Sanctions and Money Laundering

Unexplained Wealth Orders: How might this new investigative tool affect you?

From 31 January 2018, UK authorities can use new and expansive investigative powers to require both individuals and corporate bodies to provide information as to how they acquired property. Known as Unexplained Wealth Orders (“UWOs”), these new obligations to disclose … Continue reading

Leave a Comment

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

HONG KONG ENHANCES ANTI-MONEY LAUNDERING AND COUNTER-TERRORIST FINANCING REQUIREMENTS FOR NON-FINANCIAL INSTITUTIONS

From 1 March 2018, a number of Hong Kong businesses and professions will be subject to enhanced customer due diligence and record-keeping obligations in light of the Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) (Amendment) Ordinance. The amendment introduces changes … Continue reading

Leave a Comment

Filed under Announcements, Bribery and Corruption, Hong Kong, Sanctions and Money Laundering

HONG KONG: NEW LICENSING REGIME FOR TRUST AND COMPANY SERVICE PROVIDERS TO COME INTO FORCE ON 1 MARCH 2018

The Companies Registry announced on 25 January 2018 that a new licensing regime for trust and company service providers (TCSPs) will come into force on 1 March 2018 under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615) (AMLO). A … Continue reading

Leave a Comment

Filed under Bribery and Corruption, Hong Kong, Non-UK regulation, Sanctions and Money Laundering, Sector Updates by Herbert Smith Freehills

GROUP-WIDE AML/CTF COMPLIANCE: NEW OBLIGATIONS FOR FIRMS WITH OVERSEAS BRANCHES AND SUBSIDIARIES?

In December 2017, the European Supervisory Authorities published a Report on draft Joint Regulatory Technical Standards (“RTS“) on the measures that credit and financial institutions should take to manage money laundering risk in their non-EU overseas branches and subsidiaries. The RTS … Continue reading

Leave a Comment

Filed under Bribery and Corruption, EU, European Regulation, Sanctions and Money Laundering, Sector Updates by Herbert Smith Freehills

SINGAPORE ENTITY TO PAY SIGNIFICANT PENALTY FOR BRIBERY ABROAD

Just before Christmas Keppel Offshore & Marine Ltd, a Singapore incorporated company, entered into a Deferred Prosecution Agreement (DPA) with the United States Department of Justice. The DPA provides for payment of penalties of over US$400 million. The penalties are … Continue reading

Leave a Comment

Filed under Asia, Bribery and Corruption, Sanctions and Money Laundering

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

Leave a Comment

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

Leave a Comment

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

Hong Kong SFC issues new guidance note and FAQs on regulatory cooperation and its benefits

On 12 December 2017, the Securities and Futures Commission (the SFC) published its Guidance Note on Cooperation with the SFC (the Guidance). The Guidance contains an updated section on disciplinary proceedings and a new section on proceedings in the civil courts … Continue reading

Leave a Comment

Filed under Hong Kong, Investigations, Sanctions and Money Laundering

Corporate Crime monthly update – November 2017

Welcome to the November 2017 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 … Continue reading

Leave a Comment

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

NEW SANCTIONS TARGETING VENEZUELA AND MALI

On 13 November 2017, the EU Council unanimously voted to impose a wide range of targeted sanctions on Venezuela in response to the growing political crisis in the country. Notably, the new EU sanctions go further than current US measures … Continue reading

Leave a Comment

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