MALAYSIA INTRODUCES NEW LAW TO COMBAT CORPORATE BRIBERY

The Anti-Corruption Commission (Amendment) Act 2018 was passed by the Senate of Malaysia on 5 April 2018. One of the major amendments is the introduction of section 17A. Modelled on the UK Bribery Act’s corporate offence, it penalises commercial organisations for corrupt acts by associated persons, subject to a reasonable procedures defence. Continue reading

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Filed under Asia, Bribery and Corruption, Malaysia, Uncategorized

HKMA CONDUCTS THEMATIC REVIEW OF AUTHORISED INSTITUTIONS’ SANCTIONS SCREENING SYSTEMS AND PLANS REVIEW OF SVF LICENSEES

Late last week, the HKMA published a circular to provide feedback to authorised institutions (AIs) on its thematic review of their sanctions screening systems, which took place in the past few months. While the review indicated that the screening systems examined were in general performing on par with industry benchmarks, the HKMA wishes to draw AIs’ attention to various issues and good practices identified during the review, which it has set out in the annex to the circular.

The HKMA will collect information from all AIs in the third quarter of 2018 on individual action plans and consider conducting further reviews. Continue reading

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Filed under Announcements, Asia, Corporate Crime, Hong Kong, Sanctions and Money Laundering

HONG KONG SFC RELEASES THEMATIC REVIEW REPORT ON ALTERNATIVE LIQUIDITY POOLS

Earlier this week, the SFC released a circular and a report in relation to its thematic review to assess compliance with the regulatory requirements for Alternative Liquidity Pools (ALPs, commonly known as “dark pools”) by licensed corporations (LCs) and to gather information on the latest market developments.

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Filed under Hong Kong, Regulatory Reform, Sector Updates by Herbert Smith Freehills

US ANNOUNCES NEW RUSSIA SANCTIONS DESIGNATIONS, RELEASES NEW GUIDANCE

On April 6, 2018, the US Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) announced new designations of seven high-net-worth Russian individuals and 12 companies they own or control, 17 senior Russian government officials, and a state-owned Russian weapons trading company and its subsidiary, a Russian bank. Continue reading

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Filed under Announcements, Corporate Crime, Russia, Sanctions and Money Laundering, US

Transparency and the ownership of foreign companies – BEIS response to Call for Evidence

The Department for Business, Energy and Industrial Strategy (BEIS) has published the response to its Call for Evidence on the creation of a register of ownership and control of foreign companies that purchase property in the UK or enter into UK public procurement contracts.  The proposal for a register was first announced at the UK’s International Anti-Corruption Summit in May 2016, and forms part of the Government’s broader transparency agenda.

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Filed under Bribery and Corruption, Corporate Crime, Draft Legislation, Sanctions and Money Laundering, UK, UK Government, UK Legislation

HONG KONG SFC CONTINUES TO IDENTIFY DEFICIENCIES IN SPONSOR WORK IN SECOND THEMATIC REVIEW

On 26 March 2018, the Securities and Futures Commission (SFC) published a circular and a report following its second thematic review of sponsors. As with its first thematic review, the SFC found deficiencies in standards of conduct, due diligence practices, and internal systems and controls. Particularly serious deficiencies and instances of non-compliance were found to be prevalent in the sponsor work done for Growth Enterprise Market (GEM) listings. Continue reading

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Filed under Hong Kong, Non-UK regulation, Regulatory Reform, Sector Updates by Herbert Smith Freehills

Corporate Crime update – March 2018

Welcome to the March 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.  Continue reading

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Filed under Asia, Australia, Bribery and Corruption, Corporate Crime, Draft Legislation, Europe, Herbert Smith Freehills, HM Treasury, Investigations, Sanctions and Money Laundering, Sector Updates by Herbert Smith Freehills

INSPIRED BY THE UK REGIME, SINGAPORE INTRODUCES DEFERRED PROSECUTION AGREEMENTS FOR CORRUPTION AND MONEY LAUNDERING OFFENCES

The Singapore parliament has enacted a framework for Deferred Prosecution Agreements. This will apply to corporate offences including corruption, money laundering and the receipt of stolen property. DPAs will need to be supervised by a judge and confirmed by the Singapore High Court. Continue reading

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Filed under Announcements, Asia, Bribery and Corruption, Corporate Crime, Sanctions and Money Laundering, Singapore, UK

US IMPOSES SANCTIONS TARGETING DIGITAL CURRENCIES ISSUED BY THE VENEZUELAN GOVERNMENT AND DESIGNATES MORE VENEZUELAN OFFICIALS

 

On March 19, 2018, President Trump issued an executive order that aims to curb sanctions circumvention by the Maduro regime in Venezuela through the use of digital currencies. This unprecedented executive order prohibits US persons from participating or being involved in transactions related to, provision of financing for, and any other dealings in, any digital currency, digital coin, or digital token, that was issued by, for, or on behalf of the Government of Venezuela on or after January 9, 2018. Non-US persons are also subject to the same prohibitions for actions that are taken, in whole or in part, within the United States. Continue reading

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Filed under Corporate Crime, Sanctions and Money Laundering, US

Corporate Crime update – February 2018

Welcome to the February 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.  Continue reading

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Filed under Bribery and Corruption, China, Corporate Crime, Dubai, EU, Europe, Germany, Hong Kong, India, Investigations, Japan, Malaysia, Middle East, Sanctions and Money Laundering, Sector Updates by Herbert Smith Freehills, Thailand, UK, US