Corporate Crime Monthly Update – June 2017

Welcome to the June 2017 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

  • FCA endorses NCSC guidance on recent ransomware attack
  • FCA secures eight confiscation orders
  • FCA announces proposed new AML role
  • Conservative manifesto proposes abolition of the SFO
  • UK Government announces consultation on post-Brexit sanctions framework

UNITED STATES

  • Former Guinean Minister of mines convicted for receiving and laundering bribes
  • Former executives of Singaporean defence contractor plead guilty in Navy corruption scandal
  • DOJ sues Fiat Chrysler for 'defeat devices'
  • Target settles with multiple states for data breach
  • Johnson & Johnson reaches nationwide settlement for quality issues
  • Banamex USA agrees to $97 million for Bank Secrecy Act violations
  • US administration extends Iranian sanctions waivers but emphasises missile issues
  • Former compliance officer of MoneyGram settles anti-money laundering case

GERMANY

  • Lawyer's work products of internal investigations exempt from confiscation?

MIDDLE EAST

  • Fraud in the Gulf region six percent higher than global average
  • Employees accused of fraud and forgery
  • Money exchange house shut down due to irregularities

HONG KONG

  • Private sector bribery strictly enforced
  • Focus on AML/CTF by Hong Kong's financial regulators

CHINA, SOUTH EAST ASIA & INDIA

China

  • Former Shanghai free trade zone chief sentenced to 17 years' imprisonment
  • New rules to confirm regulators' ban
  • Multiple former senior Chinese officials jailed for corruption

South Korea

  • Former South Korea president Park Geun-hye on trial for corruption charges
  • South Korea fines Novartis and suspends insurance coverage on Novartis drugs
  • Compulsory vehicle recall following whistleblower reporting

Singapore

  • Executives plead guilty in Navy scandal

Indonesia

  • Businessmen convicted for offering bribes

Malaysia

  • Malaysia announces anti-corruption movement
  • MACC arrests TNB manager in corruption case

Vietnam

  • Report highlights bribery as a continued problem

     


JAPAN

  • Introduction of Japan's first plea bargaining system
  • Bitcoin falls under money laundering and know-your-customer rules
  • Shoko Chukin Bank sanctioned for fraudulent financing
  • Bankrupt travel agency admits to overstating profits

AUSTRALIA

  • Australian Federal Police foreign bribery investigations rise to 37
  • Australia hosts international taskforce annual meeting on tackling foreign bribery and corruption
  • Additional funding announced for the Australian Federal Police to target corporate crime
  • Australia and Papua New Guinea sign MoU against financial crime and terrorism financing
  • ATO Deputy Commissioner involved in tax fraud charges
  • Court dismisses insider trading case against banker
  • AUSTRAC releases money laundering and terrorism financing risk assessment report

 


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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