UAE introduces new anti-corruption laws with extra-territorial effect

Federal Decree No. 24 of 2018 has amended certain provisions of Federal Law No. 3 of 1987 (the “Penal Code”) to strengthen anti-corruption legislation in the UAE and bring it in line with other jurisdictions by including foreign public officials within its scope.

Crucially, the provisions, which are now in force, apply outside the UAE, to any person who commits a bribery offence if either the offender or victim is a UAE citizen, if the crime is committed by an employee in the UAE public or private sector or if it involves public property.

There are also new powers for the UAE authorities to confiscate the proceeds of crime. To read our full briefing, please click here.

Stuart Paterson
Stuart Paterson
Partner, Dubai
Email | Profile
+97 1442 86308
Benjamin Hopps
Benjamin Hopps
Senior associate, Dubai
Email | Profile
+97 1442 86369

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Filed under Announcements, Bribery and Corruption, Corporate Crime, Dubai, Investigations, Sanctions and Money Laundering, Sector Updates by Herbert Smith Freehills

China’s new law on judicial assistance in criminal matters will impact investigations

The People’s Republic of China recently enacted a new law that will impact foreign authorities, corporations and individuals involved in overseas criminal enforcement actions. The Law on International Judicial Assistance in Criminal Matters allows Chinese authorities to block requests for documents, testimony and assets requested in international criminal investigations. Continue reading

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Filed under Announcements, China, Sector Updates by Herbert Smith Freehills

Renewed focus on compensation to address misconduct risk

The Financial Stability Board (FSB) released on 23 November 2018 its recommendations on the types of data regulators should be collecting from financial institutions (FIs) regarding compensation tools, as part of its workplan to address misconduct risk in FIs. This data is intended to help regulators monitor the effectiveness of FIs’ compensation structures in addressing misconduct risk and assessing whether additional measures are required.

To read our full briefing on the matter, please click here.

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Filed under Announcements, Regulatory Reform, Sector Updates by Herbert Smith Freehills

Corporate Crime autumn update 2018

Welcome to the autumn 2018 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 where we provide a brief overview of what is covered. Continue reading

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Filed under Announcements, Bribery and Corruption, China, Corporate Crime, Dubai, Germany, Hong Kong, Indonesia, International, Investigations, Japan, Middle East, Philippines, Sanctions and Money Laundering, Sector Updates by Herbert Smith Freehills, Singapore, Spain, Thailand, US, Vietnam

Brexit Final Political Declaration: Nothing [new] to see here?

On financial services, the final political declaration contains essentially the same three points as in last week’s outline political declaration (the implications of which were discussed in our blog post of 15 November, available here), although there is some limited further clarification.  The three points on financial services are copied below with new substantive additions underlined: Continue reading

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Filed under Announcements, Europe, Sector Updates by Herbert Smith Freehills, UK, UK Government

Hong Kong SFC commences thematic review of risk governance and oversight frameworks, including assessment of risk management MICs

Last Friday, the SFC announced (via a circular) that it had commenced a thematic review of selected licensed corporations (LCs) to assess their risk governance and oversight frameworks as well as risk management practices. Continue reading

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Filed under Announcements, Hong Kong, Investigations, Regulatory Reform, Sanctions and Money Laundering, Sector Updates by Herbert Smith Freehills

Brexit Outline Political Declaration: Initial indicators for the financial services industry

Yesterday’s announcements on the terms agreed for the UK’s withdrawal from the EU say relatively little about the future framework for cross-border trade in goods or services.  More detail is expected on this next week.

The draft withdrawal agreement provides that a transition period will continue until 31 December 2020. Although this was provisionally agreed in March 2018, yesterday’s statements make this a more likely reality. Continue reading

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Filed under Article 50, Asset management, Banking, Draft Legislation, EU, Europe, Funds, HM Treasury, Investment Funds, UK

Hong Kong Court of Final Appeal clarifies “innocent purpose” defence to insider dealing

The Hong Kong Court of Final Appeal (CFA) has recently allowed the Securities and Futures Commission’s (SFC) appeal against the Market Misconduct Tribunal’s (MMT) findings that two former executives of a listed company (ATML), Mr Charles Yiu Hoi Ying and Ms Marian Wong Nam, had not engaged in insider dealing in ATML shares. Continue reading

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Filed under Announcements, Asia, Bribery and Corruption, Corporate Crime, Hong Kong, Investigations, Sector Updates by Herbert Smith Freehills

Second Wave of United States Sanctions Against Iran Re-Imposed

Following President Trump’s decision on May 8, 2018 to withdraw the United States from the Joint Comprehensive Plan of Action (“JCPOA”), the US government announced that it would re-impose pre-JCPOA nuclear-related Iran sanctions (both primary and secondary) that were lifted under the JCPOA. As we reported previously, two “wind-down” periods—of 90 and 180 days respectively—commenced from the day of the announcement, during which non-US, non-Iranian companies were encouraged by the US government to withdraw from operations in Iran that would be affected by re-imposed sanctions. OFAC’s guidance discouraged non-US persons from engaging in new activity during the wind down periods, and stated that any such new activity may be a factor in connection with future enforcement action for actions taken after the wind-down period.

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Filed under Announcements, Bribery and Corruption, Corporate Crime, Investigations, Sanctions and Money Laundering, Sector Updates by Herbert Smith Freehills, US

Casting the regulatory net over virtual assets – new regulation in Hong Kong for crypto fund managers, fund distributors and trading platforms

Yesterday, the Securities and Futures Commission (SFC) published a statement (Statement), together with a press release, setting out its new regulatory framework for virtual assets (also known as cryptocurrencies, crypto-assets and digital tokens).  Continue reading

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Filed under Announcements, Asia, Banking, Hong Kong, Investment banking, Investment Funds, Regulatory Reform, Sector Updates by Herbert Smith Freehills