Welcome to the Spring 2019 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. Below we provide a brief overview of what is covered in each update.

UNITED KINGDOM / EUROPE / INTERNATIONAL BODIES

United Kingdom

  • Government response to House of Lords Bribery Act report
  • Government response to Treasury Committee’s Economic Crime report
  • F.H. Bertling Ltd sentenced for $20m Angolan bribery scheme
  • SFO will issue guidance on self-reporting fraud or corruption
  • SFO to persuade corporate criminals to turn informant
  • SFO opens investigation into Greenergy and biodiesel trading
  • Former company director pleads guilty to £12 million bribery scheme
  • HMT consultation on the transposition of MLD5
  • Lords report on sanctions and counter-terrorism legislation
  • HMT and OFSI Counter-Terrorism International Sanctions guidance
  • FCO and OFSI: Russia sanctions guidance
  • OFSI imposes monetary penalty for EU sanctions breach
  • NCA National Strategic Assessment of serious organised crime suggests London capital markets vulnerable to money laundering and calls for more investment
  • NCA Director says more case law is needed on UWOs
  • NCA secures UWOs against three properties believed to be linked to serious crime
  • NCA recovers £6m in assets from international money laundering group
  • Three jailed for defrauding and laundering £390,000 from elderly customers
  • FCA speech on partly contested cases process and AML investigations
  • FCA board discusses HMT proposal for AML supervision of cryptoasset businesses
  • FCA fines bank for AML controls failings
  • FCA signs MoU with the Insurance Fraud Bureau
  • FCA raids on City financial firms near-doubled in 2018
  • UK Finance highlights increased FCA market abuse enforcement
  • HMRC publishes responses to consultation and decision on AML supervision fees
  • HMRC updates guidance on criminal investigation powers and safeguards
  • House of Commons answers to written questions on Economic Crime Strategic Board and National Economic Crime Centre
  • Report finds cost of financial crime to surge above $1.45 trillion in 2019
  • SRA publishes AML Warning Notice
  • Financial Ombudsman Service annual review 2018/19
  • JMLSG proposes revisions to sectoral guidance
  • TSB pledges to refund fraud victims
  • TI: Will post-Brexit Britain be a beacon or buccaneer on financial crime?
  • OFSI Financial Sanctions
  • OFSI TAFA designation renewal
  • EU Exit: Statutory Instruments

European Union

  • EU adopts new sanctions framework targeting external cyber-attacks
  • EU removes UK and Dutch territories from tax haven “blacklist”
  • EU Parliament adopts position for increased AML role for EBA
  • EU Parliament adopts position on proposed Directive on whisteblowing
  • OECD consultation on strengthening the Anti-Bribery Convention
  • AMLD4: Sanctions and administrative measures
  • S&P Global Report on AML at European Banks

International Bodies

  • FATF Business Bulletin May 2019
  • FATF: Guidance for the private sector
  • FATF given open-ended Mandate
  • UN adopts resolution recognising essential role of FATF
  • FATF report to G20 finance ministers on AML and CFT
  • WFE welcomes FATF recommendation on digital asset risk
  • FATF Mutual Evaluation Reports: Cayman Islands, Finland and China

GERMANY

  • Strengthening Germany’s AML/CTF regime: the 5th EU Anti-Money Laundering Directive

MIDDLE EAST

  • Man jailed for embezzling Dh10 million
  • Staff accused of stealing Dh3.2million from Dubai company
  • One-year sentence upheld for Bitcoin thieves
  • Man fakes business license, asks investor for Dh370,000
  • Dh1 billion in fake currency recovered in Dubai in 2018
  • UAE government official on trial for receiving Dh200,000 bribe
  • Investor jailed for forging files to get Dh262,000 loan in Dubai
  • Government officer jailed for accepting Dh900 bribe in UAE
  • Man gets suspended jail term for swindling Dh530,000 in Dubai
  • Fraudsters drain Dh9 million from UAE bank account
  • Eight charged in Dubai with laundering Dh200,000
  • Dubai expat accepts Dh10,000 bribe, helping to embezzle Dh4.3 million

HONG KONG / CHINA

  • FATF Releases Fourth Round Mutual Evaluation Report of China
  • Hong Kong’s move to change extradition laws sparks protests
  • Guangdong-HK-Macao aim for stronger collaboration in anti-corruption work
  • ICAC cracks down on private sector bribery and fraud
  • SFC publishes FAQs regarding obligation on firms to disclose internal investigations

INDIA, KOREA & SOUTH EAST ASIA

India

  • India uses Money Laundering Act to curb GST frauds
  • India uses social media to combat tax evasion

South Korea

  • Ex-vice justice minister arrested for bribery
  • South Korean police tackle cryptocurrency scam with AI

Taiwan

  • Taiwan proposes raising fines for tax evasion

Indonesia

  • Careful with Chinese investors, says KPK
  • Head of state-owned power utility charged with corruption
  • Bank Indonesia and Bank of Thailand sign MoU for payment system and financial innovation cooperation
  • Ex-governor sentenced for seven years for bribery

Malaysia

  • Malaysia vows to cure corruption
  • Malaysia Airports is now ISO certified for anti-bribery

Singapore

  • Former Keppel procurement office gets 21 months jail for bribery
  • Precious Stone and Precious Metals (Prevention of Money Laundering and Terrorism Financing) Act comes into force

Vietnam

  • Vietnam gears up to combat money laundering

AUSTRALIA

  • ASIC reiterates its new enforcement strategy
  • Inquiry into corporate criminal responsibility launched
  • Property Council of Australia survey to assess and reduce supply chain modern slavery risk
  • Commonwealth Modern Slavery Act draft guidance for reporting entities published
  • Australian Government responds to Parliamentary Committee report into whistleblower protections
  • Federal budget funding for corporate crime regulators and enforcement

UNITED STATES

  • OFAC emphasizes importance of risk-based sanctions compliance programs for US and international companies
  • Updated DOJ Guidance Steers Effective Compliance and Remediation Programmes
  • SEC awards whistleblower $4.5m under internal investigation provision
  • SEC obtains asset freeze in connection with alleged insider trading
  • SEC: Investment adviser charged with fraud for overcharging advisory fees
  • US FinCEN publishes cryptocurrency financial crime typologies and red flags
  • Former Jumio Inc. CEO to pay $17m to settle SEC fraud claims
  • Treasury: Sanctions Case
  • Fed issues enforcement action against Japanese bank regarding AML compliance

SOUTH AFRICA

  • South African corruption in the spotlight – how will South Africa’s prosecutors climb the mountain ahead of them?
  • The saga of Premier of the Free State, Ace Magashule
  • The report into Steinhoff
Rod Fletcher
Rod Fletcher
Partner, London
+44 20 7466 2411
Susannah Cogman
Susannah Cogman
Partner, London
+44 20 7466 2580
Daniel Hudson
Daniel Hudson
Partner, London
+44 20 7466 2470
Brian Spiro
Brian Spiro
Partner, London
+44 20 7466 2381
Kate Meakin
Kate Meakin
Of Counsel, London
+44 20 7466 2169
Graham More
Graham More
Consultant, London
+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.