Corporate Crime update – December 2018

Welcome to the December 2018 edition of our corporate crime update – our round up of developments in relation to corruption, money laundering, fraud, sanctions and related matters.

This month, we would like to wish all of our regular readers a very happy, and hopefully corporate crime free, festive season! 

For the full update on each jurisdiction, please click on the name of the jurisdiction below. 

UNITED KINGDOM/ EUROPE

  • New beneficial ownership transparency measures announced to tackle international money laundering 
  • FATF: AML/CTF updates
  • FCA FG18/5: Final guidance on insider dealing and market manipulation
  • UK’s first DPA comes to an end 
  • Council of the EU supports AML/CFT Action Plan and identifies short term actions 
  • FCA review of retail and wholesale banking: firms’ whistleblowing arrangements
  • SFO speech at a business crime and compliance conference
  • ESAs consult on guidelines on cooperation and information exchange in AML/CFT supervision
  • European Commission refers Luxembourg to CJEU for failure to fully implement MLD4
  • HMRC updates money laundering supervision civil measures guidance on publishing statements

MIDDLE EAST

  • UAE introduces new anti-corruption laws with extra-territorial effect 
  • Ex-employee and accomplices convicted of embezzling Dh4.5million from workplace
  • Four charged with smuggling petroleum products into UAE
  • Bank employee jailed for embezzling Dh20m in Abu Dhabi

UNITED STATES

  • New York court convicts former Hong Kong Affairs Secretary in seven FCPA violations
  • US banks urged to innovate on anti-money laundering efforts 
  • Deferred prosecution deal secured despite $1 billion securities fraud scheme 
  • Money services business agrees to extended DPA and forfeits $125 million

HONG KONG (INCLUDING CHINA & TAIWAN)

  • Lawmakers call for extension of Hong Kong’s laws to cover bribery overseas
  • Taiwan, Hong Kong and China regulate virtual currencies 
  • Double taxation avoidance agreement between Hong Kong and India comes into effect
  • Hong Kong Court of Final Appeal clarifies “innocent purpose” defence to insider dealing 
  • Meng Wanzhou arrested in Canada for alleged fraud and sanctions violations

CHINA, SOUTH EAST ASIA & INDIA

China/Hong Kong/Taiwan

  • China’s new law on judicial assistance in criminal matters will impact investigations
  • Taiwan, Hong Kong and China regulate virtual currencies
  • Double taxation avoidance agreement between Hong Kong and India comes into effect
  • Hong Kong Court of Final Appeal clarifies “innocent purpose” defence to insider dealing
  • Meng Wanzhou arrested in Canada for alleged fraud and sanctions violations

Malaysia/Singapore

  • Update on 1MBD investigation
  • AML developments in land and property industry
  • Mahathir: Cashless society will reduce corruption

Philippines

  • Rapler charged for tax evasion

Vietnam

  • Life imprisonment sentences in pyramid scheme

Thailand

  • Thailand delays asset declaration rules

JAPAN

  • Charges for alleged breaches of Financial Instruments and Exchange Act
  • Sugura Bank shareholder proceedings against bank’s former management team
  • Suspected money laundering cases linked to cryptocurrency

AUSTRALIA

  • Commonwealth Modern Slavery legislation passed
  • Whistleblower Bill progresses to the next stage
  • Australian Commonwealth Government to establish new integrity commission

 

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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