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7 Jun 2017
Insight
Global
Welcome to the June 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 covers a number of jurisdictions summarised below. Click read more for the full article of each jursidiction.
UNITED KINGDOM/EUROPE
- FCA endorses NCSC guidance on recent ransomware attack
- FCA secures eight confiscation orders
- FCA announces proposed new AML role
- Conservative manifesto proposes abolition of the SFO
- UK Government announces consultation on post-Brexit sanctions framework
UNITED STATES
- Former Guinean Minister of mines convicted for receiving and laundering bribes
- Former executives of Singaporean defence contractor plead guilty in Navy corruption scandal
- DOJ sues Fiat Chrysler for 'defeat devices'
- Target settles with multiple states for data breach
- Johnson & Johnson reaches nationwide settlement for quality issues
- Banamex USA agrees to $97 million for Bank Secrecy Act violations
- US administration extends Iranian sanctions waivers but emphasises missile issues
- Former compliance officer of MoneyGram settles anti-money laundering case
GERMANY
- Lawyer's work products of internal investigations exempt from confiscation?
MIDDLE EAST
- Fraud in the Gulf region six percent higher than global average
- Employees accused of fraud and forgery
- Money exchange house shut down due to irregularities
HONG KONG
- Private sector bribery strictly enforced
- Focus on AML/CTF by Hong Kong's financial regulators
CHINA, SOUTH EAST ASIA & INDIA
China
- Former Shanghai free trade zone chief sentenced to 17 years' imprisonment
- New rules to confirm regulators' ban
- Multiple former senior Chinese officials jailed for corruption
South Korea
- Former South Korea president Park Geun-hye on trial for corruption charges
- South Korea fines Novartis and suspends insurance coverage on Novartis drugs
- Compulsory vehicle recall following whistleblower reporting
Singapore
- Executives plead guilty in Navy scandal
Indonesia
- Businessmen convicted for offering bribes
Malaysia
- Malaysia announces anti-corruption movement
- MACC arrests TNB manager in corruption case
Vietnam
- Report highlights bribery as a continued problem
JAPAN
- Introduction of Japan's first plea bargaining system
- Bitcoin falls under money laundering and know-your-customer rules
- Shoko Chukin Bank sanctioned for fraudulent financing
- Bankrupt travel agency admits to overstating profits
AUSTRALIA
- Australian Federal Police foreign bribery investigations rise to 37
- Australia hosts international taskforce annual meeting on tackling foreign bribery and corruption
- Additional funding announced for the Australian Federal Police to target corporate crime
- Australia and Papua New Guinea sign MoU against financial crime and terrorism financing
- ATO Deputy Commissioner involved in tax fraud charges
- Court dismisses insider trading case against banker
- AUSTRAC releases money laundering and terrorism financing risk assessment report
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The contents of this publication are for reference purposes only and may not be current as at the date of accessing this publication. They do not constitute legal advice and should not be relied upon as such. Specific legal advice about your specific circumstances should always be sought separately before taking any action based on this publication.
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