International Advisory

Looking Forward

The stakes for ignoring the multinational focus on corruption are high. The above chart shows the exponential growth in U.S. fines for bribery of foreign government officials. Fines for inadequate anti-money laundering, know your customer, and sanctions programs have been growing as well. Two other areas of heightened focus in the coming year are Brexit and LIBOR. With the UK leaving the EU, companies who passported services through Europe via a London office are establishing new means for accessing EU customers. The imminent end of LIBOR h opened the door for new interbank reference lending rates, including SARON, SOFR, SONIA, TONAR, and ESTER. 2021 should be a very busy year for updating reference lending rates in countless loan and trading agreements.