Ashurst’s Ben Tidswell argues a volatile, globalising risk landscape is a call to arms for the modern law firm
One of the many lasting consequences of the downturn has been a prolonged expansion of the globalised compliance framework. Increased oversight of financial markets has been at the forefront of this development, as reflected by the passage of the US Dodd-Frank Act in 2010 and a succession of EU directives. This trend has also witnessed a heightened focus on white-collar crime, targeting areas such as fraud, corruption, tax evasion, terrorism financing and money laundering. Existing laws, such as Canada’s Corruption of Foreign Public Officials Act, have been strengthened, and new legislation, such as the UK Bribery Act, has been introduced.