Enforcement

Chinese Court recognises a US commercial judgment for the first time based on principle of reciprocity

On 30 June 2017, the Wuhan Intermediate People’s Court (Wuhan Court) handed down a decision recognising and enforcing a civil judgment of the Los Angeles Superior Court in California, USA (the “Wuhan Decision“) based on the principle of reciprocity. This … Continue reading

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Filed under China, Enforcement, Jurisdiction

SFC and HKMA continue to prioritise AML/CFT compliance with six new disciplinary actions

Since early March 2017, the Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA) have collectively taken disciplinary actions against five regulated entities and an individual relating to breaches of anti-money laundering (AML) and counter financing of … Continue reading

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Filed under Enforcement, Financial Services Regulation, Hong Kong

PRC court recognises and enforces a Singapore High Court judgment based on reciprocity principle

The Nanjing Intermediate People's Court in Jiangsu Province, China ("Nanjing Court") recently issued a ruling recognising and enforcing a default judgment granted by the High Court of Singapore ("Singapore Judgment") based on the reciprocity principle. Although permitted under the PRC … Continue reading

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Filed under China, Enforcement

Hong Kong SFC confirms enforcement priorities and approach following strategic review

In its recently relaunched Enforcement Reporter newsletter (see first issue), the Securities and Futures Commission (SFC) has confirmed that corporate fraud and misfeasance, anti-money laundering, Growth Enterprise Market companies and multiple intra-group failings are issues high on its agenda and … Continue reading

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Filed under China, Corporate, Enforcement, Financial Services Regulation, Hong Kong, Investigation and compliance

Tax enforcement update

Jurisdictions and tax enforcement authorities around the world have been prioritizing the enforcement of tax laws in a bid to increase tax revenue and address public concern about tax evasion. There have been suggestions that China will be hiring 500,000 additional … Continue reading

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Filed under Enforcement, Tax

Hong Kong Government announces consultation on Hague Convention of the Recognition and Enforcement of Foreign Judgments

The Department of Justice in Hong Kong has this week released a Consultation Paper on the 2016 Preliminary Draft Convention on the Recognition and Enforcement of Foreign Judgments (the "Draft Convention"). The Draft Convention sets out criteria for the Courts … Continue reading

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Filed under Enforcement, Hong Kong, Jurisdiction

Hague Convention on Choice of Courts comes into operation in Singapore

The Hague Convention on Choice of Court Agreements (Hague Convention) officially came into force on 1 October 2016 and there are currently 30 signatory states, including all members of the European Union and Mexico.  As we have previously reported, Singapore … Continue reading

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Filed under Announcements, Enforcement, Jurisdiction, South East Asia

Singapore and United States affirm efforts to strengthen sharing of tax information

A joint statement issued by the United States and Singapore suggests that US authorities are seeking to accelerate off-shore tax enforcement aimed at US accountholders and financial institutions in Singapore. A joint statement was issued on 2 August 2016 to … Continue reading

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Filed under Enforcement, South East Asia, Tax

Hong Kong Court of Appeal confirms high threshold to establish that breach of a Court undertaking results in contempt of Court

In Tiong King Sing v Sam Boon Peng Yee (CACV 268/2015), the Court of Appeal ("CoA") overturned a decision of the Court of First Instance ("CFI") that had found the Defendant to be in contempt of Court for breaches of … Continue reading

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Filed under Enforcement, Hong Kong

Failure to comply with freezing orders leads to prison

In JSC Mezhdunarodniy Promyshlenniy Bank and Another v Pugachev, [2016] EWHC 248 & 258 Ch (sentence) and [2016] EWHC 192 (Ch) (liability), the English High Court sentenced Russian businessman Sergei Pugachev to two years in prison for contempt of court. … Continue reading

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Filed under Enforcement, Private wealth and trusts