Non-UK regulation

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

FATCA Update: First-ever conviction signals increased enforcement risk

The former CEO of Saint Vincent-based Loyal Bank pleaded guilty and was convicted on 11 September of conspiring to defraud the US by failing to comply with the Foreign Account Tax Compliance Act (FATCA). This is the first conviction obtained … Continue reading

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

SFC issues further reminder regarding paragraph 12.5 self-reporting obligation

The SFC has issued a circular to remind intermediaries to comply with the self-reporting obligation under paragraph 12.5 of the Code of Conduct for Persons Licensed by or Registered with the Securities and Futures Commission. Licensed corporations and registered institutions … Continue reading

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Filed under Announcements, Hong Kong, Regulatory Reform, Sector Updates by Herbert Smith Freehills

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

Stock Connect Northbound Investor ID Model set to launch on 17 September 2018

Late last month, the Securities and Futures Commission (SFC) announced that agreement had been reached with the China Securities Regulatory Commission (CSRC) to implement the investor identification model for Stock Connect Northbound trading (NB Investor ID Model) on 17 September … Continue reading

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Filed under Announcements, Asia, Banking, China, Hong Kong, Regulatory Reform, Sector Updates by Herbert Smith Freehills

Herbert Smith Freehills edits and contributes chapters to Getting the Deal Through – Financial Services Litigation 2018

There has been a significant rate of global growth of litigation in the financial services sector following the 2008 global financial crisis. While the existence of financial services litigation is truly a global phenomenon, it has become apparent that the … Continue reading

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Filed under Africa, Announcements, Banking, European Regulation, France, Germany, Hong Kong, Indonesia, Sector Updates by Herbert Smith Freehills, UK Legislation, US

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

Corporate Crime summer update 2018

Welcome to the summer 2018 edition of our corporate crime update – our round up of developments in relation to corruption, money laundering, fraud, sanctions and related matters over July and August. 

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Filed under Announcements, Australia, Bribery and Corruption, Corporate Crime, EU, Hong Kong, India, Investigations, Korea, Middle East, Regulatory Reform, Sanctions and Money Laundering, Sector Updates by Herbert Smith Freehills, Singapore, Thailand, US, Vietnam

The Rise of the Crypto Hedge Fund: Opportunities and Challenges

The extraordinary returns generated by cryptocurrencies have led to a frenzy of investment activity and interest from investors. Several new crypto hedge funds have emerged, and cryptocurrency is fast establishing itself as a mainstream asset class. However, numerous operational and … Continue reading

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Filed under Announcements, Hong Kong, Regulatory Reform, Sector Updates by Herbert Smith Freehills