The Financial Crimes Enforcement Network (“FinCEN”) recently issued an advisory urging financial institutions (including certain cryptocurrency businesses) to implement controls to help detect proceeds of foreign public corruption. The Advisory describes the types of corrupt payments and arrangements that financial institutions should be looking for and identifies red flags to help those institutions detect and report suspicious transactions that may involve kleptocracy and foreign public corruption. Targeting Corruption. FinCEN reemphasizes that fighting corruption is a priority for the Biden Administration...

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In response to significant concerns around the misuse of the Internet by terrorists, in April 2021 the EU adopted controversial Regulation (EU) 2021/784 which lays down uniform rules to address the misuse of hosting services for the dissemination of terrorist content (Regulation). Amongst other things, service providers can now be required to remove flagged terrorist content from their platforms across the entire EU within one hour. Under this landmark legislation, which has direct effect across the EU from 7...

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Key insights The impacts of inflation are not the same for every organization, and successful decisions from past inflationary periods don’t necessarily translate in future inflationary times. Develop a financial model and run various “what-if” scenarios to stress test your tolerance to inflation — and quantify the financial impact of decisions before you commit to them. Consider three key areas: supply chain, labor, and pricing. As signs of continued significant inflation surface weekly, business leaders and business owners are making...

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What will the impact of the metaverse be on how people work? The metaverse originated from the gaming industry but is spreading into an array of industries including real estate, commerce, retail and the arts. Although we are still at the very beginning of this technology, it has a number of implications for the concept of work and working life that were explored as part of Osborne Clarke's "Metaverse week" of webinars. As well as creating specific jobs, the metaverse...

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The EU is close to finalizing the adoption of the Digital Services Act (DSA), which will impose new obligations on digital platforms regarding content moderation, due diligence for illegal content, and advertising transparency. It will entail significant changes to existing EU law in these areas and will impose substantial new compliance burdens on companies in regard to online content. Following long negotiations, the EU institutions reached a political agreement on the final text of the DSA on April 23, 2022....

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On 22 April 2022, the Luxembourg financial regulator (the "CSSF") released Circular 22/806 on outsourcing arrangements (the "Circular"). By means of the Circular, the CSSF adopts and integrates the revised EBA Guidelines on outsourcing arrangements (EBA/GL/2019) (the "EBA Guidelines") and, as far as fund management is concerned, the ESMA Guidelines on outsourcing to cloud service providers (the "ESMA Guidelines"). In addition to incorporating the EBA and ESMA Guidelines into the Luxembourg regulatory framework, the CSSF complements the EBA Guidelines...

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Top-of-mind for every textile manufacturer? Speed to market. And the industry shows no signs of slowing down, as major garment producers continue to tighten production cycles by weeks, if not months. When it comes to color, there’s simply no room—or time—for error. Enter Datacolor Match Textile, a sophisticated software solution that formulates color to precise specifications, optimizing color results, streamlining production time, cutting expenses and minimizing environmental impacts. To formulate a color, Match Textile accounts for all the variables that...

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The Biden administration recently released its fiscal budget for 2023, which an accompanying fact sheet claims will help lower costs for American families, expand the productive capacity of the American economy and further reduce the deficit. To raise the revenue required to accomplish these goals, the budget proposes to modify existing business and international tax laws, close certain tax loopholes and impose higher taxes on high-net-worth individuals. Following is a broad overview of the provisions contained in the 2023...

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As of August 1, 2022, it will be more difficult for employers in the Netherlands to prohibit employees from working for other employers. Employers will then be able to prohibit such work only if they have objective reasons that justify such a prohibition. This change does not mean that existing clauses regulating work for third parties will automatically become null and void, even if they state that the employee requires the prior written consent of the employer to carry out...

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In a critical step towards mandating a common charger across the EU, Members of the European Parliament’s internal market and consumer protection committee (IMCO) agreed on their position for a single charger for mobile phones and other small electronic devices, such as tablets, e-book readers, smart cameras and wearable electronics at their meeting on Wednesday. The Parliament’s internal position largely backs the September 2021 proposal put forward by the European Commission and must now be negotiated with the EU Member...

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