Tag Archives: Enforcement

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

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

Middle East Anti-Bribery and Corruption Regulations Legal Guide 2018

Welcome to the first edition of our Anti-Corruption Regulation Legal Guide for the Middle East. We are delighted to launch this publication, which presents the legislative framework regulating bribery and corruption across arrange of Middle East jurisdictions, drawing upon the combined knowledge and experience … Continue reading

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

REGULATION IN THE AGE OF CRYPTOCURRENCIES

Blockchain technology is ushering in a new epoch of monetary oversight, creating opportunities and challenges for regulators in a world disrupted by the advent of cryptocurrencies As of 3 May 2018, according to CoinMarketCap, the current market capitalisation of Bitcoin … Continue reading

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

New UK financial sanctions enforcement powers come into force

On 1 April 2017, Part 8 of the Policing and Crime Act 2017 (the “Act”) came into force, introducing new powers for HM Treasury’s Office of Financial Sanctions Implementation (“OFSI”) to enforce financial sanctions in the UK.

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Filed under Corporate Crime, Sanctions and Money Laundering, UK

SFC and HKMA continue to prioritise AML/CFT compliance with six new disciplinary actions in Hong Kong

Since early March 2017, the Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA) in Hong Kong have collectively taken disciplinary actions against five regulated entities and an individual relating to breaches of anti-money laundering (AML) and … Continue reading

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Filed under Asia, Hong Kong, Sanctions and Money Laundering

Supreme Court clarifies what is required for “identification” in respect of third party rights under s393 FSMA

In a judgment highly anticipated by firms and their senior managers as well as the regulators, the Supreme Court has overturned decisions of the Court of Appeal and Upper Tribunal, holding in FCA v Macris [2017] UKSC 19 that Achilles … Continue reading

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Filed under UK

FCA orders listed company to compensate investors following market abuse

The Financial Conduct Authority (FCA) has ordered that Tesco plc and Tesco Stores Limited (together, Tesco) pay compensation to certain Tesco shareholders and bondholders following the FCA's finding that they committed market abuse in relation to a trading update published … Continue reading

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Filed under UK, UK Regulations

Singapore: SGX reprimands oilfield services firm for failure to provide a balanced and fair announcement to the market

The Singapore Exchange (SGX) has issued a public reprimand to Swiber Holdings Limited (Swiber), an oilfield services firm, on 31 October 2016 (Regulatory Announcement) for failing to provide a balanced and fair project announcement to the market. SGX considered that … Continue reading

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Filed under Asia, Hong Kong

Collection of electronic data by Chinese criminal authorities set to increase

On 1 October, new binding provisions came into force in China governing the collection, extraction and review of electronic data in criminal investigations. The Provisions contain procedures for the retrieval of electronic data inside and outside China. Foreign companies operating … Continue reading

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Filed under Asia, China, Corporate Crime, Investigations, Non-UK regulation