Corporate Crime update – April 2018

Welcome to the April 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. Below we provide a brief overview of what is covered in each update. 

UNITED KINGDOM/ EUROPE

  • FCA Business Plan 2018/2019
  • Economic crime inquiry launched by Treasury Committee
  • Transparency International publishes CPI 2017
  • The cyber threat to UK business 2017-2018 report
  • UK Government commits funding to tackle cybercrime
  • SFO to make changes to expert witness preparation
  • SFO announces enhanced artificial intelligence document analysis capability
  • SFO to recover £4.4 million from Chad oil corruption case
  • Counter Fraud Unit catches 80 fraudsters and saves £30 million in 2017
  • UK Finance: Annual fraud update 2017
  • Codes of practice on POCA 2002 search powers published
  • EU proposes whistleblower protection legislation
  • EU Council adopts directive on combating fraud and counterfeiting of non-cash means of payments
  • European Commission proposal for access to electronic evidence held outside of the EU
  • European Parliament: In-depth analysis of money-laundering cases
  • EU extends sanctions on Myanmar

GERMANY

  • GDPR to take effect – a German perspective

SPAIN

  • Draft proposal on reform of the Spanish Money Laundering Act

MIDDLE EAST

  • Forex fraudsters receive 517 year prison sentences for role in Ponzi scheme
  • Saudi Arabia begins anti-corruption probe into dozens of officials and business leaders
  • Kuwaiti National Assembly Committee considers launching investigation into $200 Million investment fund
  • Bahrain residents investigated in $2 billion bank fraud probe

UNITED STATES

  • US announces new Russia sanctions designations, releases new guidance
  • British Citizen extradited to New York for alleged $37 million Bitcoin scam
  • SEC obtains emergency order freezing $27 million in stock sales from purported cryptocurrency company
  • SEC awards more than $2.2 million to whistleblower who first reported information to another federal agency
  • SEC halts fraudulent scheme involving unregistered ICO
  • Dun and Bradstreet settle FCPA charges with $9 million
  • Cybersecurity Tech Accord signed by over 30 global technology companies
  • CFTC charges multiple individuals and companies with operating fraudulent binary options scheme

HONG KONG

  • ICAC Chief visits Myanmar and Malaysia as part of Belt and Road Initiative

CHINA, SOUTH EAST ASIA & INDIA

China

  • China sees active month for prosecuting senior officials

South Korea

  • Corruption scandal surrounding South Korea’s former presidents continues
  • Cabinet to raise maximum reward for whistle-blowers to 3 billion won
  • South Korean authorities demonstrate increased scrutiny of cryptocurrencies

Malaysia

  • Malaysia introduces new law to combat corporate bribery

Indonesia

  • 15 years imprisonment for former Indonesia Parliament speaker after US$170million corruption scandal
  • Indonesia proposes new law to eradicate money laundering
  • Oil and gas sector looks to ISO 37001-2016 to curb bribery and promote investment

Philippines 

  • Asia Pacific Group on Money Laundering (APG) to evaluate Philippines compliance

Singapore

  • Inspired by the UK regime, Singapore introduces deferred prosecution agreements for corruption and money laundering offences

Myanmar

  • EU extends sanctions on Myanmar

JAPAN

  • Cryptocurrency exchanges crackdown continues
  • Suruga Bank under investigation by the FSA

AUSTRALIA

  • Australian Government announces stronger penalties for corporate misconduct
  • Senate Committee releases report into proposed reforms to corporate crime legislation
  • Australian Senate Economics Reference Committee releases report into foreign bribery
  • ASIC’s appeal in civil penalty proceedings againt former AWB officer dismissed

 

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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Filed under Asia, Bribery and Corruption, Corporate Crime, Europe, Investigations, Sanctions and Money Laundering, Sector Updates by Herbert Smith Freehills

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