Press review
31 March 2023

Press review – Week of 27 March 2023

In this week's press review, Navacelle piggybacks on the raids of several banks in Paris and La Défense as part of preliminary investigations into tax fraud and money laundering and the arrest of 21 people in Venezuela as part of a major anti-corruption investigation into the oil industry. In addition, at the European level, the European Securities and Markets Authority updated its guidelines on product governance. Several committees of the European Parliament adopted new measures against money laundering and terrorist financing. Moreover, the CNIL fined Cityscoot for excessive geolocation of its users. Furthermore, in the LIBOR case, the US Department of Justice withdrew its claims against former employees due to recent legal precedents challenging the extraterritorial applications of specific US laws. In the world of arbitration, the Versailles Court of Appeal affirmed a judicial order to enforce an arbitration award against Alstom. Finally, during the 2023 Paris Arbitration Week, Navacelle held a round table discussion on corruption and arbitration.

 

#Arbitration between Alstom & ABL: the Versailles Court of Appeal confirms the exequatur on 14 March 2023

Following a lengthy legal battle between Alstom and ABL, the Versailles Court of Appeal approved the 30 March 2016, order, which validated the arbtiral award dated 29 January 2016, and required Alstom to pay the legal fees and costs. > Read analysis

Will the recent French case law harm the position of Paris as preferred arbitral seat?

For Paris Arbitration Week 2023, Navacelle’s Arbitration team (Julie Zorrilla, Juliette Musso, Salomé Garnier & Gregory Arnoult) organized a round table on the following topic “Arbitration and corruption”.  A panel composed of Ms. Laura Weiller, Ms Ina Popova and Mr Bernard Hanotiau will discuss the recent case law in this area and its impact on Paris as the preferred arbitral seat. > See webinar (In French)

#Criminal tax law: Allege tax fraud: several French banks raided

As part of several investigations opened by the PNF in December 2021, on charges of aggravated tax laundering and aggravated tax fraud, Société Générale, BNP Paribas, Exane, Natixis, and HSBC were raided on Tuesday, March 28 in Paris and La Défense. The investigations allegedly concern the so-called “CumCum” practices. > Read article

CumEx files, from tax optimization to tax fraud? [Archives]

A look back at the revelations of the “CumEx files” and key take aways on these practices of tax optimization by dividend arbitrage. > Read analysis

#Banking and Financial Criminal Law: US moves to dismiss Libor charges against ex-SocGen bankers

The DOJ applied to the District Court to dismiss the indictment against two former Société Générale employees in the LIBOR case. This decision was made in the context of recent legal developments challenging the extraterritorial application of certain US laws.> Read article

#White collar crime: Venezuela: 21 people arrested in a major anti-corruption investigation

As part of an anti-corruption investigation into the national oil company (PDVSA), a government entity responsible for overseeing crypto-currency trading and the judicial system in Venezuela, 21 people, including ten senior officials, have been detained. The investigation had already led to the resignation of the Minister of oil and gas. > Read article

“New European measures against money laundering and terrorist financing”

On Tuesday, March 28, MEPs of the European Parliament adopted the legislative package on the financing provisions of the EU’s anti-money laundering and terrorist financing policy. It includes a “single EU regulation” in this area, the Sixth Anti-Money Laundering Directive, and a regulation creating the European Anti-Money Laundering Authority. > Read article

MiFID II: The European Securities and Markets Authority updates its guidelines on products governance 

On Monday, March 27, the European Securities and Markets Authority (ESMA) published its final report on the guidelines for products governance. It follows a public consultation that ran from 8 July to 7 October 2022. > Read article

Cityscoot sanctioned by the CNIL for having geolocated its users excessively 

Cityscoot, a company specializing in self-service scooters, has been fined €125,000 by the French data protection authority (CNIL) for violating the privacy of its users by geolocating them excessively. > Read article

Related content

Press review
24 May 2024
Press review – Week of 20 May 2024
This week, the press review covers the fine imposed on bank company N26, the trial of EDF and its former...
Press review
17 May 2024
Press review – Week of 13 May 2024
This week, the press review covers the death of Renaud Van Ruymbeke, the conviction of former Mayor of Toulon for...
Event
16 May 2024
Anticorruption initiatives in Latin America: Lessons from the last decade (webinar)
To contribute to the Latin America and Caribbean Weeks event, organised by the French Ministry of Europe and Foreign Affairs...
Publication
14 May 2024
LIR 6th Edition : Focus on ADP INGENIERIE and SEVES Group/SEDIVER CJIPs
Navacelle contributes to The Legal Industry Reviews' sixth edition, focusing on the last two CJIPs (kind of French DPAs) concluded....
Analysis
6 May 2024
Overview of the future European Anti-Money Laundering Authority
The new Authority for Anti-Money Laundering and Countering the Financing of Terrorism will be based in Frankfurt and shall start...
Press review
3 May 2024
Press review – Week of 29 April 2024
This week's press review focuses on the indictments of Arnaud Lagardère for misuse of company assets and abuse of power,...
Press review
26 April 2024
Press review – Week of 22 April 2024
This week, the press review covers the European Parliament’s adoption of the Corporate Sustainability Due Diligence Directive, the definitive conviction...
Press review
19 April 2024
Press review – Week of 15 April 2024
This week, the press review covers the publication of TRACFIN’s 2023 report on professionals’ suspicious transaction reports, the decision of...
Press review
12 April 2024
Press review – Week of 8 April 2024
This week, the press review covers the Panama Papers trial which opened on Monday, 8 April, the decision rendered against...
Press review
5 April 2024
Press review – Week of 1 April 2024
This week, the press review covers the conviction by the American justice system of the crypto assets platform FTX‘s former...
Press review
29 March 2024
Press review – Week of 25 March 2024
This week, the press review covers the opening of proceedings against Google, Apple and Meta by the European Commission for...
Press review
22 March 2024
Press review – Week of 18 March 2024
This week, the press review covers the report of the French Court of Auditors on the financial situation of the...