Corporate Crime update – March 2018

Welcome to the March 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. 

UNITED KINGDOM/ EUROPE

  • NCA secures first Unexplained Wealth Orders
  • SFO in talks to increase annual budget
  • SFO speech on investigative techniques, corruption, and DPAs
  • Company found guilty of failure to prevent bribery: R v Skansen Interiors Ltd 
  • FCA updated webpage on whistleblowing
  • FCA places firm in insolvency
  • HMT issues advisory notice on enhanced due diligence requirement for higher risk jurisdictions
  • HMT call for evidence on case and digital payments in the new economy
  • HMT supervision report 2015-17: Anti-money laundering and counter-terrorist financing
  • HMT/OFSI updated guidance: Financial sanctions
  • OFSI launches blog
  • JMLSG proposed revisions to asset finance and syndicated lending
  • Theresa May announces amendments to Sanctions and AML Bill for banks
  • SRA thematic review of AML compliance in law firms
  • Finance Bill 2018 receives royal assent
  • The Proceeds of Crime Act 2002 (References to Financial Investigators) (Amendment) (England and Wales) Order 2018
  • The Crime and Courts Act 2013 (Deferred Prosecution Agreements) (Amendment of Specified Offences) Order 2018
  • MEPs nominated for new Financial Crimes Committee

GERMANY

  • German Federal Supreme Court confirms essential principles relating to the burden of rendering evidence and proof in corruption cases
  • ECJ: Purpose of protecting the financial interests of the EU and the financial markets may justify limitations of the “ne bis in idem principle” in cases of duplication of criminal and administrative proceedings
  • Deutsche Boerse faces potential fines for not updating the market on its CEO search

MIDDLE EAST

  • Two men jailed for three years in Dhs2m fraud and forgery case
  • Three men jailed for six months each for forgery and bank fraud in Dhs1.5m embezzlement case
  • Senior banker defrauds Emirate businessman in Dhs10m deal

UNITED STATES

  • Embraer awarded dismissal in FCPA class action
  • US imposes sanctions targeting digital currencies issued by the Venezuelan government and designates more Venezuelan officials
  • SEC announces largest ever whistleblower awards under Dodd-Frank Act
  • SEC charges former Equifax executive with insider trading
  • US firm settles charges over bribes to Russian official
  • Martin Shkreli sentenced to 7 years’ imprisonment for defrauding investors
  • Audit firm to pay $149.5 million to settle claims related to audits of failed mortgage lender

HONG KONG

  • Hong Kong SFC publishes enforcement priorities for 2018 – Corporate fraud in the spotlight
  • Hong Kong 13th in global Transparency International Corruption Perceptions Index of least corrupt countries

CHINA, SOUTH EAST ASIA & INDIA

China

  • China creates new “super” graft agency
  • China anti-graft drive sees 100 top officials tried in five years

South Korea

  • South Korea’s cryptocurrency regulator backs away from tough stance
  • Former South Korean president faces bribery, embezzlement and tax evasion charges

Indonesia

  • Indonesia issues rules on corporation ownership to tackle money laundering

Malaysia

  • Time for Malaysian businesses to adopt anti-corruption policies, urges BICA

Singapore

  • MAS and CAD extend joint investigations to all capital markets & financial advisory offences

JAPAN

  • Japanese regulators lead the way on tackling cryptocurrency exchanges
  • Japan’s new plea bargaining system will focus on corporate crime
  • Ube Industries, the latest Japanese manufacturer to admit a history of faking inspection reports 

AUSTRALIA

  • Australian Senate Committee publishes final report on proposed whistleblowing legislation
  • Australian Senate Committee to release report in April on inquiry into proposed reforms to corporate crime legislation
  • The temperature’s rising on corporate crime in Australia

 

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

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 Asia, Australia, Bribery and Corruption, Corporate Crime, Draft Legislation, Europe, Herbert Smith Freehills, HM Treasury, Investigations, Sanctions and Money Laundering, Sector Updates by Herbert Smith Freehills

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