Corporate Crime monthly update – September 2017

Welcome to the September 2017 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

  • Rise in HMRC dawn raids to combat tax evasion
  • Organisations to face fines for cyber security failures under new government plans
  • New sanctions reporting requirements for non-financial sector businesses
  • FCA publishes answers to outstanding questions
  • Herbert Smith Freehills assists with first prevention of corruption clause in Olympic Games host city contract
  • SFO earns taxpayers £517 million in 12 months
  • FCA publishes report on new technologies and AML compliance
  • Individual arrested on suspicion of cryptocurrency fraud
  • CMA consultation on revised penalties guidance

GERMANY

  • Germany in need of tougher laws against cyber crime
  • Germany supports Peru in implementing OECD anti-corruption recommendations
  • Deutsche Boerse management investigated for insider trading
  • Manufacturers revealed as top victims of cyber attacks

UNITED STATES

  • NYDFS fines Habib Bank for AML violations
  • US charges several Turkish citizens, including former government officials, with US sanctions violation
  • DOJ charges former army colonel with FCPA violation based on evidence collected from undercover operation
  • US imposes sanctions on Venezuela adopting the Russian sanctions model
  • US imposes sanctions on Chinese and Russian entities for alleged transactions with North Korea
  • SEC settles with hedge fund advisor for insider trading
  • Multiple states settle with Nationwide Mutual Insurance Company over 2012 data breach
  • Seventh Circuit upholds first spoofing conviction under Dodd-Frank reforms
  • Martin Shkreli found guilty of investor fraud

MIDDLE EAST

  • Dubai hacker cheats American national of $500,000
  • Dubai police warn of WiFi scams
  • Company purchase officer on trial for bribery offences
  • Business consultant acquitted of embezzling $5million from client
  • Staff flee with embezzled funds
  • British man deported from Dubai for tax fraud

HONG KONG

  • ICAC calls on corporate leaders and professionals to foster ethical culture from boardrooms to storerooms
  • Hong Kong Court of Appeal finds against bank on the basis that the bank’s exclusion of liability clauses were unconscionable and unreasonable
  • Asset managers and their senior management (including MICs) warned of action for regulatory non-compliance in Hong Kong
  • SFC and Hong Kong police sign MoU to strengthen co-operation in combating financial crime

CHINA, SOUTH EAST ASIA & INDIA

China

  • Former Liaoning Province leader sentenced to life imprisonment
  • Ex-senior executive of China Development Bank sentenced to 14 years’ imprisonment
  • China Securities Regulatory Commission imposes sanctions
  • Former officer expelled from CPC
  • Chinese authorities focus on combatting pyramid schemes

Malaysia

  • Bribing of voters in focus as Malaysia polls near

Philippines

  • Philippines no longer faces monitoring by APG

South Korea

  • Prosecutors launch investigation into FA-50 Aircraft Deal
  • Samsung heir sentenced to five years’ imprisonment

Vietnam

  • Ex-chairman publicly confesses to crimes

Thailand

  • Corruption hotline receives over 1,300 reports in its first month

Singapore

  • Former employees jailed for misappropriation of $5.1 million

India

  • Marketing rules to be introduced for pharmaceuticals

AUSTRALIA

  • Commonwealth Select Committee on a National Integrity Commission releases Report
  • Parliamentary Joint Committee releases recommendations on whistleblower protections
  • Global leaders commit to eradicating modern slavery at forum in Perth, Australia
  • ASIC releases report on enforcement outcomes from the first half of 2017
  • Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2017 introduced into House of Representatives
  • AUSTRAC and ACNC report identifies charitable sector as target for money laundering and terror financing
  • Australian Criminal Intelligence Commission releases report on organised crime in Australia

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