Corporate Crime monthly update – October 2017

Welcome to the October 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. Below we provide a brief overview of what is covered in each update.

UNITED KINGDOM/ EUROPE

  • FCA investigations up by 75 per cent
  • FCA warns against ICOs and bitcoin investors
  • FinTech increases the risk of failure in bank compliance and AML
  • Future Partnership Paper on Foreign policy, defence and development: including proposals for co-operation on sanctions, cyber security, and the defence and security industries
  • Criminal Finances Act 2017 provisions come into force
  • SFO speech on DPAs
  • SFO secures seven convictions in F.H. Bertling Limited corruption case
  • SFO charges ex-chief executive officer and chief operating officer of Afren
  • ESAs finalise guidelines to prevent terrorist financing and money laundering in wire transfers
  • EU public prosecutor for fraud to be established
  • NCA: SARs annual report 2017

GERMANY

  • DOJ orders divestitures in €350 million SDK and SGL merger
  • EU fines Scania €880 million over emissions price-fixing cartel
  • Deutsche Börse AG agrees to pay €10.5 million in fines
  • Company seeks final approval of $21 million
  • Germany opens ZITiS cyber surveillance agency

MIDDLE EAST

  • UK seeks assistance from Dubai police to fight organised crime
  • Trader on trial for possessing over $925,000 believed to be the proceeds of illegal practices
  • Duo accused of stealing over $172,000 from local bank using forged documents
  • Banker jailed for embezzling funds in Dubai

UNITED STATES

  • Potential sanctions imposition pursuant to US Administration’s new strategy on Iran
  • US revokes Sudan sanctions
  • OFAC fines US company for facilitating sales from Canada to Sudan
  • SEC settles with Alere over FCPA and accounting fraud violations
  • OFAC fines US company for shipping jewellery to SDN based in Hong Kong
  • Telia and Uzbek subsidiary enter into a global settlement for corrupt payments in Uzbekistan

HONG KONG

  • Former Hong Kong leader Donald Tsang in high-profile bribery retrial
  • Independent Commission against Corruption launches ethical governance training
  • Herbert Smith Freehills guide on dealing with dawn raids

CHINA, SOUTH EAST ASIA & INDIA

China

  • China shuts down cryptocurrency exchanges and bans ICOs
  • China to cooperate with IAP to locate corrupt fugitives overseas
  • Executives sentenced to life imprisonment for $7 billion Ponzi scheme
  • BRICS countries to strengthen anti-corruption cooperation
  • China issues guidelines to curb money laundering, terrorism financing and tax evasion

Vietnam

  • Prosecutors call for death penalty in Ocean Bank case

Indonesia

  • New regulations issued to curb money laundering
  • Second Indonesian judge sentenced for corruption

South Korea

  • South Korea taking measures to regulate electronic currencies

Malaysia

  • Four senior officials arrested for embezzling government funds

India

  • India named most corrupt country in APAC region

JAPAN

  • JA announces an official has embezzled around JPY94 million
  • Businesses and academics weigh in on FSA discussions on auditor rotation regime

AUSTRALIA

  • Three men jailed for foreign bribery offences
  • Parliamentary Joint Committee proposes widespread reform to whistleblowing legislation
  • Australia and China sign protocol to strengthen cooperation in police work and combating transnational crime
  • Engineering company restricted from participation in World Bank projects
  • Victorian public servant jailed for conspiracy to defraud and for secret commission offences

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Filed under Bribery and Corruption, Corporate Crime, Herbert Smith Freehills, Investigations, Sanctions and Money Laundering, Sector Updates by Herbert Smith Freehills

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