Corporate Crime Monthly Update October 2015

Welcome to the October 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

  • Scottish authorities announce first settlement of the criminal offence of failure to prevent bribery
  • No extension of Section 7 style corporate liability to 'failure to prevent economic crime'
  • FCA and PRA new whistleblowing rules
  • First National Risk Assessment of money laundering and terrorist financing
  • CPMI consultation on correspondent banking
  • Tom Hayes to appeal prison sentence
  • Joint Committee of ESAs 2016 work programme
  • OECD report on co-operation and information sharing between government agencies to counter financial crimes
  • ISSA adopts Financial Crime Compliance Principles for Securities Custody and Settlement

France

  • Paris Prosecutor to launch an investigation into Volkswagen in relation to emission tests scandal
  • President of UEFA, Michel Platini, under investigation by FIFA's independent ethics committee
  • Reviewing adopted text N°501 of legislative proposal: the duty of care of parent companies and sourcing companies

Spain

  • Spanish Supreme Court issues a ruling on corporate criminal liability

Middle East

  • Egypt's government resigns amid corruption inquiry
  • Iranian tycoon stands trial on corruption charges
  • Swiss authorities helping Oman in oil corruption probe

Hong Kong

  • Ex-chairman of listed company sentenced to three years for HKD 1m bribery over acquisition
  • Second appeal for former TVB general manager
  • Macau Casino junket figure – case adjourned

China, South East Asia & India

China 

  • China forbids public fund spending for gifts during public holidays
  • Former chairman of state owned steel corporation being investigated
  • Deputy Chairman of national sport authority arrested for bribery
  • Senior official of China Securities Regulatory Commission being investigated

Singapore

  • Former RWS director charged with bribery

Pakistan

  • Rangers reports reveals corruption by former petroleum minister

Malaysia

  • Deputy Prime Minister defends anti-corruption track record
  • US investigation targets Malaysian Prime Minister

East Timor

  • East Timor signed memorandum of understanding with Malaysia for anti-corruption cooperation

India

  • Indian Supreme Court says no mercy to corruption
  • Government officials and bribe givers arrested in crackdown on corruption in the mines department
  • Enforcement Directorate officers being investigated

Indonesia

  • Former Secretary General of the Ministry of Energy and Mineral Resources sentenced to six years in prison for corruption
  • KPK take actions to eradicate natural resources corruption
  • Indonesian government's draft anti-criminalization regulation gives rise to controversial concerns on anti-corruption

Japan

  • Tokyo stock exchange places Toshiba stocks "on alert"
  • Former Mt. Gox CEO formally charged with embezzlement
  • Ministry official arrested on bribery charges along with former company president

United States

  • DOJ prioritizes prosecution of individuals
  • Analogic Corp reveals possible FCPA settlement with SEC
  • Hitachi agrees to $19 million SEC settlement of FCPA charges
  • SEC settles FCPA charges against Hyperdynamics
  • Former CFO of Siemens Argentina pleads guilty to FCPA violations
  • SEC brings insider trading charges related to P.F. Chang's merger
  • Stockbroker pleads guilty in insider trading scheme
  • Supreme Court declines to review Newman insider trading case
  • Caesars Palace reaches AML settlement with FinCEN
  • SEC charges investment advisor with failure to adopt proper cybersecurity policies and procedures
  • Amendments to Cuban sanctions regime
     

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.

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