NEWS: US CCOs will have to given written pledge on any new compliance programmes enacted after settlements with the Justice Department

Regulatory Watch News

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  France: EPPO carries out searches and arrests seven people in probe into VAT fraud involving luxury cars

  European Public Prosecutor's Office

  April 15, 2025

  (Luxembourg, 15 April 2025) – The European Public Prosecutor’s Office (EPPO) in Paris (France) has carried out searches and arrested seven suspects in several cities in France, in a probe into an alleged VAT fraud involving valuable vehicles, conducted between 4 February and 10 April 2025. On 11 April 2025, three of the suspects were charged with organised fraud, money laundering, criminal conspiracy and abuse of vulnerable persons. They are subject to coercive and preventive measures, including prohibition to speak to other suspects.

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  FCA establishes presence in the United States and Asia-Pacific

  Financial Conduct Authority

  April 15, 2025

  Under its new strategy, the FCA is establishing a presence in the United States (US) and Asia-Pacific (APAC) for the first time.

  In the US, Tash Miah started in April at the British Embassy in Washington, DC. Tash will work closely with the Department for Business and Trade to advance UK-US financial services policy and regulatory cooperation, and support financial firms in the US to navigate UK regulation. Based in Australia, Camille Blackburn will establish a regional office from July 2025 as the FCA’s director – Asia-Pacific. The role will focus on supporting financial services firms to navigate regulation to enter the UK market or raise capital and provide UK firms with support expanding into the APAC region.

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  Alleged N1.38bn Fraud: EFCC Presents First Witness, Peter Okoye against Ex-P-Square Manager

  EFCC

  April 15, 2025

  The Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission, EFCC, Awolowo Road, Ikoyi, Lagos, on Monday, April 14, 2025, presented its first prosecution witness, PW1, Peter Obumuneme Okoye, against Jude Chigozie Okoye, elder brother and former Manager of Paul and Peter Okoye, before Justice A. Owoeye of the Federal High Court sitting in Ikoyi, Lagos. Okoye is standing trial alongside his company, Northside Music Limited, on a seven- count charge bordering on money laundering to the tune of N1.38bn.