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Partner in the Disputes and White Collar Crime Practice at the Mumbai office of Cyril Amarchand Mangaldas. Sara specializes in the areas of internal investigations and compliance training, white-collar crimes, corporate and financial investigations, fin tech and financial matters and international sanctions. She has assisted and advised several foreign investors, corporates and financial institutions on anti-corruption, anti-bribery issues, anti-money laundering, sanctions violations, and serious fraud investigations.

She also advises several foreign and domestic Clients on on AML/ABAC compliance, regulatory compliance and trade sanctions, and has handled internal investigations into compliance violations and whistle-blower complaints for corporations and financial institutions. She has considerable expertise in corporate governance, international sanctions, and international fraud related issues and regulatory compliance issues and financial crimes and Fintech.  She can be reached at sara.sundaram@cyrilshroff.com

Sita Soren vs. Union of India: The Interplay between Anti-Corruption Laws and Legislative Immunity

In the recent landmark ruling of Sita Soren vs. Union of India,[1] a constitution bench of the Supreme Court unanimously ruled on, inter alia, the liability of a Member of Parliament with respect to bribery under the Prevention of Corruption Act, 1988 (“PCA”), and the legislative immunity granted by the Constitution under Articles 105 and 194. This judgement overruled a long-standing position of law, laid down in PV Narasimha Rao vs. State (CBI/SPE ), which dealt with a Member of Parliament’s immunity from prosecution on charges of bribery in a criminal court.[2] This article analyses the position of anti-corruption provisions and its impact in view of the observations in Sita Soren.Continue Reading Sita Soren vs. Union of India: The Interplay between Anti-Corruption Laws and Legislative Immunity

Interplay between Foreign Extortion Prevention Act (“FEPA”) & Prevention of Corruption Act, 1988 (“PC Act”)

US President Joe Biden signed the Foreign Extortion Prevention Act in December 2023 (“FEPA”), a federal criminal offense creating criminal liability on foreign officials who demand or accept bribes thus acting as a concomitant legislation to the Foreign Corrupt Practices Act of 1977 (“FCPA”)[1]. While FCPA only criminalized/ prohibited US companies from offering or bribing foreign officials, the introduction of FEPA provides a level playing field for US companies and reverses criminal liability on foreign officials, mirroring FCPA.Continue Reading Interplay between Foreign Extortion Prevention Act (“FEPA”) & Prevention of Corruption Act, 1988 (“PC Act”)

EU’s Anti-Corruption Package: Insights and Recommendations for Indian Businesses

Corruption and bribery[1] are often a cross-border phenomena. Accordingly, since the early 1990s, various countries around the world have joined global efforts to combat corruption collectively. Recently, European Union (“EU”) policymakers have decided to take that combat to the next level, increasing the collaboration between European Member States, and by harmonizing the European anti-bribery regime.Continue Reading EU’s Anti-Corruption Package: Insights and Recommendations for Indian Businesses

Ensuring Transparency: The Imperative of Mandatory Furnishing of Written Grounds of Arrest by the Enforcement Directorate

Background:

In the realm of law enforcement, transparency and accountability are indispensable pillars upholding the democratic values of a society. The Directorate of Enforcement (“ED”), tasked with investigating and prosecuting economic offenses, plays a vital role in maintaining financial integrity. However, concerns surrounding the lack of transparency in some of the arrests made by the ED have been raised.Continue Reading Ensuring Transparency: The Imperative of Mandatory Furnishing of Written Grounds of Arrest by the Enforcement Directorate

Ensuring Transparency: The Imperative of Mandatory Furnishing of Written Grounds of Arrest by the Enforcement Directorate

Background:

In the realm of law enforcement, transparency and accountability are indispensable pillars upholding the democratic values of a society. The Directorate of Enforcement (“ED”), tasked with investigating and prosecuting economic offenses, plays a vital role in maintaining financial integrity. However, concerns surrounding the lack of transparency in some of the arrests made by the ED have been raised.Continue Reading Ensuring Transparency: The Imperative of Mandatory Furnishing of Written Grounds of Arrest by the Enforcement Directorate

The Turning Tides of US Sanctions: India Caught in the Middle

Secondary Sanctions & Countermeasures

The recent escalation of United States (“US”) sanctions against Russia seems to have significant consequences for the Indian market. India has strong economic relationships with both the countries. At the moment, however, India seems to be caught between a ‘rock and a hard place’.[1] The country finds itself in a tricky minefield and it has to now balance its financial interests, along with its obligations to the international community.Continue Reading The Turning Tides of US Sanctions: India Caught in the Middle

Introduction:

The Reserve Bank of India (“RBI”) has proposed a transparent mechanism to identify and declare borrowers as Wilful Defaulters. The Central Bank issued the ‘Draft Master Direction on Treatment of Wilful Defaulters and Large Defaulters’ (“Master Direction” or “Direction”) on September 21, 2023, on which stakeholder comments have been invited till October 31, 2023.Continue Reading Draft Master Directions on Wilful Defaulters 2023: A Balanced Approach?

PMLA SECOND AMENDMENT RULES, 2023: PLUGGING THE LOOPHOLE

The Ministry of Finance issued a notification on September 04, 2023, to amend the Prevention of Money Laundering (Maintenance of Records) Rules, 2005 (“Rules”), to enhance clarity and stringency of money laundering prevention efforts. The amendment seeks to ensure stricter compliance by reporting authorities to keep a check on money laundering and terror financing.Continue Reading PMLA Second Amendment Rules, 2023: Plugging The Loophole