Corporate Crime monthly update – November 2017

Welcome to the November 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

  • Herbert Smith Freehills continues to expand its Corporate Crime Practice with hire of leading partner in London
  • Ghosh dishonesty disapproved: Dishonesty now to be assessed solely against the standards of ordinary reasonable and honest people
  • New sanctions targeting Venezuela and Mali
  • SFO charges two individuals in Unaoil investigation
  • UK shell companies reported to be linked to £80 billion of money laundering schemes
  • National risk assessment 2017: Anti-money laundering/counter-terrorist financing
  • ENRC wins leave to appeal important legal privilege judgement
  • FATF guidance on AML/CFT measures and financial inclusion
  • ESMA issues warning on ICOs
  • UK Government introduces new sanctions and anti-money laundering bill
  • Herbert Smith Freehills hosts Global Investigations Review annual conference

GERMANY

  • Possible Metro insider dealing investigated by German prosecutors
  • “Paradise Papers” raise pressure on tax havens – Germany
  • Court in Frankfurt blocks Deutsche Börse insider trading settlement, but prosecutors do not have enough evidence to charge former CEO Kengeter
  • Former Bertling employees sentenced in Angola bribery case

UNITED STATES

  • Two executives plead guilty for FCPA charges
  • DOJ charges five individuals in connection with Rolls-Royce bribery scheme
  • NYDFS fines bank for poor conduct in foreign exchange trading
  • SEC settles with software company and founder on charges of misleading investors
  • OFAC, BIS and State Department publish new regulations tightening US sanctions concerning Cuba
  • US authorities issue comprehensive implementation guidance on new US sanctions legislation

MIDDLE EAST

  • Dubai affected by Saudia Arabia’s campaign against corruption
  • Three Dubai bankers cleared of accepting Dh37 million bribe
  • Dubai Labour Ministry employees acquitted of forging over 20,000 labour transactions
  • Man jailed for forging his “business partner’s” signature to sell company

HONG KONG

  • Jury unable to reach verdict in high profile bribery trial of former Chief Executive
  • Trial of Kennedy Wong begins
  • Uptick in enforcement of smaller-scale private sector bribery cases
  • Executive Director of the SFC’s Enforcement Division discusses initiatives in relation to financial crime
  • Anti-money laundering address verification requirements relaxed for financial institutions
  • Hong Kong corporate crime team publishes article addressing the thorny issue of privilege in Asia investigations
  • White collar crime conference in Hong Kong discusses topic regional issue

CHINA, SOUTH EAST ASIA & INDIA

China

  • Significant movement in China’s anti-corruption regime following the Communist Party’s national congress
  • China’s amended Anti-Unfair Competition Law – what the bribery provisions mean for companies doing business in China
  • Most wanted graft suspect jailed for corruption

Malaysia

  • MACC launches standard for anti-bribery management system

Philippines

  • Duterte creates Presidential Anti-Corruption Commission

South Korea

  • Corruption prosecution of Park Geun-Hye

Pakistan

  • New Chief of the National Accountability Bureau
  • Former Prime Minister Nawaz Shariff indicted for corruptionJapanese regulators tackling cybercrime in the cryptocurrency worldNissan data falsification leads to 1.2 million vehicle recall

JAPAN

  • Japanese regulators tackling cybercrime in the cryptocurrency world
  • First steps in the corporate governance overhaul following the Shoko Chukin loan scandal
  • Nissan data falsification leads to 1.2 million vehicle recall
  • Subaru data falsification the latest to hit Japanese manufacturers

AUSTRALIA

  • Bill proposes widespread whistleblower reform
  • ASIC examines tougher penalties for white collar crime
  • Senate Committee recommends anti-money laundering legislation be passed

 

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