#Litigation and International investigation:
CJIP agreements: what about the confiscation of seized assets?
The French Law adopted on 24 June 2024 on improving the effectiveness of seizure and confiscation measures of criminal assets has had an impact on the obligations that may be imposed on a legal person under a public interest judicial agreement (Convention judiciaire d’intérêt public – CJIP). From now on, such an agreement may provide for the relinquishment of assets seized during the proceedings. This new provision compensates for the authorities’ inability to confiscate seized assets due to the absence of criminal conviction. The legal person may therefore be required to relinquish all or part of the assets seized during the investigation to the State. This new obligation applies to corruption, influence peddling and money laundering offences, as well as offences that may be the subject to an environmental CJIP. > Read article
#Dispute resolution and regulatory investigation:
AMF Enforcement Committee fines Sogenial Immobilier and its chairman a total of 180.000 euros
In a decision taken on September 12, 2024, the Enforcement Committee has imposed two financial penalties of 150,000 euros and 30,000 euros respectively on the portfolio management company Sogenial Immobilier and its chairman, Jean-Marie Souclier. The Commission considered that the company had failed to carry out all the necessary due diligence in the fight against money laundering and the financing of terrorism (AML/CFT), as well as in the selection of investments. The Commission also found that there was no documentary procedure for the alternative investment funds under management, that certain regulatory information was not compliant, that there was a failure to manage conflicts of interest when allocating assets, and that internal controls regarding AML/CFT regulatory requirements, conflicts of interest and investments made on behalf of the funds under management were ineffective. The Enforcement Committee found that the breaches were attributable to the manager, Mr. Souclier. The decision may be appealed. > Read article
#White-collar crime:
François Caillé’s custody lifted, an investigation opened for alleged corruption
Following research at the Caillé group’s headquarters, its CEO François Caillé and two other individuals, including the Group Managing Director, were examined by investigators at the Malartic police station on 18 September 2024. The three individuals were released from custody and an investigation has been opened for alleged corruption and influence peddling related to public contracts awarded to the Caillé GroupUpdates 17’s automotive sector. For several months, the financial crime unit has been investigating a western municipality, likely the Saint-Paul town hall, suspected of favoring this group in the awarding of public contracts. > Read article
Danske Bank fined 6 million euros for tax fraud in France
On 18 September 2024, Danske Bank, Denmark’s leading bank, agreed to pay a fine of six million euros as part of a public interest judicial agreement (Convention judiciaire d’intérêt public – CJIP) reached with the French National Financial Prosecutor’s Office, in connection with a case of organized tax fraud-related money laundering. These acts, linked to the bank’s Estonian branch and a French import-export company with Russia, were committed between 2008 and 2015. This fine, validated by the Paris Judicial Court, puts an end to the proceedings in France and allows the French state to receive the sum of 300.000 euros in damages. > Read article
#Environmental litigation:
Paris Judicial Court: creation of the 34th chamber of social, economic and environmental regulation
The strengthening of the legislative framework regarding corporate social responsibility has led to the creation of a 34th chamber within the Paris Judicial Court, focused on social, economic, and environmental regulation. Since 2 September 2024, it has been charged for handling disputes related to this domain. This new chamber is in line with Law no. 2017-399, which introduced the obligation to set up a due diligence plan in order to promote responsible management of societal risks and prevent human rights violations and ecological disasters, as well as Law no. 2021-1729, which established the exclusive jurisdiction of the Paris Judicial Court in matters of due diligence. The 34th chamber, presided over by Madame Laure Aldebert, will cover, in addition to disputes related to this law, all associated disputes in the social, economic and environmental fields. > Read article
