu and Tomás Guido, Estudio Durrieu

legal certainty, and the UIF’s evolving institutional framework. Some courts have stressed the impor - tance of upholding equality of arms and have removed the UIF from ongoing trials, while others argue for pre - serving its standing in cases already underway to pre - vent undermining years of investigative work. Ultimately, the debate highlights the challenges of rec - onciling legal norms, institutional reform, and the fight against financial crime. As jurisprudence continues to evolve, it will be crucial for the judiciary, the legislative, and the executive power to provide clearer guidance on the UIF’s role moving forward, ensuring both com - pliance with international standards and the integrity of Argentina’s criminal justice system.

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BRAZIL

Colombia

Ecuador

Brazil

Peru

Brasilia

Bolivia

Trends and Developments Contributed by: Flávia Leardini, Paula Moreira Indalecio, Rogério Taffarello and Philippe Alves do Nascimento Mattos Filho Mattos Filho has a white-collar crime department that advises companies, executives and board mem - bers on a wide range of criminal matters. The firm’s team has a deep understanding of the various as - pects of criminal law and criminal prosecution, as

Rio de Janeiro São Paulo

Paraguay

Chile

Argentina

well as of other legal areas related to these cases. A world-class information security structure ensures that clients’ privacy and data remain protected at all times.

Authors

Flávia Leardini is a partner at Mattos Filho and specialises in tax fraud and money laundering cases. She advises domestic and international clients on litigation matters within complex economic and corporate criminal law

Rogério Taffarello has extensive experience in corporate criminal

litigation, having defended local and foreign individuals and companies in many of Brazil’s major criminal investigations and proceedings over the last 20 years. He is currently a member of the São Paulo State Bar Association’s (OAB-SP) Attorney Privilege Council, as well as a former member of its Criminal Procedural Law Committee. Rogério is also a guest professor for undergraduate and postgraduate criminal and procedural law courses at various Brazilian institutions. He has been ranked among Brazil’s leading white-collar lawyers by Chambers and Partners.

cases, especially those involving tax crimes, corruption, crimes against capital markets, and money laundering. She also has experience interning at a Washington, DC law firm, where she focused on cross-border criminal cases and corporate investigations, working on the defence of Brazilian and foreign clients before the US Department of Justice. Flávia is ranked by Chambers and Partners Brazil.

Paula Moreira Indalecio is a criminal lawyer with over 20 years’ experience. She works with both domestic and international clients on advisory and litigation matters concerning highly complex white-collar crime cases

Philippe Alves do Nascimento is a partner at Mattos Filho with extensive experience in white-collar criminal defence. He was formerly a partner at a highly regarded boutique Brazilian firm specialising in criminal law, where

across a wide range of industries, particularly those involving technology and security-related issues. Paula holds postgraduate degrees in Corporate Criminal Law and in European and Economic Criminal Law, and she obtained an LLM in Capital and Financial Markets Law from IBMEC São Paulo (now known as Insper). Paula is ranked by Chambers and Partners Brazil.

he contributed to the co-ordination of defence and settlement strategies in the Lava Jato investigation. Philippe has a PhD from the University of São Paulo Law School, and he is a visiting professor in a number of graduate courses in Brazil, where he regularly lectures on securities crimes, corporate crimes and other courses related to his field of expertise.

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BRAZIL Trends and Developments Contributed by: Flávia Leardini, Paula Moreira Indalecio, Rogério Taffarello and Philippe Alves do Nascimento, Mattos Filho

Mattos Filho Alameda Joaquim Eugênio de Lima, 447 01403-001, São Paulo São Paulo Brazil Tel: +55 11 3147 7600 Fax: +55 11 3287 7700 Email: D_Penal@mattosfilho.com.br Web: www.mattosfilho.com.br

Introduction Brazil’s white-collar crime enforcement landscape has undergone significant transformation in recent years, particularly following the recalibration of anti-corrup - tion efforts in the aftermath of the Lava Jato investi - gation. The years 2025 and 2026 are poised to see further evolution, with enforcement becoming increas - ingly sophisticated, multi-agency, and technology- driven. The focus has shifted from broad, high-profile investigations to more targeted, data-driven actions that address emerging risks linked to the presence of organised crime in the financial system, environmental protection, and digital security. This article explores the key trends shaping the enforcement environment, the implications for busi - nesses, and the outlook for the coming years, drawing on recent public cases, legislative developments, and regulatory guidance from the authorities. There is a clear intersection between the enforcement of white-collar criminal law and the way in which busi - ness is carried out in Brazil. For this reason, a deep understanding of criminal law and how it is enforced, as well as the current trends in the space, for which highly specialised legal advice is essential, are funda - mental to investing and conducting business in Brazil. Legal Framework, Criminal Liability, and Criminal Investigation and Processing: An Overview Brazilian criminal law is statutory and exclusively set forth by the federal legislative branch: the Congres- so Nacional . There are no criminal laws at state or municipal levels. Crimes that affect the interests of the Federative Republic of Brazil itself (the “Union”),

such as federal assets or the functions of the federal agencies, fall under the jurisdiction of federal courts, whereas most criminal offences are prosecuted before state courts. There are also other specialised criminal spheres; however, these are rarely used, such as the military courts and the electoral courts. Criminal liability in Brazil is personal and subjective, generally applying only to individuals. The sole excep - tion is environmental crimes, for which companies can also be held criminally liable. Authorities may press charges against any individual acting wilfully or negli - gently (the latter only as expressly provided by law) to commit or help commit an offence, either directly or indirectly. Managers, officers or employees involved in criminal misconduct, whether through action or omis - sion and even if acting on behalf of a company, may face criminal charges to the extent of their personal contribution to the offence. Anyone who assists the offender, knowing they are contributing to the offence, shall be held accountable in proportion to their partici - pation. Brazilian authorities have jurisdiction to inves - tigate and prosecute any person, including foreigners, whenever the action itself or the result of the unlawful action occurs – even only partially – within the country. As a rule, in Brazil, criminal investigation is conducted by the State Civil Police or the Federal Police Depart - ment, under the supervision of the respective State and Federal Public Prosecutor’s Offices, which may also conduct direct investigations without police involvement – which is less common. Some inves - tigative measures may require judicial authorisation – which is the rule for measures that are deemed to affect individuals’ fundamental rights (eg, in the case

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BRAZIL Trends and Developments Contributed by: Flávia Leardini, Paula Moreira Indalecio, Rogério Taffarello and Philippe Alves do Nascimento, Mattos Filho

of arrest orders, search and seizures, breaching bank secrecy, phone tapping or asset freezing). At the end of the pre-trial investigation, the files are sent to the Public Prosecutor’s Office, which will then assess the evidence and, if it considers there to be probable cause, either file criminal charges before the court or dismiss the investigation. To effectively combat fraud and corruption affecting the government, the Brazilian Constitution designed a complex multi-agency system to fight corruption in the administrative sphere, known as the “U-System”. This system comprises the Comptroller-General of the Union (CGU), the Solicitor-General of the Union (AGU), and the Federal Audits Court (TCU), whose adminis - trative enforcement actions can be – and often are – used by criminal prosecutors to help detect and/or gather evidence of misconduct to subsequently bring criminal charges before the courts. There are potential agreements that may be nego - tiated with the Public Prosecutor’s Office to avoid prosecution and conviction. Misdemeanours may be resolved through the payment of small fines proposed by prosecutors before potentially filing an indictment and without requiring any admission of guilt (Article 76, Law 9,099/1995). Following a formal indictment, and still in relation to relatively low-level criminal cases, it is possible to agree to suspend the lawsuit under certain conditions to be fulfilled by the defend - ant, future compliance with which may lead to the extinction of the case without sentencing (Article 89, Law 9,099/1995). For mid-level offences, the Public Prosecutor’s Office may propose a non-prosecution agreement before filing formal charges (Article 28-A, Code of Criminal Procedure), provided that the inves - tigated party confesses to the unlawful act and repairs the damage caused by the offence. A more complex collaboration agreement with the Public Prosecu - tor’s Office, through which the defendant must admit misconduct and present self-incriminating evidence and evidence against others (Articles 3-A to 7, Law 12,850/13), may apply to more serious cases where there have been conspiracies and/or organised crime. All the aforementioned agreements may be and are often used in white-collar crime cases.

During the criminal lawsuit, the victim – either an individual or a legal entity – can formally act as an assistant to the Public Prosecutor’s Office, presenting written and oral arguments when applicable, through - out the proceedings, as well as conducting the cross- examination of witnesses and defendants. Once the case has been decided by the lower court, both the defence and the prosecution can appeal and request a second appraisal of the entire case. The appeal is heard by a state or a federal court of appeal. After the appellate decision, it may still be possible for the parties to file a special appeal to the Superior Court of Justice (STJ) (if there is a clear violation of a federal law) or to the Supreme Federal Court (STF) (if there is a clear violation of the Constitution), subject to certain additional admissibility and procedural requirements. The Present Scenario and Years Ahead Based on the authors’ experience and on current legal and political debates, it is possible to anticipate cer - tain trends in the enforcement of white-collar crimes in Brazil, which are likely to become particular focuses for local authorities, defence counsel, and local and foreign businesspersons conscious of legal risks. The aftermath of Lava Jato marked a watershed moment in Brazil’s approach to white-collar crime. While the operation brought unprecedented attention to corruption and led to significant legal reforms — including the strengthening of plea deals’ mechanisms and the introduction of new anti-corruption statutes — it also exposed the need for more balanced and legally robust enforcement strategies. The STF and STJ have since issued key rulings on due process, the limits of plea deals, and the protection of defend - ants’ procedural rights, leading to the annulment of several high-profile convictions. These decisions have prompted a recalibration of enforcement, with authori - ties now emphasising legal certainty, proportionality, and the avoidance of excessive pre-trial detentions or media-driven prosecutions. On the other hand, in cer - tain cases, annulments have been criticised by some commentators as not following established case law and being ruled by a single Justice instead of being reviewed by a panel of Justices. In fact, what has been perceived as an excessive number of single-judge decisions, to the detriment of collegiate decisions, has

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BRAZIL Trends and Developments Contributed by: Flávia Leardini, Paula Moreira Indalecio, Rogério Taffarello and Philippe Alves do Nascimento, Mattos Filho

been a major point of criticism directed at the superior courts in Brazil. In recent years, multi-agency co-operation has become the norm, with the Federal Police ( Polícia Federal ), Public Prosecutor’s Office ( Ministério Públi- co Federal ), tax authorities ( Receita Federal ), and the CGU working together to detect and investigate com - plex schemes. The use of data analytics and cross- referencing of public and private databases has ena - bled the authorities to identify patterns of illicit activity more efficiently, as seen in recent operations targeting tax evasion, money laundering, and fraud in public procurement. Notably, the integration of digital tools has facilitated real-time monitoring of financial flows, the mapping of beneficial ownership structures, and the detection of unusual transaction patterns across multiple sectors. Organised Crime’s Infiltration into the Financial System One of the most significant developments in 2025 was the exposure of organised crime’s deep infiltra - tion into Brazil’s financial system. In a series of high- profile investigations, the authorities uncovered that the Primeiro Comando da Capital , one of Brazil’s larg - est criminal organisations, had gained control over at least 40 investment funds with assets exceeding BRL30 billion (approximately USD5.5 billion), as well as logistics assets, fuel retail networks, and even port terminals. The group used these structures to launder money and integrate illicit proceeds into the formal economy, with total movement exceeding BRL52 bil - lion (approximately USD9.5 billion). These revelations highlighted vulnerabilities in compliance and due dili - gence processes within the financial sector, particu - larly in the onboarding of clients, beneficial ownership verification, and the monitoring of complex investment vehicles. Such investigations have prompted a wave of regula - tory and legislative responses. The securities regulator (CVM), the Receita Federal and the Brazilian Central Bank have intensified supervision, requiring enhanced due diligence, stricter onboarding procedures, and greater personal accountability for senior managers and gatekeepers.

Financial institutions are now expected to implement more robust AML controls, including real-time trans - action monitoring, beneficial ownership verification, and regular staff training. The Faria Lima financial dis - trict, previously seen as a symbol of market sophisti - cation, has become a focal point for regulatory scru - tiny, with several high-profile asset management firms and fintechs subject to ongoing investigations. The episode has also sparked debate about the adequacy of Brazil’s beneficial ownership registry and the need for greater transparency in fund structures, with the CVM and Receita Federal launching joint initiatives to improve data sharing and oversight. Regulatory Maturation in Sports Betting The sports betting sector has transitioned from a peri - od of regulatory uncertainty to a fully regulated envi - ronment. The Ministry of Finance’s Prizes and Betting Secretariat ( Secretaria de Prêmios e Apostas , SPA) became operational in 2024, and as of 2025, 66 com - panies have been authorised to operate under the. bet.br domain. Monthly transaction volumes via PIX, Brazil’s instant payment system, have reached up to BRL30 billion, raising concerns about potential mon - ey laundering, match-fixing, and the need for robust consumer protection. The Senate has approved new restrictions on advertising, and a Parliamentary Inquiry Commission ( CPI das Bets ) has targeted the sector’s links to organised crime and financial fraud, with sev - eral operators and payment processors called to tes - tify. Compliance requirements for operators have become more stringent, with a focus on rigorous customer onboarding (including enhanced KYC policies), trans - action monitoring, safer gambling controls, and trans - parent incident reporting. The Central Bank and CVM have issued joint guidelines on AML/CTF for betting operators, and the Receita Federal has begun auditing the tax compliance of major platforms. The sector’s rapid growth has also attracted increased scrutiny from enforcement agencies, making robust compli - ance frameworks, whistle-blower channels, and regu - lar audits essential for market participants. In addition, the SPA has introduced a centralised monitoring sys - tem for suspicious betting patterns, and the Ministry of Justice has launched public awareness campaigns on responsible gambling.

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