Corporate Crime update – January 2018

Welcome to the January 2018 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

  • Analysis of FCA fines in 2017
  • SFO outlines tell-tale signs of money laundering
  • Surge in financial sector fraud
  • JMLSG makes further changes to AML/CTF guidance
  • Increased complexity of cybercrimes in 2017
  • FCA final notice for failure to disclose inside information under MAR
  • Hacker imprisoned for two years after international cyber attacks
  • EU Parliament and Council reach agreement on amending 4MLD
  • EU urged to create European cybersecurity model
  • Group-wide AML/CTF compliance: new obligations for firms with overseas branches and subsidiaries?

  • German Federal Court of Justice: compliance management system can lead to reduction of a fine
  • Germany investigates banks regarding dividend stripping
  • German tax authorities target Chinese online retailers
  • Deutsche Telekom calls on government to counter tech threats

MIDDLE EAST

  • British suspect embezzles DH 1.4 million from Dubai-based businessman
  • Duo imprisoned for attempting to sell 50 sports cars using forged documents
  • Suspects appear in court for deception and bribery in obtaining bank loans

UNITED STATES

  • Chinese company convicted of trade secrets theft
  • Trump administration continues Iran sanctions waivers, but signals desire for changes
  • DOJ reports more than two thirds of $4 billion civil fraud recoveries in 2017 are from the health sector
  • Turkish banker convicted for Iran sanctions violation
  • Court overturns $350 million judgment in FCA case

HONG KONG

  • ICAC’s figures highlight private sector focus and high conviction rate
  • Update on allegations of international bribery against former senior Hong Kong official
  • Kennedy Wong acquitted of bribery
  • HSF publishes updated guide to anti-bribery and corruption in Hong Kong

CHINA, SOUTH EAST ASIA & INDIA

China

  • 2017 corruption figures published
  • Local regulators waste no time deploying China’s Anti-Unfair Competition Law
  • China’s focus on pyramid schemes
  • Herbert Smith Freehills publishes updated guide to anti-bribery and corruption in China

Singapore

  • Singapore to review anti-corruption and related laws

South Korea

  • President Park indicted for accepting bribes from National Intelligence Service
  • Tumultuous month for cryptocurrency in South Korea

Vietnam

  • Corruption crackdown escalates whilst new Penal Code expands domestic anti-corruption regime

Indonesia

  • Bitcoin is not a legitimate form of payment

Philippines

  • AMLC assess money laundering threat as high

Pakistan

  • National Accountability Bureau pushes for finalisation of 1,000 outstanding cases and crackdown on offshore companies

JAPAN

  • Changes in Japan’s AML landscape on the horizon
  • Japan plans to introduce the right to plea bargain in June
  • Japanese supercomputer joint venture suspected of tax evasion

AUSTRALIA

  • The OECD has released its fourth report on Australia’s efforts to combat foreign bribery
  • Australian Government agencies release joint guidelines to assist corporations in self-reporting foreign bribery
  • AUSTRAC makes new rules on anti-money laundering and counter-terrorism financing
  • Australia’s Parliament inquires into the impact of new and emerging technology on law enforcement and investigation
  • Australian Parliamentary Inquiry recommends modern slavery reporting and compliance measures

 

 

Rod Fletcher
Rod Fletcher
Partner
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+44 20 7466 2411
Susannah Cogman
Susannah Cogman
Partner
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+44 20 7466 2580
Daniel Hudson
Daniel Hudson
Partner
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+44 20 7466 2470
Brian Spiro
Brian Spiro
Partner
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+44 20 7466 2381
Kate Meakin
Kate Meakin
Of Counsel
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+44 20 7466 2169
Graham More
Graham More
Consultant
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+44 20 7466 2002

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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