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Much has been said about the results of Colombia's fight against corruption; from its 90th position (out of a total of 176 countries) ranking in the Corruption Perceptions Index of Transparency International, to recent scandals directly affecting major infrastructure projects. Set against this background of cultural issues and perception problems, the recent wave of cross-border corruption cases (for example, Odebrecht and Canal Isabel II) has served only to set the spotlight even more firmly on Colombia as a country with a historic reputation for corruption.

Urs Feller and Marcel Frey from Prager Dreifuss examine the scope and limits to sovereign immunity in Switzerland and the recognition and enforcement of decisions against a foreign state

The lighter side of the past month in the world of financial law

Banks in Cyprus have been given new tools to facilitate the reduction of non-performing facilities. These tools have been introduced through the enactment in April of Law 38(I) of 2017, which amends the Business of Credit Institutions Laws of 1997 to 2016, which regulate the activities of commercial banks.

According to the Economy and Growth Prospects 2017 report published by the Central Bank of Nicaragua (BCN), the results of Nicaraguan macroeconomic development remain among the best in the region.

On March 30 2017, Japan's Financial Services Agency (JFSA) published its principles regarding customer-oriented business operations, which relate to financial business operators' fiduciary duties.

The purchase of immovable property in the Republic of Panama requires adhesion to specific formalities and solemnities. Among the most relevant are: (i) the contract must be in writing; (ii) the contract must be formalised by a public deed authorised by a public notary of the Republic of Panama; and, (iii) the public deed must be registered at the Public Registry of Panama (PRP).

There are no prevailing legal requirements as to how many employees must be represented by a trade union for the union to be able to play a role within a Slovak company. Unions only need to satisfy the requirements for the establishment of a civic association (that is, at least three members), after which employers must communicate with the union in the statutory manner. This communication includes consulting with the union each time the employer unilaterally terminates employment, or seeking the union's approval for issuing new work rules.

On March 1 2017, the Swiss rules on the disclosure of substantial shareholdings were amended. As a result, persons and entities exercising a discretionary power to vote shares based on the delegation of voting rights may now disclose either the person effectively exercising discretion or the consolidated position held by the ultimate controller.

There have been several recent legislative developments designed to facilitate establishing and doing business, and taking security interests in Thailand.