Corporate Crime update – May 2018

Welcome to the May 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.

We are proud to announce that the Corporate Crime and Investigations practice at Herbert Smith Freehills has been awarded Investigation Firm of the Year at the Who’s Who Legal Awards 2018. 

UNITED KINGDOM/ EUROPE

  • Lisa Osofsky appointed confirmed as next Director of the SFO
  • Passage of new sanctions legislation and publication of updated guidance
  • House of Lords Select Committee appointed to review Bribery Act 2010
  • NCA analysis on serious and organised crime threats
  • Foreign & Commonwealth Office publishes guidance on sanctions licensing policy after Brexit
  • SFO to challenge overly ambitious claims to privilege
  • FCA speech on use of FinTech to detect and disrupt criminal activity
  • JMLSG updates its anti-money laundering guidance for UK financial services
  • Department for Digital, Culture Media and Sport publishes Cyber Security Breaches Survey 2018
  • HMT Cryptoassets Taskforce initial meeting
  • Transparency International publishes correspondence with the SFO on use of DPAs
  • European Parliament briefing looks at possible indicators of money laundering in banks
  • FATF executive assesses EU efforts to combat terrorist financing
  • IMF endorses new framework for stepping up engagement on corruption and governance

GERMANY

  • General Prosecutor’s Office of Frankfurt files first indictment in “Cum Ex” fraud case against a lawyer and five bankers
  • Local office of the Bamf in Bremen improperly approved asylum requests
  • Representatives of container company P&R under investigation for fraud
  • German prosecutors charge football officials with tax evasion tied to FIFA

MIDDLE EAST

  • Herbert Smith Freehills publishes Anti-Corruption Regulation Legal Guide for the Middle East
  • UAE and US led investigation disrupts wide scale Iranian money laundering scheme
  • King of Saudi Arabia issues Royal Order protecting employees who report financial or administrative irregularities
  • $173million internal fraud uncovered at Abu Dhabi’s Al Hilal Bank PJSC

UNITED STATES

  • DoJ: bank sentenced for conspiring to obstruct the Office of the Comptroller of the Currency
  • SEC speech: cyber security, initial coin offerings, cryptocurrencies, cyber-related disclosures
  • Federal Communications Commission upholds $120 million fine
  • DoJ speech: policy discouraging “piling on” in enforcement actions
  • United States announces complete withdrawal from the JCPOA, and provides winding-down period before sanctions re-imposition
  • SEC charges hedge fund firm for asset mismarking and insider trading
  • US extradites hackers in $18 million fraud
  • Former hedge fund manager sentenced to 6 years imprisonment
  • SEC obtains final consent judgments in insider dealing case
  • Commodities Futures Trading Commission: $3.5million in final judgments – commodity futures and forex fraud case

HONG KONG

  • Government publishes important money laundering and terrorist financing risk assessment

CHINA, SOUTH EAST ASIA & INDIA

China

  • Chinese regulators step up enforcement
  • Politician Sun Zhengcai sentenced to life in prison for bribery
  • Proposals to try fugitives in absentia
  • Herbert Smith Freehills publishes guide to corporate investigations in China

Korea

  • Ongoing conflicting messages concerning cryptocurrency regulation in South Korea
  • Presidential corruption scandal continues

Singapore

  • Singapore launches best practice paper to combat money laundering and financial crime

Malaysia

  • Former Malaysia Prime Minister barred from travelling due to corruption investigation

Indonesia

  • Jakarta Corruption Court sentences former sea transportation official for bribery

JAPAN

  • Cryptocurrency exchanges
  • Falsification of data scandals
  • Update on Japan’s new plea bargaining system
  • FSA overseas remittance survey at regional banks

AUSTRALIA

  • Guilty plea in foreign bribery case
  • Further foreign bribery reforms proposed by Federal Opposition
  • Political division over possible National Integrity Commission
  • Government confirms modern slavery reporting legislation to be introduced
  • Whistleblower complaints to go public under new South Australian law

 

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

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