Welcome to the August 2020 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 AND INTERNATIONAL

United Kingdom

  • SFO announcements regarding investigations
  • SFO approval in principle for DPA
  • Former Unaoil executives convicted of conspiracy to give corrupt payments
  • SFO granted freezing order extension over London properties
  • SFO appoints new COO and CEO
  • SFO responds to HMCPSI report on operations and management
  • FCA fines commercial bank for AML failures
  • FCA updates webpages on reporting market abuse
  • Covid-19: FCA statement on financial crime and CBILS/BBL
  • Covid-19: FCA webpage on financial crime systems and controls
  • Covid-19: FCA Interim CEO discusses future enforcement outcomes
  • FCA allows e-money and payments firm to resume activities
  • FCA censures AIM firm for market abuse; institutes proceedings against firm’s former employees
  • Complaints Commissioner comments on FCA’s fraud responsibilities
  • NCA denied permission to challenge UWOs
  • NCA issues new guidance and FAQs on submitting SARs
  • Covid-19: UKFIU issues new SAR glossary codes
  • JMLSG amends Parts I, II, and III of guidance
  • JMLSG consults on new PCA guidance
  • Covid-19: JMLSG statement on new AML/CTF challenges
  • HMT responses to consultation on 5MLD and TRS 
  • The Money Laundering and Terrorist Financing (Amendment) (EU Exit) Regulations 2020
  • OFSI issues Russian financial sanctions guidance
  • TAFA 2010 quarterly report to Parliament
  • EU Exit: UK Government draft legal texts for the future UK-EU relationship
  • EU Exit: New SAMLA regulations
  • UK introduces first sanctions under SAMLA

Europe

  • EBA reports on inquiry into dividend arbitrage trading schemes
  • EBA expands Q&As to cover 4MLD
  • EBA call for input on ML/TF de-risking
  • ECB opinion on draft Belgian law implementing 5MLD
  • European Commission AML/CTF action plan and consultation
  • European Commission revises methodology for identifying high-risk third countries
  • European Commission urges member states to implement MLDs
  • European Parliament study on improving EU AML policy
  • Europol launches European Financial and Economic Crime Centre, report on financial and economic crime
  • ECA audit of EU’s AML/CTF efforts

International

  • Covid-19: FATF report on emerging ML/TF risks and policy responses
  • Covid-19: FATF extends mutual evaluations and follow-up deadlines
  • FATF objectives 2020 – 2022, and June 2020 Plenary outcomes
  • FATF report on money laundering and the illegal wildlife trade
  • FATF consults on Recommendation 1 and Interpretive Note
  • BCBS updates guidelines on sound management of ML/TF risks

 

GERMANY

  • EU citizen may not be extradited to USA due to the prohibition of double jeopardy
  • Automotive supplier fined for software and supervision errors

 

SPAIN

  • Spain transposes 5MLD

 

MIDDLE EAST

  • Businessman leaves UAE on repatriation flight after alleged fraud
  • UAE accountant for laundering more than AED 5.6 million
  • Instagram celebrity arrested in Dubai on accusations of cyber fraud and money laundering

 

HONG KONG/CHINA

Hong Kong

  • Ex-financial controller of listed company jailed for $2.6m bribery and fraud

China

  • Former Bank President indicted by SPP over bribery
  • PBOC money laundering fines soar
  • China to revise Anti-Money Laundering Law

 

INDIA, KOREA & SOUTH EAST ASIA

South Korea

  • Bank to pay US$86 million for anti-money laundering compliance failings
  • Court rejects request to arrest Samsung’s Jay Y Lee

Vietnam

  • Japanese plastic company faces bribery allegations

Thailand

  • Two monks found guilty in 10 million baht embezzlement case
  • Office chief sentenced to 94 years in prison for multiple embezzlement of temple funds
  • Covid-19: PACC inspection into irregularities in purchases of medical equipment
  • Thailand signs the Multilateral Convention on Mutual Administrative Assistance in Tax Matters
  • Thai police uncover major money-laundering ring

Malaysia

  • Prosecutors drop charges against ally of former prime minister
  • Three directors detained on corruption charges under the new s17A MACC Act

Philippines

  • Amendment to the Anti-Money Laundering Act put on hold
  • Potential repercussions without anti-terrorism law

Indonesia

  • Former Garuda president director guilty of corruption

 

AUSTRALIA

  • ASIC enforcement update for July to December 2019
  • Modern Slavery Developments at the Commonwealth level
  • Crimes Legislation Amendment (Combatting Corporate Crime) Bill 2019
  • ASIC prosecution confirms compulsory powers

 

UNITED STATES

  • SEC Whistleblower Awards
  • Covid-19: SEC Charges Company and CEO for Pandemic Fraud
  • SEC Charges Pharmaceutical Company with FCPA Violations
  • SEC Settles With Insurance Company Over CEO Perks
  • SEC Settles with Capital Markets Company Over Faulty Securities Data
  • CFTC Enforcement Actions
  • CFTC Whistleblower Awards
  • CFTC Division of Enforcement Issues Civil Monetary Penalty Guidance
  • CFTC Director of Enforcement at FIA
  • Supreme Court Denies Defendants’ Challenge to CFTC’s Enforcement Authority
  • Covid-19: FINRA Reminds Firms of Fraud Risks
  • Covid-19: Illinois Business Owner Charged with CARES Fraud
  • DoJ $68.4m settlement with South Korean engineering company
  • DoJ: Italian executive sentenced to prison for breaching Russian sanctions

 

SOUTH AFRICA

  • The years of ‘Covid capture’ call for vigilance
  • Dlamini Zuma turns cigarettes into illicit drugs as the underground economy takes over
  • PwC Survey indicates drop in economic crime in SA, but fraud, bribery and corruption still rampant
  • South Africa not winning the fight against corruption, yet – NPA boss Shamila Batohi
  • Arrests made in relation to VBS Mutual Bank corruption scandal