Corporate Crime

Hong Kong Court of Final Appeal clarifies “innocent purpose” defence to insider dealing

The Hong Kong Court of Final Appeal (CFA) has recently allowed the Securities and Futures Commission’s (SFC) appeal against the Market Misconduct Tribunal’s (MMT) findings that two former executives of a listed company (ATML), Mr Charles Yiu Hoi Ying and … Continue reading

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Filed under Announcements, Asia, Bribery and Corruption, Corporate Crime, Hong Kong, Investigations, Sector Updates by Herbert Smith Freehills

Second Wave of United States Sanctions Against Iran Re-Imposed

Following President Trump’s decision on May 8, 2018 to withdraw the United States from the Joint Comprehensive Plan of Action (“JCPOA”), the US government announced that it would re-impose pre-JCPOA nuclear-related Iran sanctions (both primary and secondary) that were lifted … Continue reading

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

High Court considers extraterritorial application of compulsory powers

In the case of R (On The Application Of KBR Inc) v The Director of the Serious Fraud Office [2018] EWHC 2368 (Admin) (“KBR“), the High Court dismissed a judicial review brought by the applicant, finding that the SFO was able to compel … Continue reading

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Filed under Announcements, Bribery and Corruption, Corporate Crime, Investigations, Sanctions and Money Laundering, Sector Updates by Herbert Smith Freehills, UK, UK Legislation

SANCTIONS CLAUSES IN A CHANGING SANCTIONS REGIME

How far can a sanctions clause protect a party from having to perform their contractual obligations – and in the case of Iran-related sanctions concerns, how does this interact with the Blocking Regulation? In Mamancochet Mining Limited v Aegis Managing Agency … Continue reading

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Filed under Announcements, Corporate Crime, Iran, Sanctions and Money Laundering, Sector Updates by Herbert Smith Freehills, US

FinCEN Issues Advisory Regarding Detection of Illicit Transactions Related to Iran

On October 11, 2018, the Financial Crimes Enforcement Network (“FinCEN”) issued official guidance entitled “Advisory on the Iranian Regime’s Illicit and Malign Activities and Attempts to Exploit the Financial System” (the “Advisory”). The Advisory intends to help US financial institutions … Continue reading

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Filed under Announcements, Corporate Crime, Regulatory Reform, Sanctions and Money Laundering, Sector Updates by Herbert Smith Freehills, US

Navigating data privacy laws in multi-jurisdictional investigations

Our investigations team has published an article for Thomson Reuters Regulatory Intelligence looking at the impact of data privacy laws on investigations in Asia. This also summarises the potential impact of Europe’s GDPR and what else is on the horizon … Continue reading

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Filed under Announcements, Asia, China, Corporate Crime, Hong Kong, Investigations, Sector Updates by Herbert Smith Freehills

Thailand’s new anti-corruption law targets foreign corporates

Thailand is the latest Asian jurisdiction to strengthen its anti-graft legislation. India, Japan, Singapore, Malaysia, Vietnam and China have all introduced anti-bribery legislation this year. The net effect is an uptick in the local enforcement risk for corporates operating in … Continue reading

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Filed under Announcements, Asia, Bribery and Corruption, Corporate Crime, Sector Updates by Herbert Smith Freehills, Thailand

SFC publishes AML/CFT inspection findings and urges intermediaries to ensure compliance

The Securities and Futures Commission (SFC) issued a circular on 31 August 2018 highlighting both deficiencies and good practices observed in relation to anti-money laundering and counter financing of terrorism (AML/CFT) compliance by licensed corporations (LCs) and associated entities (AEs). … Continue reading

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Filed under Announcements, Bribery and Corruption, Corporate Crime, Hong Kong, Sanctions and Money Laundering, Sector Updates by Herbert Smith Freehills

COURT OF APPEAL DECISION IN ENRC: ORTHODOXY RESTORED ON LITIGATION PRIVILEGE, BUT NARROW INTERPRETATION OF “CLIENT” REMAINS FOR NOW

The Court of Appeal has today handed down its eagerly awaited decision in the ENRC appeal: The Director of the Serious Fraud Office v Eurasian Natural Resources Corporation Ltd [2018] EWCA Civ 2006. At first instance, the High Court took a restrictive … Continue reading

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Filed under Announcements, Commercial Litigation, Corporate Crime, Investigations, Sector Updates by Herbert Smith Freehills, UK, UK Legislation

HKMA endorses benefits of cooperation

The Hong Kong Monetary Authority (HKMA) has recently released its first Guidance Note on Cooperation with the HKMA in Investigations and Enforcement Proceedings. In releasing the guidance note, the HKMA has expressly signalled its desire to encourage and facilitate cooperation, … Continue reading

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Filed under Announcements, Bribery and Corruption, Corporate Crime, Hong Kong, Sector Updates by Herbert Smith Freehills