Corporate Crime Update – October 2014

Welcome to the October 2014 edition of our corporate crime update – our round-up of developments in relation to corruption, money laundering, fraud, sanctions and related matters. Our update now covers a number of jurisdictions. For the full update on each jurisdiction, please click on the name of the jurisdiction below. Below we provide a brief overview of what is covered in each update.

United Kingdom/Europe

  • AFDB debars UK company for fraudulent practices 
  • SFO Director’s speech at Cambridge Symposium on Economic Crime 
  • SFO General Counsel speech at Cambridge Symposium on Economic Crime 
  • Reporting by extractive companies on government payments – Early UK implementation from 1 January 2015 
  • FCA removes high risk countries list
  • NCA announcement on seeking consent for financial transactions
  • EU expands sectoral sanctions against Russia 

Spain

  • Andorra’s courts will provide banking information to Spanish courts only in certain circumstances 

Middle East

  • Amendments to DIFC Regulatory Law 2004 come into force 
  • GlaxoSmithKline faces fresh bribery claims in Syria 
  • Saudi municipality workers arrested for US$ 1.7m bribery scam 
  • Report on World Cup bidding finalised 

Hong Kong

  • Further development in landmark corruption trial in Hong Kong
  • ICAC raid Jimmy Lai’s house
  • Solicitor and wife of former dairy firm director convicted of money laundering for mishandling funds for NZ dairy takeover

China, South East Asia and India

China

  • China investigates the former Deputy General Manager of Faw-Volkswagen Automotive or suspected serious violations of the law
  • China investigates top official of Yunnan Province
  • China’s anti-corruption investigations target CCTV
  • China’s antigraft campaign expands to Shanxi Province
  • Chinese GMO researcher investigated for corruption
  • Retired Chinese official in charge of prices investigated for corruption
  • NDRC fines Japanese auto-parts makers for price-fixing

India 

  • India reviews state hospitals to end widespread corruption
    38,000 railway officials punished for corruption
  • Chief of Indian bank arrested over bribery allegations
  • Indian film censor accused of soliciting bribe 

Thailand

  • Thailand’s new Prime Minister promises to crack down on corruption 
  • Bangkok city council chairman charged with bribery 

Indonesia

  • Indonesia’s Energy Minister investigated for corruption 
  • Indonesian female Governor jailed for corruption 
  • Indonesia’s President named in corruption case 

Cambodia

  • Cambodia crackdown on corruption in the education sector  
  • Prime Minister of Cambodia blames private sector for corruption  
  • Cambodia and Thailand signed an anti-corruption cooperation deal  

Vietnam

  • Consultants indicted in Japan for paying bribes in Vietnam 
  • Vietnam trade official suspended for suspected corruption 

Malaysia 

  • MACC solved 82% of investigation papers last year 

Singapore

  • Singapore shares anti-corruption experiences with Vietnam 

Taiwan

  • Taiwan water corp. ex-chairman charged with corruption 
  • Over half of Keelung’s city councillors questioned in corruption case

Korea

  • Three lawmakers face bribery charges 
  • Korea Development Bank officials probed for bribery 

Japan

  • US$52.1 million criminal fine imposed by the US department of justice on NGK spark plug co. Ltd for conspiracy to fix prices and rig bids
  • Enhanced measures in respect of violation of Japan’s unfair competition prevention act relating to official development aid 

Australia

  • IBAC investigation threshold to be lowered 
  • Calls for Federal Anti-Corruption Agency

United States

  • Highest ever SEC whistleblower bounty awarded 
  • The fiduciary exception to attorney-client privilege
  • The meaning of “Foreign Officials” under The Foreign Corrupt Practices Act

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