Corporate Crime update – June 2018

Welcome to the June 2018 edition of our corporate crime update – our round up of developments in relation to corruption, money laundering, fraud, sanctions and related matters. 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. Please note, our next edition will be published in August.

Herbert Smith Freehills would like to congratulate Senior Associate, Elizabeth Head of our Corporate Crime & Investigations team in London, for being named by Global Investigations Review as one of 100 Women in Investigations for 2018. 

UNITED KINGDOM/ EUROPE

  • SFO speech at Herbert Smith Freehills’ Corporate Crime Conference 2018
  • Proposed amendments to the EU Blocking Statute
  • GIR Due Process Guide 2018
  • FATF-MENAFATF joint plenary outcomes 
  • New study finds £12 trillion in global investments are held in “off-shore corporate shells”
  • Call for evidence and memorandum for inquiry into the Bribery Act 2010
  • European Commission report on restricting cash payments to aid CTF and AML
  • Council of the EU agrees to new rules on freezing and confiscation orders
  • The Fifth Money Laundering Directive 
  • Joint general principles to compensate victims of economic crime
  • Europol’s 5th Virtual Currencies Conference
  • Banking Protocol prevents fraud worth £24.7 million in its first year

GERMANY

  • Germany implementing EU Directive to better protect business secrets
  • OECD anti-bribery recommendations to Germany

MIDDLE EAST

  • 28 men sentenced to a total of 283 years for $173 million bank fraud in Abu Dhabi
  • Judge rules prominent Saudi family party to “one of the largest Ponzi schemes in history”
  • Dubai authorities seek international arrest warrant from Interpol for bounced $58.2 million cheque

UNITED STATES

  • SEC fines NY firm deVere $8 million over UK pension advice conflicts
  • CFTC urges judge to rule virtual currency as a commodity
  • SEC shuts down Ponzi scheme
  • House Financial Services Committee: Illicit use of VCs

HONG KONG

  • Hong Kong Insurance Authority publishes key findings from AML/CFT inspections
  • Herbert Smith Freehills publishes e-Bulletin on Modern Slavery compliance risks for corporates in Hong Kong and beyond 

CHINA, SOUTH EAST ASIA & INDIA

China

  • China releases information on overseas fugitives
  • Former head of CIRC pleads guilty to taking US$3 million in bribes

South Korea

  • Cryptocurrency turbulence opens the doorway for tougher regulation 
  • South Korea to strengthen anti-money laundering rules
  • Korean high-level corruption scandal continues

Malaysia 

  • Authorities take action on 1MDB scandal 
  • Malaysia proposes special task force to investigate French submarines 

Vietnam 

  • Vietnamese bank executives sentenced to jail for embezzlement 

Singapore

  • Singapore District Court jails two Japanese men for receiving bribes

Thailand

  • AMLO freeze 88 million baht worth of assets concerning suspected embezzlement

JAPAN

  • FSA rejects application for registration of Japan-based cryptocurrency exchange in further crackdown 
  • Further findings of data falsification at Japanese automaker Subaru Corp

AUSTRALIA

  • Draft code of practice for DPA scheme released
  • “Modern Slavery” legislation passes in New South Wales
  • Federal Modern Slavery Bill introduced into Parliament 

 

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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