Corporate Crime Update – Winter 2019

Welcome to the Winter 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.

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The importance of supply chain due diligence and the risks of modern slavery – OFAC settles North Korean sanctions case with fine

Authors: Kyle Wombolt, Jeremy Birch, Antony Crockett and Emily Purvis.

A recent enforcement action by the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) against US company e.l.f Cosmetics Inc (ELF) highlights the importance of supply chain due diligence in conducting cross border business. The action against ELF reflects a global trend of increased regulatory focus on supply chains in relation to a range of business conduct issues, including corruption, modern slavery, and other human rights violations. To mitigate sanction violation risk, companies should verify the country of origin of goods and services in their supply chains.

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Corporate Crime update – June 2018

Welcome to the June 2018 edition of our corporate crime update – our round up of developments in relation to corruption, money laundering, fraud, sanctions and related matters. 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. Please note, our next edition will be published in August.

Herbert Smith Freehills would like to congratulate Senior Associate, Elizabeth Head of our Corporate Crime & Investigations team in London, for being named by Global Investigations Review as one of 100 Women in Investigations for 2018.  Continue reading

Corporate Crime Monthly Update October 2016

Welcome to the October 2016 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.

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Preparing for the new anti-bribery regime in Korea

In an e-bulletin published in March 2015, we reported that the South Korean National Assembly passed the “Act on the Prohibition of Illegal Solicitations and the Prevention of Conflicts of Interest of Public Officials”. The Act is also known as the “Kim Young-ran Law”.

The Kim Young-ran Law is due to come into force on 28 September 2016 and introduces far-reaching changes to South Korea’s anti-bribery landscape. We summarise the key changes below.

Companies operating or investing in South Korea should ensure they undertake a comprehensive review of their compliance policies to address the requirements of the new law.

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EU further expands sanctions against Democratic People’s Republic of Korea

In light of missile and nuclear weapons tests by the Democratic People’s Republic of Korea (“DPRK”) earlier this year, which the EU has described as posing “a grave threat to international peace and security”, the EU Council has decided to impose additional restrictive measures against DPRK. This follows the EU’s expansion of its DPRK sanctions in May 2016, in response to UN Security Council Resolution 2270 (2016) in March 2016.

The EU measures, as summarised in this briefing, include:

  • a prohibition on investment into the EU by DPRK persons;
  • restrictions on funds transfers to/from DPRK and the ability of EU financial institutions to carry out transactions with DPRK; and
  • additional trade sanctions, including a ban on the import of listed petroleum products from DPRK.

We also provide a summary of recent US developments in relation to DPRK, in particular its recent designation as a jurisdiction of primary money laundering concern and the special measures proposed in relation to this finding.

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Corporate Crime Monthly Update September 2015

Welcome to the September 2015 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. Continue reading

New guide to anti-corruption regulation in Asia Pacific launched

Over the past two years we have witnessed an exponential increase in global efforts to combat corruption.  Nowhere is this more visible than Asia, where a number of countries have recently passed new anti-corruption legislation or taken steps to strengthen their existing anti-corruption frameworks.  Local anti-corruption laws should now be the main compliance concern for companies doing business or investing in Asia Pacific.

Our updated Guide to Anti-corruption Regulation in Asia Pacific navigates the complexities of both extra-territorial statutes and domestic laws to provide a practical guide to applicable anti-bribery legislation and enforcement regimes.  As well as including new chapters on Australia and Myanmar, we have introduced a checklist at the end of each chapter.  This gives readers an at a glance summary of the ‘need to know’ legal and enforcement issues. Read more of this post

Corporate Crime Monthly Update February 2015

Welcome to the February 2015 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/region, please click on the name of the jurisdiction/region below.  Below we provide a brief overview of what is covered in each update. Continue reading