JURISDICTIONS

LIGHTER TOUCH, OR MORE OF THE SAME? MAS ISSUES CONSULTATION PAPER ON PROPOSED GUIDELINES ON INDIVIDUAL ACCOUNTABILITY AND CONDUCT

On 26 April 2018, the Monetary Authority of Singapore (MAS) issued a Consultation Paper on its proposed, and much-anticipated, senior manager accountability regime in the form of ‘Guidelines on Individual Accountability and Conduct’ (Guidelines). The Consultation Paper comes soon after … Continue reading

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Filed under Asia, Sector Updates by Herbert Smith Freehills, Singapore

MALAYSIA INTRODUCES NEW LAW TO COMBAT CORPORATE BRIBERY

The Anti-Corruption Commission (Amendment) Act 2018 was passed by the Senate of Malaysia on 5 April 2018. One of the major amendments is the introduction of section 17A. Modelled on the UK Bribery Act’s corporate offence, it penalises commercial organisations … Continue reading

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Filed under Asia, Bribery and Corruption, Malaysia, Uncategorized

US ANNOUNCES NEW RUSSIA SANCTIONS DESIGNATIONS, RELEASES NEW GUIDANCE

On April 6, 2018, the US Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) announced new designations of seven high-net-worth Russian individuals and 12 companies they own or control, 17 senior Russian government officials, and a state-owned Russian … Continue reading

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Filed under Announcements, Corporate Crime, Russia, Sanctions and Money Laundering, US

INSPIRED BY THE UK REGIME, SINGAPORE INTRODUCES DEFERRED PROSECUTION AGREEMENTS FOR CORRUPTION AND MONEY LAUNDERING OFFENCES

The Singapore parliament has enacted a framework for Deferred Prosecution Agreements. This will apply to corporate offences including corruption, money laundering and the receipt of stolen property. DPAs will need to be supervised by a judge and confirmed by the … Continue reading

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Filed under Announcements, Asia, Bribery and Corruption, Corporate Crime, Sanctions and Money Laundering, Singapore, UK

Corporate Crime update – February 2018

Welcome to the February 2018 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, … Continue reading

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Filed under Bribery and Corruption, China, Corporate Crime, Dubai, EU, Europe, Germany, Hong Kong, India, Investigations, Japan, Malaysia, Middle East, Sanctions and Money Laundering, Sector Updates by Herbert Smith Freehills, Thailand, UK, US

Open Banking catching the eye of global regulators: Developments in Hong Kong, Singapore and Australia

The banking industry has undergone rapid change in recent years with the rise of virtual currency, fintech and digital innovation challenging the status quo. One of the key developments emerging in the last couple of years is the concept of … Continue reading

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Filed under Banking, Hong Kong, Singapore

Singapore’s first cryptocurrency dispute to go to trial

There has been a significant increase in interest in, and the use of, cryptocurrencies in recent times. Cryptocurrencies are essentially de-centralised virtual currencies, which are not linked to any particular country, nor regulated by any central bank or monetary authority. … Continue reading

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Filed under Announcements, Asia, Singapore

TRUMP ADMINISTRATION CONTINUES IRAN SANCTIONS WAIVERS, BUT SIGNALS DESIRE FOR CHANGES

Following the announcement of the new strategies on Iran in October 2017, on January 12, 2018, the Trump administration announced that it will continue to waive the application of certain nuclear sanctions under the Joint Comprehensive Plan of Action (“JCPOA”) … Continue reading

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

NEW PENAL CODE HERALDS SIGNIFICANT EXPANSION TO VIETNAM’S ANTI-CORRUPTION REGIME

A comprehensive New Penal Code came into force in Vietnam on 1 January 2018. This covers a wide range of crimes, including bribery and related offences. The New Penal Code substantially expands the range of offences, including regulating bribery within … Continue reading

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Filed under Announcements, Asia, Sanctions and Money Laundering, Sector Updates by Herbert Smith Freehills, Vietnam

Singapore’s MAS issues Guide to Digital Token Offerings

On 14 November 2017, the Monetary Authority of Singapore (MAS) issued a guide during the first day of the Singapore FinTech Festival to provide general guidance on the application of the securities laws administered by the MAS, namely the Securities … Continue reading

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Filed under Announcements, Regulatory Reform, Singapore