Welcome to the September 2015 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 update.

United Kingdom/Europe

  • Former derivatives trader convicted of LIBOR fixing
  • SFO investigation into Soma Oil and Gas
  • HMT/BIS review of AML/CTF rules
  • Suspects charged with £12 million fraud and money laundering against public and private bodies
  • Delay to implementation dates of Small Business, Enterprise and Employment Act
  • New multi-agency International Corruption Unit
  • Advocate General opinion on MLD III
  • Transposition of Directive on attacks against information systems

France

  • French Ministry of Finance outlines contemplated bill aiming at improving transparency
  • France enacts new limits to the amount of cash that can be paid by professionals to settle liabilities

Hong Kong

  • Hong Kong Monetary Authority disciplined against State Bank of India
  • HKMA Cautions Banks on Malpractice by Intermediaries and Sales Agents
  • BNP Paribas Securities (Asia) Limited fined by Hong Kong’s SFC for dark pool operations
  • SFC hands out hefty fines against Nomura Hong Kong for failing to self-report non-compliance in a timely manner
  • Hong Kong Resources chairman faces bribery charges

China, South East Asia and India

China

  • China passes amendments to its criminal law
  • SAIC issued new circular on scrutiny of automotive industry
  • Former vice-minister for environmental protection under investigation
  • Former executive of Shanghai-based retail giants convicted of corruption
  • Wison Engineering and its chairman convicted of bribery in China
  • People’s Bank of China Enters into Anti-Money Laundering Cooperation Arrangement with Macau’s Monetary Authority

India

  • Louis Berger in bribery scandal
  • Draft bill proposed to tackle bribery of foreign officials

Thailand

  • Thailand tourism official charged with bribery

Indonesia

  • Trade ministry officials and an importer businessman under investigation for suspected corruption Philippines
  • State prosecutor suspended for demanding bribes

Taiwan

  • Bribery scandal of Formosa Plastics

Pakistan

  • Court orders arrest of former Prime Minister and Commerce Minister on charges of corruption

South Korea

  • Supreme Court upheld bribery conviction against former Prime Minister

Vietnam

  • Vietnam working with Singapore to recover corrupt official’s illegal property

Japan

  • Revision of Guidelines to prevent bribery of foreign officials
  • Bitcoin Exchange company CEO arrested in Tokyo

United States

  • Revisions to the FCPA Resource Guide
  • Mead Johnson Nutrition Company pays US$12 million in FCPA settlement with SEC
  • BNY Mellon agrees to pay US$14.8 million to settle SEC FCPA charges
  • Former SAP executive pleads guilty to FCPA charges
  • Navigators Insurance Company reaches settlement with OFAC regarding alleged sanctions violations
  • OFAC issues Finding of Violation to Schlumberger Oilfield Holdings in relation to violations of sanctions against Iran and Sudan
  • Solicitor General seeks Supreme Court review of Newman decision
  • SEC and DOJ charge former investment bank analyst with insider trading
  • SEC charges 32 defendants in connection with insider trading hacking scheme
  • Citigroup Global Markets settles with SEC in relation to compliance and surveillance failings
  • FINCEN money laundering ruling in relation to FBME Bank
  • US Senate resolution disapproving of JCPOA fails

Disclaimer

Herbert Smith Freehills LLP is licensed to operate as a foreign law practice in Singapore. Where advice on Singapore law is required, we will refer the matter to and work with licensed Singapore law practices where necessary.