Corporate Crime Update, October 2017

Welcome to the October 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. Click read more for the full article of each jursidiction.

UNITED KINGDOM/EUROPE

• FCA investigations up by 75 per cent
• FCA warns against ICOs and bitcoin investors
• FinTech increases the risk of failure in bank compliance and AML
• Future Partnership Paper on Foreign policy, defence and development: including proposals for co-operation on sanctions, cyber security, and the defence and security industries
• Criminal Finances Act 2017 provisions come into force
• SFO speech on DPAs
• SFO secures seven convictions in F.H. Bertling Limited corruption case
• SFO charges ex-chief executive officer and chief operating officer of Afren
• ESAs finalise guidelines to prevent terrorist financing and money laundering in wire transfers
• EU public prosecutor for fraud to be established
• NCA:SARs annual report 2017 

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GERMANY

• DOJ orders divestitures in €350 million SDK and SGL merger
• EU fines Scania €880 million over emissions price-fixing cartel
• Deutsche Börse AG agrees to pay €10.5 million in fines
• Company seeks final approval of $21 million
• Germany opens ZITiS cyber surveillance agency 

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MIDDLE EAST

• UK seeks assistance from Dubai police to fight organised crime 
• Trader on trial for possessing over $925,000 believed to be the proceeds of illegal practices
• Duo accused of stealing over $172,000 from local bank using forged documents
• Banker jailed for embezzling funds in Dubai  

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UNITED STATES

• Potential sanctions imposition pursuant to US Administration's new strategy on Iran
• US revokes Sudan sanctions
• OFAC fines US company for facilitating sales from Canada to Sudan
• SEC settles with Alere over FCPA and accounting fraud violations
• OFAC fines US company for shipping jewellery to SDN based in Hong Kong
• Telia and Uzbek subsidiary enter into a global settlement for corrupt payments in Uzbekistan

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HONG KONG

• Former Hong Kong leader Donald Tsang in high-profile bribery retrial
• Independent Commission against Corruption launches ethical governance training
• Herbert Smith Freehills guide on dealing with dawn raids 

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CHINA, SOUTH EAST ASIA & INDIA

China

• China shuts down cryprocurrency exchanges and bans ICOs
• China to cooperate with IAP to locate corrupt fugitives overseas
• Executives sentenced to life imprisonment for $7 billion Ponzi scheme
• BRICS countries to strengthen anti-corruption cooperation
• China issues guidelines to curb money laundering, terrorism financing and tax evasion 

Vietnam

• Prosecutors call for death penalty in Ocean Bank case 

Indonesia

• New regulations issued to curb money laundering
• Second Indonesian judge sentenced for corruption 

South Korea

• South Korea taking measures to regulate electronic currencies 

Malaysia

• Four senior officials arrested for embezzling government funds 

India

• India named most corrupt country in APAC region 

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JAPAN

• JA announces an official has embezzled around JPY94 million
• Businesses and academics weigh in on FSA discussions on auditor rotation regime 

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AUSTRALIA

• Three men jailed for foreign bribery offences
• Parliamentary Joint Committee proposes widespread reform to whistleblowing legislation
• Australia and China sign protocol to strengthen cooperation in police work and combating transnational crime
• Engineering company restricted from participation in World Bank projects
• Victorian public servant jailed for conspiracy to defraud and for secret commission offences 

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