#Ethics & Compliance
The Case of José Luis Zapatero, the Former Spanish Prime Minister Suspected of Influence Peddling: How the Investigation Led from an Insider Trading Case in France to a U.S. Phone
José Luis Zapatero, former Spanish Prime Minister, has been indicted for influence peddling and money laundering in connection with the 53 million euro bailout of the airline Plus Ultra. The Spanish investigation was reportedly reopened thanks to evidence provided by France and Switzerland, stemming from investigations by the French Financial Markets Authority (AMF) into insider trading and opaque financial flows involving shell companies and straw men. The proceedings highlight the crucial role of international mutual legal assistance in criminal matters and cross-border evidence gathering, particularly the analysis of phones seized in France and the United States. They illustrate the intertwining of securities fraud, money laundering, and influence peddling, subject to the presumption of innocence. > Read the article.
#Dispute resolution & regulatory investigations
The French Financial Markets Authority (AMF) has published a summary of its inspections related to the fight against money laundering and terrorist financing
The French Financial Markets Authority (AMF) has published a summary of the lessons learned from 46 inspections conducted between 2022 and 2025 that included a component related to the fight against money laundering and terrorist financing, as well as obligations regarding the automatic exchange of tax information. These inspections resulted in sanctions, administrative settlements, or follow-up letters requiring corrective measures. The summary highlights recurring shortcomings: inadequate procedures, risk maps that are not very practical, deficiencies in know-your-customer (KYC) practices, insufficient oversight of third parties, gaps in reporting to TRACFIN, and insufficiently demonstrated internal controls. Against the backdrop of the creation of the Anti-Money Laundering Authority (AMLA), the AMF reiterates its risk-based preventive and enforcement approach to strengthen the effectiveness of AML/CFT mechanisms. > Read the article.
#Litigation and International investigation
“The absence of a statute of limitations for crimes against minors would disrupt the scale of severity in the criminal code”
In an op-ed published by *Le Monde*, Judge Denis Salas opposes the elimination of the statute of limitations for crimes committed against minors. He points out that the statute of limitations serves fundamental purposes in criminal proceedings: the preservation of evidence, the defendant’s right to be tried within a reasonable time, and the requirement that a conviction be based on sufficiently compelling evidence. In his view, extending or eliminating statutes of limitations cannot, on its own, meet victims’ expectations for recognition. The risk would be to confuse what is unforgettable and morally intolerable with what is not subject to a statute of limitations, a legally exceptional situation. Denis Salas therefore calls for a focus on evaluating recent reforms and non-punitive avenues for recognition and redress. > Read the article.
#Arbitration and Mediation
DIFC consults on reforms to arbitration law
The Dubai International Financial Centre (DIFC) has launched a consultation on reforms of its arbitration law, aimed at modernizing its legal framework in line with contemporary common law practices. The proposed amendments would strengthen the powers of arbitral tribunals sitting at the DIFC, particularly with regard to sanctioning abusive procedural conduct and preserving the fairness and integrity of the proceedings. The draft also includes provisions regarding security for costs, joinder, consolidation, summary awards, emergency arbitrators, interim measures, partial awards, and interest. It further introduces a framework governing third-party funding and mediation. These reforms aim at increasing the efficiency of proceedings and strengthening the DIFC’s position as a major international arbitration center. > Read the article.
