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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HERBERT SMITH FREEHILLS’ 2019 GUIDE TO CORPORATE INVESTIGATIONS IN CHINA

Authors: Kyle Wombolt and Anita Phillips

Kyle Wombolt, global head of corporate crime and investigations, and Anita Phillips, professional support consultant, have updated their guide to corporate investigations in China. This forms part of GIR’s acclaimed text, The Practitioner’s Guide to Global Investigations 2019, third edition. It is regarded as the only text covering the nuts and bolts of multi-jurisdictional corporate investigations.

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China’s new law on judicial assistance in criminal matters will impact investigations

The People’s Republic of China recently enacted a new law that will impact foreign authorities, corporations and individuals involved in overseas criminal enforcement actions. The Law on International Judicial Assistance in Criminal Matters allows Chinese authorities to block requests for documents, testimony and assets requested in international criminal investigations. Continue reading

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 2018. This will apply to Northbound trading under both the Shanghai-Hong Kong Stock Connect and the Shenzhen-Hong Kong Stock Connect. Continue reading

CHINA’S NEW LIBERALISATION POLICIES FOR THE FINANCIAL SECTOR

China is advancing its policies to open up its markets and attract more foreign investment. This year, the financial sector is one of the focus areas for liberalisation. On 11 April 2018, Yi Gang, the governor of People’s Bank of China announced a detailed timetable (Timetable) for certain liberalisation policies in respect of the financial sector. In this e-bulletin, we summarise the key aspects of the Timetable and some of the other related regulations which have been issued recently. Please click here to read our full briefing.

Karen Ip
Karen Ip
Partner, Beijing
+86 10 6535 5135
Nanda Lau
Nanda Lau
Partner, Shanghai
+86 21 2322 2117
Tianchan Li
Tianchan Li
Associate, Shanghai
+86 21 2322 2155

William Hallatt
William Hallatt
Partner, Head of Financial Services Regulatory, Hong Kong
+852 2101 4036
Hannah Cassidy
Hannah Cassidy
Partner, Hong Kong
+852 2101 4133

 

HERBERT SMITH FREEHILLS’ GUIDE TO CORPORATE INVESTIGATIONS IN CHINA

Kyle Wombolt, global head of corporate crime and investigations, and Anita Phillips, a professional support consultant, have published a guide to corporate investigations in China. This forms part of GIR’s acclaimed 2018 text, The Practitioner’s Guide to Global Investigations, available in print and online. Our chapter covers the legal and regulatory framework in China, running an internal investigation, dealing with cross-border investigations and responding and reporting to the Chinese authorities. Continue reading

Corporate Crime update – January 2018

Welcome to the January 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, please click on the name of the jurisdiction below.  Continue reading

LOCAL REGULATORS WASTE NO TIME DEPLOYING CHINA’S ANTI-UNFAIR COMPETITION LAW

China’s amended Anti-Unfair Corruption Law (AUCL) has been in force only a matter of weeks, yet the body charged with investigating potential AUCL violations, the State Administration for Industry and Commerce (SAIC), has already announced two investigations. China’s Nanjing and Hefei AICs are the municipal arms of SAIC reported to be investigating separate alleged breaches of the “acts of confusion” offences under Article 6. The investigations involve alleged theft of characters / writing style and misuse of brand names and product design, respectively. The investigations appear to capitalise in part on the looser criterion for confusion under the new law (sufficiency to mislead). Continue reading

CHINA’S AMENDED ANTI-UNFAIR COMPETITION LAW – WHAT THE BRIBERY PROVISIONS MEAN FOR COMPANIES DOING BUSINESS IN CHINA

China’s amended Anti-Unfair Competition Law (amended AUCL) comes into force on 1 January 2018. Much has been written about the various iterative drafts released over the 18-month consultation period. But the final amended AUCL omits some of the more radical amendments proposed and in some ways represents a reduced risk to companies provided they transact on commercial and well-documented terms. We set out our analysis below of the anti-bribery provisions. Continue reading

CHINA TO INCREASE FOCUS ON COMBATTING FINANCIAL CRIME

Last month the Communist Party of China held its 19th National Congress. One of the key themes that came out of the Congress was the desire to increase the focus on combatting financial crime and systemic financial risk.

This increased focus follows on the back of the stock market crash in summer 2015 and enforcement actions against those considered responsible for the crash, including investigations into allegations of bribery and stock market manipulation involving senior officials at the China Securities Regulatory Commission (CSRC) and the China Insurance Regulatory Commission (CIRC), as well as criminal proceedings against brokerages. Continue reading