Press review - Week of 9 June 2025

Press review – Week of 9 June 2025

This week's press review covers the indictment of Pascaline Bongo in a corruption and money laundering case, the designation of Monaco as a high-risk jurisdiction for money laundering within Europe, the new guidance issued by the U.S. Department of Justice regarding the enforcement of the Foreign Corrupt Practices Act, and the sanctions imposed by the French Financial Markets Authority (AMF) on the Chinese shareholders of the SMCP group. Finally, the press review also covers a report by the “Club des juristes”, which sets out seven recommendations for regulating internal investigations within companies.

Navacelle strengthens its arbitration practice with Maxime Desplats joining the partnership.

With an international culture and a multidisciplinary team led by Stéphane de Navacelle, Julie Zorrilla and Roxane Castro, Navacelle continues to grow and strengthens its arbitration and international litigation practice with the arrival of Maxime Desplats as Partner. > Read article

#White collar crime:

Pascaline Bongo indicted in Paris in a corruption and money laundering case

Pascaline Bongo, daughter of former Gabonese president Omar Bongo, was indicted in Paris in January 2025 for laundering the proceeds of passive corruption. She is suspected of having used a structure created in Hong Kong, funded by a Chinese company, and of transferring the funds personal accounts in the United States, which allegedly enabled the laundering of between 10 and 11 million dollars. The investigation was launched following discoveries made during another procedure in 2015. A Gabonese lawyer is also implicated. Furthermore, Pascaline Bongo had previously stood trial for passive corruption of a foreign public official as part of the “ill-gotten gains” case. She was acquitted in 2024 by the Paris Criminal Court, but the French National Financial Prosecutor’s Office has appealed the decision. > Read article

Monaco added to the EU list of “high-risk” countries for money laundering

The European Commission has added Monaco to its list of “high-risk” countries for money laundering, aligning with the Financial Action Task Force (FATF). This decision follows FATF’s criticisms of the principality’s efforts to combat money laundering and tax fraud committed abroad, the seizure of criminal assets overseas, and the application of effective and dissuasive sanctions. Monaco responded by affirming its commitment to strengthen measures in order to be removed from the FATF grey list. The European Parliament and the Council of European Union can still oppose this inclusion. Other countries, such as Algeria, Lebanon, and Kenya, have also been added. Conversely, several states, including the United Arab Emirates, have been removed. The European Union emphasizes the importance of this list to protect the integrity of its financial system. > Read article

New FCPA Guidance By DOJ

The U.S. Department of Justice (DOJ) has issued new guidelines regarding the Foreign Corrupt Practices Act (FCPA), in accordance with an executive order from President Trump that temporarily suspended its application and called for a review of ongoing investigations. Priorities include now focusing on individual acts of corruption, speeding up investigations, and considering the impact on legitimate businesses. The emphasis is on the total elimination of cartels and transnational criminal organizations, protecting U.S. economic interests, national security concerns and prioritizing investigations for serious misconduct. Moreover, the increase in whistleblower reports highlights the importance for companies to enhance compliance programs and conduct regular risk assessments. > Read article

#Financial Markets Authority (AMF) litigation

Sandro, Maje: AMF Heavily Sanctions Chinese Shareholders of SMCP

The Enforcement Committee of the French Financial Markets Authority (AMF) imposed €1.7 million in fines on the Chinese shareholders of the SMCP group for irregularities. In 2021, 12 million shares held by European TopSoho, a subsidiary of the Shandong Ruyi group, disappeared before being found in the British Virgin Islands. These shares had been transferred through an opaque financial arrangement to Dynamic Treasure Group, a company owned by Chenran Qiu, daughter of Shandong Ruyi’s chairman. European TopSoho, Dynamic Treasure Group, and Ms. Qiu were accused of breaching transparency obligations and of market manipulation. In a separate case, SMCP was fined €20,000 for failing to maintain the confidentiality of its 2021 annual results, which were inadvertently made accessible on its website prior to official publication. > Read article

#Ethics & Compliance

Internal investigations: 7 legal safeguards recommended for greater effectiveness

Internal investigations within companies, often triggered by cases of harassment or fraud, currently lack a clear legal framework. A commission from the “Club des Juristes”, chaired by Dominique Perben, has made seven recommendations to structure these investigations while maintaining their flexibility. Notably, the commission proposes introducing a legal definition of internal investigations in the French Labor Code, ensuring the protection attorney-client privilege, and strengthening the independence of investigators. The objective of this report is to make internal investigations a strategic tool for governance, compliance and sovereignty for French companies. According to co-rapporteur Stéphane de Navacelle, this report represents “a step, a milestone, [which] does not close the debate”. > Read article