Corporate Crime Update – April 2014

Welcome to the April 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 jurisdiction’s update.

United Kingdom

  • JMLSG AML final guidance for consumer credit providers
  • BoE suspends staff member in FOREX market review
  • FCA fines Besso for anti-bribery systems failings
  • SFO Speech: Corporate Criminal Liability
  • LIBOR: Three former brokers charged

Europe

  • Council adopts Directive on the freezing and confiscation of proceeds of crime
  • Serbian Cabinet minister arrested

International

  • Ukraine further sanctions
  • OECD criticises South Africa for zero foreign Bribery prosecutions
  • FATF publishes new guidance on anti-money laundering and counter-terrorism

Middle East

  • Jordan heads towards implementation of National Integrity Charter
  • Former Israeli Prime Minister convicted of bribery
  • Saudi Arabia to name corrupt officials

Russia

  • Owner of the Chelyabinsk Tube Rolling Plant is charged with commercial bribery
  • Investigation committee wants to criminalise violation of strategic companies acquisition rules

Hong Kong

  • Joseph Lau Luen-Hung, Steven Lo Kit-Shing sentenced to jail for land deal

CHINA, SOUTH EAST ASIA & INDIA

China

  • China’s anti-corruption regime will penalise officials “without mercy”
  • Official in the Chinese PLA charged with bribery
  • Deputy Governor of the Chinese province of Jiangxi under investigation
  • Chairman and shareholder of Wison Engineering arrested for bribery in China
  • Chinese executive of state-owned logistics company sentenced to five years for bribery

Indonesia

  • Former Indonesian Governor sentenced to 14 years imprisonment

India

  • India launches an investigation into Rolls Royce

Vietnam

  • Vietnamese Ministry of Transport launches investigation relating to railway projects

Philippines

  • Prosecutors in the Philippines will file corruption charges against three Senators

Papua New Guinea

  • Ex-Minister sentenced to nine years in jail with hard labour

Japan

  • The FSA’s continuing reaction to “Anti-Social Forces” loans

Australia

  • ASIC calls for white-collar reform
  • SEC Chair Mary Jo White speaks at ASIC’s Annual Conference

 United States

  • US continues to increase intensity of sanctions against Russia
  • US Treasury Undersecretary for Terrorism discusses virtual currencies and AML/sanctions compliance

 

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