Corporate Crime update – February 2018

Welcome to the February 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. 


  • Transparency International Corruption Perceptions Index 2017: UK ranked as 8th least corrupt country
  • CMA launches new campaign to encourage cartel tip-offs
  • Criminal Finances Act 2017 updates to POCA 2002 come into effect
  • Legal professional privilege: Bilta (UK) Ltd v Royal Bank of Scotland Plc and Ancor [2017] EWHC 3535 (Ch)
  • BEIS: world-first register to combat money laundering in the property market
  • HMRC anti-money laundering compliance review: MSBs
  • 5MLD: House of Commons European Scrutiny Committee report
  • FCA secures conviction against illegal money lender and issues first SCPO


  • Germany’s New Grand Coalition II to focus on corporate criminal liability, regulation of internal investigations and anti-money laundering
  • German Federal Court of Justice clarifies: “Liabilities II” must be taken into account in the liquidity balance when assessing whether a company is insolvent
  • BaFin issues cease and desist order to unauthorised principal broking services
  • SAP and others accused of criminal breaches
  • France and Germany to make joint bitcoin regulation proposal at G20 summit


  • Banker and businessman jailed for five years in fraud case
  • Bankers jailed for embezzling Dh 25 million have sentence reduced on appeal
  • British financial advisor convicted by Dubai Criminal Court for operating without licence


  • US Supreme Court limits the scope of “whistleblowers” under the Dodd-Frank Act’s anti-retaliation provision
  • Five former Venezuelan government officials charged in foreign bribery money laundering scheme
  • SEC halts alleged ICO scam
  • US bank fined $528 million for anti-money laundering issues
  • OFAC releases risk alert relating to North Korea’s shipping practices, designates additional persons under North Korean sanctions


  • Hong Kong enhances anti-money laundering and counter-terrorist financing requirements for non-financial institutions
  • Update on allegations of international bribery against former senior Hong Kong official
  • Hong Kong Consul Generals briefed by the ICAC on the regulators plans for future co-operation and training
  • The ICAC and SFC continue to engage in Convoy Global related raids
  • SFC obtains court order to disqualify former chairman of listed company for six years for misconduct



  • Wind turbine maker guilty of stealing secrets
  • South Africa fines Chinese Bank $6million for poor anti-money laundering controls

South Korea

  • Real-name trading for cryptocurrencies
  • Samsung heir freed on appeal
  • Park Geun-hye case update – Convictions of businesspeople and the former president’s associate


  • Two Directors jailed after pleading guilty to money laundering related charges


  • Bank of Thailand issues circular warning away from cryptocurrencies


  • Unregulated Deposit Schemes Bill, 2018 to be introduced into parliament


  • Japan’s new Anti-Money Laundering Office


  • Australia slides further in Transparency International’s global corruption perception index
  • Senate committee reports on foreign bribery due soon
  • Australia’s proposed whistleblower protection legislation referred to Senate Economics Legislation Committee
  • Full Federal Court rules on self-incrimination provision in the Uniform Evidence Acts


Rod Fletcher
Rod Fletcher
Email | Profile
+44 20 7466 2411
Susannah Cogman
Susannah Cogman
Email | Profile
+44 20 7466 2580
Daniel Hudson
Daniel Hudson
Email | Profile
+44 20 7466 2470
Brian Spiro
Brian Spiro
Email | Profile
+44 20 7466 2381
Kate Meakin
Kate Meakin
Of Counsel
Email | Profile
+44 20 7466 2002

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Filed under Bribery and Corruption, China, Corporate Crime, Dubai, EU, Europe, Germany, Hong Kong, India, Investigations, Japan, Malaysia, Middle East, Sanctions and Money Laundering, Sector Updates by Herbert Smith Freehills, Thailand, UK, US

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