Corporate Crime Update – June 2014

Welcome to the June 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/region below. 

United Kingdom/ Europe 

  • New UK transparency laws
  • Serious Crime Bill and Anti-Corruption Plan
  • UK convicts nine in £70 million boiler room fraud
  • Two more guilty in Innospec conspiracy trial
  • Bureaux de change owner jailed for laundering over £100 million
  • FATF targeted financial sanctions experts’ meeting
  • Statement on UK/Iran relations
  • Russia/Ukraine notice to exporters – changes to OGEL
  • Russia/Ukraine: Further sanctions
  • Ukrainians challenge EU sanctions
  • Quarterly report on the operation of the Terrorist Asset-Freezing etc. Act 2010
  • Amendments to the FC guide: Banks’ control of financial crime risks in trade finance
  • JMLSG guidance for money service businesses
  • FCA anti-money laundering thematic review
  • Commission request for technical advice on MAR
  • The International Tax Compliance (United States of America) Regulations 2014
  • FCA fines bank £26 million in respect of benchmark related failings
  • Corporate Crime and Investigations Conference

Middle East

  • Kuwait opposition declares war against corruption
  • Egyptian court clears former Mubarak minister Habib el-Adly
  • Qatar World Cup probe backed by sponsor Sony

Russia

  • Ex-member of the board of directors of EBRD receives five year suspended sentence
  • Prosecutor’s General Office of Russia prepares anti-corruption draft law

Hong Kong

  • The Court of First Instance ordered Ernst & Young to produce accounting records to the SFC (SFC v Ernst & Young, HCMP 1818/2012)
  • Biggest corruption trial in Hong Kong history began
  • FATCA coming to Hong Kong

China, South East Asia & India

China

  • Over 10,000 officials have been investigated for corruption between January and March 2014
  • China may try to extradite corrupt officials from the U.S.
  • China focus on corruption in the army
  • The former head of GSK China charged with corruption
  • Roche’s Hangzhou office visited by anti-corruption authorities
  • Senior energy officials are under investigation for corruption
  • Two executives of PetroChina’s overseas businesses are under investigation
  • China’s Ministry of Industry and Information has a “zero tolerance” policy in relation to corruption
  • Two officials of China’s top anti-corruption authority are under investigation

Thailand

  • Former Prime Minister indicted for corruption

Indonesia

  • Religion Minister resigns after being named a corruption suspect

India

  • The Central Bureau of Investigation can now investigate high level officials for corruption without prior permission
  • Canadian businessman sentenced for bribery to Air India

Laos

  • Laos’ state officials are required to declare their assets

Vietnam

  • Vietnam promises to take more action against corruption
  • Four Railway officials have been arrested and a Japanese company banned from bidding for three years

Taiwan

  • Deputy Chief of Taoyuan County was detained for taking bribes

Pakistan

  • Former Prime Minister was arrested for corruption

Japan

  • Japan to focus on anti-bribery mechanisms for Official Development Aid following bribery claims in Vietnam

Australia

  • Reforms give ICAC power to police government ministers
  • Senate votes against the establishment of a federal anti-corruption body

United States

  • Securities and Exchange Commission brings first whistleblower anti-retaliation case
  • Drop in Market Value of Companies Subject to FCPA Investigations
  • Admission of Liability Not Required for Approval of Settlement with SEC
  • Conflict Minerals Disclosures Required By the SEC May Trigger Sanctions Liability

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