Corporate Crime update – December 2017

 

Welcome to the December 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

  • UK anti-corruption strategy 2017 to 2022 and new Economic Crime Centre
  • FCA comments on cybercrime in the financial services sector
  • EU seeking to bring cryptocurrencies under MLD4
  • MLD4: ESAs final report on draft RTS specifying how credit and financial institutions should manage money laundering and terrorist financing risks at group level
  • Sanctions update: EU adds beer and saké to list of banned exports to North Korea
  • FCA speech on using AI to keep criminal funds out of the financial system
  • Law Society to intervene in ENRC legal privilege case
  • The EU publishes a list of non-cooperative tax jurisdictions

GERMANY

  • German prosecutors search airport operator Fraport for suspected bribery
  • Markets watchdog investigates Deutsche Boerse’s handling of new CEO hire
  • German saving banks select new president after tax inquiry
  • Founder of collapsed German drugstore chain Schlecker gets suspended prison term

UNITED STATES

  • DOJ enhances and makes permanent FCPA self-disclosure program
  • FinCEN fines Californian card club for AML violations
  • DOJ recovers millions in criminal proceeds via asset sharing by Guernsey officials
  • Changes to further tighten Russian sectoral sanctions go into effect

HONG KONG

  • Allegations of international bribery against former senior Hong Kong official
  • 3.5 year sentence for former associate director of investment bank for accepting bribes
  • Continuing trend of small scale focus by the ICAC
  • Joint operation between the ICAC and SFC may ‘set the scene’ for future investigations
  • Registered institution fined HK$400 million and suspended for systemic failures in selling structured products
  • SFC fines former account executive HK$542,071 and bans him for life for dishonest conduct

CHINA, SOUTH EAST ASIA & INDIA

China

  • China issues guidelines for monitoring overseas activities of Chinese firms
  • Zhou Liang named vice chairman of China’s banking regulator

Singapore

  • Guidebook on curbing insider trading
  • New FS-ISAC office in Singapore with focus on cybersecurity

Malaysia

  • Financial General Manager convicted for bribery

Philippines

  • Philippines’ second biggest bank penalised US$35m for fraud
  • AMLC approves registration and reporting guidelines

South Korea

  • Proposal to amend anti-corruption act by changing the price limits on gifts
  • Korea to use AI to better combat money laundering

Indonesia

  • Anti-graft court finds construction firm guilty of embezzlement

JAPAN

  • Update on Nissan data falsification scandal
  • Japanese regulators continue to tackle cybercrime in the cryptocurrency world
  • Data manipulation in Japan’s manufacturing industry

AUSTRALIA

  • Australian Parliament introduces draft legislation to tackle foreign bribery
  • Australian Parliament considers Bill to establish a new Home Affairs portfolio
  • Australia’s whistleblower reforms introduced into the Senate
  • Amendment to Australian anti-money laundering legislation to capture digital currencies

 


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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Filed under Bribery and Corruption, Corporate Crime, Sector Updates by Herbert Smith Freehills

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